Clint maybe I missed, but I am wondering if you have done any video's on how to protect yourself from the very high costs of having to stay in a nursing home and or the State coming after all your assets to try to recover any Medicaid or other expenses that were incurred, so that we do not loose all of our assets. Is this type of protection included in your Living Trusts ?
Except that they won't teach the kids about how the bank fees the trusts down to nothing. My ex business partner's grandfather worked in finance in NY and put $50, 000,000 in a trust. 10 years after he died there was less than about $900,000 left. My opinion is "Never give banks or anyone control of your money or any other assets. If you need to, get yourself educated and manage your own assets, so you won't risk meeting a bad actor.
I wanted to ask you as a living TRUST was me and brother. My Dad did the living will. Dad deeced and my mother was sick. at the time I was living at home. Well my cousin live with mom and me and her 3 kids. We didn't get along at all. Well cousin kelp pushing my about changing the will my mother want to live as the way my Father did it. Well after mother told me to leave because of my cousin. Didn't know mom was dieing . Mom die at home like my Father did. Well after mom pass cousin change everything took off our name and she made a quit claim to a gift put property in her name got my heir didn't event get my share cousin didn't event tell me. Mom didn't have a lawyer at the time of her pass. So I see CLC Lawyer she see 5he document and know it was forgerty and fraud. But didn't have the money to put up to take her to court. I am hearing impair very slow. I have try for help no one will help me .thank you Sir for you time
@@lindaclark8615 I hope that you're an awesome enough Dad to the point that your kid will good enough with dealing with you dying. I don't have kids, but I don't think that a parent want their kid to be indifferent to the parent's death.
You seem to be a wise and decent man! I lost my dad at 13. Looking back I realize the steep cost in many ways. Your children are fortunate to have a good dad.
Yes, I agree BeeTee, his children are fortunate to have him as their dad. My respect for him for loving his children well and not let them fell like they are entitled by putting conditions on the living trust. The children have to earn their parents assets and learn to value their parents hard work. I like the example about the fancy Mercedes, I can see how trust babys could just blow the money on superficial stuff because it did not cost them nothing. He is loving and wise. I wish I had a dad like him growing up 😁 and I don't mean it in a materialistic sense but because of his knowledge and wisdom. He is a decent human being.
A living trust is an estate-planning tool wherein assets are transferred to named beneficiaries by a person's will, rather than by requiring a probate court's approval.
Excellent explanation. Well done. I have a trust but there's more I need to know about it. The living will is what I'm missing. People need to know this stuff.
Interesting in that Trusts, of all variations, have now become a new loss leader for law firms. Many states allow a person to title their real estate holding to have a Transfer on Death listed on the deed. this creates an avoidance of not only Probate but also attorney fees associated with administering a Trust. Of course this doesn't work in all jurisdictions but has served many of my clients very well and seamlessly allowed for real estate to be transferred with just a new deed and copy of the death certificate being filed.
Father died with a will, 15 yrs ago....nightmare, went into probate nothing concluded for 18 months and was a mess for the executrix. Mother died last month had a trust 1 month later most assets distributed! Great info
When I watch information like this ...I can’t help but think of a system my people have been robbed of an opportunity to fairly participate in and in some cases robbed of the tangible property itself .
After five years of marriage i found out the one thing that makes it difficult is financial struggle, its not like my husband and i aren’t making money it’s just we barely have time for each other and there’s no amusement or new event it’s just work and the kids and that was fine but i wanted more..then i heard of a financial advisor on the radio who basically makes money for me and right now i have close to 100grand with her in my portfolio. now we pay for our vacation without breaking a sweat or losing sleep
me too, pls any advice you can give at all would be appreciated. i just turned 40, i don't think i'm hot cake in the dating market anymore.. i can't afford to walk away from this
@@vanhall9513 sure i get it hun. i’ve been there too. My F.A's name is Lucy Maria Koss, i googled her and reached out to her from her website and honestly you should too. Goodluck with your marriage dear. it isn't over until you say it is !
Whoa, Clint, hold on. I believe you previously advocated for a family limited partnership to avoid probate. When would a LT be better, when would a FLP be better? Do you have a video on both of these? I am an Anderson client.
No a limited partnership does not avoid probate. A limited partnership is included in your estate and if not owned by your living trust will need to go through probate.
I couldn't agree more! I've just lived through 3 1/2 years of the legal process, as administrator of my Dad's Probate (he had died at 89 with NO Will or Trust. In spite of only modest assessts, the process costs thousands of dollars in legal feess & 3 1/2 stressful years of my time. Don't let this be the case for you ~ if you love your family, take care of this while young & healthy enough to do so, to spare them going through his horrid process called Probate.
Post Probate, obtain an IRS EIN entity. DEED land over to their name. Kidd, Diana Sr. Est. Do a title search and you are the signee. No longer vexatious when they are in the Land Records.
You're an incredible father sir. I wish my father would have been more like you. I'm trying to be that for MY kids, to leave them a legacy and educate them financially so they won't be financially illiterate like my dad, God bless him. Starting young too. 😉 My oldest is only five, lol, but she's freaking SMART. 🧠
@@ClintCoons the titled assets I guess apply to vehicles. How do I put them into my trust. Do we just go to the courthouse and change everything to Living Trust and have both our names on the title? We had a Revocable Living Trust set up for our house and had to record it at our courthouse. Does everything have to be recorded at the courthouse or just on paper for tags, etc? We have our children as beneficiaries on our checking account. Should that be changed? I’m so confused of how to go about funding a Revocable Living Trust and if everything goes on separate documents or listed on one document? I’ve watched several videos and still don’t have answers.
@@sharondaugherty389 Yes you need to have everything where your name appears on the title changed over to your living trust. For example, contact your DMV to change the vehicles to your living trust as the owner, your personal banking accounts will need to reflect your living trust as the owner of the account.
I in my time, have been the court approved executor of two pro baits and did not need a solicitor ( lawyer ) It is a sad duty but it is not a hard job ( a very over paid job when employing a solicitor ) I did it for FREE as promised to one of the diseased. and FREE when my brother passed, being executor for his wife. and I am just a layman, no law training.
I have heard you say buy income properties in an LLC, how do you put that in your trust? I thought the LLC protects against lawsuits and taxes. But if you own it in a trust, then the trust owns the property, correct? Do you have the same legal protection and tax benefits?
You place the LLC into your trust. Thus, the LLC owns the real estate and the living trust owns the LLC. The LLC will provide the asset protection and the living trust provides the probate protection.
Awesome information! Clint explained this very confusing topic in terms that even a 12 year-old could understand. Thank you for making my decision to not only obtain a Living Trust but also a Living Will!
@@MikeNaples Mike it means placing all of your assets into the trust. Here is the video Devine watched and commented on -hence my reply: ua-cam.com/video/AI6Ad0hTtA0/v-deo.html
Subscribed. Thanks for sharing this is one of the best videos on living trust I seen. I shared it with my best friend who is a real estate investor and I shared it with my mom.
Mr. Clint I really appreciate you 🙏 and wish you were around when my parents past. My mom passed 2018 and dad 10 years prior and I still have an open probate case and I feel as the executive of the estate I did most of the work and getting billed by a lawyer the whole time smdh 😑 luckily we about to close out this case in a couple weeks whew! 😅 and like you said they had two properties and a couple hands full of accounts. P.s. my mom left money for my children too whom are still minors and that's a whole other process.
Mrs. Batson, stories like yours are far too common. It's good to hear that the journey is nearing the end but the road. Sounds like you got yourself a legal education on probate law. 😀
Interesting in that Trusts, of all variations, have now become a new loss leader for law firms. Many states allow a person to title their real estate holding to have a Transfer on Death listed on the deed. this creates an avoidance of not only Probate but also attorney fees associated with administering a Trust. Of course this doesn't work in all jurisdictions but has served many of my clients very well and seamlessly allowed for real estate to be transferred with just a new deed and copy of the death certificate being filed.
Seems dumb that we wait till we kick the bucket to give stuff away. If you no longer have a use for it, let it go. If you give it to the person you want now, at least you’ll know it went to the right person.
Thank you for such a clear explanation. A question for you though: Would placing a bank account into a living trust be unnecessary if the person simply makes their child a beneficiary of the account? (Versus having the child be the successor trustee of the trust with the bank account inside the trust). It seems that both of these actions would avoid probate. Thanks again.
No but then what happens if your child does not survive you or you both pass away in a car accident? A beneficiary designation is easy but if something goes amiss then you could run into problems.
@@ClintCoons OK, that makes sense, thank you for the quick reply and thank you for creating these educational videos! I am a former high school physics teacher (just retired) and the free help is greatly appreciated!
What benefit if those videos don't show how to set up the trust actually like the forms where to do your application with your tax and revenue government body so your property lie in trust u need to set it up first your video should have been on setting up the trust
What the trust company will do is be really nice to the matriarch of the family and visit her. Than when she is on pain meds, they will offer to give control to a local college and the heirs get a pathetic payment plus they have to pay taxes on it.
I wish I knew all about this 12 years age when i started mine. The attorney I had recommended a estate plan will. When i had to make a change due to some heir death and etc, he kept charging me hundreds of dollars just to change one line of the existing will. I thought that one POA would cover all those areas that he described above? Now with this virus crap emergency, it would be difficult for this 91 yr old to change to a living trust.
This is difficult and takes early planning to move assets to keep them from being sucked in to cover expenses. This is state specific so I would contact an elder law attorney if this is a concern.
@@ClintCoons Thank you. I helped my parents create a Living Trust many years ago, but now that they are in their 80's I am afraid that it is not enough to protect from this, if it wasn't matched with a long-term health care policy or slowly transferring their assets to their heirs 7 years before they need long-term care. Now they are 85 and 81, SMH. We have some work to do.
Two questions: 1) Will you need a EIN# for your Revocable Living Trust? 2) Can I assigned all my membership interest from my LLC and transfer all my Shares from my Corp to the RLT and used that to fund my R.L.T. ??
Great information! Thank-you. I noticed you didn't put the primary residence home in the POD. If you own your home with no mortgage, should it be in the POD as well?
I would place it into a trust. Very few states allow what you are referring to when it comes to real estate unless you want to hold title as joint tenants.
I"m often perplexed how at times forms are simplistic and low-impact upon creating and filing, but have big ramifications. I'd like your opinion, from one site like rocketlawer we printed and filled in a durable PoA and got it notarized and the bank legal OK'ed it! I also printed a revokable living trust for my state and it's 21 pages...have not filled it in. Can you please demystify my thoughts that it is bigger than I'm thinking? I found the PoA easy to fill in. Just by having the living revokable trust, notarizing it, and filing it - that's it? it avoids probate just like that? :)
Yeah… Good information. But… What’s missing is that a Trust, like this, cost money. You move the House in the Trust, pay the lawyer fee, but a Trust cost money, does it not? I heard a Trust can cost up to 10 Thousand Dollars. Help me: Did I hear this wrong?
Yes it would cost around $400 to move a house into a trust. Yes a trust does cost money but 10k is excessive. We set up estate plans for 1/3 of that price.
Thank you for sharing this video... explained exactly why m delayed to sign the will that I iintended to set up for my family cost $500.. My insticnt feeling strongly disagree not trust to continue and finalised the paper work with the lawyer.. You have explained how I felt.and fear to trust the lawyer... Now Im learning also confirm to apply for a Living Trust.. Thank you for your informative presentation..Blessings😍
Thank you so much for your great videos. I am looking for a specialized trust and tax attorney in my area. I have a property in DC which I use for a small lodging business and I have my personal residence in Northern Virginia. I also have something overseas. Could you please give me a referral and any info possible for my case. How to make sure my assets and heir is protected from divorces, probate, etc?
I do not know of anyone in your area. My firm can assist with your planning unless you are looking to keep it local. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession
Hey did you put wills on the list twice by mistake? Also your videos are very well done, consider using on screen premade graphics maybe fading in next to you to easily list and organize thoughts. You are my go to for this kind of content, keep it up!
Typically a person will nominate their spouse followed by the living trust as the beneficiary for their IRA. A bank account can be retitled into the living trust or set up to have the trust be the beneficiary. Check with your bank.
Is there a difference between a land (grantors) trust and a living trust? If so is it possible to place a land trust inside of a living trust? Thanks in advance for your response.
I have an irrevocable trust? How could I said something like that or do I take it to the bank and open it and switch my accounts into that one trust with the EIN
Thank you Clint , this really holds a great deal of impact. I did not understand this concept and left this video with a great starting point! Appreciate you for sharing this in this way.
If one continues to purchase more assets (i.e. properties) throughout their lifetime , will they have to go through probate if the living trust has been set up? Or is it better to add them under an LLC that is already in the trust?
Hey Clint, after just seeing one video of yours I honestly learned so much, you deserve a subscribe ! Can you please make some videos about offshore companies handled by trusts, advantages and disadvantages of it and for tax avoidance legally ? thank you very much !
Dean thanks for subscribing but we do not touch offshore. Offshore planning is outside of our wheelhouse and something we do not have any experience with setting up.
If a house is taken from a trust and deeded to someone other than who it was suppose to go to. Is there anything that person that it was suppose to go to do anything about it?
RLT's are great, but they have a dirty little secret. FUNDING!!! 80% RLT's are not properly funded meaning that 80% of RLT estate plans will end up in probate.
What the trust company will do is be really nice to the matriarch of the family and visit her. Than when she is on pain meds, they will offer to give control to a local college and the heirs get a pathetic payment plus they have to pay taxes on it.
Claim Your FREE 45-minute consultation to receive business planning tips and asset protection. 👉 aba.link/06k
This guy is internet gold. An actual online asset. Fabulous video.
I wonder if his UA-cam channel is part of his trust....
On My Mama😤💪
Clint maybe I missed, but I am wondering if you have done any video's on how to protect yourself from the very high costs of having to stay in a nursing home and or the State coming after all your assets to try to recover any Medicaid or other expenses that were incurred, so that we do not loose all of our assets. Is this type of protection included in your Living Trusts ?
I have not. Not an area I am familiar with.
Very good presentation. No I know what a living trust is and why I should have one.
Very helpful. Thanks.
3 words for this guy PURE FUCKING GENIUS 😎
Control your family by threatening to withhold “gifts”. The worldly way to think. Sad.
Do you advocate setting up living trust in a country such as Luxembourg or Singapore?
I have no knowledge of these countries.
Great information, thanks!
This is the kind of information that should be taught in at least one semester of high school.
Facts
Yes!
Facts
Except that they won't teach the kids about how the bank fees the trusts down to nothing. My ex business partner's grandfather worked in finance in NY and put $50, 000,000 in a trust. 10 years after he died there was less than about $900,000 left. My opinion is "Never give banks or anyone control of your money or any other assets. If you need to, get yourself educated and manage your own assets, so you won't risk meeting a bad actor.
I wanted to ask you as a living TRUST was me and brother. My Dad did the living will. Dad deeced and my mother was sick. at the time I was living at home. Well my cousin live with mom and me and her 3 kids. We didn't get along at all. Well cousin kelp pushing my about changing the will my mother want to live as the way my Father did it. Well after mother told me to leave because of my cousin. Didn't know mom was dieing . Mom die at home like my Father did. Well after mom pass cousin change everything took off our name and she made a quit claim to a gift put property in her name got my heir didn't event get my share cousin didn't event tell me. Mom didn't have a lawyer at the time of her pass. So I see CLC Lawyer she see 5he document and know it was forgerty and fraud. But didn't have the money to put up to take her to court. I am hearing impair very slow. I have try for help no one will help me .thank you Sir for you time
You're a good dad. I'm taking notes. 👍
Thanks
I hope my son can handle my death
@@lindaclark8615 I hope that you're an awesome enough Dad to the point that your kid will good enough with dealing with you dying. I don't have kids, but I don't think that a parent want their kid to be indifferent to the parent's death.
You seem to be a wise and decent man! I lost my dad at 13. Looking back I realize the steep cost in many ways. Your children are fortunate to have a good dad.
Thanks
Yes, I agree BeeTee, his children are fortunate to have him as their dad.
My respect for him for loving his children well and not let them fell like they are entitled by putting conditions on the living trust.
The children have to earn their parents assets and learn to value their parents hard work.
I like the example about the fancy Mercedes, I can see how trust babys could just blow the money on superficial stuff because it did not cost them nothing.
He is loving and wise.
I wish I had a dad like him growing up 😁 and I don't mean it in a materialistic sense but because of his knowledge and wisdom.
He is a decent human being.
A living trust is an estate-planning tool wherein assets are transferred to named beneficiaries by a person's will, rather than by requiring a probate court's approval.
I’m confused!? Do you teach? Or have a problem?.
Thank you for sharing this, its stunning to me how little we are prepared for living and dying. This is free gold!
Excellent explanation. Well done. I have a trust but there's more I need to know about it. The living will is what I'm missing. People need to know this stuff.
I am so happy that you are sharing this knowledge! Thank you!
You are brilliant Clint. And a terrific, personable public speaker! God bless you for sharing this great information. 🙏
Clint, Thanks for Sharing! maad Respect for you KeePinG iT Logical n ReaL! ( Hope Carter realizes he’s fortunate to have you for a Dad )
Interesting in that Trusts, of all variations, have now become a new loss leader for law firms. Many states allow a person to title their real estate holding to have a Transfer on Death listed on the deed. this creates an avoidance of not only Probate but also attorney fees associated with administering a Trust. Of course this doesn't work in all jurisdictions but has served many of my clients very well and seamlessly allowed for real estate to be transferred with just a new deed and copy of the death certificate being filed.
Is there a particular time that title must be done or at any time
Father died with a will, 15 yrs ago....nightmare, went into probate nothing concluded for 18 months and was a mess for the executrix. Mother died last month had a trust 1 month later most assets distributed! Great info
Thanks
When I watch information like this ...I can’t help but think of a system my people have been robbed of an opportunity to fairly participate in and in some cases robbed of the tangible property itself .
Same here
I am currently beginning to build my will for the first time and ran into this little gem. Thank you! I am now subbed
After five years of marriage i found out the one thing that makes it difficult is financial struggle, its not like my husband and i aren’t making money it’s just we barely have time for each other and there’s no amusement or new event it’s just work and the kids and that was fine but i wanted more..then i heard of a financial advisor on the radio who basically makes money for me and right now i have close to 100grand with her in my portfolio. now we pay for our vacation without breaking a sweat or losing sleep
this is very good advice
honestly, this is what has been on my mind lately. please can you give me your advisor's details? its urgent
me too, pls any advice you can give at all would be appreciated. i just turned 40, i don't think i'm hot cake in the dating market anymore.. i can't afford to walk away from this
@@vanhall9513 sure i get it hun. i’ve been there too. My F.A's name is Lucy Maria Koss, i googled her and reached out to her from her website and honestly you should too. Goodluck with your marriage dear. it isn't over until you say it is !
Whoa, Clint, hold on. I believe you previously advocated for a family limited partnership to avoid probate. When would a LT be better, when would a FLP be better? Do you have a video on both of these? I am an Anderson client.
No a limited partnership does not avoid probate. A limited partnership is included in your estate and if not owned by your living trust will need to go through probate.
What's the tax implications of selling a residential property when its held in a living trust?
None. The living trust is a grantor trust and is ignored for federal tax purposes.
@@ClintCoons thank you
Your antidote using a POD was perfect.
Now I can easily remember the purpose of a living Trust and can share it too.
"Anecdote"
I couldn't agree more! I've just lived through 3 1/2 years of the legal process, as administrator of my Dad's Probate (he had died at 89 with NO Will or Trust. In spite of only modest assessts, the process costs thousands of dollars in legal feess & 3 1/2 stressful years of my time. Don't let this be the case for you ~ if you love your family, take care of this while young & healthy enough to do so, to spare them going through his horrid process called Probate.
Yes honey that's why I'm following Clint's page now so I don't put my children through this. Yeesh!
Did someone contested..
Post Probate, obtain an IRS EIN entity. DEED land over to their name. Kidd, Diana Sr. Est. Do a title search and you are the signee. No longer vexatious when they are in the Land Records.
Trust, Living Will, Medical P.O.A., Financial P.O.A., Will, Schedule of Gifts, got it ☺
You're an incredible father sir. I wish my father would have been more like you. I'm trying to be that for MY kids, to leave them a legacy and educate them financially so they won't be financially illiterate like my dad, God bless him. Starting young too. 😉 My oldest is only five, lol, but she's freaking SMART. 🧠
Thank you and all the best to you and your family.
Thank you, Clint. You expained everything so clearly.
Could I just say “all my earthly possessions” in case I forget to list something in my trust? Thanks for this very important content.
Yes you can! This will apply to all non titleable assets.
@@ClintCoons the titled assets I guess apply to vehicles. How do I put them into my trust. Do we just go to the courthouse and change everything to Living Trust and have both our names on the title? We had a Revocable Living Trust set up for our house and had to record it at our courthouse. Does everything have to be recorded at the courthouse or just on paper for tags, etc? We have our children as beneficiaries on our checking account. Should that be changed? I’m so confused of how to go about funding a Revocable Living Trust and if everything goes on separate documents or listed on one document? I’ve watched several videos and still don’t have answers.
@@sharondaugherty389 Yes you need to have everything where your name appears on the title changed over to your living trust. For example, contact your DMV to change the vehicles to your living trust as the owner, your personal banking accounts will need to reflect your living trust as the owner of the account.
Please contact us when you're a NICER approved Forgery Proof Legalese Administration Lawyer.
I in my time, have been the court approved executor of two pro baits and did not need a solicitor ( lawyer ) It is a sad duty but it is not a hard job ( a very over paid job when employing a solicitor ) I did it for FREE as promised to one of the diseased. and FREE when my brother passed, being executor for his wife. and I am just a layman, no law training.
I have heard you say buy income properties in an LLC, how do you put that in your trust? I thought the LLC protects against lawsuits and taxes. But if you own it in a trust, then the trust owns the property, correct? Do you have the same legal protection and tax benefits?
You place the LLC into your trust. Thus, the LLC owns the real estate and the living trust owns the LLC. The LLC will provide the asset protection and the living trust provides the probate protection.
@@ClintCoons Brilliant!
I need a LIVING TRUST, PLEASE HELP ME FIND SOMEBODY TO HELP ME, DO MY LIVING TRUST I LIVE HERE IN SAN JOSE, CA. THANK YOU SO MUCH.
Awesome information! Clint explained this very confusing topic in terms that even a 12 year-old could understand. Thank you for making my decision to not only obtain a Living Trust but also a Living Will!
T Rowe
Thanks for watching.
What does ‘properly funding your trust’ mean?
I see you watched my funding video.
@@ClintCoons I had the same question. Thanks for the non reply.
@@MikeNaples Mike it means placing all of your assets into the trust. Here is the video Devine watched and commented on -hence my reply: ua-cam.com/video/AI6Ad0hTtA0/v-deo.html
Subscribed. Thanks for sharing this is one of the best videos on living trust I seen. I shared it with my best friend who is a real estate investor and I shared it with my mom.
Awesome, thank you!
God Bless you and your family...
Mr. Clint I really appreciate you 🙏 and wish you were around when my parents past. My mom passed 2018 and dad 10 years prior and I still have an open probate case and I feel as the executive of the estate I did most of the work and getting billed by a lawyer the whole time smdh 😑 luckily we about to close out this case in a couple weeks whew! 😅 and like you said they had two properties and a couple hands full of accounts. P.s. my mom left money for my children too whom are still minors and that's a whole other process.
Mrs. Batson, stories like yours are far too common. It's good to hear that the journey is nearing the end but the road. Sounds like you got yourself a legal education on probate law. 😀
Great video and surprisingly funny for a financial guy 12:36 ‘You used to be on here’ 😂🤣
My pleasure.
Interesting in that Trusts, of all variations, have now become a new loss leader for law firms. Many states allow a person to title their real estate holding to have a Transfer on Death listed on the deed. this creates an avoidance of not only Probate but also attorney fees associated with administering a Trust. Of course this doesn't work in all jurisdictions but has served many of my clients very well and seamlessly allowed for real estate to be transferred with just a new deed and copy of the death certificate being filed.
Seems dumb that we wait till we kick the bucket to give stuff away. If you no longer have a use for it, let it go. If you give it to the person you want now, at least you’ll know it went to the right person.
Thank you for such a clear explanation. A question for you though: Would placing a bank account into a living trust be unnecessary if the person simply makes their child a beneficiary of the account? (Versus having the child be the successor trustee of the trust with the bank account inside the trust). It seems that both of these actions would avoid probate. Thanks again.
No but then what happens if your child does not survive you or you both pass away in a car accident? A beneficiary designation is easy but if something goes amiss then you could run into problems.
@@ClintCoons OK, that makes sense, thank you for the quick reply and thank you for creating these educational videos! I am a former high school physics teacher (just retired) and the free help is greatly appreciated!
Exellent class but please change your music to something more relaxing :-)
What benefit if those videos don't show how to set up the trust actually like the forms where to do your application with your tax and revenue government body so your property lie in trust u need to set it up first your video should have been on setting up the trust
What the trust company will do is be really nice to the matriarch of the family and visit her. Than when she is on pain meds, they will offer to give control to a local college and the heirs get a pathetic payment plus they have to pay taxes on it.
I wish I knew all about this 12 years age when i started mine. The attorney I had recommended a estate plan will. When i had to make a change due to some heir death and etc, he kept charging me hundreds of dollars just to change one line of the existing will. I thought that one POA would cover all those areas that he described above? Now with this virus crap emergency, it would be difficult for this 91 yr old to change to a living trust.
Thank you for sharing this liked, subscribed and notifications on. How do you protect an estate from being eaten up by long term care expenses?
This is difficult and takes early planning to move assets to keep them from being sucked in to cover expenses. This is state specific so I would contact an elder law attorney if this is a concern.
@@ClintCoons Thank you. I helped my parents create a Living Trust many years ago, but now that they are in their 80's I am afraid that it is not enough to protect from this, if it wasn't matched with a long-term health care policy or slowly transferring their assets to their heirs 7 years before they need long-term care. Now they are 85 and 81, SMH. We have some work to do.
I wouldn’t want my children “beneficiaries” to shoulder that burden good vid
can you put a llc with investment properties into a living trust?
Yes
Two questions: 1) Will you need a EIN# for your Revocable Living Trust? 2) Can I assigned all my membership interest from my LLC and transfer all my Shares from my Corp to the RLT and used that to fund my R.L.T. ??
You do not need an EIN for your living trust and yes you can assign your ownership interest in your LLC or corp to your living trust.
Great information! Thank-you. I noticed you didn't put the primary residence home in the POD. If you own your home with no mortgage, should it be in the POD as well?
I would place it into a trust. Very few states allow what you are referring to when it comes to real estate unless you want to hold title as joint tenants.
Should the name of the Living Trust be named as the individual? Example: "First Name Last Name Living Trust" or can it be some random name?
It can be anything. I prefer random.
I"m often perplexed how at times forms are simplistic and low-impact upon creating and filing, but have big ramifications. I'd like your opinion, from one site like rocketlawer we printed and filled in a durable PoA and got it notarized and the bank legal OK'ed it! I also printed a revokable living trust for my state and it's 21 pages...have not filled it in. Can you please demystify my thoughts that it is bigger than I'm thinking? I found the PoA easy to fill in. Just by having the living revokable trust, notarizing it, and filing it - that's it? it avoids probate just like that? :)
The trust will only avoid probate if you transfer all of your titled assets into the trust otherwise you will still be in probate.
Always love your analogies..you are a good teacher..learned a ton from your videos and I share it with friends as soon as I get a chance
Thanks
Yeah… Good information. But… What’s missing is that a Trust, like this, cost money. You move the House in the Trust, pay the lawyer fee, but a Trust cost money, does it not? I heard a Trust can cost up to 10 Thousand Dollars. Help me: Did I hear this wrong?
Yes it would cost around $400 to move a house into a trust. Yes a trust does cost money but 10k is excessive. We set up estate plans for 1/3 of that price.
Thank you for sharing this video... explained exactly why m delayed to sign the will that I iintended to set up for my family cost $500.. My insticnt feeling strongly disagree not trust to continue and finalised the paper work with the lawyer.. You have explained how I felt.and fear to trust the lawyer... Now Im learning also confirm to apply for a Living Trust.. Thank you for your informative presentation..Blessings😍
You are so welcome
This is a tope 5 youtube channel
Thank you so much for your great videos. I am looking for a specialized trust and tax attorney in my area. I have a property in DC which I use for a small lodging business and I have my personal residence in Northern Virginia. I also have something overseas. Could you please give me a referral and any info possible for my case. How to make sure my assets and heir is protected from divorces, probate, etc?
I do not know of anyone in your area. My firm can assist with your planning unless you are looking to keep it local. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
Some people do a private closed probate. What options are available to see the final distribution of closed probate cases.
Double C*U ROCK🤘
Thanks
Dude I love how you explain this so well. I completely Comprehend everything you explain. I think you so much I'llbe watching this video over again.
I appreciate that!
Hey did you put wills on the list twice by mistake? Also your videos are very well done, consider using on screen premade graphics maybe fading in next to you to easily list and organize thoughts. You are my go to for this kind of content, keep it up!
Damn sounds like Carter took a serious L in that conversation
Fyi Keep a close eye on carter
How soon can a trust be done? I need one by September 14th. Who should I contact? What is a general price. Only one property
We can get it done. Contact Deborah Lewis at dlewis@andersonadvisors.com
Do you specify your living trust as the beneficiary for your bank or ira accounts where they ask in the beneficiary section? Thanks!
Typically a person will nominate their spouse followed by the living trust as the beneficiary for their IRA. A bank account can be retitled into the living trust or set up to have the trust be the beneficiary. Check with your bank.
After having gone through five years of this in California I realize that the attorney I hired was only in it for the money. I got screwed.
Sorry to hear that although I do hear it far too often.
Is there a difference between a land (grantors) trust and a living trust? If so is it possible to place a land trust inside of a living trust? Thanks in advance for your response.
Yes you can. You would use the land trust to hold title anonymously and the living trust to pass this property to your heirs
I have an irrevocable trust? How could I said something like that or do I take it to the bank and open it and switch my accounts into that one trust with the EIN
Irrevocable is a different animal. Before funding the irrevocable trust you should speak to an attorney.
What is the best way to find a firm to set up a living trust? I lives in Wisconsin.
You usually want to talk to an estate attorney to get the trust agreement drafted (and maybe a will as well?).
@@randombytes how would that cost? Attorney charges $500/hr.
I would begin by contacting Clint's team!
Andersonadvisors in which Clint is one of the founders made it for my family. Clint is a great specialist!
Thank you Clint , this really holds a great deal of impact. I did not understand this concept and left this video with a great starting point! Appreciate you for sharing this in this way.
Glad it was helpful!
If one continues to purchase more assets (i.e. properties) throughout their lifetime , will they have to go through probate if the living trust has been set up? Or is it better to add them under an LLC that is already in the trust?
All LLCs should be held by the living trust to avoid probate. A great benefit of having a living trust is to avoid probate.
A "living trust" is simply a will created while the grantor is living, as contrasted with a testamentary trust. There are many different kinds.
what does as long as you have your trust fully funded it will hold mean? you said it around the 9 minute mark.
You should transfer all of your titable assets into the trust.
Lol so at the end of the day, it's a prenup for death
is there a need to pay for an estate tax to distribute to the heirs any wealth inside the living trust?
Yes. A living trust does not eliminate estate taxes.
Hey can my trust be in Maryland even though my llc is in Delaware? Can I still put my Llc in my trust regardless of the difference in states?
Yes you can
@@ClintCoons thank you bro means alot
Hey Clint, after just seeing one video of yours I honestly learned so much, you deserve a subscribe !
Can you please make some videos about offshore companies handled by trusts, advantages and disadvantages of it and for tax avoidance legally ?
thank you very much !
Dean thanks for subscribing but we do not touch offshore. Offshore planning is outside of our wheelhouse and something we do not have any experience with setting up.
@@ClintCoons Thanks for the quick response, looking forward for more videos :)
We did a will but there are some chapters on trust in it. Does it mean we established a living trust?
Not sure. You would need to have it reviewed.
Can a property from a different state be included in the living trust you created where you live?
Yes and that is very important otherwise you will have to go through probate in the state where the real estate is located.
Good info! Easy to understand. Thanks
What if the living trust died or become greedy and take advantage of the assets that he was assigned to take care for.
You would need to replace the trustee if that were to occur.
If a house is taken from a trust and deeded to someone other than who it was suppose to go to. Is there anything that person that it was suppose to go to do anything about it?
Best to seek legal counsel.
RLT's are great, but they have a dirty little secret. FUNDING!!! 80% RLT's are not properly funded meaning that 80% of RLT estate plans will end up in probate.
Good baseline for a potentially very complicated process.
best video ive seen for a newbie REI investor
Hi clint Can you give everyone a warning to stay away from your uncle's Law firm....$75k. God damn. He squeezed everything out of that passing
This is very important.
Another outstanding presentation, Clint. Clear, insightful and invaluable. Thank you!
Much appreciated!
What are typical fees do you pay in getting a living trust??
Attorneys can charge anywhere from 5 to 10k for a living trust.
Is there a type of trust where you can keep adding rather than adding everything at one time?
I "believe" that is called a " revocable" trust. Check it out anyhow.
Your living trust is just that type of trust. Its revocable and will be added to throughout your life as you accumulate additional assets.
I’m an Anderson’s client. How can I discuss our trust with you?
Debbie, thanks for being a client. Yes you can by contacting Deborah Lewis at dlewis@andersonadvisors.com
You do a great job explaining these processes. Binge watching your videos...now my brain is full!
This was excellent. Thank you.
This guy argues like an appellate justice or solicitor general. Very clear. Rare. This guy should teach Calculus and Chemistry.
What the trust company will do is be really nice to the matriarch of the family and visit her. Than when she is on pain meds, they will offer to give control to a local college and the heirs get a pathetic payment plus they have to pay taxes on it.
Amazing. This info is gold. Thank you so much.
Glad it was helpful!
6:16 In a divorce, you can't take someone's inherited wealth in CA. Maybe it's different in other states.