Mr Paul Rabalais Out of all the videos I've watched today on this subject, Your explanation is the easiest for me to understand/comprehend, Thank you.(Sometimes Lawyers assume all people have the same level of vocabulary as them or they intentionally talk over your head because they want to intimidate you)
I agree with the others--the way you give information makes it go right into my brain. You seem like a "safe" attorney and I'm gradually watching all of your videos--thanks.
Love all the videos but this is my favorite because it's A)very informative (as always) and B)LOVE the person/human side of hearing the dogs barking in the background :)
I am a retired 51 year old veteran who is now a 2L in law school. LOVE your videos. Not the area of law I plan to practice (though you certainly have my respect brother) - I am attending law school to become an ADA in Alaska (where I was stationed and still have a house) I post your videos to my FB page - you have a great knack for explaining things in a way that they are easy to understand. This channel was a great choice to put your area of the law "out there" and to help folks understand estate planning. Of course "Always consult an attorney" - be well - and thanks for your hard work in making these videos.
@@StevenMRA seriously you need to get into estate planning when you start your practice, you will help all your clients avoid probate & other negatives. I worked in a big estates & probate department as a young person & it was easy once you learn the rules. All of our corporate business clients eventually became our estate planning clients because its just a natural progression.
Hello, thank you! I have a very good elderly friend who doesn’t understand these things and wants to leave certain assets to his children. The fact that he is very hard of hearing even with aids and I can use subtitles fir him to read is a great help.
In SC, if the property adjoins the homestead property,nursing homes can’t touch it,even if a road divides it. If property is in another area,but you use the land for income,they can’t touch it.
This was really good. Way better than what I've been reading online which really wasn't helpful to the specifics. You may think you provided high level, but I thought was very detailed. Thank you!
not that hard to read 😂 thankful for things like this because theres family member that will try to take the whole house and kick the other family members out.
Government? Try blaming your crazy uncle / aunt or drug addicted siblings....or greedy lawyers. Or yourself? Aside from avoiding probate (which can actually help people from getting screwed over), trusts are mostly about dispersing and protecting your assets.
I think I like the revocable trust because that way you can kinda like change things and take things out so I’m gonna go revocable. Thank you for your input and keep on putting out more information about anything thank you.
Thank you, Paul! Your videos and resources are invaluable to me as I finally begin the financial education for myself I never received when I was younger! Infinite gratitude to you!
Thank you so much for your videos. You explain everything clearly, giving me the ability to understand what you are teaching us. This is coming from someone who has problems in comprehending and retaining information I hear. Especially ‘boring’ things about Real Estate. Thank you!
Is an revocable trust immune to liens imposed after death but before the estate is sorted? Do all revocable trusts become irrevocable upon death of the grantor? If not, is there a short answer to why or when? Thank you for your simple and easy to assimilate descriptions of very complex monetary establishments.
Hi Hope You Are Well Thank you for sharing so many years of school very easy to understand videos. Hope one day youtube will have a honor award to best video of the year informative good content,
I want to set up both types of trusts and don’t not want ANY attorneys involved after the setting of the trusts with total control. In Detroit a greedy attorney is on trial for stealing money from the heir to the Carrhart estate.
Excellent explanation between a revocable and an irrevocable trust. Are you a university law professor? Your answers are so clear and concise that most people can understand them. Thank you for this great video. Cassie. From Dallas, TX
I appreciate the video, but I'm more confused after watching it than before. You probably explained it well, but it's just an incredibly complicated subject.
My partner and I just applied for Medi-Cal (Medicaid) to continue his stay in a Nursing home after the 100 days of Medicare (2023). We have a Revocable Living Trust set up in 2013 (to avoid Probate), we have assets of $103K, one car, one home (well under Medi-Cal limits) and some some stocks which we hope will be protected from the 6-year "Look-Back" of Medi-Cal. So I guess need to talk to lawyer who set up the RLT, but hope we have done it right.
Assets or real estate in a revocable trust are still subject to state estate recovery so a lein could be placed on your home, but if its your primary residence the lein sale wouldnt be enforced until after both spouses pass away.
So I’m hearing Nursing home quite a bit during this conversation and so those that make exceptional income long term care plan is essential with a trust
Thanks for your insight , so the question on irrevocable trust is : For IRS / tax purposes who pays the tax . Does the trustee (parent) pays the tax or is the income from the trust to be reported to the beneficiary and ben has to pay tax. Would appreciate your answer. Thanks.
It's better to live with some/ certain protections that can't be changed in the irrevocable trust funds. Reasons being changing times to lesson stress.
Yes, something like property is more appropriate in a irrevocable trust since it cannot be spent down like an IRA. The IRA would be subject to restrictions.
My grandparents started I assume a living trust in 2011 They died 2020 and 2023 My mother and me are split beneficiaries. It’s a 9 million dollar trust. We want to both share the house and live in it and I can’t find any clear documents for if we can and if the house remains in the living trust or needs to be sold
Thank you for this information! You explained everything very well. You said to ask questions, so here’s my question😊 My situation is I’m going through a divorce, and I hate to have to sale our home since Hawaii real estate has sky rocketed I would like to pass the home to our children instead of selling it, so I was thinking to do an irrevocable trust, to ensure that the home will in fact go to our children, since we will be divorced, but my husband will continue to live in the home. And he has incurred debt that our children are willing to help pay off, but they want to know for certain that they will inherit the house. Is a irrevocable trust a good way to ensure the children will get the home?
There is a Criminal trial going on in Michigan involving a attorney taking money out of some heiress’s trusts , the newspaper reported the attorney was using his elderly client as an ATM machine. How do you protect your irrevocable trust funds from fraud?
Thanks for this valuable information. I was just about to do a quick claim, for my home, to my grandson. Luckily, I seen your video, I have 6 grands, and I will be doing the irrevocable trust, instead! Thanks!
Thank you. I heard you can list names on who will not be an inheritor in case they try to chsnge what you have decided you want done with your finances after you die. My fathers wishes were changed and I lost my inheritance through illegal means.
thank you this really helps I am gong to see my trust lawyer because my binder is so big I really dont know what will make it easy for the people who are going to be i control. I am going to see what can be done to keep my son in law out of it and give my grand son and daught in control of the house i want them to have he is autistic
If a beneficiary is also the trustee of a irrevocable trust and refuses to share any information with the other beneficiaries. What actions can be taken by the other beneficiaries to understand what assets are included and how they are being managed?
Nothing, you could try to sue but no possibly to no avail. This is why the trustee is so important. Assets in probate as easily challenged but no in this situation.
If an irrevocable trust becomes revocable when the owner dies, then why have it? Or does the owner transfer trust ownership before they transition to maintain its “irrevocable” status?
If I have my house in a irrevocable grantors trust with daughters beneficiaries and want to move to another state can I sell my house and buy a new one put back into the same trust? What are tax consequences? Main objective is to protect house asset from potential unknown legal or judgement.
Irrevocable trusts do protect from lawsuits, but they can't be changed. So once you put the property in the irrevocable trust, you no longer have access to that property and therefore cannot sell it yourself. Only the trustees can decide whether to sell the property in the trust.
My sister died unexpectantly over 3 yrs ago, in April 2020. Been involved in my sister's $1.2 mil intestate estate distrib as 1 of 3 sibling beneficaries for well over 2 years now. The court appointed attorney FINALLY did a $300k partial distrib 8 months ago... Now he keeps giving weak excuses for NOT finishing the FINAL distrib. He says he waiting for IRS estate tax returns from IRS which he filed last APRIL 2023. I'm getting really nervous that he is intentionally delaying the final payout. What should I do next to minimize the chances that he is planning to KEEP/(EMBEZZAL) the rest of the money, $850-900k??
Great video! Quick question: How quickly can someone change a revocable to irrevocable? Does the change have to take place prior to the act that causes a lawsuit? For example, the sole trustee with a revocable trust in California may be responsible for an accident with injuries. Would her making the change after the accident but prior to the filing of the lawsuit against her protect her assets?
Are you familiar with the Laws that give the irrevocable trust the power to define what income is? Thank you for your explanation on the differences between the revocable and irrevocable trust.
Can you answer my question quickly. This is important. I live in Louisiana, and my mom just inherited 10,000 but the issue is she is on SSI, foodstamps, housing authority, Medicare. Basically on all government. What would the best thing to do without getting off the government? Irrevocable trust?
Isn’t a living trust for the living? Most people in the US aren’t recognized as living by state and federal, but as vessels, entities, office of, transmitters…. What’s the value of this information?
Your videos are excellent. I like the way you start with basics. Generally in a trust, such as a special needs trust, is a bank or financial institution named to hold the money or securities? The second part of this is, if an institution is named and they have merged, been sold, or are no longer in business at the death of the trustee or the one that set up the trust, what happens at that point?
Have you ever heard of have a certain sign a document to release you to marry someone else sense you where designate to marry a certain person and they can get thier without the release
Hi I have learned a lot with your information Thanks I have A question if assets are, how income producing and I need that income , How do we have to lease and enjoy from revenu during the years and how would be taxes filled ?
Fantastic info! Maybe covered elsewhere, but I'm curious how rental land (such as farmland) and principal residences are treated inside an irrevocable trust.
What is the instrument one would use to leave money to kids currently under age 10 but I don't want them to get it before age 25? If you covered this in another video, a link would be most appreciated. Thank you for what you are doing!
If my wife and I set up an Irrevocable Trust can I assume that we will still be able to sell our house and this will not undully clog up a real estate transaction. Taking this question one step farther, we are considering using the proceeds of this sale to help our son with downpayment on a house (from which we would then be renting from him after putting in place appropriate protections for us as renters) BTW, the son will be one of the trustees of the irrevocable trust. His sister will be one of the other trustees.
No you give the house up as an asset in an irrevocable.trust..only the beneficiary can sell it after you and your spouse pass away....If you want to sell it or use it as an asset has to be a Re-vocable trust.
Paul I love your informative videos but after going to a lawyer, I was surprised to learn you can put just your house in an irrevocable trust and not other asserts.
The protection you get is you can put your house in 1 trust folder, your car in another, wife's car in another, and so on all in sub trusts separately so if you get sued, they can only get, say your car if in an accident. Nothing is in your name. Every sub trust with its own name. They can't penetrate anything else.
Applying for Irrevocable IRS EIN. Is the responsible party the Grantor or Trustee? This is the confusing IRS definition of the responsible party. It would lead me to believe the Responsible Party is the Trustee. "responsible party" means a person who has a level of control over, or entitlement to, the funds or assets in the entity that, as a practical matter, enables the individual, directly or indirectly, to control, manage or direct the entity and the disposition of its funds and assets. The ability to fund the entity or the entitlement to the property of the entity alone, however, without any corresponding authority to control, manage or direct the entity (such as in the case of a minor child beneficiary), does not cause the individual to be a responsible party.
like the question below how do we find a estate planner? are there certain qualifications or education degrees that we must look for to know whom is qualified.
Still not understanding why anyone would want a revocable trust, as I don't see any additional protections that a trust offers over a will. When my parents died and when my wife's parents died, we went to a lawyer's office, he read the will and we left. We didn't have the "government" decide any assets, we didn't have to hire a lawyer. As the executor of my father's will, I divided up assets and paid creditors, NOT the government. Is a revocable trust formed INSTEAD of a will? Both sets of our parents had a will, is that the difference? Would a will serve as the same thing as a revocable trust?
11:28 Your lawyer handled the probate. You just did not know nor did understand what happened. The lawyer made a hefty sum. 😢😢😢 The Living trust documents is just another layer of protection for your heirs from taxation, step up basis and stating who gets what when you die. You do still need a will within your Living trust documents. 😊
Yes, but they should be titled differently. Assets you do not want to be available for redistribution vs those you want without restrictions in the other.
What about irrevocable trust created by the will? My husband put his 1/2 of our jointly-owned house in a "trust by will". Should I put the other half into that trust? What happens if I leave it the way it is and sell it later (I am the current trustee and beneficiary of his created trust.)
So I want to build a trust for my son. What would be the best way to go? Revocable or irrevocable? I don’t want him to have to worry about money as he grows up and when I pass. However, what’s the best way to go about it for him? I don’t want him to have to pay so much taxes on anything I put into it.
Both work in your situation. But if you want to be able to make changes to the trust in the future such as add or remove assets, you should go with a Revocable trust.
Mr Paul Rabalais Out of all the videos I've watched today on this subject, Your explanation is the easiest for me to understand/comprehend, Thank you.(Sometimes Lawyers assume all people have the same level of vocabulary as them or they intentionally talk over your head because they want to intimidate you)
I agree with the others--the way you give information makes it go right into my brain. You seem like a "safe" attorney and I'm gradually watching all of your videos--thanks.
HE IS A GREAT TEACHER. I AM KEEP WATCH HIS VIDEOS. I LEARN A LOT FROM HIM
Thank u so much for this. Best explanation of Revocable Vs Irrevocable I've seen. Thank u..😊
Love your howling pup in the background! Great sound effects of we who have to deal with estate!
Need to watch this 10 more times to gather more ideas. But from the first listen it helped a lot. Thanks for sharing, shouts from NYC!!!
Love all the videos but this is my favorite because it's A)very informative (as always) and B)LOVE the person/human side of hearing the dogs barking in the background :)
Bonjour, l am a Canadian who lives in Vancouver British Columbia Canada. I watch all of your UA-cam videos in your channel. I love your videos.
Thanks for watching from Vancouver! 😍
I am a retired 51 year old veteran who is now a 2L in law school. LOVE your videos.
Not the area of law I plan to practice (though you certainly have my respect brother) - I am attending law school to become an ADA in Alaska (where I was stationed and still have a house)
I post your videos to my FB page - you have a great knack for explaining things in a way that they are easy to understand. This channel was a great choice to put your area of the law "out there" and to help folks understand estate planning.
Of course "Always consult an attorney" - be well - and thanks for your hard work in making these videos.
What is an ADA?
@@Elizabeth-yg2mg
Oh, sorry - Assistant District Attorney. I should avoid "jargon" and just spell things out - my mistake.
@@StevenMRA Thanks--good luck!
Assistant District Attorney.
@@StevenMRA seriously you need to get into estate planning when you start your practice, you will help all your clients avoid probate & other negatives. I worked in a big estates & probate department as a young person & it was easy once you learn the rules. All of our corporate business clients eventually became our estate planning clients because its just a natural progression.
thank you for being crystal clear in your explanation, happy to have found your channel
These videos really helped me work through knowing the difference between the 2 choices for a trust!
Hello, thank you! I have a very good elderly friend who doesn’t understand these things and wants to leave certain assets to his children. The fact that he is very hard of hearing even with aids and I can use subtitles fir him to read is a great help.
Thank you so much for giving such good video. Your explanation is clear, straight forward and I am going to watch all your videos.
Video was very well done. I like how you simplify the information so it makes sense. Some of these legal jargons are difficult to comprehend.
I have learned so much from your videos! Thank you so much for sharing your knowledge with us. It’s been a huge help to us.
In SC, if the property adjoins the homestead property,nursing homes can’t touch it,even if a road divides it. If property is in another area,but you use the land for income,they can’t touch it.
This was really good. Way better than what I've been reading online which really wasn't helpful to the specifics. You may think you provided high level, but I thought was very detailed.
Thank you!
Awesome, thank you!
Thanks government for creating such a mess of a system that we have to go through the expense of figuring this kind of crap out.
They are crooks thats why hoping theyl tire our beneficiaries out til they give up n let big gov take the$$
not that hard to read 😂 thankful for things like this because theres family member that will try to take the whole house and kick the other family members out.
@@sowosowo8214 Yeah? Who would enforce that crap? The government. Otherwise the rest of the family would deal with it.
They do it to confuse the sheeple but what really angers me is how much money they STEAL to simply piss it away
Government? Try blaming your crazy uncle / aunt or drug addicted siblings....or greedy lawyers. Or yourself? Aside from avoiding probate (which can actually help people from getting screwed over), trusts are mostly about dispersing and protecting your assets.
God bless you for sharing this information. I have no experience on any of this. I'm learning.
I think I like the revocable trust because that way you can kinda like change things and take things out so I’m gonna go revocable. Thank you for your input and keep on putting out more information about anything thank you.
Thanks for keeping us informed!
Thank you, Paul! Your videos and resources are invaluable to me as I finally begin the financial education for myself I never received when I was younger! Infinite gratitude to you!
truly appreciate the way you present this information
Thank you so much for your videos. You explain everything clearly, giving me the ability to understand what you are teaching us. This is coming from someone who has problems in comprehending and retaining information I hear. Especially ‘boring’ things about Real Estate. Thank you!
🤣🤣
But so true
Thank you for breaking this down as simply as possible.
Appreciate the effort! Currently trying to do a trust and VERY USEFUL! Thanks
Is an revocable trust immune to liens imposed after death but before the estate is sorted? Do all revocable trusts become irrevocable upon death of the grantor? If not, is there a short answer to why or when? Thank you for your simple and easy to assimilate descriptions of very complex monetary establishments.
Answered my questions. Thank you for serving those who you’ll never otherwise interact with.
Hi Hope You Are Well
Thank you for sharing so many years of school very easy to understand videos. Hope one day youtube will have a honor award to best video of the year informative good content,
I want to set up both types of trusts and don’t not want ANY attorneys involved after the setting of the trusts with total control.
In Detroit a greedy attorney is on trial for stealing money from the heir to the Carrhart estate.
Great teacher. Presented in very understandable terms
Excellent explanation between a revocable and an irrevocable trust. Are you a university law professor? Your answers are so clear and concise that most people can understand them. Thank you for this great video. Cassie. From Dallas, TX
Great explanation. Tax accountant that does prepares plenty of these trust.
I appreciate the video, but I'm more confused after watching it than before. You probably explained it well, but it's just an incredibly complicated subject.
Thank you for the concise information. I know what direction to take.
Thank you. I found the video very informative.
Best video yet I have seen ! So thank you very much for the clarity!
My partner and I just applied for Medi-Cal (Medicaid) to continue his stay in a Nursing home after the 100 days of Medicare (2023). We have a Revocable Living Trust set up in 2013 (to avoid Probate), we have assets of $103K, one car, one home (well under Medi-Cal limits) and some some stocks which we hope will be protected from the 6-year "Look-Back" of Medi-Cal. So I guess need to talk to lawyer who set up the RLT, but hope we have done it right.
Assets or real estate in a revocable trust are still subject to state estate recovery so a lein could be placed on your home, but if its your primary residence the lein sale wouldnt be enforced until after both spouses pass away.
studying for series 66. thanks for the vids
So I’m hearing Nursing home quite a bit during this conversation and so those that make exceptional income long term care plan is essential with a trust
Thanks for your insight , so the question on irrevocable trust is : For IRS / tax purposes who pays the tax . Does the trustee (parent) pays the tax or is the income from the trust to be reported to the beneficiary and ben has to pay tax. Would appreciate your answer. Thanks.
Paul has a video "How to do trusts get taxed".
It's better to live with some/ certain protections that can't be changed in the irrevocable trust funds. Reasons being changing times to lesson stress.
Yes, something like property is more appropriate in a irrevocable trust since it cannot be spent down like an IRA. The IRA would be subject to restrictions.
My grandparents started I assume a living trust in 2011
They died 2020 and 2023
My mother and me are split beneficiaries. It’s a 9 million dollar trust.
We want to both share the house and live in it and I can’t find any clear documents for if we can and if the house remains in the living trust or needs to be sold
Hi Paul - great job on the video. A possible topic might be “what if the trust was not funded” (for personal reasons…)
Thank you for this information! You explained everything very well.
You said to ask questions, so here’s my question😊
My situation is I’m going through a divorce, and I hate to have to sale our home since Hawaii real estate has sky rocketed I would like to pass the home to our children instead of selling it, so I was thinking to do an irrevocable trust, to ensure that the home will in fact go to our children, since we will be divorced, but my husband will continue to live in the home. And he has incurred debt that our children are willing to help pay off, but they want to know for certain that they will inherit the house.
Is a irrevocable trust a good way to ensure the children will get the home?
I need to know more. So lost and don’t wanna take any step until I know I’m maligning the correct decision
Thank you for the advice. Definitely beneficial for my future usage of trusts!
Which one would be of more value and / or beneficial when you apply land trust/estate planning
😂😂❤❤❤😅 this is an orginal person, i love it! And that cute Dog ❤, thank you for Information i follow, this is not a fake person!!! This is good.
Thank you soooo much! you have eased a huge burden off my shoulders with your sucinct and robust explanation :)!
There is a Criminal trial going on in Michigan involving a attorney taking money out of some heiress’s trusts , the newspaper reported the attorney was using his elderly client as an ATM machine. How do you protect your irrevocable trust funds from fraud?
Thanks for this valuable information. I was just about to do a quick claim, for my home, to my grandson. Luckily, I seen your video, I have 6 grands, and I will be doing the irrevocable trust, instead! Thanks!
Which one is the right kind of irrevocable trust that is for a single mama with two children?
Can you change your children from inheriting from the irrevocable trust years after it has been set up? (Alabama)
No because it’s irrevocable which means the person is deceased and they were the only one able to make changes when it was a revocable trust.
Can a Revocable Trust be amended to remove a beneficiary?
Sir, thanks again for posting these educational videos.
Thank you for taking the time to explain
Thank you for explaining this subject to so clearly. I'm a new subscriber and learning so much.
Thank you. I heard you can list names on who will not be an inheritor in case they try to chsnge what you have decided you want done with your finances after you die. My fathers wishes were changed and I lost my inheritance through illegal means.
THANK YOU.....VERY WELL EXPLAINED.............SAVED...FOR FUTURE USE FOR FAMILY...ETC
thank you this really helps I am gong to see my trust lawyer because my binder is so big I really dont know what will make it easy for the people who are going to be i control. I am going to see what can be done to keep my son in law out of it and give my grand son and daught in control of the house i want them to have he is autistic
How does this work if I own rental properties when putting them into irrevocable trust. How will the taxes affect me financially?
Do alot of people with just one heir, just rely on Sole survivor to inherit their estate or balances on banking accounts and IRA ?
If a beneficiary is also the trustee of a irrevocable trust and refuses to share any information with the other beneficiaries. What actions can be taken by the other beneficiaries to understand what assets are included and how they are being managed?
Nothing, you could try to sue but no possibly to no avail. This is why the trustee is so important. Assets in probate as easily challenged but no in this situation.
Is it either or, or can you have both?
If an irrevocable trust becomes revocable when the owner dies, then why have it? Or does the owner transfer trust ownership before they transition to maintain its “irrevocable” status?
If I have my house in a irrevocable grantors trust with daughters beneficiaries and want to move to another state can I sell my house and buy a new one put back into the same trust? What are tax consequences? Main objective is to protect house asset from potential unknown legal or judgement.
Irrevocable trusts do protect from lawsuits, but they can't be changed. So once you put the property in the irrevocable trust, you no longer have access to that property and therefore cannot sell it yourself. Only the trustees can decide whether to sell the property in the trust.
My sister died unexpectantly over 3 yrs ago, in April 2020.
Been involved in my sister's $1.2 mil intestate estate distrib as 1 of 3 sibling beneficaries for well over 2 years now.
The court appointed attorney FINALLY did a $300k partial distrib 8 months ago... Now he keeps giving weak excuses for NOT finishing the FINAL distrib.
He says he waiting for IRS estate tax returns from IRS which he filed last APRIL 2023.
I'm getting really nervous that he is intentionally delaying the final payout. What should I do next to minimize the chances that he is planning to KEEP/(EMBEZZAL) the rest of the money, $850-900k??
Can both forms be in effect, or is it’ one or the other?
One or the other, however you may have one of each with different assets in each but no mixing.
Great video! Quick question: How quickly can someone change a revocable to irrevocable? Does the change have to take place prior to the act that causes a lawsuit? For example, the sole trustee with a revocable trust in California may be responsible for an accident with injuries. Would her making the change after the accident but prior to the filing of the lawsuit against her protect her assets?
I appreciate all of your information on living Trust Thank you.
Thanks EC! 😎
Are you familiar with the Laws that give the irrevocable trust the power to define what income is? Thank you for your explanation on the differences between the revocable and irrevocable trust.
Paul, thanks for the very informative videos. What credentials should one look for in an Estate Planner to ensure they are qualified?
Can you answer my question quickly. This is important. I live in Louisiana, and my mom just inherited 10,000 but the issue is she is on SSI, foodstamps, housing authority, Medicare. Basically on all government. What would the best thing to do without getting off the government? Irrevocable trust?
Isn’t a living trust for the living? Most people in the US aren’t recognized as living by state and federal, but as vessels, entities, office of, transmitters…. What’s the value of this information?
Best trust/entity for winning a huge lotto jackpot? How would "you" set it up Mr. Robalais if you're the winner??
Your videos are excellent. I like the way you start with basics. Generally in a trust, such as a special needs trust, is a bank or financial institution named to hold the money or securities? The second part of this is, if an institution is named and they have merged, been sold, or are no longer in business at the death of the trustee or the one that set up the trust, what happens at that point?
Have you ever heard of have a certain sign a document to release you to marry someone else sense you where designate to marry a certain person and they can get thier without the release
is there a time limit to set up an irrevocable trust to be in force in order to be effective for nursing home or lawsuits immunity?
For an irrevocable trust, do you need to apply for a separate employee identification number with IRS? ?
How do you set up an llc in an irrevocable trust is that possable and still retain income frome it?
Hi I have learned a lot with your information Thanks I have A question if assets are, how income producing and I need that income , How do we have to lease and enjoy from revenu during the years and how would be taxes filled ?
Thanks. Good information
Can a person have both a revocable and irrevocable trust for different assets for different heirs?
Is there beneficiaries in a irrevocable trust
Fantastic info! Maybe covered elsewhere, but I'm curious how rental land (such as farmland) and principal residences are treated inside an irrevocable trust.
They are treated like any other asset but you must title the deed to the trust not the beneficiary. Deeds are all the same regardless of use.
What is the instrument one would use to leave money to kids currently under age 10 but I don't want them to get it before age 25?
If you covered this in another video, a link would be most appreciated. Thank you for what you are doing!
If my wife and I set up an Irrevocable Trust can I assume that we will still be able to sell our house and this will not undully clog up a real estate transaction. Taking this question one step farther, we are considering using the proceeds of this sale to help our son with downpayment on a house (from which we would then be renting from him after putting in place appropriate protections for us as renters) BTW, the son will be one of the trustees of the irrevocable trust. His sister will be one of the other trustees.
No you give the house up as an asset in an irrevocable.trust..only the beneficiary can sell it after you and your spouse pass away....If you want to sell it or use it as an asset has to be a Re-vocable trust.
Paul I love your informative videos but after going to a lawyer, I was surprised to learn you can put just your house in an irrevocable trust and not other asserts.
Lawyers lie all the time and their first obligation is to the CORPORATE courts, not you.
The protection you get is you can put your house in 1 trust folder, your car in another, wife's car in another, and so on all in sub trusts separately so if you get sued, they can only get, say your car if in an accident. Nothing is in your name. Every sub trust with its own name. They can't penetrate anything else.
If you have a durable power of attorney does that take care of the probate problems? Do you still have to have an irrevocable trust?
Applying for Irrevocable IRS EIN. Is the responsible party the Grantor or Trustee?
This is the confusing IRS definition of the responsible party. It would lead me to believe the Responsible Party is the Trustee.
"responsible party" means a person who has a level of control over, or entitlement to, the funds or assets in the entity that, as a practical matter, enables the individual, directly or indirectly, to control, manage or direct the entity and the disposition of its funds and assets. The ability to fund the entity or the entitlement to the property of the entity alone, however, without any corresponding authority to control, manage or direct the entity (such as in the case of a minor child beneficiary), does not cause the individual to be a responsible party.
Great info, Thank You Sir!
like the question below how do we find a estate planner? are there certain qualifications or education degrees that we must look for to know whom is qualified.
Still not understanding why anyone would want a revocable trust, as I don't see any additional protections that a trust offers over a will. When my parents died and when my wife's parents died, we went to a lawyer's office, he read the will and we left. We didn't have the "government" decide any assets, we didn't have to hire a lawyer. As the executor of my father's will, I divided up assets and paid creditors, NOT the government. Is a revocable trust formed INSTEAD of a will? Both sets of our parents had a will, is that the difference? Would a will serve as the same thing as a revocable trust?
11:28 Your lawyer handled the probate. You just did not know nor did understand what happened. The lawyer made a hefty sum. 😢😢😢
The Living trust documents is just another layer of protection for your heirs from taxation, step up basis and stating who gets what when you die. You do still need a will within your Living trust documents. 😊
Great videos and very important information! My question is can someone have both a revocable and irrevocable trust at the same time?
Yes, but they should be titled differently. Assets you do not want to be available for redistribution vs those you want without restrictions in the other.
What about irrevocable trust created by the will? My husband put his 1/2 of our jointly-owned house in a "trust by will". Should I put the other half into that trust? What happens if I leave it the way it is and sell it later (I am the current trustee and beneficiary of his created trust.)
would it be unethical for you to recommend a New York attorney, preferably in Long Island for Estate Planning and setting up a trust.
Fred.
Very informative. Thank you ✨️
So I want to build a trust for my son. What would be the best way to go? Revocable or irrevocable? I don’t want him to have to worry about money as he grows up and when I pass. However, what’s the best way to go about it for him? I don’t want him to have to pay so much taxes on anything I put into it.
You are such a protective enabler. Let your offspring make life on his own, or he will grow up to be a lazy wimp
Both work in your situation. But if you want to be able to make changes to the trust in the future such as add or remove assets, you should go with a Revocable trust.
Can you place a family home (apartment) in a trust (revocable or irrevocable) and get a rental income.
If your home is in a irrevocable trust can the state claim it for any reason ??