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 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.
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)
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'm wondering if there can be an irrevocable clause in a revocable trust? Say if I have $ 100,000 in an irrevocable trust, can that trust contain a clause in which my sole beneficiary can have access to a percentage of that amount while I'm living? As if it were a kind of bank account which couldn't be overdrawn.
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.
Revocable Trust: You can change it; Avoiding Lawyers; They become irrevocable when they die. Irrevocable Trust: You cannot change it; To avoid state taxes; Get assets out of their name;
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.
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?
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.
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!
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.
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!
Hi Paul. Your videos are excellent! In an irrevocable trust, can I still use the money and sell the home that are placed inside of it? How tough are the restrictions? I'm wondering if this is just a way to lock up assets and protect them from medicaid/nursing homes/ or other creditors until we die vs. outright gifting our beneficiary/s? Thank you. Tom in StL.
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.
Nope, you have to designate the trust as a beneficiary for the IRA. He made this quite clear in another video. You can not transfer any employment based benefits.
@@toriless it seemed you were able to answer many questions in this comment section; I got good info from reading your replies; thanks for taking the time to do that. It is of great service for those of us who are feeling our ways thru this maze. I am 60 and have not done any trust; only a basic will; have one daughter; after this video; i am leaning toward doing an irrevocable trust; (a) I have a non-retirement investment account at Etrade (can i put this in that trust); if yes, do i have to cash out the securities and pay capital gain; my intention is to have my daughter inherit those securities. (b) for a married couple, can one spouse name any beneficiary or will it require both spouse's consent. Have a great day!
Can you make a trust half revocable half irrevocable? When one spouse dies half the money goes to that spouse. The other half (the revocable part) goes to the child benificiary?
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.
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?
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.
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 think my soon to be ex husband started a trust in my name to hide property that his brother put in my name. I found records online for a trust in my name. How do I find out if its me.
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
summary of video: irrevocable trusts let you protect your assets from lawsuits/creditors, and to cheat the govt of money. the best irrevocable trusts are in banks outside the US away from US courts who can often penetrate irrevocable trusts to pay creditors or the govt. Don't you love me now?
My father pass 5 months ago and had suffered a heart attack then a couples of weeks later had a stroke and couldn't speak because the stroke affected his vocal cords. My step mom made a revocable trust I just don't understand why weren't my sisters mention only my brother was given $ 10, 000 . Do attorney's have ask aso many children do you have
It was her choice, maybe they are financially irresponsible, maybe rich and do not need 10k, maybe he has a low income and needs it more, probably a dozen other reasons too
What matters is the document, not the number of children unless written that way. I know my uncle's will is written that way but most wills are not these days.
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!
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.
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.
I have a question..say I bought a house, no mortgage and I establish a foundation named xyz foundation, can I put the house in the foundations name and then create a Revocable trust? Will that protect that asset??
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.
Great information: do you use part of your federal estate tax exemption when you move assets out of your name and into your Irrevocable trust? Are the assets removed immediately from your estate or is there a waiting period before they are considered out of your estate for federal tax purposes.
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.
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??
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?
Dude, this is a really good source of information but you need to really go back and re-record this. There’s so much background noise it’s not even funny. You have a dog barking. A siren going off some type of construction or vacuum noise like it’s extremely distracting, especially with the way that it shows up on the microphone. For something so important as the information that you’re sharing, please go back and re-record this in a high-quality format because people really are trying to listen into this, and they really value what you say.
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?
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
Need to do a irrevocable trust for mother in law who has dementia,while we can still convince her its the best way to not lose a lifes worth of wealth. Nursing homes can run 5,000 to 9,000 per month and burn up a pile of cash quick.
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.
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!
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.)
Thank you for your clear and succinct explanation of these trusts. I live in Baltimore, Maryland and wonder how to find a good attorney. I don’t want to just go to the yellow pages- which obviously don’t exist any more. ☺ Any suggestions?.
Say I won a lottery and I didn’t want the lottery to know who I was. (For whatever reason, might be afraid they wouldn’t pay me, because of some old negative background check data still out there from years ago.) Can I hide my identity from the lottery with either or both a revocable and irrevocable trust, or might there be a better way?
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.
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.
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.
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.
Thank you for explaining this subject to so clearly. I'm a new subscriber and learning so much.
Can I change a irrevocable trust to revocable.
Never !!!
Do you have a iRobot running in the background? :D
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)
HE IS A GREAT TEACHER. I AM KEEP WATCH HIS VIDEOS. I LEARN A LOT FROM HIM
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.
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 :)
These videos really helped me work through knowing the difference between the 2 choices for a trust!
I'm wondering if there can be an irrevocable clause in a revocable trust? Say if I have $ 100,000 in an irrevocable trust, can that trust contain a clause in which my sole beneficiary can have access to a percentage of that amount while I'm living? As if it were a kind of bank account which couldn't be overdrawn.
Love your howling pup in the background! Great sound effects of we who have to deal with estate!
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.
thank you for being crystal clear in your explanation, happy to have found your channel
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?
Paul, thanks for the very informative videos. What credentials should one look for in an Estate Planner to ensure they are qualified?
Revocable Trust: You can change it; Avoiding Lawyers; They become irrevocable when they die.
Irrevocable Trust: You cannot change it; To avoid state taxes; Get assets out of their name;
Concerning state taxes, are you saying you don't pay them if they are in an irrevocable trust? Sorry, not understanding.
Thanks for keeping us informed!
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".
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.
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.
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?
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.
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
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!!!
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.
Never heard of this until I got a job working with deeds. America has the poorest education it's insane 😅
Great info, Thank You Sir!
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! 😍
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.
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.
God bless you for sharing this information. I have no experience on any of this. I'm learning.
Thank you so much for giving such good video. Your explanation is clear, straight forward and I am going to watch all your videos.
Who’s vacuuming?
Hi Paul - great job on the video. A possible topic might be “what if the trust was not funded” (for personal reasons…)
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!
Hi Paul. Your videos are excellent! In an irrevocable trust, can I still use the money and sell the home that are placed inside of it? How tough are the restrictions? I'm wondering if this is just a way to lock up assets and protect them from medicaid/nursing homes/ or other creditors until we die vs. outright gifting our beneficiary/s? Thank you. Tom in StL.
how does medicaid or people suing you know if a trust is revocable or irrevocable if you name the trust "XYZ living trust"?
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.
Can you put Roth Ira's in irrevocable trust
Nope, you have to designate the trust as a beneficiary for the IRA. He made this quite clear in another video. You can not transfer any employment based benefits.
@@toriless it seemed you were able to answer many questions in this comment section; I got good info from reading your replies; thanks for taking the time to do that. It is of great service for those of us who are feeling our ways thru this maze. I am 60 and have not done any trust; only a basic will; have one daughter; after this video; i am leaning toward doing an irrevocable trust; (a) I have a non-retirement investment account at Etrade (can i put this in that trust); if yes, do i have to cash out the securities and pay capital gain; my intention is to have my daughter inherit those securities. (b) for a married couple, can one spouse name any beneficiary or will it require both spouse's consent. Have a great day!
Can you make a trust half revocable half irrevocable? When one spouse dies half the money goes to that spouse. The other half (the revocable part) goes to the child benificiary?
truly appreciate the way you present this information
Say, a 5 year irrevocable trust, if you die before the 5years is up does the trustee / beneficiary get it instantly or do they have to wait? Thanks!
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.
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?
Thank you for breaking this down as simply as possible.
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.
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?
Which one would be of more value and / or beneficial when you apply land trust/estate planning
Which one is the right kind of irrevocable trust that is for a single mama with two children?
Every where in the world automatically the assets belong to the children by the law no need for probate.
Can you place a family home (apartment) in a trust (revocable or irrevocable) and get a rental income.
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 think my soon to be ex husband started a trust in my name to hide property that his brother put in my name. I found records online for a trust in my name. How do I find out if its me.
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
summary of video: irrevocable trusts let you protect your assets from lawsuits/creditors, and to cheat the govt of money.
the best irrevocable trusts are in banks outside the US away from US courts who can often penetrate irrevocable trusts to pay creditors or the govt.
Don't you love me now?
Yes, thanks!
Who is in charge of distributing the assets to the beneficiaries of an irrevocable trust
I would like to know more about irrevocable trust and Ms Medicaid
Bro why vacuuming in the background
My father pass 5 months ago and had suffered a heart attack then a couples of weeks later had a stroke and couldn't speak because the stroke affected his vocal cords. My step mom made a revocable trust I just don't understand why weren't my sisters mention only my brother was given $ 10, 000 . Do attorney's have ask aso many children do you have
It was her choice, maybe they are financially irresponsible, maybe rich and do not need 10k, maybe he has a low income and needs it more, probably a dozen other reasons too
What matters is the document, not the number of children unless written that way. I know my uncle's will is written that way but most wills are not these days.
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!
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.
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.
I have a question..say I bought a house, no mortgage and I establish a foundation named xyz foundation, can I put the house in the foundations name and then create a Revocable trust? Will that protect that asset??
One step too many, transfer the title to the trust.
So if a home is in a revocable trust it can't be used to cover nursing home fees?
I got a special need trust question but not in this open platform
Great teacher. Presented in very understandable terms
Sir, thanks again for posting these educational videos.
Awesome Sir!
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.
I appreciate all of your information on living Trust Thank you.
Thanks EC! 😎
Is this accurate information for Texas too?
Great information: do you use part of your federal estate tax exemption when you move assets out of your name and into your Irrevocable trust? Are the assets removed immediately from your estate or is there a waiting period before they are considered out of your estate for federal tax purposes.
For federal tax purposes, it should be immediately.
Immediately and permanently
Thank you Sir!!!
Are items in a trust protected in the case of a divorce? If so, do they need to be placed in a trust before marriage or how would that need to work?
Irrevocable, yes, revocable, no. They are no longer your assets for any entity, courts or government.
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.
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??
Thank You Sir
Love all your videos, Paul! I’m in California and would like to discuss your fee to help change my living trust to irrevocable. How can I reach you?
Best video yet I have seen ! So thank you very much for the clarity!
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?
Dude, this is a really good source of information but you need to really go back and re-record this. There’s so much background noise it’s not even funny. You have a dog barking. A siren going off some type of construction or vacuum noise like it’s extremely distracting, especially with the way that it shows up on the microphone. For something so important as the information that you’re sharing, please go back and re-record this in a high-quality format because people really are trying to listen into this, and they really value what you say.
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?
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
Need to do a irrevocable trust for mother in law who has dementia,while we can still convince her its the best way to not lose a lifes worth of wealth. Nursing homes can run 5,000 to 9,000 per month and burn up a pile of cash quick.
😂😂❤❤❤😅 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.
Appreciate the effort! Currently trying to do a trust and VERY USEFUL! Thanks
have watched about 10 of his videos, very understandable. What are the DOWN sides of an irrevocable
can't change it.
Terms can not be altered. For instance, beneficiaries can not change.
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.
Why do I hear a skill saw in the background . Really?
Vacuum
For an irrevocable trust, do you need to apply for a separate employee identification number with IRS? ?
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!
If my husband put his son on our trust as revocable, then my husband passes. Can the wife change the trust?
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.)
Thank you for your clear and succinct explanation of these trusts. I live in Baltimore, Maryland and wonder how to find a good attorney. I don’t want to just go to the yellow pages- which obviously don’t exist any more. ☺ Any suggestions?.
Say I won a lottery and I didn’t want the lottery to know who I was. (For whatever reason, might be afraid they wouldn’t pay me, because of some old negative background check data still out there from years ago.) Can I hide my identity from the lottery with either or both a revocable and irrevocable trust, or might there be a better way?
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.
Thank you soooo much! you have eased a huge burden off my shoulders with your sucinct and robust explanation :)!
Best trust/entity for winning a huge lotto jackpot? How would "you" set it up Mr. Robalais if you're the winner??
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.