Should Senior Middle Class Americans Have TWO Living Trusts?
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- Опубліковано 29 вер 2024
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While there is lots of information out there on whether people should use a last will and testament or a revocable living trust or a irrevocable trust as the vehicle to transfer remaining assets to their heirs or beneficiaries when they pass away.
One option, however, is to have all three! Some middle class Americans use the properly prepared irrevocable trust to protect assets from nursing home expenses; and they use a revocable living trust to keep complete control over some assets but avoid probate when they die; and they have their pour-over will to cover assets in their name when they die.
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Paul Rabalais
Estate Planning Attorney
Another great video. I look forward to these videos every week. The topic is clearly explained.
Thanks~~~
On a separate note, this guy is helping so many people think about estate planning. Kudos to him for doing gods work :)
Closing fast on 100K subscribers! That's a testament to your excellent content, clearly delivered.
Care to comment on placing one's home in an irrevocable trust, similar to your example of protecting brokerage account assets? It seems like doing so with a trust that defines a life estate interest would be useful, assuming such a thing is possible.
I had the same question.
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If the irrevocable trust is created after the person enters a nursing home and all their assets are moved to that trust, can they receive Medicaid for the nursing home starting 5 years after the irrevocable trust is created? Or does the irrevocable trust have be created before entering a nursing home.
Thank you 😊 very informative 👍
So nice of you
These have been so helpful. My parents are over 70 years old and I have told them about a Trust, and we're doing that.
What would you suggest for a single mom with 3 kids? Should I have a trust also? I don't want to be in my parents' shoes, but my kids are too young to be a trustee.
Such people exist, under many names, and they are selfish cheap skates! So they have the money, say half a million in savings, which, I assume, is far from representing the average American couple or household. What should that money be used for? Nothing? And who says or where is the law that old folks MUST go to a nursing home? If you have that kind of savings, and if one day, you can't help yourself anymore, just hire private help for your own home, and stay put where you are. Half a million goes a long way for that type of care. How is it moral to want to not pay for one's own upkeep? Why should the taxpayer collective pick up the tab? If this were logical, we should also let everybody get a car, and we the taxpayers will pay for that, or a vacation, or you name it... same logic. All these "good" Christians who firmly believe that it is OK to screw the collective out of its resources for their personal benefit.... nice attitude, guys! Nice indeed!
Any plans about future videos discussing leaving estates and investments to someone living in a different country . Example, the estate is in the US and the beneficiary lives in Poland. Are there attorneys that are specific to that scenario. Thanks for all the great info you provide here.
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It would be great if you would enable captions on your video for us deaf folks.
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You, the viewer, are the one who manages and turns on closed caption. Learn how to manipulate in YT. Go to the right hand top of the video screen, lightly touch the screen so icons appear, hit the little box that has ‘cc’ in it.
Interesting concept. Thanks for the info.
I understand irrevocable trust (nursing home "insurance"), but revocable vs. beneficiary on accounts - why trust when beneficiary on accounts will do the transfer for brokerage and bank/credit union accounts (like life insurance).
At one point does irrevocable trust not make sense to shield assets from a broken senior care / healthcare system? Is it when (Assets * Safe Withdrawal Rate > Average Nursing Home Cost)? This seems to hint that irrevocable trust for the purpose of shielding assets from this scenario stops making sense at around 3 million in investable assets. What do others think?
What if you want to have home care instead of nursing home--how does the look back work?If you have long term care but that only pays for part of your home care--does medicare help with the rest?
I’m currently trying to find a good, inexpensive-as-possible, estate planning attorney in Los Angeles. Concerned about using dyi documents from Staples.
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I’m definitely a subscriber. Thanks!
Can an IRA be contributed to an irrevocable trust?
Totally sensible.
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Love, love your videos
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If my home needs a furnace or roof can money in the irrevocable trust can the trustee use the trust money for the repairs? BTW the home is also in the trust?
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In case of an irrevocable living trust, the trustee only keeps the income from the trust, right? Does the income from the trust include the MRD ( such as from IRA)?