My wife and I both had parents that had a trust set up before they passed away thank God. The process was quick and easy and we got our inheritances quickly. Sure there are some legal fees but the cost of not having one far outweighs the cost of having a trust set up with a trusted lawyer.
Thank you for sharing your experience! It's reassuring to hear that having a trust in place made the process smooth and efficient for you and your wife. Indeed, the peace of mind and streamlined inheritance process often make the associated legal fees worthwhile.
@@TobyMathisbaloney there are dozens of complex steps in an administration to protect us when we’re vulnerable, and the first step is the paperwork. Our greedy trustees say it’s quick and easy when they get the whole inheritance.
I’m not saying your a greedy Trustee but if done correctly you need a super complex Living Trust Crime Interdiction Administration to avoid the Trust forgers and counterfeiters.
Congratulations our Trust cost a million dollars in litigation and ruined our family when the estate planner neglected to tell us there are dozens of behind-the-scenes administrative steps to avoid the Will, Trust, and power of attorney forgers, counterfeiters and embezzlers. Needing a Latin Law Crime Interdiction Administration Trusted Advisor and team of allied legal professional trust guardians to mentor grantors, monitor trustees, and referee grantees.
FYI Regulators are caveating the Estate Planners Trust fails and we need Interdiction Living Trust Administration Lawyers with the Latin Law crime interdiction administration.
Thanks Toby, your videos are very helpful. I’m an EA and recently got life/health licensed and appointed with a reputable company with good life/annuity/pension products. I’m a big fan of living trusts and am looking to break into that market. Any advice on getting started? Common mistakes to avoid?
if I put my stock brokerage account into a living trust, when I die would the base for stock be "brought" up to fair market value at that time? Thanks for all these great information.
While we don't have a physical office in Southern California, we're still here to assist you virtually! Our team is ready to set up a free strategy session to discuss your needs and provide valuable insights. Visit aba.link/tjn to get started =)
My husband set up a Q tip trust acct. with 3 beneficiaries . My 2 adult step children and myself 10% for each kid and 80% on my name , I was told it is all mine for my living expenses . But if I was to die the left over would go to my step children ,and I can’t give it to whom I want my assets? If I make my own trust can I put all my estate to my designated beneficiaries?
Whats the best asset allocation for a trust designed to be available to many generations in the future? Is the s&p 500 all you need and when it inevitably has the 20% correction just deal with it. Or should it be more income dividends driven more so that appreciation?
Great question! Achieving the optimal asset allocation for a trust with a multi-generational perspective involves careful consideration of various factors. I'd highly recommend you join our free tax and asset protection workshop to delve into this topic to have this question answered live. Visit aba.link/c4o
To reduce the cost of a Trust, I enrolled in pre-paid legal at work for $12 a month. The coverage includes getting a Trust which was usually ~$850 around me without insurance. After the year is done, I have to option to remove pre-paid legal from my benefits.
Why have a Will or Trust when you can have a POA in place. Have transfer of real estate in place. Have accounts jointly held with beneficiaries in place. These actions can be taken with an attorney for minimal fees.
POA does not work post-death and does not transfer the asset. Joint accounts sound like a good idea until your child gets sued, divorced or greedy, in which case your money is gone or, if it is sizeable estate, when you realize the gift tax filing requirements and the loss of a step up in basis (oops). Paid on death can sometimes work, but only if the beneficiary survives you and there can be no control from the grave (still, better than nothing). For people who want to avoid family conflict, court and have control of their estate after they pass so it is not squandered, there are very few choices. The easiest one that works the best, in my opinion, is the living trust. That is without addressing the lifetime benefits that comes with the financial and healthcare POAs, end of life decisions, and just having a written plan so that others know your wishes.
Every American needs a Notary Index Crime Enforcement Regulatory approved Interdiction Living Trust Administration Lawyer’s 33-year reformed Latin Law Crime Interdiction Administration. Not the Estate Plan Trust National Institute of Certified Estate Planners caveated fails, costing my family a million dollars in Trust Billable Litigation Hours.
Our Estate Planner cost us a million dollars because our parents didn't get a LIVING TRUST CRIME INTERDICTION ADMINISTRATION from a NICER approved Interdiction Living Trust Administration Lawyer.
15:47 My spouse died intestate. He has 6 kids ( not of our marriage ). A financial settlement will go to his estate. My state designates one third for me and two thirds for the kids. The settlement will be the only asset. He owes no one. Will probate be a difficult process. Will it be expensive and will it be a lengthy process.The children are in agreement with what they are entitled to. We live innVirginia
What if I’m an only child, live in another state than my Mom, and Mom’s house has a reverse mortgage? Dad has passed away. Mom who just turned 80 and is in good health, has no will, assuming, that I’m the sole direct heir.
Price in the probate expense to change assets for mom - for a comparison of dollars and cents. For healthcare and financial matters, an 80-year-old needs to name advocates who can act on her behalf. It is not just about money. It is making sure your mom's wishes are written down and someone is designated to advocate for her be it in the bank, her doctor's office, or at the end of her life.
@@TobyMathis Thanks Toby for your advice. We do have two things covered. My name is on her bank accounts, and her funeral has already been pre- planned and pre-paid. Need to work on everything else.
Does a beneficiary need to prove to the trust admin that the $$$ they need is for school or hardship? Would the trust admin dig into the beneficiary finances to see if they really need the money?
It all depends on the provisions of the trust and who the trustee is. If the trust says to cover education expenses - they may pay things directly from the trust or reimburse your costs. They do have state laws that cover them and professional trustees have to have licensing, bonding and insurance.
Hi, I highly recommend you request a free 45-minute consultation to discuss the most efficient estate planning strategies for your unique situation. aba.link/tjn
What happens to money in a bank account 🤔 if something happens to both parties because it is a joint account . The kids cannot be written as beneficiaries on the account because they live in another country and r non US citizens. What can be done in advance 🤔? How do u do Paid on death?
The bank account is in the trust, so the trustee would be all that changes. Depending on what the trust says as far as distributing the money, the Trustee will either continue to hold the funds in the trust name or distribute then funds in accordance with the trust. You do not need the paid on death with the trust because it does not die:-)
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/tjn
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit: aba.link/tjn
Im single, no kids. I want to setup a trust with the IRS as my beneficiary. Id be a legend when the media gets a hold of it, LOL! Direct deposit into their account monthly Sucks to earn money. Spending money, especailly money you didnt earn is fun. I dont want to have done the sucky part and let someone/anyone enjoy the fun part, especially some non-profit who will steal/misspend it. I want no one to "feel" my wealth. Giving it to the IRS assures this
If you're genuinely interested in creating a trust structure aligned with your preferences, we'd be happy to discuss the details further. Feel free to schedule a free strategy session. Visit: aba.link/tjn
What about when your Aunt sets up the living trust and names her niece Trustee and the niece starts, after the Aunt dies, out by open up trust bank accts and proceeds to spend $100k on herself even before everything is in place…
That sounds like theft and the beneficiaries would have recourse. They can fire the niece and get the money back under most trusts. I worked in a guardianship firm where we would have to have security stay in homes of clients who passed to prevent the kids from removing valuables from the home. When people pass, sometimes their heirs misbehave.
@@TobyMathis I agree with you. I guess I am thinking in terms of an executor of a will as an executor can also be a beneficiary. It sounds like trustee got their cut right off the top, but one never knows unless seeing how Aunt actually worded the trust/possible will. It does sound fishy that she would pay herself first before everything else. I hope my folks get a living trust as to avoid any potential family hard feelings. It seems though a lot of families do not know until it is too late. I"m not sure about a trust, but a will can really be used to manipulate people from what I have seen. Guess it works or can work both ways in regard to greed or manipulation. If a will is already in place, is it wise to add trust or just redo everything? Thanks.
Trust's are a joke! I've always heard a trust avoids all the legal fees etc. When my dad passed away (he had a trust) I spent so much money on legal fees it was pathetic. Certainly eats into anyone's inheritance....truth, fact!!! Don't believe me? Sorry been there done that, experienced it...not to mention a will is way cheaper even up front for the person deciding to get a will or a trust for their heirs.
I am truly sorry for your loss and the conflict that occurred. Without knowing more, I simply cannot see how a trust would cause any legal fees. They just do not work that way. A will requires probate while a trust does not. The only way to end up in legal wrangling is if the trust is created and never funded and perhaps they did not pour-over will. That would be very atypical as almost all estate planners include a pour-over will with the trust to avoid this issue. Can you give me more facts about what happened?
@@TobyMathis it was an 'Irrevocable trust', my sister was named the trustee. My aunt was some other named beneficiary (forgot the title but she was 'in charge' so to speak, she made sure all of my fathers final bills were paid, etc.). The lawyer involved handled all of the transferring of assets insuring they were all divided up properly (brokerage accounts, real estate, bank accounts, etc.) Assuming a lawyer wasn't required....who would have handled all the legal stuff? Maybe my family is just stupid and used a lawyer to handle everything but at the time it sure seemed like a necessity. Also, it took like a year before everything was all said and done (finalized). Personally, I can't imagine not having needed a lawyer and of course they charge by the minute, adds up quick.
My wife and I both had parents that had a trust set up before they passed away thank God. The process was quick and easy and we got our inheritances quickly. Sure there are some legal fees but the cost of not having one far outweighs the cost of having a trust set up with a trusted lawyer.
Thank you for sharing your experience! It's reassuring to hear that having a trust in place made the process smooth and efficient for you and your wife. Indeed, the peace of mind and streamlined inheritance process often make the associated legal fees worthwhile.
@@TobyMathisbaloney there are dozens of complex steps in an administration to protect us when we’re vulnerable, and the first step is the paperwork. Our greedy trustees say it’s quick and easy when they get the whole inheritance.
I’m not saying your a greedy Trustee but if done correctly you need a super complex Living Trust Crime Interdiction Administration to avoid the Trust forgers and counterfeiters.
Congratulations our Trust cost a million dollars in litigation and ruined our family when the estate planner neglected to tell us there are dozens of behind-the-scenes administrative steps to avoid the Will, Trust, and power of attorney forgers, counterfeiters and embezzlers. Needing a Latin Law Crime Interdiction Administration Trusted Advisor and team of allied legal professional trust guardians to mentor grantors, monitor trustees, and referee grantees.
All i can say is Thank you for good work ❤
Yes Sir, I am touched by your lectures/stories. I am an Estate Tax students, and your video put an added impact on my knowledge.
FYI Regulators are caveating the Estate Planners Trust fails and we need Interdiction Living Trust Administration Lawyers with the Latin Law crime interdiction administration.
thank you very much for the helpful info.
Glad it was helpful!
Thanku, Mr. Toby. Extremely educational and helpful. Helps my family out in our decision making process 😊
Happy to help
Very good and helpful information! Thank you
Thanks Toby, your videos are very helpful. I’m an EA and recently got life/health licensed and appointed with a reputable company with good life/annuity/pension products. I’m a big fan of living trusts and am looking to break into that market. Any advice on getting started? Common mistakes to avoid?
Toby is completely right, especially if siblings that dont get along a trust is a must!!! I kno u like the rhyme lol
I do...
if I put my stock brokerage account into a living trust, when I die would the base for stock be "brought" up to fair market value at that time? Thanks for all these great information.
thank you once more. great info. do you folks have an office in southern California? I will be ready to set up a meeting with you folks this December.
While we don't have a physical office in Southern California, we're still here to assist you virtually! Our team is ready to set up a free strategy session to discuss your needs and provide valuable insights. Visit aba.link/tjn to get started =)
Very valuable video, thank you Toby!
Glad it was helpful!
Can a winning lottery ticket sit in a trust before turning it in.
My husband set up a Q tip trust acct. with 3 beneficiaries . My 2 adult step children and myself 10% for each kid and 80% on my name , I was told it is all mine for my living expenses . But if I was to die the left over would go to my step children ,and I can’t give it to whom I want my assets? If I make my own trust can I put all my estate to my designated beneficiaries?
excellent explanation of a trust. Better then when my lawyer explained it.
I'm glad you found the explanation helpful!
Excellent video Brother
Many many thanks
Let's go coach Toby with the understanding!! ...and happy holidays as well
Same to you!
Great video
Glad you enjoyed it
What if something happens to the trustee I.e. dissolution of the firm, death, bankruptcy, etc? What happened to the trust?
Whats the best asset allocation for a trust designed to be available to many generations in the future? Is the s&p 500 all you need and when it inevitably has the 20% correction just deal with it. Or should it be more income dividends driven more so that appreciation?
Great question! Achieving the optimal asset allocation for a trust with a multi-generational perspective involves careful consideration of various factors. I'd highly recommend you join our free tax and asset protection workshop to delve into this topic to have this question answered live. Visit aba.link/c4o
Can you put investment funds into a trust and real estate that you have a mortgage on?
Great question, I would set up a free consultation with my team to receive a full answer. Visit: aba.link/tjn
To reduce the cost of a Trust, I enrolled in pre-paid legal at work for $12 a month. The coverage includes getting a Trust which was usually ~$850 around me without insurance. After the year is done, I have to option to remove pre-paid legal from my benefits.
Why have a Will or Trust when you can have a POA in place. Have transfer of real estate in place. Have accounts jointly held with beneficiaries in place. These actions can be taken with an attorney for minimal fees.
POA does not work post-death and does not transfer the asset. Joint accounts sound like a good idea until your child gets sued, divorced or greedy, in which case your money is gone or, if it is sizeable estate, when you realize the gift tax filing requirements and the loss of a step up in basis (oops). Paid on death can sometimes work, but only if the beneficiary survives you and there can be no control from the grave (still, better than nothing). For people who want to avoid family conflict, court and have control of their estate after they pass so it is not squandered, there are very few choices. The easiest one that works the best, in my opinion, is the living trust. That is without addressing the lifetime benefits that comes with the financial and healthcare POAs, end of life decisions, and just having a written plan so that others know your wishes.
Every American needs a Notary Index Crime Enforcement Regulatory approved Interdiction Living Trust Administration Lawyer’s 33-year reformed Latin Law Crime Interdiction Administration. Not the Estate Plan Trust National Institute of Certified Estate Planners caveated fails, costing my family a million dollars in Trust Billable Litigation Hours.
Thanks for sounding the alarm with Win-Win Realtors and National Institute of Certified Estate Planners caveating this Trust Fails.
My cousin went through 3 years of court dates before he received any money from his brother's passing. I don't want or wish that process on any one.
Our Estate Planner cost us a million dollars because our parents didn't get a LIVING TRUST CRIME INTERDICTION ADMINISTRATION from a NICER approved Interdiction Living Trust Administration Lawyer.
Fantastic
Thank you so much 😀
My Dad's estate was in probate for 2 years. Awful.
=(
15:47 My spouse died intestate. He has 6 kids ( not of our marriage ). A financial settlement will go to his estate. My state designates one third for me and two thirds for the kids. The settlement will be the only asset. He owes no one. Will probate be a difficult process. Will it be expensive and will it be a lengthy process.The children are in agreement with what they are entitled to. We live innVirginia
What if I’m an only child, live in another state than my Mom, and Mom’s house has a reverse mortgage? Dad has passed away. Mom who just turned 80 and is in good health, has no will, assuming, that I’m the sole direct heir.
Price in the probate expense to change assets for mom - for a comparison of dollars and cents. For healthcare and financial matters, an 80-year-old needs to name advocates who can act on her behalf. It is not just about money. It is making sure your mom's wishes are written down and someone is designated to advocate for her be it in the bank, her doctor's office, or at the end of her life.
@@TobyMathis Thanks Toby for your advice. We do have two things covered. My name is on her bank accounts, and her funeral has already been pre- planned and pre-paid. Need to work on everything else.
Does a beneficiary need to prove to the trust admin that the $$$ they need is for school or hardship? Would the trust admin dig into the beneficiary finances to see if they really need the money?
It all depends on the provisions of the trust and who the trustee is. If the trust says to cover education expenses - they may pay things directly from the trust or reimburse your costs. They do have state laws that cover them and professional trustees have to have licensing, bonding and insurance.
Where do you go to find someone you trust to get a trust
Hi, I highly recommend you request a free 45-minute consultation to discuss the most efficient estate planning strategies for your unique situation. aba.link/tjn
@@TobyMathis iam in illinois and I want to talk to someone in preson near me. No online no one out of state..
Hey Toby! Can I place my ca property into a trust in the state of Virginia. Thanks
Actually yes.
What happens to money in a bank account 🤔 if something happens to both parties because it is a joint account . The kids cannot be written as beneficiaries on the account because they live in another country and r non US citizens. What can be done in advance 🤔? How do u do Paid on death?
The bank account is in the trust, so the trustee would be all that changes. Depending on what the trust says as far as distributing the money, the Trustee will either continue to hold the funds in the trust name or distribute then funds in accordance with the trust. You do not need the paid on death with the trust because it does not die:-)
I need to setup a trust can you help
We can definitely help you with setting up a trust! Sign up for our Free strategy session to get started. Visit: aba.link/tjn
What if you have beneficiaries?Isn’t that good enough?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/tjn
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit: aba.link/tjn
And how does it end up in front of a judge? Who told the judge?
In probate - to transfer an asset, you need to have a court order. Just about any beneficiary can start the action.
Im single, no kids. I want to setup a trust with the IRS as my beneficiary. Id be a legend when the media gets a hold of it, LOL! Direct deposit into their account monthly
Sucks to earn money. Spending money, especailly money you didnt earn is fun. I dont want to have done the sucky part and let someone/anyone enjoy the fun part, especially some non-profit who will steal/misspend it. I want no one to "feel" my wealth. Giving it to the IRS assures this
If you're genuinely interested in creating a trust structure aligned with your preferences, we'd be happy to discuss the details further. Feel free to schedule a free strategy session. Visit: aba.link/tjn
We have a Will and a LT.
Awesome - nice to have the peace of mind?
What about when your Aunt sets up the living trust and names her niece Trustee and the niece starts, after the Aunt dies, out by open up trust bank accts and proceeds to spend $100k on herself even before everything is in place…
Sometimes the trustee gets more than others with additional responsibilities.
That sounds like theft and the beneficiaries would have recourse. They can fire the niece and get the money back under most trusts. I worked in a guardianship firm where we would have to have security stay in homes of clients who passed to prevent the kids from removing valuables from the home. When people pass, sometimes their heirs misbehave.
@@TobyMathis I agree with you. I guess I am thinking in terms of an executor of a will as an executor can also be a beneficiary. It sounds like trustee got their cut right off the top, but one never knows unless seeing how Aunt actually worded the trust/possible will. It does sound fishy that she would pay herself first before everything else. I hope my folks get a living trust as to avoid any potential family hard feelings. It seems though a lot of families do not know until it is too late. I"m not sure about a trust, but a will can really be used to manipulate people from what I have seen. Guess it works or can work both ways in regard to greed or manipulation. If a will is already in place, is it wise to add trust or just redo everything? Thanks.
Trust's are a joke! I've always heard a trust avoids all the legal fees etc. When my dad passed away (he had a trust) I spent so much money on legal fees it was pathetic. Certainly eats into anyone's inheritance....truth, fact!!! Don't believe me? Sorry been there done that, experienced it...not to mention a will is way cheaper even up front for the person deciding to get a will or a trust for their heirs.
I am truly sorry for your loss and the conflict that occurred. Without knowing more, I simply cannot see how a trust would cause any legal fees. They just do not work that way. A will requires probate while a trust does not. The only way to end up in legal wrangling is if the trust is created and never funded and perhaps they did not pour-over will. That would be very atypical as almost all estate planners include a pour-over will with the trust to avoid this issue. Can you give me more facts about what happened?
@@TobyMathis it was an 'Irrevocable trust', my sister was named the trustee. My aunt was some other named beneficiary (forgot the title but she was 'in charge' so to speak, she made sure all of my fathers final bills were paid, etc.). The lawyer involved handled all of the transferring of assets insuring they were all divided up properly (brokerage accounts, real estate, bank accounts, etc.) Assuming a lawyer wasn't required....who would have handled all the legal stuff? Maybe my family is just stupid and used a lawyer to handle everything but at the time it sure seemed like a necessity. Also, it took like a year before everything was all said and done (finalized). Personally, I can't imagine not having needed a lawyer and of course they charge by the minute, adds up quick.
Two options;
-don’t own anything
-don’t let yourself die
dies owns debt