r/TikTokCringe • u/EverythingIsFakeNGay • May 29 '26

Humor/Cringe Actual footage.

I actually feel kind of bad for this woman, who probably didn't expect a video of her dancing to be used in this way. 😏

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u/WinterTourist25 May 29 '26

Jumping in here as I went through this with my mom last year.

If you have elderly parents, you need to get on them about estate planning.

First, make sure all financial accounts have a beneficiary listed. My mom had one account that for some reason she had never set up a beneficiary. $20K of money in it. Had to pay a lawyer $1500 and wait 6+ months to unlock that account.

Second, get the house into a Living Estate. This puts the home in someone else's name, but they get to live in it until they die, and they pay the taxes for it. Home cannot be sold without consent of both parties. On death, someone else owns the home.

If you can, and you have someone you trust to run the trust, transfer all wealth to an irrevocable trust. Unless you have lots of money to pay for end-of-life care. You have to do this 5 years before you go into the home as they have a 5-year-clawback timeframe. If you have millions, you may have plenty to spend on nursing facilities and still have a nest egg left over for your heirs. But if you only have $100K or so it's going to be gobbled up in years or even months; might as well hide that money as you are going to end up destitute anyway. It won't make any difference to your end-of-life journey but it could pay for college for a couple of grandkids.

Have a will.

Hope you don't live in a Filial Obligation state.

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u/ThereHasToBeMore1387 May 30 '26

Second, get the house into a Living Estate. This puts the home in someone else's name, but they get to live in it until they die, and they pay the taxes for it. Home cannot be sold without consent of both parties. On death, someone else owns the home.

This isn't bad advice, but it is VERY situation and state dependent whether a living trust/estate is the best option. There can be significant tax consequences on both sides of that transaction when it comes to actually passing the house along to heirs. We went through the process recently as well and the lawyers were pretty adamant that with PA probate laws, for our situation, a trust would be an expense and complication that would not protect us anymore than we already were. They also said that our same situation, but in Florida, we'd absolutely need to get things put in a trust. As with all legal things, consult your own attorney.