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Family Trust Explained | Why or Why You Shouldn't Use One
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- Опубліковано 17 сер 2024
- In movies and shows we hear the term "Trust Fund Baby" all the time, but just what IS a trust? Many people perceive family trust as an ultra rich concept with mysterious features, but actually its feature is a lot easier to understand in reality. In this video I will be taking everyone through the basics of a family trust, what is it, how is it set up, and in what situation a trust can be useful. Hopefully with family trust explained you have a better idea if you should be considering one!
This is not financial advise, speak to your advisors!
#canada #estateplanning #finance
▼ Time Stamps
[0:00] Start
[0:54] Common estate planning tool #1: Using a will
[2:29] Common estate planning tool #2: Using a beneficiary
[3:49] What is a trust basically
[4:02] Basics of a trust
[5:25] The structure of a trust
[6:53] Scenario #1: Controlling assets
[9:13] Scenario #2: Corporate estate freeze
[10:53] Scenario #3: Corporate sale in future
[12:53] Pros & cons of a trust
[14:35] Other notes to keep in mind
[15:11] What to consider when thinking of setting up a trust
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Great video. Can you please do one more specifically on Qualified Disability Trusts? Also, can you describe the type of expenses and possibly estimate the fees to maintain a testamentary trust?
Thanks for the video. Saves me a trip to a CPA or estate lawyer.
Thank you. This video was simple and easy to understand.
As an llqp licensed being in ontario, this video is well done and refreshing.
I am reviewing for an ALU exam. This is really helpful.
I was told you can't be ALL 3 in a Trust...only 2 out of the 3? Interesting. Thanks for the video.
Great video!
Very good video
Wow great content thanks a lot😮
Great content!
Appreciate the info!
Sounds like great information with good intent but I wish there was a post that explains this in plain English with plain English examples and not financial jargon where by only financial industry individuals understand it. I have yet to come across a UA-cam post that explains it that way.
funny becase most viewers say the opposite!
Does the executor have total control? Giving more to one beneficiary than the other?
Good question, while yes and executor is also liable for any unfair distributions
Approximately what would be the minimum amount of money in order for a person to consider setting up a trust
No minimum its about if you need to exert control or not
thank you!
Thanks
So will family trust protect my real estate from CA property 19 ?
Whats ca prop 19?
With the business we have......we also have (2) family trust.....
Cost $25 000 to implement thru lawyer and CPA......but save $$$$$$$$$$
I need to renew my will . Because the video is so great, can you do it for us. We live in Ontario. How much is the cost.?
Unfortunately we are not lawyers we dont draft will!
how to register a family trust?
It's set up via lawyers
Great video!!