9 Mistakes Not to Make with a Revocable Living Trust 1. Failing to Fund the Trust 2. Having a poorly written Trust 3. Mistakenly thinking that Revocable Living Trust assets aren't used for Nursing home expenses 4. Mistakenly thinking that Revocable Living Trust protects you from liability/creditors 5. Not having ancillary documents in support of Trust (power of attorney, durable power of attorney, successor trustee, pour over will) 6. Not realizing your Trust doesn't control where your IRA, Life Insurance, Annuities go when you die 7. Naming your Trust as the beneficiary of your IRA when you don't need to 8. Failing to update your Trust when something changes 9. Failing to subscribe to this channel
Wow, some good points. We got a pour-over will into a Testamentary Trust attorney who said funding trust was not needed? NJ probate is very efficient not like some other states.
@@reberyan7879 I never heard why a car would be in a trust may be some very valuable car. I have an NJ pension only your spouse gets half the pension when she dies finished like Social Security. I'm not sure about kids under 26 y/o far as pension benefits depend on your state.
@@reberyan7879 It sounds like it's a trust "funding" issue as opposed to the actual language in the trust document to get your vehicle in your trust and to set up the beneficiaries of your pension the right way. I'm not sure what state or jurisdiction you are in, but it might be worth a call to your attorney to see if in fact anything needs to be changed in your documents.
No worries NICER Financial Elder Abuse Defense Administration Network Forgery Proof Latin Law Permission Ledger Arbiter Interdiction Trust is around the corner.
The Toby Mathis Anderson Advisors Trust is just as easy to forge by inheritance thieves, and now Anderson is Advising us to remove our names from out property so Land Trust anonymity thieves can steal our Real Estate, when we hide from widows and orphans and run from slip and falls.
RLT is great. Walked into bank with copy of trust, parent's death certificates, my id. 5 minutes later, "what would you like to do with your account sir".
RLT is too easy to forge, a greedy sibling changed it, cost half the estate litigation. Next time around getting a NICER Financial Elder Abuse Defense Network Approved Forgery Proof Legalese Administration Lawyer and their team of Allied Legal Professional Trust Guardians. Who defend vulnerable grantors and defend grantees with a Latin Law Permission Ledger Recorded and Monitored Interdiction Trust Complete Administration.
I review all my financial affairs at the beginning of each year. I also go over those affairs and my final wishes with my children at that time so they are well informed and they each understand my final plans
Great advice. I would only add that one needs to find an expert attorney who drafts up the documents. I lucked out and had a very experienced attorney who bounced things off of me that I hadn't thought about. An amazing guy. I am grateful for his work.
Our Estate Planners mistakes cost us 50% in Litigation billable hours and other related costs. So 5% to 10% in validation fees makes more sense than the easy to forge estate Plan. We need Administration Lawyers who innstall services instead of Estate Planners who install easy to forge documents.
Our greedy trustee changed it at the last minute and the estate planner who promised peace of mind refused to help when it cost half our parents estate in litigation related cost including phony billable hours.
Thanks so much for this video!! A living trust does not necessitate any probate procedures. When the Trust Deed's events, such as death occur, the Trustee is instantly empowered to administer the deceased's assets.i am Currently living smart and frugal with my money. Saving and investing lifestyle in the financial market made it possible for me this early even till now earn monthly through passive income.
Thank you! I took tons of notes! My Dad created a RLT in 2012 and thought he'd done a great thing. After the last 3 years in assisted living, he caught CV-19 from staff and died in Oct 2020...leaving me with figuring out the labyrinth of RLT he left behind. He was never great with details so "funding the Trust" was the biggest kink to work out. I now want to be sure I AVOID leaving those headaches to my daughter when my time comes. Your videos are now on my "to do" list!
@@ruthtorphy2204 I'm having issues now with one of my mom's accounts that wasn't placed into the Trust. The institution that holds it seems unable to understand the Pour Over Will document that is part of her trust. This allows whatever was not placed into the trust in the trust after death with a small account affidavit. Somehow they are still having their lawyers disect it or they are incompetent.
I feel your pain we paid a million In billable litigation hours because our $8000.00 estate planner only funded it and didn’t include the dozens of steps in as complete administration including 15 step’s minimum to transfer, distribute and settle it. FYI lesson learned hire a NICER Inheritance Administration Trusted Advisor not an estate planner.
I'd like to hear more about what to do about credit or credit protection. I am a widowed retiree. My only income is pension and SSA that's slightly less than $50K combined. I don't own any real property. I only have personal property; 2 late model vehicles and my household goods/clothing/books and other miscellaneous items as assets to pass on. But, I do have several credit cards - approximately 1/3 of my income is credit card debts becauseI travel a great deal. My credit accounts are all open and current. I'd like to know how I can protect my beneficiaries from creditors after I pass away?
great video. i love your commitment to educating our friends and family...doing all you can to help people and save families from aggravation, expensive costs, and time.
Now that National Institute of Certified Estate Planners bravely caveated the RLT failed, getting one would be the mistake without NICER approved Inheritance Administration Lawyers.
Number 10. Not getting the Forgery Proof NICER authorizes Administration Lawyer's 33-year reformed Permission Validated and certified Trust Administration.
I just met with an estate planning lawyer last week and went in assuming I'd create a Trust (side note, if pay a few thousand for them to write a trust the language better damn well be correct) anyway, htey mentioned something that I hadn't heard of before for a home, a Beneficiary of Deed, instead of creating a trust, I left totally confused and the pros and cons of a BOD vs. a Trust, other than the fact it cost double to write a trust.
I transfer what I can to my grandchildren now. In the past I had it set up that they would inherit funds and then I realized it is now that they can use the help.
Mistake #7 is spot on, and in my opinion you are exactly correct and gave an ethical and honest description of when it makes or does not make sense. Too many people name their trust as the beneficiary of their IRAs when there is no need to do so. Unfortunately, many times they do that because their attorney recommended they do it....especially when the attorney has convinced the clients to list the attorney as co-trustee in the document and will be collecting his/her fees down the road. And of course that fee is typically based on the size of the trust, so some attorneys want to direct any and all assets to the trust to increase their future fees. I have seen this many times in practice and it’s “funny” how it occurs with the same attorneys over and over.
I can see how the lower income folks get the short end of the stick with a living trust-- it cost money to have one, while they don't have the money to have one for their family, then this type of information is basically restricted to a lot of people, not to mention complicated.
@@kalebott9883 Our parents Trust Lawyer's estate plan cost a million dollars in billable litigation hours, so we're waiting for the NICER approved Interdiction Living Trust Administration Trusted Advisors, and Allied Legal Professional Trust Guardians complete inheritance transfer, distribution and settled administration. Costing Parents a Prebate Nickel, or Grantee Beneficiaries a NICER Probate Dime, to avoid the Failed Estate Plan Quarter to 50% in billable litigation hours. So, everyone gets the same end of the stick, and Drew Barrymore and Cher's heirs get their shares.
@@kalebott9883now that the ethical lawyers are caveating the estate plan Trust fails the only options will be a Prebate Nickel for Grantors, a Probate Dime for Grantees and a Litigation Quarter for greedy grantees who want to fight in court,
Thank you for summarizing many issues and or mistakes associated with establishing either joint or individual revocable living trusts. I have stumbled through many of these issues and others.... in my quest for the right combination of vehicles to use to satisfy my personal and unique concerns. If anyone is detail oriented and able to reason thru these various situations, there comes a point where one needs to take some action and decide what vehicles to put in place and do the follow thru necessary. So having said that how does one go about brining all of the concerns you have raised along with ones they have you did not cover and taking appropriate action and get it done! It will never be perfect but without action it will never be done. So is there a master checklist that in theory will bring one to that point of taking action?
Thank you so much for doing a good deed which really what you are doing is giving back to communities for free! As always, what's good with tons of knowledge/power and not sharing & using power to make a difference to the world we live in? Your sharing of your insights & knowledge is greatly appreciated!
Great video! Regarding Medicaid, they would need an Irrevocable Living Trust before the clock starts ticking. They'll need a certain level of assets in that ILT for a specific amount of time before Medicaid can not hold it against them. Again, great video!
Agree 100%. When working with my clients and discussing Medicaid planning with irrevocable trusts, the threshold question is whether or not they want to give up control of those assets to another trustee in order to shelter their assets. Most aren't willing until they see an actual medical issue on the horizon.
As a product dependent on an irrevocable trust, I can honestly say that leaving a family member as an executor is probably not a very good thing. The fact that when the trust was designed, it was due to the fact that Medicaid and prenuptials were not very trusting so my parents and lawyer thought the siblings would be the best executors for my "Well-Being" after they had passed on. Was this a good decision? No! Turned out you can only have one executor and after the dependent of the trust has deceased, the remainder of the trust goes to the three trustees which asked to date, the trust is now on its second executor and as the beneficiary, I am concerned for my future.
@@theplainenglishattorneyDon't know what state you are in, your trust automatically turns into a IRREVOCABLE TRUST, if OR once you BECOME, INCAPACITATED OR DEATH! I just went through this with my dad, who is Incapacitated! Yet, while you are the GRANTOR/CREATOR/TRUSTOR you can UPDATE, MODIFY as often as you want to. Yet, if a real estate property, still allows you to claim interest in it, yes keep it simple! Yet, if you are not still able to claim that interest. That home should have a second person on that deed along with yourself, for cheaper property tax, benefiting purposes.
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.
OK, sir, this is the third video that I watch from your channel since yesterday. I won't make the # 9 mistake. So here you go I'm your new subscriber. BTW my mother-in-law passed away last September (my father-in-law passed away in 2000). My wife is in the middle of processing the transfer of the living trust that they left (2/3 ownership of the house) to her name. We were so glad that her late parents had a living trust (written about 25 years ago) transferring their ownership to her. Just sharing our experience on living trust.
A former business associate's grandfather made millions in finance in NY, he fell for the "Trust" scam. After 10 years of failed investments and fees,the millions were reduced to about $900,000. I would never give corrupt bankers any control of my money.
@@adrianalopezserrano525 There are multiple ways to structure a living trust. If you're considering one do your research first, know exactly what you want before you do it.
This comment is such croc of S. A trust is only a bucket where you put things in. The bucket has a successor so when you die, your successor automatically becomes the owner. Simple as that. The trust itself is not an investment mechanism. If you bought bitcoin and put the bitcoin in the trust and your bitcoin devalues, it's not the fault of the living trust.
Don't you know that there are multiple ways to structure trust accounts? And yes a trust can be set up to invest and grow, with payouts like stock dividends............ Have a nice day William.
I could use some info, so if my mother is trying to set up a living trust fund who writes the trust & then when she passes away who do i show the living trust fund so that i won't go through the extra procedures. Do i need another person involve & can she get someone to write the fund for us? (Only offspring)
We are waiting for Mr. Rabalais and all the Estate Planners to advance their careers to NICER approved Inheritance Administration Lawyers to avoid the Estate Plan Trust that cost my family a million dollars in Trust Probate.
My mother's Will is a State Secret, and she changes it frequently depending on who she likes that week. She's 96 and is still changing her Will. What is your advice....
Listenening to you and your knowledge in this field makes me wonder how it is possible to be so well versed in any endeavor. I am sharing your expert knowlede with family members who will in turn share with other freinds. Thanks again.
I would add that ALL attorneys start with a form that includes standard language for determining what is, and is not, an eligible need for a distribution to a future beneficiary (typically child or grandchild). That basic language is fine, but in my experience as a former bank trust officer (20 years) most clients don't ever communicate how they REALLY want things handled specifically. With only the form to go by, there is not much in the way of potential expenditures that won't fit within the definitions of "Health, Education, Maintenance and Support". If you want your trust to buy a grandchild their first car at 16, say so! If you don't want the trust to EVER buy them a car (I actually had one of these) SAY SO!
My question is is how would you feel if you were loved as a beneficiary on the estate and a trustee steals the estate for their self and claiming to be the beneficiary as well please explain how did they get away with being both with an item that is not theirs using your identity your social security number to be beneficiary as well as the trustee I am very bored how would you feel if this was done to you how would you feel if you did not see the true trustee estate papers please explain this when a power of attorney is over a trustee really floors me because I had no idea this had been done for someone to say someone's incompetent even if they have a disability who's handled her own affairs most of my life but when a lawyer does not listen to beneficiary and walks all over them then the trustee has misled that lawyer into believing in something without your knowledge
It's easy our greedy trustees, grantees and inheritance hijackers are stealing our inheritances or costing 50% in Billable Litigation Hours, erase your sibling's names and you get it all. Until Notay Index Crime Enforcement Regulatory 837PC Citizens and Sheriffs go on call to arrest you around the holidays. With NICER forgery proof Title Holding Entities, like a 33-year reform Interdiction Living Trust, Permission Ledger DPOA, and Schedule A Counterfeit Free LLC so Brew Barrymore and Cher's Heirs get their shares.
In Australia if you go to a nursing home the premium paid is refunded when you leave (die). The residents pay ongoing fees for their care. That's for private nursing homes. You can go to a government nursing home but it's best avoided unless you're broke. I'm not sure why I'm watching this on Xmas morning .
My bad experience - A large burden was shifted from Settlor to Trustee with lots of conditions on beneficiaries to receive $$. Would have been nicer if Settlor had just designated percentages or amounts.... Also, whoever might have power of attorney needs to be informed. Regarding land, can trustee just quitclaim land to the beneficiary & let them deal with sale or whatever?
What the trust doesnt own can fall into probate . This is why its great as people age and dont earn as much money to have updates & changes included in the contract signed by your attorney , it's better also to have a firm so that your atty goes into a nursing home etc there is backup .
Great content! Thank you for your insights on mistakes in preparing a living trust.. quick question, I hear and have read that there are attorneys that say don’t put your real estate in a living trust?
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.
My parents set up a revocable trust with a corporate trustee. Dad asked them 4 times over a 16 month period to sell a house that's draining his funds. They said they'd "revisit that later" but never called him back. He called his estate lawyer and asked her what to do. She called the trust officers who then agreed to list the house by Oct. of 2019, but they never did. In Feb of 2020, they were fired and another, smaller one hired. The new corp trustee let Dad's life insurance lapse and Mom's health insurance lapse AND worse is that they lied about it...in email! So they were removed by an attorney. They filed a petition in court and served my parents, claiming my parents were mentally and physically incompetent to fire them. Both parents were so frustrated, they began to have immediate health problems. A guardian was assigned by the judge who, after 6 months, found no evidence of their incompetence. I called 38 law firms trying to find one willing to tangle with the bank trustee since they've been in our city for more than 100 years. The corp trustee said they'd go away as long as I'm not trustee. I DON"T WANT to be trustee. They won't let me name any other trustee but the attorneys haven't named any either. This has languished for 3 years with NO actual court dates and no action done except for bills from attorneys. Dad couldn't take it anymore and his heart finally gave out. He died in February. Mom is on her way. Considering how far along we are, and the bank's influence in the city, no law firms will take over to get this moving. It's cruel and irresponsible and corrupt.
Wow, I am so sorry to hear this. It sounds just like family court attorneys. The 2 worst type of lawyers are probate and family law attorneys, They trap you and you can't get out because you get deep involved and tangled up in legal ease and complex situations. Since it would take decades to learn the type of law you need to apply, there's literally nothing that can be done,. There's is zero accountability for attorneys that work in a civil capacity, Atleast in criminal court there are checks. Nothing like that exist in family court and the only checks are a state bar- and that's made up of.....attorneys. The police policing the police type scenario. It's such a corrupt system.
@DAVID JONES Tried that. No one would take it because they don't want to travel 3-5 hours each way, which is how far the next nearest large cities are that have probate attys. Our city is on the border of 2 other states, so we can only go in one direction.
can't you have your mom revoke the trust since its revocable? Why weren't your parents at least co-trustees since its revocable during their lifetime? I'm an attorney but not an estate planning attorney. Just studying this to try and help a friend of the family.
@@andraynapolez3593 Yes, they were co-trustees. But she didn't have a good understanding of the trust when I arrived 6 years ago. They talked about dissolving it in 2020 but the estate atty said it's too complicated of a trust since my brother's fam had talked them into changing it when he arrived 8 years ago, and making his wife and kids beneficiaries. There are so many amendments to the trust that it's about 60 pages long.
New Subscriber. Thank you for this video. Quick question pls. I have my Roth IRA set up to reinvest. My intention of opening the acc was simply to save for retirement. The company has a zero maintenance & interest fee. I called to asked if my money is safe, they said nothing is guaranteed. Question is, How can I just contribute without the risk of losing my IRA money to any investment ups and downs? Ex. just like a regular bank's savings/ checking account. I would appreciate a reply when you get a chance. Thank you.
9 mistakes: 1) revocable living trust (succession) ability of settlement simpler for survivors. BUT there can be 9 mistakes…. A) failing to FUND the living trust…TRANSFER ALL ASSETS B) TRUST is poorly written. Word it so it will benefit u while alive and what if one passes and fir treaters powers and duties. C) if go to nursing home… not protected…. D) liabilities need taken care of E) Having trust AND will, power of Attourney, trustee, need to have agent act in your name. POA for health as well. Pour over will.. F) realizing your trust is not out of IRA
Could you do a video on how to handle the affairs of someone that doesn't have a will or trusts set up? My son passed away and I'm trying to handle is end of life affairs for his daughter's mom cause they weren't married.
It absolutely confuses me why more parents and grandparents don't just gift all their future heirs with tax free 15K gifts each year. It's so much more fun to see them spend and save today. My mother gifted all her kids each year the maximum she could. She used to say money isn't everything but gets you a call, visit, or card at least 3 times per year.
Thank you for this video. It was great and I routinely implement these ideas into practice. I would appreciate it if you were to do one on Medicare and Estate Planning. Occasionally, I get clients or prospects that approach me about this issue.
Thank you for these videos. Do you have a video discussing assets that go through probate and those that do not? For example does an IRA, Roth IRA, life insurance and other similar accounts that have a beneficiary go through probate?
Les; if you name a beneficiary and draft your trust well; there shouldnt need a probate. a trust is what the settlor wants or the person who creates the trust
They are countable assets towards total Estate value, but are distributed directly ( by pass probate) to the named beneficiary on the IRA/ life insurance account (not via a will or trust )
Hi lPaul- I hear you - say you are in Louisiana- however- I amin London and I am very o pressed with your knowledge - I would very much appreciate Nd like to have a living trust properly written. Can you help by using a template? I am nearing old age! Needs to sort out my affairs. Many thanks!
9 Mistakes Not to Make with a Revocable Living Trust
1. Failing to Fund the Trust
2. Having a poorly written Trust
3. Mistakenly thinking that Revocable Living Trust assets aren't used for Nursing home expenses
4. Mistakenly thinking that Revocable Living Trust protects you from liability/creditors
5. Not having ancillary documents in support of Trust (power of attorney, durable power of attorney, successor trustee, pour over will)
6. Not realizing your Trust doesn't control where your IRA, Life Insurance, Annuities go when you die
7. Naming your Trust as the beneficiary of your IRA when you don't need to
8. Failing to update your Trust when something changes
9. Failing to subscribe to this channel
Wow, some good points. We got a pour-over will into a Testamentary Trust attorney who said funding trust was not needed? NJ probate is very efficient not like some other states.
How do I update trust when I have already paid attorney and he didn’t add my car or pension
@@reberyan7879 I never heard why a car would be in a trust may be some very valuable car. I have an NJ pension only your spouse gets half the pension when she dies finished like Social Security. I'm not sure about kids under 26 y/o far as pension benefits depend on your state.
@@reberyan7879 It sounds like it's a trust "funding" issue as opposed to the actual language in the trust document to get your vehicle in your trust and to set up the beneficiaries of your pension the right way. I'm not sure what state or jurisdiction you are in, but it might be worth a call to your attorney to see if in fact anything needs to be changed in your documents.
Thanks for the summary. 😀
Number one getting an estate plan instead of an inheritance administration.
You're a great teacher with the easy to forge Trust.
No worries NICER Financial Elder Abuse Defense Administration Network Forgery Proof Latin Law Permission Ledger Arbiter Interdiction Trust is around the corner.
@@KennethKennedy-n7o Using citizens rights to arrest unauthorized document changers.
The Toby Mathis Anderson Advisors Trust is just as easy to forge by inheritance thieves, and now Anderson is Advising us to remove our names from out property so Land Trust anonymity thieves can steal our Real Estate, when we hide from widows and orphans and run from slip and falls.
RLT is great. Walked into bank with copy of trust, parent's death certificates, my id. 5 minutes later, "what would you like to do with your account sir".
RLT is too easy to forge, a greedy sibling changed it, cost half the estate litigation. Next time around getting a NICER Financial Elder Abuse Defense Network Approved Forgery Proof Legalese Administration Lawyer and their team of Allied Legal Professional Trust Guardians. Who defend vulnerable grantors and defend grantees with a Latin Law Permission Ledger Recorded and Monitored Interdiction Trust Complete Administration.
I review all my financial affairs at the beginning of each year. I also go over those affairs and my final wishes with my children at that time so they are well informed and they each understand my final plans
You're amazing..!
Great advice. I would only add that one needs to find an expert attorney who drafts up the documents. I lucked out and had a very experienced attorney who bounced things off of me that I hadn't thought about. An amazing guy. I am grateful for his work.
Please if you would share your amazing guy
Our Estate Planners mistakes cost us 50% in Litigation billable hours and other related costs. So 5% to 10% in validation fees makes more sense than the easy to forge estate Plan. We need Administration Lawyers who innstall services instead of Estate Planners who install easy to forge documents.
Our greedy trustee changed it at the last minute and the estate planner who promised peace of mind refused to help when it cost half our parents estate in litigation related cost including phony billable hours.
Thanks so much for this video!! A living trust does not necessitate any probate procedures. When the Trust Deed's events, such as death occur, the Trustee is instantly empowered to administer the deceased's assets.i am Currently living smart and frugal with my money. Saving and investing lifestyle in the financial market made it possible for me this early even till now earn monthly through passive income.
Thank you! I took tons of notes! My Dad created a RLT in 2012 and thought he'd done a great thing. After the last 3 years in assisted living, he caught CV-19 from staff and died in Oct 2020...leaving me with figuring out the labyrinth of RLT he left behind. He was never great with details so "funding the Trust" was the biggest kink to work out. I now want to be sure I AVOID leaving those headaches to my daughter when my time comes. Your videos are now on my "to do" list!
This Jan we had same issues. Nothing was actually placed in the trust.
rip to your Dad💙
@@ruthtorphy2204 I'm having issues now with one of my mom's accounts that wasn't placed into the Trust. The institution that holds it seems unable to understand the Pour Over Will document that is part of her trust. This allows whatever was not placed into the trust in the trust after death with a small account affidavit. Somehow they are still having their lawyers disect it or they are incompetent.
Your better off not owning anything, it’s costs money and you don’t know if the law will change
I feel your pain we paid a million In billable litigation hours because our $8000.00 estate planner only funded it and didn’t include the dozens of steps in as complete administration including 15 step’s minimum to transfer, distribute and settle it. FYI lesson learned hire a NICER Inheritance Administration Trusted Advisor not an estate planner.
Thanks, great video. Please make another one; the "Best way to protect the assets from Nursing homes"
How about taking care of them at home like we did for two sets of parents without scamming our fellow tax payers.
I'd like to hear more about what to do about credit or credit protection.
I am a widowed retiree. My only income is pension and SSA that's slightly less than $50K combined.
I don't own any real property. I only have personal property; 2 late model vehicles and my household goods/clothing/books and other miscellaneous items as assets to pass on. But, I do have several credit cards - approximately 1/3 of my income is credit card debts becauseI travel a great deal. My credit accounts are all open and current. I'd like to know how I can protect my beneficiaries from creditors after I pass away?
Great info, also get a trust before demensia sets in .
great video. i love your commitment to educating our friends and family...doing all you can to help people and save families from aggravation, expensive costs, and time.
Now that National Institute of Certified Estate Planners bravely caveated the RLT failed, getting one would be the mistake without NICER approved Inheritance Administration Lawyers.
Number 10. Not getting the Forgery Proof NICER authorizes Administration Lawyer's 33-year reformed Permission Validated and certified Trust Administration.
I just met with an estate planning lawyer last week and went in assuming I'd create a Trust (side note, if pay a few thousand for them to write a trust the language better damn well be correct) anyway, htey mentioned something that I hadn't heard of before for a home, a Beneficiary of Deed, instead of creating a trust, I left totally confused and the pros and cons of a BOD vs. a Trust, other than the fact it cost double to write a trust.
I transfer what I can to my grandchildren now. In the past I had it set up that they would inherit funds and then I realized it is now that they can use the help.
Agreed
Awesome Grandfather!
Absolutely. You can show them how to spend and invest. You can give or receive tax free as long as it's not more than 15K a year.
So true! I helped a son buy his first house. It means a lot more now and truly can be life changing !
@@jesse957 not awesome, leave the money to his own children. Don't skip generations.
really simple , informative , and practical THANKS
Mistake #7 is spot on, and in my opinion you are exactly correct and gave an ethical and honest description of when it makes or does not make sense. Too many people name their trust as the beneficiary of their IRAs when there is no need to do so. Unfortunately, many times they do that because their attorney recommended they do it....especially when the attorney has convinced the clients to list the attorney as co-trustee in the document and will be collecting his/her fees down the road. And of course that fee is typically based on the size of the trust, so some attorneys want to direct any and all assets to the trust to increase their future fees. I have seen this many times in practice and it’s “funny” how it occurs with the same attorneys over and over.
Thanks ouattorney did just that, so we need to change that by amendment or reinstatement?
Great advice. Thank you!
Yes, thankyou for getting this out…
Thank you a lot for this video. This is very interesting and informative. Keep posting like those amazing videos, this is awesome.
LOVE mistake #9! Mistake avoided!
Thanks Paul!! 👍👍👍👏👏👏
This needs to be taught in schools . Thanks for all of the great information.
LOL it didn't work so the Lawyers are learning the Latin Law Crime Interdiction Administration you can learn on Living Trust Lawyer's Pragmatic Posts.
No it doesn’t it fails with estate planners so how can we do it without Latin Law Crime Interdiction administration lawyers?
Very informative video thank you for these tips and advice.
Thank you for this video!
Love your videos 😃and of course no 9 is the most important mistake 😃thank you for the advice have a blessed day ❤
Yep, it need to be irrevocable trust to be isolated from the government considering it as your assets.
Thank you! I’m binge watching your videos!❤️❤️❤️❤️
Love that 9th tip. Took me off guard. I laughed out loud. What a great closing. Loved it.😍
Thank you sir I can understand almost everything when you explain it....
I can see how the lower income folks get the short end of the stick with a living trust-- it cost money to have one, while they don't have the money to have one for their family, then this type of information is basically restricted to a lot of people, not to mention complicated.
NICER Forgery Proof inheritance security system cost a Prebate nickel, Probate Dime, or Litigation Quarter so everyone gets the same end of the stick.
I’m just learning about trust. What cost are associated with holding/maintaining the trust? TIA
@@kalebott9883 Our parents Trust Lawyer's estate plan cost a million dollars in billable litigation hours, so we're waiting for the NICER approved Interdiction Living Trust Administration Trusted Advisors, and Allied Legal Professional Trust Guardians complete inheritance transfer, distribution and settled administration. Costing Parents a Prebate Nickel, or Grantee Beneficiaries a NICER Probate Dime, to avoid the Failed Estate Plan Quarter to 50% in billable litigation hours. So, everyone gets the same end of the stick, and Drew Barrymore and Cher's heirs get their shares.
@@kalebott9883now that the ethical lawyers are caveating the estate plan Trust fails the only options will be a Prebate Nickel for Grantors, a Probate Dime for Grantees and a Litigation Quarter for greedy grantees who want to fight in court,
Awesome info. I am about to setup a living trust and this info is exactly what I needed to know. Thank you.
This was super helpful. Thank you for the concise information
Thank you, the video was very helpful and the comments provided real insights.
I have been tuned in to quite a few of your videos. Very informative. 🙏🏽
Thank you for summarizing many issues and or mistakes associated with establishing either joint or individual revocable living trusts. I have stumbled through many of these issues and others.... in my quest for the right combination of vehicles to use to satisfy my personal and unique concerns. If anyone is detail oriented and able to reason thru these various situations, there comes a point where one needs to take some action and decide what vehicles to put in place and do the follow thru necessary. So having said that how does one go about brining all of the concerns you have raised along with ones they have you did not cover and taking appropriate action and get it done! It will never be perfect but without action it will never be done. So is there a master checklist that in theory will bring one to that point of taking action?
Thank you so much for doing a good deed which really what you are doing is giving back to communities for free!
As always, what's good with tons of knowledge/power and not sharing & using power to make a difference to the world we live in?
Your sharing of your insights & knowledge is greatly appreciated!
Great video! Regarding Medicaid, they would need an Irrevocable Living Trust before the clock starts ticking. They'll need a certain level of assets in that ILT for a specific amount of time before Medicaid can not hold it against them. Again, great video!
Agree 100%. When working with my clients and discussing Medicaid planning with irrevocable trusts, the threshold question is whether or not they want to give up control of those assets to another trustee in order to shelter their assets. Most aren't willing until they see an actual medical issue on the horizon.
As a product dependent on an irrevocable trust, I can honestly say that leaving a family member as an executor is probably not a very good thing. The fact that when the trust was designed, it was due to the fact that Medicaid and prenuptials were not very trusting so my parents and lawyer thought the siblings would be the best executors for my "Well-Being" after they had passed on. Was this a good decision? No! Turned out you can only have one executor and after the dependent of the trust has deceased, the remainder of the trust goes to the three trustees which asked to date, the trust is now on its second executor and as the beneficiary, I am concerned for my future.
@@RealJamieWorley Thank you for your input. Unfortunately my dynamic is under the "not so good".
@@louiesaucke521 so you had 3 or 4 people listed as trustee and as 1 died the other took over?
@@theplainenglishattorneyDon't know what state you are in, your trust automatically turns into a IRREVOCABLE TRUST, if OR once you BECOME, INCAPACITATED OR DEATH! I just went through this with my dad, who is Incapacitated! Yet, while you are the GRANTOR/CREATOR/TRUSTOR you can UPDATE, MODIFY as often as you want to. Yet, if a real estate property, still allows you to claim interest in it, yes keep it simple! Yet, if you are not still able to claim that interest. That home should have a second person on that deed along with yourself, for cheaper property tax, benefiting purposes.
Great information! Looking forward to the next video!
I gave you a thumb up subscribed and forwarded your outstanding videos. Thank you for your training
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 will not make mistake number nine. Thanks so much
How much should I expect to pay to have a RLT done Thanks
Thank you very much for creating this video. I needed it as I am having these conversations with my family now.
Thank you from Central Florida
Sure thing Central FL! 😎
OK, sir, this is the third video that I watch from your channel since yesterday. I won't make the # 9 mistake. So here you go I'm your new subscriber.
BTW my mother-in-law passed away last September (my father-in-law passed away in 2000). My wife is in the middle of processing the transfer of the living trust that they left (2/3 ownership of the house) to her name. We were so glad that her late parents had a living trust (written about 25 years ago) transferring their ownership to her.
Just sharing our experience on living trust.
A former business associate's grandfather made millions in finance in NY, he fell for the "Trust" scam. After 10 years of failed investments and fees,the millions were reduced to about $900,000. I would never give corrupt bankers any control of my money.
Really? Then you don't recommend living trust?
@@adrianalopezserrano525 There are multiple ways to structure a living trust. If you're considering one do your research first, know exactly what you want before you do it.
This comment is such croc of S. A trust is only a bucket where you put things in. The bucket has a successor so when you die, your successor automatically becomes the owner. Simple as that. The trust itself is not an investment mechanism. If you bought bitcoin and put the bitcoin in the trust and your bitcoin devalues, it's not the fault of the living trust.
Don't you know that there are multiple ways to structure trust accounts? And yes a trust can be set up to invest and grow, with payouts like stock dividends............ Have a nice day William.
Thank you so much. You’re wonderful for helping us!
God bless you for doing what you do
This was such a helpful video thank you!
Thank you so much for the info
great information thank you really appreciate it
I could use some info, so if my mother is trying to set up a living trust fund who writes the trust & then when she passes away who do i show the living trust fund so that i won't go through the extra procedures. Do i need another person involve & can she get someone to write the fund for us? (Only offspring)
We are waiting for Mr. Rabalais and all the Estate Planners to advance their careers to NICER approved Inheritance Administration Lawyers to avoid the Estate Plan Trust that cost my family a million dollars in Trust Probate.
Do Like me wait for the holidays and get a NICER Forgery Proof Interdiction Living Trust, with a Latin Law Crime Interdiction Administration
It's a great idea to include updates and changes in the contract ,
Better than some others i've seen.
Great presentation! Thanks...
My mother's Will is a State Secret, and she changes it frequently depending on who she likes that week. She's 96 and is still changing her Will. What is your advice....
Stay in her good graces 😂
You are Ammmmaaaaazing ! Thank you👍👍👍👍👍
I just started watch your videos ,it is very timely information for me and I appreciate it.
Look forward for seeing more of it.
Ipe.
Listenening to you and your knowledge in this field makes me wonder how it is possible to be so well versed in any endeavor. I am sharing your expert knowlede with family members who will in turn share with other freinds. Thanks again.
Don't forget to add a 33-year forgery proof reform is arriving with a Latin Law Crime Interdiction Administration.
Nice buildup of suspense on #9, LOL. Had me on the edge of my seat.
Great information. I learned from it. Didn't make mistake #9.
Thank you for the public service announcement!
Thank you for your educational and informative channel. New subscriber 🙌
Do i need to go rhrough a lawyer to update my revocable trust or can i fill the form out myself and get it notorized?
#9 was my favorite
Useful information even if you do not live in America ....
Do you know of an estate attorney here in Sacramento California that you can recommend. I need to update my living trust. Thanks.
How much does it cost to make a typical living trust? Meaning what is the current price range, (high and low) for establishing a living trust?
$3400
@@jamesanderson7266 Thanks, James. Good to have a ballpark number.
50 bucks...
How did you arrive at the $50 figure when the other responder said it was $3400? @@waynechien-vovietchongmy9724
Most unique way a you tuber’s ever asked me to subscribe, so I did.
Awesome information! Thank you!
I would add that ALL attorneys start with a form that includes standard language for determining what is, and is not, an eligible need for a distribution to a future beneficiary (typically child or grandchild). That basic language is fine, but in my experience as a former bank trust officer (20 years) most clients don't ever communicate how they REALLY want things handled specifically. With only the form to go by, there is not much in the way of potential expenditures that won't fit within the definitions of "Health, Education, Maintenance and Support". If you want your trust to buy a grandchild their first car at 16, say so! If you don't want the trust to EVER buy them a car (I actually had one of these) SAY SO!
My question is is how would you feel if you were loved as a beneficiary on the estate and a trustee steals the estate for their self and claiming to be the beneficiary as well please explain how did they get away with being both with an item that is not theirs using your identity your social security number to be beneficiary as well as the trustee I am very bored how would you feel if this was done to you how would you feel if you did not see the true trustee estate papers please explain this when a power of attorney is over a trustee really floors me because I had no idea this had been done for someone to say someone's incompetent even if they have a disability who's handled her own affairs most of my life but when a lawyer does not listen to beneficiary and walks all over them then the trustee has misled that lawyer into believing in something without your knowledge
Need a tutorial or basic procedure on up dating my schedule 1,2 etc
So does an irrevocable living trust protect your assets against debt?
How do I forge a Trust?
It's easy our greedy trustees, grantees and inheritance hijackers are stealing our inheritances or costing 50% in Billable Litigation Hours, erase your sibling's names and you get it all. Until Notay Index Crime Enforcement Regulatory 837PC Citizens and Sheriffs go on call to arrest you around the holidays. With NICER forgery proof Title Holding Entities, like a 33-year reform Interdiction Living Trust, Permission Ledger DPOA, and Schedule A Counterfeit Free LLC so Brew Barrymore and Cher's Heirs get their shares.
Don’t do it if It’s a NICER forgery proof Title Holding Entity or 837PC Citizens and the Law will throw you in Jail.
In Australia if you go to a nursing home the premium paid is refunded when you leave (die). The residents pay ongoing fees for their care. That's for private nursing homes. You can go to a government nursing home but it's best avoided unless you're broke. I'm not sure why I'm watching this on Xmas morning .
My bad experience - A large burden was shifted from Settlor to Trustee with lots of conditions on beneficiaries to receive $$. Would have been nicer if Settlor had just designated percentages or amounts....
Also, whoever might have power of attorney needs to be informed.
Regarding land, can trustee just quitclaim land to the beneficiary & let them deal with sale or whatever?
What the trust doesnt own can fall into probate . This is why its great as people age and dont earn as much money to have updates & changes included in the contract signed by your attorney , it's better also to have a firm so that your atty goes into a nursing home etc there is backup .
Thank you for the information
Great vid! Thanks.
Great content! Thank you for your insights on mistakes in preparing a living trust.. quick question, I hear and have read that there are attorneys that say don’t put your real estate in a living trust?
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.
I think it only works if you had an irrevocable trust.
Great content!
My parents set up a revocable trust with a corporate trustee. Dad asked them 4 times over a 16 month period to sell a house that's draining his funds. They said they'd "revisit that later" but never called him back. He called his estate lawyer and asked her what to do. She called the trust officers who then agreed to list the house by Oct. of 2019, but they never did. In Feb of 2020, they were fired and another, smaller one hired.
The new corp trustee let Dad's life insurance lapse and Mom's health insurance lapse AND worse is that they lied about it...in email! So they were removed by an attorney. They filed a petition in court and served my parents, claiming my parents were mentally and physically incompetent to fire them. Both parents were so frustrated, they began to have immediate health problems. A guardian was assigned by the judge who, after 6 months, found no evidence of their incompetence. I called 38 law firms trying to find one willing to tangle with the bank trustee since they've been in our city for more than 100 years.
The corp trustee said they'd go away as long as I'm not trustee. I DON"T WANT to be trustee. They won't let me name any other trustee but the attorneys haven't named any either. This has languished for 3 years with NO actual court dates and no action done except for bills from attorneys.
Dad couldn't take it anymore and his heart finally gave out. He died in February. Mom is on her way. Considering how far along we are, and the bank's influence in the city, no law firms will take over to get this moving. It's cruel and irresponsible and corrupt.
Wow, I am so sorry to hear this. It sounds just like family court attorneys. The 2 worst type of lawyers are probate and family law attorneys, They trap you and you can't get out because you get deep involved and tangled up in legal ease and complex situations. Since it would take decades to learn the type of law you need to apply, there's literally nothing that can be done,. There's is zero accountability for attorneys that work in a civil capacity, Atleast in criminal court there are checks. Nothing like that exist in family court and the only checks are a state bar- and that's made up of.....attorneys. The police policing the police type scenario. It's such a corrupt system.
@DAVID JONES Tried that. No one would take it because they don't want to travel 3-5 hours each way, which is how far the next nearest large cities are that have probate attys. Our city is on the border of 2 other states, so we can only go in one direction.
@@bryanharrell4059 I haven't even contacted the bar. I'd say it's more like prisoners monitoring prisoners.
can't you have your mom revoke the trust since its revocable? Why weren't your parents at least co-trustees since its revocable during their lifetime? I'm an attorney but not an estate planning attorney. Just studying this to try and help a friend of the family.
@@andraynapolez3593 Yes, they were co-trustees. But she didn't have a good understanding of the trust when I arrived 6 years ago. They talked about dissolving it in 2020 but the estate atty said it's too complicated of a trust since my brother's fam had talked them into changing it when he arrived 8 years ago, and making his wife and kids beneficiaries. There are so many amendments to the trust that it's about 60 pages long.
Every Saturday
You missed a few mistakes. It dose not surprise me but still you did a good job on the ones you covered. I am not an attorney.
New Subscriber.
Thank you for this video.
Quick question pls.
I have my Roth IRA set up to reinvest. My intention of opening the acc was simply to save for retirement. The company has a zero maintenance & interest fee. I called to asked if my money is safe, they said nothing is guaranteed.
Question is,
How can I just contribute without the risk of losing my IRA money to any investment ups and downs?
Ex. just like a regular bank's savings/ checking account.
I would appreciate a reply when you get a chance.
Thank you.
I'm waiting for NICER Cyber Air Coins with a 1 to 1 reserve in case there is a run on the bank.
9 mistakes:
1) revocable living trust (succession) ability of settlement simpler for survivors. BUT there can be 9 mistakes….
A) failing to FUND the living trust…TRANSFER ALL ASSETS
B) TRUST is poorly written. Word it so it will benefit u while alive and what if one passes and fir treaters powers and duties.
C) if go to nursing home… not protected….
D) liabilities need taken care of
E) Having trust AND will, power of Attourney, trustee, need to have agent act in your name. POA for health as well. Pour over will..
F) realizing your trust is not out of IRA
Could you do a video on how to handle the affairs of someone that doesn't have a will or trusts set up? My son passed away and I'm trying to handle is end of life affairs for his daughter's mom cause they weren't married.
It absolutely confuses me why more parents and grandparents don't just gift all their future heirs with tax free 15K gifts each year. It's so much more fun to see them spend and save today. My mother gifted all her kids each year the maximum she could. She used to say money isn't everything but gets you a call, visit, or card at least 3 times per year.
You got me there. Mistake #9.
Thank you for this video. It was great and I routinely implement these ideas into practice.
I would appreciate it if you were to do one on Medicare and Estate Planning. Occasionally, I get clients or prospects that approach me about this issue.
Thank you for these videos. Do you have a video discussing assets that go through probate and those that do not? For example does an IRA, Roth IRA, life insurance and other similar accounts that have a beneficiary go through probate?
Not all life insurance benefits and IRA assets avoid probate. If you outlive your named beneficiaries then those assets can end up in probate court.
Les; if you name a beneficiary and draft your trust well; there shouldnt need a probate. a trust is what the settlor wants or the person who creates the trust
They are countable assets towards total Estate value, but are distributed directly ( by pass probate) to the named beneficiary on the IRA/ life insurance account (not via a will or trust )
Hi lPaul- I hear you - say you are in Louisiana- however- I amin London and I am very o pressed with your knowledge - I would very much appreciate Nd like to have a living trust properly written. Can you help by using a template? I am nearing old age! Needs to sort out my affairs.
Many thanks!
LOL! You're good, sir! Your presentation gave me a chuckle and it was a great source of information. Thanks again! 😅
Citizens, Legals, and Law will change the Legal Landscape to interdict Scammers, Spammers, and Estate Planners.
Can you say scammers, spammers, and estate planners 10 times real fast?
Trusts can be confusing and unfortunately there isn’t a place to get answers for your specific scenario . Everyone should make death simple.