Headaches Involved in Trust Funding
Вставка
- Опубліковано 2 чер 2024
- Get together with like-minded individuals in our Impactful Inheritance community to discuss planning, preservation, and protection of wealth. Join our community today and start making a difference for future generations. 30 day free trial at the following link: www.impactfulinheritance.com/...
Our national estate planning law firm website: aeplawyers.com/
To request a no-cost zoom estate planning design meeting: aeplaw.cliogrow.com/intake/71...
0:00 Issues When Transferring Accounts To Living Trust
0:17 Reasons People Transfer Accounts To Living Trust
0:56 The Living Trust Avoid Probate Strategy
2:18 Snag - Financial Institution Doesn't Offer Trust Accounts
4:15 Financial Institution Doesn't Allow Trust to be Beneficiary
5:50 Move Your Account?
6:57 2nd Dilemma - Bank Requires New Trust Checking Account
9:05 Work Through These Issues While You Can
10:46 AEPL
Sounds like a good time to take all the money out of that bank and open a new account at a bank that allows trusts.
@lestranged, I expected that I would be making the comment, but He did finally mention that option about 6 minutes into the vid.
Which major banks are known to not offer trust accounts so we can avoid them?
Thank you, I have faced both scenarios. Please keep sharing things along these lines. I want to make sure it all works well when the time comes!
Great information, Thank you very much.
Sallie Mae also does not allow trusts. Slowly moving the funds to another bank with our existing trust accounts.
Because of the issue of automatic deposits, and automatic bill paying, I usually phase out an old checking account after opening a new one. This gives me months to make the changes required.
If the bank won't title your trust as the beneficiary, switch banks to a bank that will. May be a hassle now, but no hassle for your beneficiaries after you are gone. If enough people do that, the bank may re-examine its policy about no trust as a beneficiary.
Even worse in my experience is where the original trustee becomes incapacitated (disabled). A successor trustee is authorized to take over in the event the original trustee becomes disabled and can't handle their affairs: but that works only when the bank agrees. Horrible, horrible situation.
Very big headache when the deceased had automatic payments from the checking account which was closed upon death. The bank did assist in opeing a new account for the family trust, but had many checks bounce.and auto payments declined. Lot of phone calls to creditors.
Another problem (for another video) could be what county offices require when you retitle a home. For a home in another state,a big reason for getting the RLT, the county wanted the property described in the Certification of Trust, not a requirement in TX. My lawyer crested another Certification and delivered it to the lawyer in the other state and everything went fine. It did not need a restatement of the trust that would be more expensive.
People complain about AI, but in most cases. the humans in these situations are the problem.
Marcus at GS does not seem to be run by the same people that run GS. It almost seems like GS turned it over to some other people saying “deal with those Gen Z and Millennials.”. This restriction can’t have been approved at any level within GS. It is antithetical what GS does.
Chase bank is one of those and closed my account. I have designated my beneficiaries POD at this bank which soon will be closing just for now.😊
We just signed our Trust less than a week ago, only to discover the institution with our largest deposit does not offer trust accounts. Yikes.
Drop the bank. I would.
IT'S ALL A BUREAUCRACY!!!
So, now it doesn't matter what are the terms of the trust. It's supposed to be only disclosed to the beneficiaries.😡😡😡
My CU did not let me set up a Trust account. I had to open a Trust account at another bank, and put one of my children as a signer at the CU. I did have to open a new account at the second bank, but both my accounts are linked so I can transfer money to and from those accounts.
In Pennsylvania, I think you have to go through probate no matter what and you cannot avoid filing estate taxes with the state😢.
My lawyer says no. We put all our assets in trust and she said no probate. She has a license to defend so I don’t think she would steer us wrong. She is an elder care specialist.
I made my Living Trust which convert to a Child's Trust the beneficiary of all my bank accounts. California, here. Allows the trustee named to assume control after my death access to cash funds.
If a child has down sindrome and a person wants to live ineritance ( money or property) and don't want the State to take benefits from him)her. How to go about how to deal with it. Thank you
Pay a lawyer in your state to set up a special needs trust in which upon your death the inheritance $ is not counted as “income” therefore not putting them over the limits for Medicaid. It will need a Trustee to disburse funds after your death of course, someone you trust. We did this for our son who is disabled and on SSDI and needs Medicaid for medical and pharmacy. You might get references of a lawyer from parent support groups. Check with your local MHA for these groups. MHA cannot actually give references.
Are you required to go through probate if your one and only investment account was already designated to the financial advisor that the account gets split equally to the remaining heirs? Further, the one and only asset left is your home which the heirs agree would be sold in and split equally after expenses. There’s no will and no trust. Being told by local attorney, given the financial advisor will divide the investment account as previously designated, the local attorney can retitle the home into children’s (heirs) names. At that point, heirs could sell the property. Thus, probate being avoided. Is this correct? Doesn’t seem correct.
Some states allow deeds to be in "transfer on death" form, like investment accounts, or a "transfer on death" document is filed at the county property records office.
@@richardbryanesq thanks. In this case that was not done. Party is deceased now.
Sounds too complicated. I will just add my children to my accounts and property titles before my time ends.
You should invest in a wireless microphone, your audio is terrible
I don't think so.