Useful, My (our) living trust does not create a sub trusts upon one spouce death. It stays as one revocable trust even when one spouce dies. Its just words on paper, you / your estate attorney can write anything you want. A living trust does not follow fixed rules. Good luck to all.
If the deceased spouse’s trust specifies that principal can be withdrawn by the surviving spouse for her health, education, and welfare, does this counter the protection of the irrevocable trust against the nursing home?
Why can’t we keep the same trust as such on death of one of the Grantors, so that confusion doesn’t arise at all and conditions of original trust remain as such.
It would seem to me to that the other one is in charge . I thought if they had a trust together . Why two trusts ? I have not heard of sub trusts .him.
Hello Paul, i recently landed on your channel and glad i did because of what i have learned. I have a question, how can one ensure his/her beneficiaries do not sell his assets once dead. And ensure their businesses keeping running without the beneciaries having direct control over them but only receiving proceeds of the business operations
Hi there, Great information. I've been searching to find a video that discusses a Joint Living Trust that contains a house (only) and is to be split into a Deceased Trust and Surviving Spouse Trust upon the death of the first spouse. How is this handled? The other assets have beneficiary designations and are covered outside of the trusts. Can you provide a scenario for this?
So what happens when the trust list the surviving spouse to separate assets into a beneficiary trust (decedents half) and the survivor trust the remains of mom's portion still under turms of trust. 5k withdraw of principle and entitled to all income till her death. The trust held a sub parcel created from a corporation deed of trust on a mortgage company held under estate. The family home had 11 deeds on it it was still in my parents name until the second party died in a quick claim deed with processed basically making it look like it's been in the trust name since it was signed. What happens when nobody wants to account for anything after the first death. My dad had two Corporations ( same number but one labeled domestic stock one labeled profit the only difference in them is a C in front of the corporation number) had two different construction companies, really 4 on record registered to the family home address but only two construction lic found. I'm told I'm not entitled to an accounting, nobody ever appointed on dad's estate only on mom's... Shouldn't the trustees get appointed on trust not singular estate???
Paul: your alive ! I am now canceling the missing persons report for you 😊 GREAT to see you back in the saddle....
As Twain said, “The rumors of my demise have been greatly exaggerated.”
@@americasestateplanninglawy1946 👍😊
Useful, My (our) living trust does not create a sub trusts upon one spouce death. It stays as one revocable trust even when one spouce dies. Its just words on paper, you / your estate attorney can write anything you want. A living trust does not follow fixed rules. Good luck to all.
Paul: You rule! Excellent analysis.
Thank you! I have been wondering. Much appreciated.
Left my head spinning 😭
Emily’s head probably spinning faster!
Thank you Paul Been worried about you
If the deceased spouse’s trust specifies that principal can be withdrawn by the surviving spouse for her health, education, and welfare, does this counter the protection of the irrevocable trust against the nursing home?
Thank you 😊
Why can’t we keep the same trust as such on death of one of the Grantors, so that confusion doesn’t arise at all and conditions of original trust remain as such.
What does life have to be so complicated? Family inheritance should be a lot lot simpler.
Thank you very much! Are you referring to the A-B provision of a trust?
When putting a deed into a revocable trust, is it better for someone to maintain their Homestead rights?
It would seem to me to that the other one is in charge . I thought if they had a trust together . Why two trusts ? I have not heard of sub trusts .him.
Wouldn't Emily need a Federal Tax ID# and a separate Federal ID# bank account Trust, b4 Emily can use any monies??
Hello Paul, i recently landed on your channel and glad i did because of what i have learned.
I have a question, how can one ensure his/her beneficiaries do not sell his assets once dead. And ensure their businesses keeping running without the beneciaries having direct control over them but only receiving proceeds of the business operations
Super clear to me the novice.
Hi there, Great information. I've been searching to find a video that discusses a Joint Living Trust that contains a house (only) and is to be split into a Deceased Trust and Surviving Spouse Trust upon the death of the first spouse. How is this handled? The other assets have beneficiary designations and are covered outside of the trusts. Can you provide a scenario for this?
Thank you for
How can I contact to you
Now I m going on this happening
I don't know anything about this situations
I need help
Anyone who can help me
So what happens when the trust list the surviving spouse to separate assets into a beneficiary trust (decedents half) and the survivor trust the remains of mom's portion still under turms of trust. 5k withdraw of principle and entitled to all income till her death. The trust held a sub parcel created from a corporation deed of trust on a mortgage company held under estate. The family home had 11 deeds on it it was still in my parents name until the second party died in a quick claim deed with processed basically making it look like it's been in the trust name since it was signed. What happens when nobody wants to account for anything after the first death. My dad had two Corporations ( same number but one labeled domestic stock one labeled profit the only difference in them is a C in front of the corporation number) had two different construction companies, really 4 on record registered to the family home address but only two construction lic found. I'm told I'm not entitled to an accounting, nobody ever appointed on dad's estate only on mom's... Shouldn't the trustees get appointed on trust not singular estate???
Thsnk u thank u
Sub trusts seem off.
Xplain good