30 Apr Ep. 39 Wills and Trusts with Attorney Lisa D. Brown
In this episode, Realtor Adam Kruse and Realtor Shannon St. Pierre talk to attorney Lisa D. Brown, about wills and trusts. Find out why it is never too soon to start thinking about what will happen to your estate when you pass away.
Email questions to PODCAST@HermannLondon.com
0:47 Adam introduces attorney, Lisa Brown
1:16-Six new agents have joined the Hermann London Real Estate Group
1:40 Adam bought a house in Jennings for $5,000, put $12,000 into it, and it will rent for $650 a month
2:00 It’s fun to buy a house low and completely fix it up because you know everything is up to grade
3:03 Shannon St. Pierre is looking for a seller in the Hill neighborhood
3:44 Adam has been having some sewer lateral issues lately and fixing them can be different between each municipality
4:44 Does Hermann London share buyer needs on the Hermann London Facebook page?
6:52 Adam has hired Lisa to create a will for him previously
7:54 What is the legal definition of probate?
9:07 What is intestate?
9:25 What is testate?
9:33 Who is your heir after you die?
10:08 What is a legatee, devisee, and beneficiary?
10:29 What is the legal definition of a will?
11:05 Does a will avoid probate?
12:05 Why does a will have to go to probate if assets have already been assigned?
12:45 What is a pod (payable on death) and tod (transferable on death) designation?
13:15 What is the definition of a trust and what is the main reason for a trust?
14:15 What is a grantor and what do they do?
16:20 Why didn’t Prince have a will and what is happening to his estate?
15:55 Why didn’t Prince have a will?
18:30 Adam had a friend who had 4 sisters and it took 11 years for probate to settle her dad’s estate
20:18 What’s the easiest way to put a loved one’s name on a home without doing a refinance? Cohabitation agreement? Quick claim deed?
21:15 What is the purpose of adding someone’s name to a title?
21:37 What is a beneficiary deed?
22:25 Will adding a name to a title trigger an acceleration clause to the mortgage?
23:50 Young couples will often buy a house together but only one name will be on the mortgage
26:28 Should a married couple have their house in a trust?
30:44 How can someone gift money to their kids and not have it be a taxable event?
30:50 What is a gift tax?
33:00 What is the lifetime limit of gifts someone can give over $15,000?
33:44 How is a gift recorded?
36:55 At what age should someone get a will?
38:12 Adam’s parents made him create a will before he went on vacation
39:50 If you don’t have a will do all of the assets go to the next of kin or is it divided equally?
40:45 What is the Missouri Probate Code?
41:00 How can an investor buy property in probate?
41:54 What are some legal newspapers? What is Missouri Lawyers Media, The Watchman, The St. Louis Daily
43:50 How do use a trust to transfer property to your kids and what are the tax advantages?
46:50 In Breaking Bad, Skyler wanted to give Ted $200,000 so he could pay the taxes without getting audited so they found a dead aunt for him to inherit the money from.
48:12 Is there a lot of fraud when it comes to wills
48:46 Adam shares a story about a guy in the 1800’s who had a will with a clause that his estate wouldn’t be split up for another 5 generations. What is a spite clause?
52:15 What inspires people to come into Lisa Brown’s office to set up a will?
53:00 How does a child bring up the topic of a will to their parents?
53:25 What happens when your parents can no longer take care of each other?
54:00 What kind of end of life decisions do people have to make? Cremation? Burial? Life support?
54:55 Adam’s family talks about death like it is a new movie or like they are going to Walgreens
55:15 What are the challenges of having property in a trust? Is it easy to refinance?
56:30 How do will and trusts have to do with real estate and Realtors?
56:49 What is durable power of attorney? What is a healthcare directive?
58:10 Can someone have different durable power of attorneys for health and finances
58:38 Is it better to have a neutral third party in a will instead of a child?
59:35 How hard is it for a trustee to divide an estate up?
1:00:00 What is a personal property distribution list?
1:02:33 Who lives under Lisa’s roof?
1:02:43 When is Lisa at her best?
1:03:10 Does Lisa have a favorite blog or book?
1:03:49 What is Lisa’s guilty pleasure?
1:04:10 Who is Lisa’s mentorsand how has she thanked them?
1:05:11 Contact Lisa. D. Brown at 314-768-6893 and Lisa.Brown-ATTY@att.net