Trusts Aren't Just For The Uber Rich, Here's Why
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- Опубліковано 31 тра 2024
- ➡️Our financial planning services: www.parallelwealth.com/planning
In this video, we'll give a complete guide on how to use trusts in an estate plan. We'll cover what trusts are, the asset threshold, and some first steps in setting one up.
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your retirement plan on track. You can learn more about our services at www.parallelwealth.com/planning
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OUTLINE
0:00 - Intro
0:41 - When are trusts useful in estate planning?
5:24 - Is there an asset threshold?
8:26 - What are the first steps in setting up a trust?
This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.
“Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.” - Robert Kiyosaki
I totally agree. I put $350k into stocks with my advisor, and now I've made over $4 million in profits. I used the profits to buy properties, and they're bringing in great income. It just shows how important it is to invest in things that grow over time. It's like I'm living out the lessons right from the start of his book- Guide to investing
Despite the ups and downs in the stock market, you've managed to turn your investments into good profits. Could you share the name of your advisor? I have $300k saved up and ready to invest, but as a beginner, I don't know my way around the market.
She is well known as - Chasity George Charles. please do your own research.
I've been searching for experts, and after thorough online research, I believe she fits the bill. Thanks for sharing your insights. I've already reached out to her via email, hoping she can find time in her busy schedule to assist me.
What are examples of liabilities that “they think are assets”?
I like the idea of a testamentary trust for the cottage, hold for a few years and then let the kids decide what they want to do with it later. Redoing wills now - will discuss with our estate lawyer. Thanks!
Great insight. Trusts have to explored at a minimum to make sure they do or do not make sense with vulnerable dependents. Thank you
This reminds me to update my will.
Have you done a video regarding on a Graduated Rate Estate (GRE)?
No I haven't yet
@@ParallelWealth any info you could provide in a future video would be greatly appreciated. Thanks for all the hard work. 👍🏻
Are there capital gains still if you put it in a trust
I assume that you mean taxable capital gains. The simple answer is yes, and that simple answer is not always reliable. This is a hugely complex question meaning that the answer can be equally complex. A trust is expensive to setup and maintain each year. The maxim “you will hear about problems you never knew existed which only can be solved in ways you won’t understand” will often apply. Often the costs of determining the need for a trust, setting one up and maintaining it yearly are not tax deductible.
So last fall we established a trust for our disabled son. We bought a small house within the trust to give him housing security. It has been quite the experience. Legal and accounting cost skyrocketed due to the liberals requiring a last minute reporting rule ( then cancelling it after all the costs were spent- $5000 wasted due to this and no way to recover a cent of it). Much confusion and argument between accountants and lawyer. Guess who pays for that. Plus the property must be assessed in the future and any increase in value we pay capital gains. Since we are average folks who set up the trust with retirement funds so our son could be secure, these extra costs are a real threat to our future. So my advice to you is that if you are an average family trusts are a high risk process and you need to be aware of the high cost and tax liabilities. You better have good advice or stay away.
I need to get my portfolio out of cibc's 2.25% rrsp management fees. Does it really matter if the markets are up or down for timing when to move it?
It doesn’t matter if you’re investing immediately after selling out of cibcs investments. However, it’s your returns that matter. If your returns are 10% after the 2.25% fee, why leave?
Get the brokerage you are moving it to, to initiate the transfer for you. You don't want to withdraw it as there are tax implications.
@FS2obscura because most everyone claims that indexed funds at 1/4 point management fees regularly meet or beat the banks' high fees.
Trudeau is going after trusts so good luck
the only changes I noticed were additional details about $10 million exemption under Employee Ownership Trust which were introduced in the 2023 budget.
@@richardcrompton9067 I'm meaning the capital gains tax changes
Sorry you just answered my question. Thanks Trudeau. You just ruined my retirement plans
You can keep buying your scratch off tickets. I’m sure you’re just 1 away!
@@steverino00 nope. Don’t buy them. Good luck with yours.