How To "Fund" A Trust
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- Опубліковано 30 вер 2024
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It's often important not only to establish a trust, but to tranfer (or re-title) assets into the name of the trust.
Thank you so much for providing this very helpful clarification! It seems like a pretty straightforward question, but after reviewing several videos and books I've not been able to a straightforward answer. My inability to have a clear understanding of such a basic and fundamental concept left me frozen for the past several years. I now feel like I have a much better understanding of what steps I need to take so thank you very much for educating and liberating me!
Loved your comment describes me perfectly, I just had trouble with the words.
No client gets out of our office without a Statutory Warranty Deed putting the real property into the trust and a deed for all personal property put into the trust. We also get an EIN for the trust from the IRS.
I really appreciate all your videos; very clear and you cover many scenarios. I'm starting my notesheet to do my homework and will be contacting you shortly.
In our family of 6 kiddos all over age 50 years old but under 65 years of age. 18 grandchildren 11 great-grandchildren. I'm not done having kids - whether or not I have kids biologically or Adopt
I was an authorized signer? on Dad's account. Dad bounced checks and they pulled that money from my and my hubby's accounts(from the same institution) to cover the overdraft. Hubby was NOT happy. I went into bank to have my name taken off my father's account. I was told that I would need both my father's signature and my mother's signature (deceased unbeknownst to the bank). I then also had to get my mother's death certificate just to get off his accounts. Things are not always what we think they are.
You can solve that by changing banks
“How to fund a trust” starts at 11:20
I'm finding these videos very helpful and I appreciate them, but I'm also glad I'm not paying by the hour. :)
Thank you For the timestamp!!
Sir. Please get help. Just get to the point.
I can't keep watching 😩
When he said Fred and Wilma, I thought about “The Flintstones”. You went back back. I had to watch a Flintsone’s clip and the opening song.
My dad left me a trust fund but it's never been funded and my stepmother contested the will and now everything is frozen pending trial I did receive a small emergency distribution last year and my trustee is not following the trust document using the excuse she wants to be extra careful what can I do
"Retitled" is another word for "Funded." @12:45 This statement was extremely helpful. Sometimes "legaleeze" just needs to be redefined for the layman and you get real value. Been enjoying your videos!
Black's Law Dictionary is incredibly helpful & EVERYONE should have & read it. It is akin to having a key to a whole new world. It can be a whirlwind of thoughts & realizatons, some hard to wrap one's mind around...but still highly worth it.
@@lora97006 Thanks for the tip! Awesome
@@WEEBER13 quite welcome 🌻
LLC usually people who invest into rentals not primary home. Land trust best with trustee some you trust not the settlors to keep privacy.
Is the transfer of the house to the trust done via quit claim deed ? Or a warranty deed as per a UA-cam lawyer states is the correct way?
What is your website/ contact information?
Is there a form to fill out to add to trust or do you just hand write things in the trust like my 97 dad is doing....
When my mother and step father have a joint living trust and my mother passes away, when can my brother a trustee and I as one of beneficiaries when can we have copies of trust or get any info about it
So glad I found your video, about trusts , learned so much and am now ready to fund our trust. Thank you for your detailed explanations.
So a kind of off the topic question what if I SOLD my nephew all my tools and toys today and he has a receipt saying so. if I died or was put in a nursing home- would the tools and toys not be able to be attached to any future bills since we/ he has a receipt( contact) in the past ?
Is there a list of all asset types that should go in trust or may be vice a versa
A list of instruments that don’t go in trust like IRA, life insurance, Roth. Etc
A list would be nice as a reminder
A lot of good details and no marketing BS. Direct and clear presentation
Still relevant in Dec 2022. I’m learning a lot . I’ll rewatch them to get everything clear.
The grantor, of a revocable living trust , has become incapacitated and didn’t fund the trust. Can the successor trustee fund the trust while the grantor is incapacitated???
when funding a Trust do you have to fill out 709 gift tax form
For a bank account, if you have beneficiaries listed on the account, wouldn’t the beneficiaries only have to present ID and a death certificate to get the funds transferred to them?
Hi chrystlaw1, I currently work at a bank in VA going on 14 years. The short answer is, Yes. All you need is a valid unexpired ID and the Death Certificate. Now, what can make this situation tough is what information was provided to the bank from the owner on the account. If the owner provided your full legal name, date of birth, address, etc., to the bank, it makes the process easier to identify you when you come to collect the funds. If the owner only provided your name, this can make it difficult for the bank to truly confirm you’re the rightful owner without asking for additional supporting documentation. Hope this helps.
Two girls, not mine. But I would like to set up revocable trust with real and personal property in Greece, North Carolina and Florida. I do not want they're Crack head mom or any other family I lay members to take it from these two girls. Where do I start and what questions do I need to ask
How do my children inherit my IRA without having to go through probate?
Add them as beneficiary
I know this is an old video but I’m just seeing it. I put my son as an authorized signer on my checking account. His car loan was at the same bank, Wells Fargo, as my checking account. The bank took the money from my checking account. I had to remove my son as a signer.
Very informative, I wish you practice in Nevada.
Your communication skills, are an 11 on a scale of one to 10! Great job!
My rental house was purchased via a 1031 exchange. If I re-deed it to be owned by my Trust, will that cause a taxable event?
Hi - did you create that : 'online platform' ... to create and maintain estate plan...access or learn more ...fill out the 3 question form by clicking on the link... ? When i click on the link it throws an error for a place called "Typeform" - I will look through the YT account you have - nice. Thanks I think this VBLOG answered an assortment of questions/clarified some things - Even my qtn about the IVOC 'doc Act of Xfer' for LLC interests. Thank you - Frederick
@Rabalis. Thank you. Your Videos are very helpful .
Glad to hear Snoop! 😎
Should my car be titled to the RLT?
You are so HELPFUL!!! Thank you for your time…! Ps MAKE SURE YOU FUND YOUR TRUST. We didn’t get 3 accounts in the trust and 3 months after setting up the Trust my husband unexpectedly passed away. It’s been hell. It has cost me almost $14k to go through probate to simply close those bank accounts. The lawyer process was terrible. Oregon. Wouldn’t recommend Collier Law.
question how can I transfer bunch of properties that’s listed under my LLC to my living Revocable trust.
After forming revocable trust agreement
Do I must have to do Deed transfer i,e record each properties from LLC name to the trust name by going to deed recording office?
Or deed transfer is not necessary I can just create a assignment form for that existing LLc and on that LLC create an assignment form and I just mention that I am transferring 100% this Llc holding to that living trust? then just put the trust name, trustee name and the trust date when it was created on that assignment and notarize it?
Is it possible for me to set up my own trust for just my home to my adult children? No other assets.
Yes.
Would a cousin be the trust holder along with two parents?
I have decided to exclude a family member from the estate.
The parents will give this person their half but I’d like my half protected and given to aged parents.
When they die I’d like my half to be given to the other trustee rather than this person.
Thank you for the education on trusts……👍
Work with your county tax assessor re re titling your home into a living trust / trust so to briidge home stead exemption to the new owner the trust. Else you will loose home stead exemption. I know this.. ;(
What type of trust are you talking about in this scenario?
Maybe in your state bank accounts, etc will have to go through probate if not funded into the trust, but in most states if there is a beneficiary on a bank account, IRA, Roth, Etc, it does not matter if they are in the trust or not.
Watching all I can to become familiar with the subject for my will etc.
In our trust it say anything not in the should be considered in it. Such as cars making payments. Banks don't want them in trust name.
I have be come my brothers POA financially and medical decision How do I do an estate ? Does this need to done before he dies or after? Lawyer wants me to do this now. Y?
Can a beneficiary or trustee add funds to a Trust after the grantor passes away?
Thank you so much
How does it affect how u run your LLC once you put it in a trust?
"How to fund a Trust" starts @ 6:00 minute mark
Great info. Thank you so much
I’m in UK is there a version suitable for our laws?
Thank you.
Is it ok to put the trust name on the financial account beneficiary listing so the account doesn't need to be added to the trust? At death of the account holder, I assume the net worth would be paid to the trust.
Hi Dale, I currently work at a bank in VA going on 14 years. It’s best to check with your local bank, but you should be able to name your Trust as POD (Payable on Death) on your sole/joint personal Checking and/or Savings accounts. Upon your death, your successor Trustee will need to visit your bank to claim the funds. Before the successor trustee named in the Trust Agreement visits the bank, they may want to visit an estate planning attorney to review the Trust Agreement. The attorney should be able to create an updated “Certificate of Trust” document. The bank may ask the Trustee to bring this document, as well as your Death Certificate, to the bank so they can close the account and make a check payable in the name of the Trust. Hope this helps.
@@mildwest1 Do you need a bank account in the trust name to deposit the proceeds since the check will be written to the trust and can the same bank accomodate a successor trustee on this account creation using same trust and death certificate?
@@TheHouseofChameleons Hey! Yes, the bank account (generally a non-personal account) will have to be in the name of the Trust. If you're funding the Trust account via check, the check must be written in the name of the Trust. I think I understanding your second question. The "Successor" Trustee is the person waiting to step up to be the "Active" Trustee when the current Trustee passes away or is no longer able or willing to carry out their fiduciary duty. The attorney will create an updated Certificate of Trust document detailing that the "Successor" Trustee is now the "Active" Trustee, among other details from the Trust Agreement. The bank should be able to accept the updated Certificate of Trust document and the Death Certificate if you're making changes to an existing Trust account or setting up a new Trust account. Let me know if that helps or if you have a specific scenario you want to walk through. Take care!
@@mildwest1 Thanks so much for replying.
Love what you do, thanks
Thanks for the info. I've called several banks shopping for a MM account. Good luck trying to find a bank that will allow you to title the account in the name of the trust.
Hey C A, I've worked at my current bank going on 15 years. Unfortunately I don't know how every bank works, but I would gather that the larger nationwide banks offer "Trust" accounts or have a "Wealth Management" group within the bank that offers Trust accounts. At my bank, a Trust account is a "non-personal" account type. I've had customers in the past want to add their Trust name to their existing personal account. I had to tell them that we can't add a "non-personal" name to a "personal" product type. Some banks may choose not to offer these product types (Trust accounts and Estate accounts) because of the difference laws regarding Trust and Estates for each state. Hopefully you will find a bank that can help you. Take care!
Thanks so much for the presentation! One small question: Can there be a situation where a bank account has beneficiaries listed on it, then gets renamed in the name of the trust, and the beneficiaries are still listed? And if so, will the next-in-line trustee be able to disburse the money without a problem, regardless of the bank having a list of beneficiaries?
Pretty sure the bank account beneficiaries take precedence. They should be able to work directly with the bank, but ask the bank.
Some people put their home in a land trust.
Thank you! My trust was setup in 2014 but lawyer never told me what to do so I assumed all god but it never got funded all these years later! I’m now disabled and dreading consequences if I need Medicaid the 5yr look back will not be met 😭
My revocable trust was drawn up by my estate planning attorney 15 years ago in NE. I now reside in AZ. Do I need to have a local attorney redo, or update, my trust in my current state of residence?
What happen to spouse’s social security check when the spouse die? The survivor will get something or it will be ended?
Beneficiary annonymity etc.
I live in Texas and my house has been paid off and also the rental property is paid off ! Actually everything is paid off ! But my rental property I did a 1031 exchange and I did it from Los Angeles CA so I was told that the capital gains tax will die when I die ! And I'm interested on having a ling trust ! Can you help me with that ? Thank you !! I found you because my father just passed from corona vaccine 2 month and did not have a will or living trust. He had a house in Maryland and an other in Florida paid off as you can imagine the concern and questions that we all have .
What about the kind of trust where you're alive and then after you pass away it still carries on like the Nobel Peace Prize trust that has mr. Nobel who is deceased present and accounted for at every trustee meeting, how do you do that?
It would seem that if you could be present and accounted for on paper perpetually you would continue to receive payments of retirement and benefits for generations to come for your family and families family
lovely
So when you edit out critical parts like @4:17 - 4:18 ...........i have to guest that you said ""...take daughter off the account"" ?
very informative.
Hello, can you fund a trust by withdrawing or converting your crypto to cash? If so what type of trust would I need to avoid being taxed because of the withdrawal?
Too many lengthy commercials break up your points and cause loss of interest.
Thank you for the video. I just had a new attorney offer to do a will for me. I told her I need a trust, she didn't understand why. I have 6 million in real estate.
What happens if the vehicles are not in the trust: is completing AOC-E-521 the correct form to use to put the vehicles into the trust?
Thank you friend. Sending positive and balanced vibrations
Say you are getting a payment monthly from a company ... and you say to that company - instead of paying me I want you to buy x shares of xyz corporation and donate that to the trust ...does the Trust pay income Tax on that or does it just receive the assets at that basis ?
You are great !
Thank you !
Life insurance should never be in the name of the insured! Spouse, or others, even in business name is best.
In funding a Trust, can't you just state in the POD and/or TOD to transfer the all assets in that account to the Trust ?
I've made my will. Can I just make my will as my living trust and add/name a trustee and executee
Sounds like Fred didn’t have a good lawyer advising him.
Lots of verbiage….makes it not very cohesive
Any problems if there is a mortgage on the home? Do we have to mention it in the Trust?
Thank you for all of the great information! What is your opinion on using an online web site to create a trust?
Does the trust have to recorded.? And does the trust have to be
How about IRA, 401k and Roth IRA.?
Doesn’t title to home get retitled to the name of the trust?
I still don’t understand How to find a trust
Is there a minimum number of assets that have to be in the Trust before it is qualified as being Funded? Do all the states use the same definition for the term "FUNDED"? Who decides if a trust is funded?
"Funded" just means that the assets YOU WANT to be covered by the terms of the trust are actually owned by the trust.
What is the least number of people to set up a trust?
How much should fund it
do you have an office in Canada?
Secured account or non secured?
Start at 7:00 at 2x speed
Buying property in a trusr
Thank you for your very clear explanations of complex topics. You have cleared many issues for me and I now have a plan to actively manage my estate - at 77 it is time! I wish I had been on this call.
OMG !!!! Please stick to your original TOPIC PLEASE !!! Way too long.
I need contact for the service please. Thanks
Thank you for your videos. I have learned so much from you. Looking forward to seeing more from you!
👍 good information thank you for your help
Co trustee..ok Language is 🔑.
Your videos are to wordy, 10 minutes in and you're still talking about what you're going to talk about but not getting into it!
It’s 2022 and he’s still doing this! 🤣
Guys, don't watch if you don't care to.
I am most grateful for his generosity!!
Definitely. He is providing valuable information otherwise you wouldn’t get unless you hire and pay for lawyer. Be grateful!!
I disagree... Thank you for all your information
*too
What about all the farm equipment and machinery(tractors and such) in an estate? Do they all need to be funded in the trust? or are they just considered to be with the farm?
Only attached equipment is part of the farm real estate. Not a tractor but a barn or house is.
@@robertreznik9330 but farm equipment are assets and usually have titles.
@@maryricketts7337 I have bought assets like farm equipment for millions of dollars and only trucks and pickups have a title on my farm.. Usually a bill of sale. My bank has a blanket lean on my assets listed on my listed assets.
I need an irrevocable trust and ways to protect about $174mm. Any way I can do something offshore legally ??? SOS. New to this. Bunch of adult kids. Not kidding.
174mm and you’re asking for advice on UA-cam?
i don’t trust my bankers
Can you do a video on trust for intellectual property ? than you