5 Things Missing in Your Living Trust
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- เผยแพร่เมื่อ 25 ก.พ. 2014
- Schedule a free consultation today. Visit aba.link/no9
This video explains the benefits of a living trust and why most living trusts do not adequately address most peoples estate planning concerns.
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#livingtrust
If you want to dive deeper into this topic, schedule a free consultation with my team today. Visit: aba.link/no9
Thank you for the information I have been trying to figure out what to do for me and my children grandchildren and great-grandchildren lives with the protection by way of informing them.
This is such an amazing video! Thank you for giving all of us this information. I've been binge watching your channel for the last 3 hrs. It started with one of your LLC videos which was also extremly informative. Thanks again!
Nick A. Bacher
Thanks for watching.
Valuable information... Thank you
I live in WA. I didn't have to go through a backround check to be executor of my dad's will.
Thanks for sharing your story along with the advice.
Thanks, Clint, for this expose! I enjoy listening to your presentations, because they are concise, and they stick closely to the topic at hand. Logical and efficient, I love it! Thanks for all the great information!
velvetpaws999
Thanks for watching.
That's what I'm looking into removing the trustees and I wanna get the information and services to help me.. . How can I contact you for more info about what I need
.
Thank YOU! I have siblings very interested in being the sole in-charge person of my property.....since i never married and i have been lucky & wise about preparing for retirement.....This information is very welcome & just made to measure for me. Sooo grateful!🙏 Please continue making videos of this sort to protect us from selfish-greedy lawyers & financial planners. 🙏🤗❤🌞
Thanks
Thank you! This was definitely GOLDEN information!! Not cloudy or in terms that cannot be understood.
WOW!! Thank you so much!
This was very well done!
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This is so sad, I'm sorry to hear about your Grandmother, Clint.
Thank you! You clearly defined the differences between a will and a living trust. All the best to you!
You are so welcome
Thank so much.
thank you very much for these videos
Absolutely
Hehehehe...You had me to fall off the sofa!!!!!!! The Cat!!!!!
......played this video about 5 times.... excellent info!
Welcome to the club. I suffer a deal of like but the lady that took everything from my love for my grandkids no longer can see them! As for my daughter hate me so much thank to that lady say she my cousin ha took my kids always turn them against me ha what did I do wrong cousin was so trick jealous of me so life go on . I hear you respect your Famila story. But again that lady wasn't our famila she was greedy she was hateful she didn't care who she has to hurt to get her way. Her real mother up to this day they talk that good but lady kelp coming back and fourth knew my mother was very sick. Can go on thank you I know that feeling I been abuse all my life sue to my
@@isabelduarte8656 Damn. Did your situation get any better?
Do you work in Nevada?
Very informative very informative this really makes you think.
Glad it was helpful!
I just had a $400 2 hour presentation from a elder attorney today. I got my first exposure to a living trust and asset protection. I found what you shared to be so educational and informative.
Thanks
Perfect combination of life and law. Thank you.
You bet!
Thinks Clint great info.
You bet
Is the living trust with the 4 asset types under it also called a "pour over trust?"
Absolute phenomenon. Gem 💎.
Rizzle Riz
Thanks for watching.
It's still best to divide up stuff while you're still in good shape and living
Thank you for the RV comment!!!!
I am so sorry!!!!! That foot print was on that cat..... God Bless!!!!!!!
Underrated channel.. thank you Mr. Coons
Steve Lopez
Thanks for watching.
He always have more and one original will there's some things you're going to have to record at the courthouse then they charge you a fee they get a certified copy from them
You could have the number different accounts and different names that limits how much money is going out for different things
NJ probate is very efficient not like other states. Thank you for great personal points.
You bet
However spend thousands on two different trust. Hard to Evaluate who’s telling you the truth or not.
My grandparents signed their house deed over to the neighbors three months before my grandfather died intestate My lawyer told me I couldn’t do anything.
How do you feel about offshore trusts?
When your kids are born is it ever necessary to get them a social security card? What I ever want to do that? Hindsight is 20-20 but in regards to Future advice. Is this the beginning of volunteering and consent? In other words would I ever need a social security card for the rest of their life if I went private?
my mother and father in-law just pass with in 3 week apart Thay have a will and a trust so the say one thing and the trust say one thing what do we do will trust crazy
he lived with jerry winger in wallingford seattle
I want to have a living trust but I also want the anonymity that land trusts provide for my rental properties. Can a living trust serve the same purpose?
What if I placed my 4 properties in land trusts, made the LLC's the beneficiaries, and made operating agreements that upon death of the sole member of each LLC (me) persons a, b, and c then become controlling members with equal shares in the LLC's? Or, for anonymity, why not just use a registered agent for each LLC and forget the land trust?
@@df56gh4d5h LLC owns property, trust single member owner, you are the trustee
Did he cover the 5 things
Question: We have rental properties, mostly 4 family buildings, but we also own a company (C corp). This company is housed in a commercial building which is owned by the C-corp itself. There is still a bank loan that is being paid off, which was taken out to finance the purchase of the land and the construction of the building itself, plus all the technical equipment needed for the company's operation. Initially, we took out this loan personally (my husband and I), and had an LLC owning it. This LLC leased the building to our C corp. Then, some years ago, we "sold" the building to the company and so now the corp owns the building and pays off the loan to the bank directly. We are the only shareholders of this C corp, which is privately held. Did we make a tactical/tax etc... mistake when we did this? From the end of your presentation here, it seems to me that we might have made one! I would really appreciate it if you could briefly address this. Thank you for your valuable time!
Yes - selling the building was not the best long term but it may have offered advantages in the short term. The issue will be when you sell the building in the future. The income will be taxed to the corp and so long as you do not take it out, your tax rate will be 21%. Thus, if you plan to reinvest the proceeds it might work out ok. Lots of variables unfortunately. :)
I CREATED MY OWN TRUST USING A KIT I PURCHASED. DOES A TRUST NEED TO BE RECORDED IN THE COURT HOUSE??MY MIDDLE DAUGHTER IS AN ATTORNEY AND THE EXECUTOR. SHE NO LONGER TALKS TO ME SO I CAN'T ASK HER. THANK YOU FOR YOUR PERSONAL INFO IT BARES WELL WITH ME.
It might depending on the state. If you record it you will ensure no one can change it after your passing.
It depends are you single or married. You have real estate in your name. Do you have a lot of money assets and valuables that you have to divide. You have to record certain things like real estate in your trust name.. in court records.. the way you have it now it's more like a will.. I'm getting older too and I'm going to have very little of anything in my name if I own nothing it works out for me
the uncles name was don crews seattle
What if you put a High Cash Value Whole life policy into an Irrevocable Trust. How can you go about max funding PUA's throughout the year? Is it a nuisance to have to deal with in other words?
You will have to gift the premiums to the trust.
Mr. Coons i have heard you say that you invest in Oklahoma, this is where i live OKC how would you setup an LLC or Land Trust or what ever you suggest? Im a investor and was wondering the cost ?
I would use LLCs. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
SIMPLE QUESTION: How do we transfer assets into our Trust?
- Deed them?
- Assignment-letter them?
How exactly is this done?
Depends on the asset. If it is an asset like a bank account or real estate you must change title. If it is an LLC interest you will assign you membership.
You don't want to have everything in a trust that ties up sometimes a lot of things don't put all your eggs in one box
How are provisions for the trustee in a living trust executed without courts or lawyers?
The trust document controls the disposition and control of the assets held in the name of the trust. Think of it like a manager managed LLC. The manger of the LLC has control over the assets. The LLC operating agreement will specify what actions the manager can take and when he is limited. The llc manager can only exercise control over assets held in the name of the LLC. It works the same with a living trust. The. trustee can only act to the extent of the powers granted to the trustee.
24:16 the poor kitty
Clint, I have several real estate investments owned through LLCs of which I am the managing member. My husband and I have been married 45 years, have 4 children and 10 grandchildren. Two of my children have substance abuse problems. Should I put these assets into our joint living trust. Does putting it in our joint living trust expose the estate to nursing home raiding? We have 2.5M currently in assets, the larger side is in the LLCs. We jointly personally own a large piece of land (by east coast standards).
I would like to make my eldest daughter the trustee or executor. She has a pristine moral compass and I’m sure she would follow our wishes.
Yes they should be placed in your Living Trust and I see no issue with your responsible daughter serving as the trustee. Does your Living Trust recognize the substance abuse problems your children suffer from and have protections in place to prevent them from receiving distributions? Second, a living trust does not protect against nursing home costs.
Yes that would affect you for nursing homes they'd find out but legally you have to report everything you have . There's insurance but it's expensive.. sometimes the best thing to do is downsize what you have make it more liquid and get rid of it
Where do I set up the consultation
You can do so with this link: andersonadvisors.com/ss/?tfa_2275=7010B000001YG29&aff_id=4c7ba1d0&tfa_2278=Social%20Media
35:50 Eval spouse didn’t want the revelations so she cut off the stream :)
into a trust
How to make sure limited partnership is held in living trust?
You need to assign your interest to the living trust.
so - are you still accepting new clients? if not, can u recom a reliable firm? I need all those services youre offering
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
Never put everything in one basket you don't want everybody to know your business
can i put my living trust in the land trust and then to the LLC
Just the opposite. The land trust to the LLC and the LLC inside of the living trust.
@@ClintCoons in your comment above, when you say "LLC inside of the living trust", are you referring to assignment letters for each LLC/entity? is that all that is required?
@@pdc0075 Yes you will want to assign any interest you have to your living trust.
@@pdc0075 Yes you will assign your interest.
Do you have to obtain EIN FOR AN ESTATE OR TRUST?
Not until the grantor passes.
32:26
my dad died 10 years ago without a trust but my mom is still alive with a mortgage..Shes 85.. will a living trust benefit her situation now??
Depends on her other assets. If the only asset is a house with a mortgage a will should suffice.
@@ClintCoons Yeah but she has 100k for a mortgage..
hello
May be a good idea also to file a ucc1 lein against all your assets and have your Trust be the creditor. That way in case of a lawsuit, the Trust will get paid the full value of the llc before the plaintiff sees a dime. Their lawyer will see that pre exiting lein and not even bother going after the llc assets
Keep in mind the trust does not offer any protection and anything it owns e.g., lien interest, can be attached by your creditor.
@@ClintCoons if the llc has outside and inside protection and the lawsuit is coming from within an llc would they be able to go outside the llc to attack the trust?
@@homesteadfarms5315 Not unless they bring a claim to pierce the corporate veil. very unlikely.
@@ClintCoons thanks so much Clint, I very much enjoy your videos and valuable info you share. Very much appreciated.
Hi
I love how matter of fact he is...
Thanks
Lol @52:50
What is an Ilit? ILIT. 1:02:00
Irrevocable life insurance trust.
lol 52:50
s
rmd charles scwab tranfer on death accounts
not living
I will edit ur videos for u if u help MeAw to set up my fam trust!!! Win Win?
No editing needed you crook. Just listen
@@hasdrubalsosamarquez5430 what planet are u from. Who talk like this? Mind ur business may b🧐
Ok but for TH-cam video-- get the point and stop rambling on with side stories...
I thought the video was excellent!