Great advise! This is how a good attorney is thinking ahead and prevent unnecessary “corrections” in the future. This is the first time I hear this advise 👏🏼👏🏼👏🏼 Thank You!
You can make up an original name for your irrevocable living trust. The trust doesn’t have to be your own name. The name of your trust could be “happy days 123”. This could help information inside the trust to remain confidential.
Thank you that's a useful tip. Would you know how one would sign as a trustee for private Trust... for example if it's called, happy days, would you just create a new signature for Happy Days?
These detail these idiot lawyers don't disclose. They still gate keep and treat it like its not important details they need to disclose. I didnt want my trust named after me and guess what 5k later I feel robbed. Smh expensive lesson.
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
Investing in both real estate and stocks can be prudent choices, particularly when backed by a robust trading strategy that can navigate you through prosperous periods.
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
@@williamDonaldson432 Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Annette Marie Holt is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for that advice. I didn’t catch it the first time I watched, but now the light bulb just came on. Your information is so helpful as I draft my trust. I enjoy Binge watching your videos.
Thanks you. Because of you (actually another video) I "revisited' my family trust, which is in my filing cabinet. Made sure it's a 'non-revocable'. I am passing you along. Thanks again.
Really enjoyed this video. I'm considering your advice, because thousands of dollars have been disappearing from my 401k due to soaring inflation, and my concern is where to safeguard and grow remaining cash about $500k+ for the next 2-3 years at no risk. I'd love to retire early and afford a life after retirement.
I may be unable to offer personalized investment guidance, but then I suggest consulting with a reliable advisor to ensure appropriate investment planning.
Agreed, I’ve been investing in the stock market for 11 years now, last 5 years with the help of a financial planner apparently due to the covid-19 pandemic crash. Throughout these years of guidance alone, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1m roi as of today.
My attorney said you can title it however you want. So in theory, the x,y z irrevocable trust however the trust document itself is a revocable trust. Ever heard of this before?
What is a private trust? Diy trust. Renaming the asset requires a new deed for realestate. Maybe I don't k how? Is there a you tube video for us people that can not afford an attorney?
If your home is your homestead and protected against creditors does changing the ownership to a trust open the door up for now being sued by creditors? Also for second homes not homesteaded or other properties?
I just found this while looking for other things and I am very glad I did! This videos has information I have never come across before. More! More More! I will be searching thru your channel and tuning in as often as I can... Thank you for all you do!
Thank you Paul! I’ve been doing Revocable Living Trust and this was confirmation for me. There is no significance in labeling it, because the info is for you and your love ones.
Thank you, sir. I after listening to your messages I decided to form a family Trust and it was an adventure. Took a year to get all done but well worth it. I believe my family and heirs now have a legacy my wife and I can leave for a long time after we are gone. Thank you.
*Question:* Can a person posthumously receive a death benefit (Insurance Beneficiary) and designate that benefit to a trust for a child to receive, if they want to protect assets and prevent others from taking what belongs to the child? *Scenario:* Someone older is a beneficiary on a policy. However, they are likely to transition before the policy will be paid (before the insured will transition). Is it possible to name that policy in a trust BEFORE they transition to ensure that the trust is paid, even if it's posthumously, and have that benefit designated to a specific person? Thanks for your help with this :)
Talk about a public service❣️Thank you so much for passing on ‘all’ this important information. You are very thorough. Your attention to the details makes a big difference.😊This subject matter is now be brought to the forefront is why so many people have been severely injured. This subject should be a prerequisite in all colleges. After all it is foundational to all life. All lives matter.... past, present & future.🙃 My children all have college degrees and know the bare minimum about this subject matter. AND they won’t discuss it!😣 I’m trying to avoid the mistakes my parents made due to the lack of guidance!
From Asser protection perspective, some attorneys suggest NOT TO USE your name in the trust, have a separate EIN name which will enable you to open bank account. Anything else seniors should know when they set up a rev trust in any word?
Separate EIN- so you went to the IRS website & created a separate EIN? Is this just for the bank accounts? When you file your taxes do you use both your social security # & EIN #?
Can I call the trust just ‘freedom’ or any other name not including my last and first name? I just have attended a training with company that sells software to create a trust, they said it is better to name the trust with any name, the way scammers should not know. There are scammers who would request money from trust after you pass away from your relatives claiming you owe them. Also, what is the 5 years rule to restrict government to see your money in trust?
I have reviewing your videos for quite some time now. Very informative and have learned a lot. Thanks for all your efforts and time you give. Thanks again and keep up the great work.
You are an amazing lawyer !!! It’s so useful ! Thank you so much for sharing your insight and knowledge. We are doing trust and will planning now. Will definitely take your advice! I am new and just subscribed your channel , will watch it everyday ❤
What a brilliant idea! But, if the original Living Trust is recorded at the County Recorder's office, won't they be able to pull that up and see you made changes?
I have since found that you record the transfer of the property into the name of the trust, but don't need to actually record the full trust. The trust will be named and recorded upon transfer, therefore.
In Hawaii a short form of the RLT must be recorded if the subject real estate to be deeded is in the Land Court system as opposed to the regular system.
See above, I have seen where something is recorded to show trust existence, basically to avoid foul play? The beauty of a trust is that it is private .
Thank you for all the information😊. I have 1 question...You mentioned that if Creditors realize that you have Assests in a Living Trust, they can come for your assets...but aren't Trust Private?
Your videos are very informative. I'm looking for one that describes a married couple with community property with two children. I have a child from previous relationship and my husband has a child from a previous relationship. What should we be mindful of in the wording of the Last Will and Revocable Trusts (just for house) to ensure both our child and step-child are not left out.
what kind of Trust would be set up to “protect “ the remaining assets from nursing home? and does that mean I am “hiding” my RLT from Medicaid so that the sick person could get Medicaid benefits? going to the estate planning attorney soon thanks
Just curious - is there some legal restriction against having the word “revocable” in a title? My brother had a cat named Dog. It’s just a name. It may be confusing, but why can’t the consecutive letters R-E-V-O-C-A-B-L-E be in the identifier of an irrevocable trust?
You don't need to record or give your trust to the courts but I think you need to submit a certificate of the living trust so that the deed to renamed to the trust name. Try to find a video or ask your county recorder what needs to be done. I'm looking for that info myself. Good luck to all of us.
You are saying we should name the trust "Mary Jones living trust", or should just put Jones living trust. On the trust document, we need to spell it out this is revocable living trust. Is it correct?
@@w.thomas306 it doesn't matter what you call it if you hire an estate planner instead of an administration lawyer a greedy trustee or title deed thief usually changes it when we're vulnerable.
When learning about Irrevocable life insurance trusts, I learned that many people feel their “trust” is affording more protection than is actually the case. Self education plus professional advice is my goal. I see too many people blindly following professional advice. The advice should be the beginning of journey, it’s too late at the end (I wish I knew that earlier, etc.)
What are the drawbacks to doing this? What effect will it have on travel? What are the solid benefits to doing this long term and short term? I own land, will I lose it if I do this. Where is doing this, if at all linked to declaring a sovereign state where I'm living?
I heard that if the word revocable is not in trust name then bankers, county clerks may get concerned and ask for complete trust document, unnecessary reviews etc. Any comments on this?
That is what a certification of trust is for - two page document that describes everything they want to know without having to give the entire trust to them.
Strongly suggest you DO NOT PUT YOUR NAME anywhere in the trust name. Make up a name. Offers you privacy, anonymity, and asset protection against potential lawsuits.
As an estate planning attorney, I can tell you this is not accurate and you should not be providing advice on these matters. Revocable trusts provide NO asset protection.
@@romoskriit's not about protection _during_ the lawsuit, it's about making you a less _appealing target_ in the first place, before the lawsuit's even opened and the plaintiff doesn't have the Court powers of discovery. The poorer you seem, the better of a settlement deal you'll be able to cut.
hi, thanks for your helpful video.If I only want to change the TRUST name, and I Have the word document from the lawyer who made our trust,can I just edit the TRUST name, print it out, sign them and change all the assets to that new revocation trust name?I don't see why I need to hire a lawyer to just get this simple step done. Thank you for your advice.
I haven't funded my RLT yet, but I did create it. Can I amend the name? For privacy reasons, can I change it to something random like "The Coffee Table Trust?" Does it HAVE to also have the word "Living" in the title?
I like it! I told my estate planning client to watch your videos. He then schooled me in the Paul R way about why he didn’t want to use “Revocable” in the title of his trust. 😂 Title promptly changed using find and replace with reasons duly noted. 😊
Thank you for all the information you give. I have a question: Can we convert a revocable trust to an irrevocable trust upon our death to provide for future generations?
I'm pretty sure all revocable trusts convert to irrevocable trusts upon death. After you die you can't make the decision to revoke it, so they are irrevocable.
When retitling assets is it a concern if the word “The” is omitted? For example it is requested an account be retitled “The Jones Living Trust” but the institution titled it “Jones Living Trust”?
Very interesting. Thank you for the very informative video. Can you give examples of ways to restate the trust terms to protect from lawsuits? Can you restate and just say that this trust is now an irrevocable trust? What’s the difference between restate and an amendment?
The way I understand it if you’re making big changes like the primary beneficiary, you would want to do a reinstatement. If you just have a few little things to change, I think that would be an amendment.?
Or in most states you can just find the format for the document to revoke your trust and fill it out yourself. Attorneys aren’t needed if you’re intelligent and do your homework.
i don't understand, what's the big deal with having a descriptive work "revocable" as part of the trust name? why can't the name of the trust be revised or changed if needed, rather than having to transfer all the assets into a new trust?
Because you will need to change the title on your assets, example your house title, car title, bank title. You xan change it but it would be as much work as creating a new trust.
Have had a living trust in our names for 25 years. Would a name change to remove our names be of any value at this point if the intent is to hide the assets from potential creditors at some point in the future? Wouldn’t historical records be easily found? Same home address Thx.
A bit confused on the if you change the title to names but then you can have creditors and lawyers cause issues 6:18 so what are you doing to protect that from happening? yousay restate the terms . So your then retsting the terms to protect from creditors and lawyers then not before ? Also if you dont use your name but make it up how can that keep things inside confidential where as if you put your real name on it and is this something you should do?
Great advise! This is how a good attorney is thinking ahead and prevent unnecessary “corrections” in the future. This is the first time I hear this advise 👏🏼👏🏼👏🏼 Thank You!
Wish my atty had given me advice on naming my trust!!!😢
@@wildthings980maybe your attorney is banking on future fees to retitle your trust 😁
It's good to be thinking ahead.
You can make up an original name for your irrevocable living trust. The trust doesn’t have to be your own name. The name of your trust could be “happy days 123”. This could help information inside the trust to remain confidential.
Thank you that's a useful tip. Would you know how one would sign as a trustee for private Trust... for example if it's called, happy days, would you just create a new signature for Happy Days?
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These detail these idiot lawyers don't disclose. They still gate keep and treat it like its not important details they need to disclose. I didnt want my trust named after me and guess what 5k later I feel robbed. Smh expensive lesson.
@@rachelb8863 just like any other trust, sign "(your name) - Trustee"
@KOVIDGOON I agree. Lawyers did the same thing with us.
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
Investing in both real estate and stocks can be prudent choices, particularly when backed by a robust trading strategy that can navigate you through prosperous periods.
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
@@williamDonaldson432 Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Annette Marie Holt is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
👍🏼7:24 when a target on a lawsuit is possible Do not title “Revocable..” Great vital Info !!!
Came here to jump to this!
Thank you for that advice. I didn’t catch it the first time I watched, but now the light bulb just came on. Your information is so helpful as I draft my trust. I enjoy Binge watching your videos.
I am trying to draft my trust. May I ask- if you had used a lawyer or online help?
Thanks you. Because of you (actually another video) I "revisited' my family trust, which is in my filing cabinet. Made sure it's a 'non-revocable'.
I am passing you along.
Thanks again.
Really enjoyed this video. I'm considering your advice, because thousands of dollars have been disappearing from my 401k due to soaring inflation, and my concern is where to safeguard and grow remaining cash about $500k+ for the next 2-3 years at no risk. I'd love to retire early and afford a life after retirement.
I may be unable to offer personalized investment guidance, but then I suggest consulting with a reliable advisor to ensure appropriate investment planning.
Agreed, I’ve been investing in the stock market for 11 years now, last 5 years with the help of a financial planner apparently due to the covid-19 pandemic crash. Throughout these years of guidance alone, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1m roi as of today.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
Her name is ‘Rebecca Nassar Dunne’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this amazing tip. I just looked up Rebecca, wrote her explaining my financial market goals and scheduled a call
My attorney said you can title it however you want. So in theory, the x,y z irrevocable trust however the trust document itself is a revocable trust. Ever heard of this before?
Why not go with a private trust and leave the lawyers out of it?
What is a private trust? Diy trust. Renaming the asset requires a new deed for realestate. Maybe I don't k how? Is there a you tube video for us people that can not afford an attorney?
If your home is your homestead and protected against creditors does changing the ownership to a trust open the door up for now being sued by creditors? Also for second homes not homesteaded or other properties?
As Tran mentioned, you might cover using a non-descript name for the trust.
Please explain what colloidal tittle is. Txs!
12.29.23. See 6:11 & prior Great points on future Medicaid application for long term care ex: in 5Yrs . Do NOT title “revocable”. Thank you
Thank you!
Subscribed!
I'll definitely continue to watch and smash that like button!
Is it ok not to use your name in the trust title? It seems it would also help with some protection.
you are good man, i'm in canada and really have no money saved but paying off 11acres on a beautiful west coast island...you are great teacher!
I just found this while looking for other things and I am very glad I did! This videos has information I have never come across before. More! More More! I will be searching thru your channel and tuning in as often as I can... Thank you for all you do!
Thank you Paul! I’ve been doing Revocable Living Trust and this was confirmation for me. There is no significance in labeling it, because the info is for you and your love ones.
Thank you, sir. I after listening to your messages I decided to form a family Trust and it was an adventure. Took a year to get all done but well worth it. I believe my family and heirs now have a legacy my wife and I can leave for a long time after we are gone. Thank you.
*Question:* Can a person posthumously receive a death benefit (Insurance Beneficiary) and designate that benefit to a trust for a child to receive, if they want to protect assets and prevent others from taking what belongs to the child?
*Scenario:* Someone older is a beneficiary on a policy. However, they are likely to transition before the policy will be paid (before the insured will transition). Is it possible to name that policy in a trust BEFORE they transition to ensure that the trust is paid, even if it's posthumously, and have that benefit designated to a specific person? Thanks for your help with this :)
Absolutely amazing what you can learn on this internet 👏🏾
Why not structure the trust to protect the assets In the beginning?
Talk about a public service❣️Thank you so much for passing on ‘all’ this important information. You are very thorough. Your attention to the details makes a big difference.😊This subject matter is now be brought to the forefront is why so many people have been severely injured. This subject should be a prerequisite in all colleges. After all it is foundational to all life.
All lives matter.... past, present & future.🙃 My children all have college degrees and know the bare minimum about this subject matter.
AND they won’t discuss it!😣
I’m trying to avoid the mistakes my parents made due to the lack of guidance!
Thanks DH! 👍
From Asser protection perspective, some attorneys suggest NOT TO USE your name in the trust, have a separate EIN name which will enable you to open bank account. Anything else seniors should know when they set up a rev trust in any word?
Separate EIN- so you went to the IRS website & created a separate EIN? Is this just for the bank accounts? When you file your taxes do you use both your social security # & EIN #?
@@jjf609 as far as I know, you would use the EIn if you are receiving income within that trust.
Can I call the trust just ‘freedom’ or any other name not including my last and first name? I just have attended a training with company that sells software to create a trust, they said it is better to name the trust with any name, the way scammers should not know. There are scammers who would request money from trust after you pass away from your relatives claiming you owe them. Also, what is the 5 years rule to restrict government to see your money in trust?
I have reviewing your videos for quite some time now. Very informative and have learned a lot. Thanks for all your efforts and time you give. Thanks again and keep up the great work.
Thank you for sharing, great information .
How would reverse mortgage come into play with long term care needs? from PA. Have been sharing you channel with others. .so helpful!
Reverse mortgage comes under the category of: Scam
At first I wasn't going to watch this video but I'm so glad I did. Thanks for the information!
Thank you very much for your valuable content! Are there pros' and/or cons' to putting your name(s) in the title of the trust?
Do you recommend not to use your name on the trust for assets protection?
This was very helpful. I had no idea about the importance of naming the Trust. Thanks for your generosity.
Huge!!!
You are an amazing lawyer !!! It’s so useful ! Thank you so much for sharing your insight and knowledge. We are doing trust and will planning now. Will definitely take your advice! I am new and just subscribed your channel , will watch it everyday ❤
Your videos are very helpful. Thank you for sharing your knowledge and expertise.
What a brilliant idea! But, if the original Living Trust is recorded at the County Recorder's office, won't they be able to pull that up and see you made changes?
I have since found that you record the transfer of the property into the name of the trust, but don't need to actually record the full trust. The trust will be named and recorded upon transfer, therefore.
Trusts aren’t recorded
In Hawaii a short form of the RLT must be recorded if the subject real estate to be deeded is in the Land Court system as opposed to the regular system.
You can Record a Certificate of Trust. I wouldn't record my entire Trust. Hope this makes sense💚
See above, I have seen where something is recorded to show trust existence, basically to avoid foul play?
The beauty of a trust is that it is private .
So in Florida do you put your home in the revocable trust?
Wow... I prayed & asked the Lord ..What should I name my Trust? opened up YT & saw this video. This vid helps a lot. Thanx 💚
Delusional
Praise your own watchlist and the algorithm of TH-cam. Those results have nothing to do with invisible friends. 🤷🏻♀️
I've been consuming a lot of your videos, love your style and topics. Thanks!
Thank you for this video; it really helps understand the do's and don'ts
Thank you so much sir. I hope you do more of this teaching.
Thank you for all the information😊. I have 1 question...You mentioned that if Creditors realize that you have Assests in a Living Trust, they can come for your assets...but aren't Trust Private?
It doesn't protect you from creditors.
A foreign living trust does
Your videos are very informative. I'm looking for one that describes a married couple with community property with two children. I have a child from previous relationship and my husband has a child from a previous relationship. What should we be mindful of in the wording of the Last Will and Revocable Trusts (just for house) to ensure both our child and step-child are not left out.
Great suggestion - just beginning to write my trust - this I will do.
What if I created a Rev Trust, and had no idea that this may create an issue with my disabled husband who receives SSD; should I have it changed asap?
what kind of Trust would be set up to “protect “ the remaining assets from nursing home? and does that mean I am “hiding” my RLT from Medicaid so that the sick person could get Medicaid benefits? going to the estate planning attorney soon
thanks
Research special needs trust and possibly ABLE ACCOUNTS….gov
What are the advantages/disadvantages of titling a trust that doesn’t contain your name?
When someone tries to sue you, it makes it a lot harder to find what assets you have.
Just curious - is there some legal restriction against having the word “revocable” in a title? My brother had a cat named Dog. It’s just a name. It may be confusing, but why can’t the consecutive letters R-E-V-O-C-A-B-L-E be in the identifier of an irrevocable trust?
Is it necessary to register the truss with the county recorder? What are the advantages if any?
You don't need to record or give your trust to the courts but I think you need to submit a certificate of the living trust so that the deed to renamed to the trust name. Try to find a video or ask your county recorder what needs to be done. I'm looking for that info myself. Good luck to all of us.
@@jjf609 when a lawyer, does your trust he redoes the deeds with your trust name
You are saying we should name the trust "Mary Jones living trust", or should just put Jones living trust. On the trust document, we need to spell it out this is revocable living trust. Is it correct?
Mind Blown! Have never considered this! Thanks!
Can you do a trust for someone that lives in Florida? Such as myself?
Love this channel. I am new to it. Thank you!!!! I will share this!!! I want you to keep going!
Love your videos Thank you.
Thank you for making it easy for us, to name a Living Trust.
Thanks NRK 👍
Awesome advise and informed my attorney to set up that way. I also used my initials instead of name.
You are an asset for those wanting to gain knowledge - thank you very much
You’re welcome PL&H! 😎
How to changeour living trust amended to irrevocable trust.We typed up an amendment and had it notarized 4 years ago 75 on Arkansas
Good instructions.
This should have been a 30 second video: "Do not have the word "revocable" in the title of your revocable living trust".
They can’t be that dumb. Are you saying someone actually did that?
@@w.thomas306 it doesn't matter what you call it if you hire an estate planner instead of an administration lawyer a greedy trustee or title deed thief usually changes it when we're vulnerable.
For someone with zero knowledge and just starting to look into trusts and wills as we are, this was informative and not too long.
When learning about Irrevocable life insurance trusts, I learned that many people feel their “trust” is affording more protection than is actually the case. Self education plus professional advice is my goal. I see too many people blindly following professional advice. The advice should be the beginning of journey, it’s too late at the end (I wish I knew that earlier, etc.)
I very much agree. Are there any "invaluable" resources that you might recommend?
What are the drawbacks to doing this? What effect will it have on travel?
What are the solid benefits to doing this long term and short term?
I own land, will I lose it if I do this.
Where is doing this, if at all linked to declaring a sovereign state where I'm living?
Thank you for the great advice.
I heard that if the word revocable is not in trust name then bankers, county clerks may get concerned and ask for complete trust document, unnecessary reviews etc. Any comments on this?
That is what a certification of trust is for - two page document that describes everything they want to know without having to give the entire trust to them.
Strongly suggest you DO NOT PUT YOUR NAME anywhere in the trust name. Make up a name. Offers you privacy, anonymity, and asset protection against potential lawsuits.
As an estate planning attorney, I can tell you this is not accurate and you should not be providing advice on these matters. Revocable trusts provide NO asset protection.
@@romoskrihow? LLC or? This guy is talking in circles...
@@romoskrifor asset protection do the assets need to be in an irrevocable where you are not the trustee?
@@romoskri What about anonymity? Making it more challenging for someone to find your assets.
@@romoskriit's not about protection _during_ the lawsuit, it's about making you a less _appealing target_ in the first place, before the lawsuit's even opened and the plaintiff doesn't have the Court powers of discovery. The poorer you seem, the better of a settlement deal you'll be able to cut.
hi, thanks for your helpful video.If I only want to change the TRUST name, and I Have the word document from the lawyer who made our trust,can I just edit the TRUST name, print it out, sign them and change all the assets to that new revocation trust name?I don't see why I need to hire a lawyer to just get this simple step done. Thank you for your advice.
Is it ok to just say name trust without saying it’s living trust? In case it may need to be a land trust for asset protection ?
OMG Thanks so much for this information!❤
I haven't funded my RLT yet, but I did create it. Can I amend the name? For privacy reasons, can I change it to something random like "The Coffee Table Trust?" Does it HAVE to also have the word "Living" in the title?
Should we put the date in the name of the trust? Or not necessary?
As far as I know, you must have the date of the initial Trust. It is always on the title of the bank account.
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
Always wondered how to say your last name, didn't catch it till now, paying more attention to the substance of your videos. Appreciate you!
But isn't "living trust" by definition revocable? Are there other types of "living trusts" that are not?
Maybe in addition to this, put your home and other assets in LCCs
I am so glad I watched this!
I like it! I told my estate planning client to watch your videos. He then schooled me in the Paul R way about why he didn’t want to use “Revocable” in the title of his trust. 😂 Title promptly changed using find and replace with reasons duly noted. 😊
Love that!
thank you so much for this advice
Are you a California lawyer?
I thought the trusts were private! How could creditors see it?
Amazing! Thank you, Paul. It makes perfect sense.
Thank you for all the information you give. I have a question: Can we convert a revocable trust to an irrevocable trust upon our death to provide for future generations?
I'm pretty sure all revocable trusts convert to irrevocable trusts upon death. After you die you can't make the decision to revoke it, so they are irrevocable.
From my understanding, it automatically becomes irrevocable at death of all Trustees. NAL
Can you address some issues for single people?
When retitling assets is it a concern if the word “The” is omitted? For example it is requested an account be retitled “The Jones Living Trust” but the institution titled it “Jones Living Trust”?
I think you can amend the trust docs to include the statement “The Jones Living Trust” also know as "Jones Living Trust”
Great advice. Thank you so much for the information.
can you call it "XYZ Trust," or does it specifically have to be called "XYZ revocable living trust?"
does it need to be called "XYZ Living Trust"?
Thank you for this vital information
Do you even need to state “living” in the account name? Could you just call it The Trust of Joe Smith?
Very interesting. Thank you for the very informative video. Can you give examples of ways to restate the trust terms to protect from lawsuits? Can you restate and just say that this trust is now an irrevocable trust? What’s the difference between restate and an amendment?
The way I understand it if you’re making big changes like the primary beneficiary, you would want to do a reinstatement. If you just have a few little things to change, I think that would be an amendment.?
Are there attorneys that specialize in dealing with overseas investments or accounts that you will have in a trust?
Awesome info. Thanks!
I made a trust 4 yes ago. How can I scrape the whole trust and start with a new one. Thanks.
You can have an attorney draft a document that revokes your trust.
Or in most states you can just find the format for the document to revoke your trust and fill it out yourself. Attorneys aren’t needed if you’re intelligent and do your homework.
thanks again Paul
What does a trust cost “
I would love to know more about trust.
i don't understand, what's the big deal with having a descriptive work "revocable" as part of the trust name? why can't the name of the trust be revised or changed if needed, rather than having to transfer all the assets into a new trust?
Because you will need to change the title on your assets, example your house title, car title, bank title. You xan change it but it would be as much work as creating a new trust.
@@estradar11 thank you!
Have had a living trust in our names for 25 years. Would a name change to remove our names be of any value at this point if the intent is to hide the assets from potential creditors at some point in the future? Wouldn’t historical records be easily found? Same home address Thx.
A bit confused on the if you change the title to names but then you can have creditors and lawyers cause issues 6:18 so what are you doing to protect that from happening? yousay restate the terms . So your then retsting the terms to protect from creditors and lawyers then not before ? Also if you dont use your name but make it up how can that keep things inside confidential where as if you put your real name on it and is this something you should do?
Why use your names? This could prevent someone steeling the title to your house right?
Makes it easier if you are selling the asset. or trying to claim a homestead exemption on a property
Even if you do not use the word "Revocable" in the title CAN'T a creditor with a judgment against you still lien the property?
Yes
do I even need the words "living trust" in the trust name, or can i just put in "trust"?
Can a trust be renamed?