The Word "Private" Means: without government oversight. The titles to real property mentioned herein are said to be registered in county records after the created trust owns it and upon transfer to beneficiaries. From my understanding (which is limited), if you are registering transfers of real property owned (legally and equitably) in a county within the United States Inc. Trust, then the said created trust is thereby only an equitable owner of said property because the created trust itself is actually considered property "inside" the United States Trust (usually mentioned in jurisdictional grounds of declaration of trust). In these circumstances it is my belief that you cannot be considered a "Private" trust because you are within the United States Trust and therefore can only be equitable owner. Please correct me if possible. This comment was created in good faith
After seeing an earlier version of this video, while setting up my RLT, I asked my estate lawyer about giving the trust a name different from my own. She said the county and state records show the source of transactions in the trust. A D minus detective can follow it right to you. She also said that banks and governments in TX throw shade on asset transfers to an LT that does not have the name of the original owner. I could see delays, e.g., a bureaucrat wants to study the complete trust document, not just the certification (even though state law says a copy of the certificate is sufficient). Given how tough the funding process in multiple jurisdictions was after I completed it, I agreed that it was smart not to give these people any reason to be slower than they were. I will let the successor trustee do it when the trust becomes irrevocable after I pass. Then it is strictly a legal change.
Do beneficiaries of living trust assets pay state inheritance tax according to the particular state inheritance tax law in the same fashion as beneficiaries of a will pay state inheritance tax???
Does not that depend on the status of the trust after the death of the grantor? Yes, if the estate immediately distributes the assets to beneficiaries, then I would expect the state inheritance tax would apply. If the RLT becomes an irrevocable accumulated trust with a spendthrift clause, the beneficiary(ies) do not inherit anything except income. They should not pay inheritance tax. The signal for the state IRS seems to be the probate process. The state IRS gets a copy of settled probates. If the trust evades probate, how does the state know?
I need to get some information about a deed and it is too complicated to try to explain it, would you be so kind to provide me a number where I could call you, thank you so much and God bless you for all the valuable information.
"UNLESS there is litigation" says it all...and you Paul are one of the FEW who disclose that unseemly reality... Thanks for your honesty...
The Word "Private" Means: without government oversight. The titles to real property mentioned herein are said to be registered in county records after the created trust owns it and upon transfer to beneficiaries. From my understanding (which is limited), if you are registering transfers of real property owned (legally and equitably) in a county within the United States Inc. Trust, then the said created trust is thereby only an equitable owner of said property because the created trust itself is actually considered property "inside" the United States Trust (usually mentioned in jurisdictional grounds of declaration of trust). In these circumstances it is my belief that you cannot be considered a "Private" trust because you are within the United States Trust and therefore can only be equitable owner. Please correct me if possible. This comment was created in good faith
Your video are so helpful, thank you so much. Please keep it going
After seeing an earlier version of this video, while setting up my RLT, I asked my estate lawyer about giving the trust a name different from my own. She said the county and state records show the source of transactions in the trust. A D minus detective can follow it right to you. She also said that banks and governments in TX throw shade on asset transfers to an LT that does not have the name of the original owner. I could see delays, e.g., a bureaucrat wants to study the complete trust document, not just the certification (even though state law says a copy of the certificate is sufficient). Given how tough the funding process in multiple jurisdictions was after I completed it, I agreed that it was smart not to give these people any reason to be slower than they were. I will let the successor trustee do it when the trust becomes irrevocable after I pass. Then it is strictly a legal change.
I appreciate your consideration of the "average Joe" people. Some of us are even below average. 😔
Thanks for this information! 🥰
Why would you want it a secret, if everything was legit?
Do beneficiaries of living trust assets pay state inheritance tax according to the particular state inheritance tax law in the same fashion as beneficiaries of a will pay state inheritance tax???
Yes
@Garfield Ma Ma is asking about state income tax. You have just referenced the federal income tax rule.
Does not that depend on the status of the trust after the death of the grantor? Yes, if the estate immediately distributes the assets to beneficiaries, then I would expect the state inheritance tax would apply. If the RLT becomes an irrevocable accumulated trust with a spendthrift clause, the beneficiary(ies) do not inherit anything except income. They should not pay inheritance tax.
The signal for the state IRS seems to be the probate process. The state IRS gets a copy of settled probates. If the trust evades probate, how does the state know?
@@michaelblazin4093 while you make an *excellent* point, I think the question assumed a distribution.
Is there any reason to make a living trust irrevocable?
Thank u thank u
Thank you too
I heard Monica and Chandler were Friends before they started dating and got married.
I need to get some information about a deed and it is too complicated to try to explain it, would you be so kind to provide me a number where I could call you, thank you so much and God bless you for all the valuable information.