@@arthur-ri4zoNICER Rule 1 is putting clients needs ahead of their own. Rule 5 is advocating inventory, appraisal and gifting small expensive items and weapons legally before they march.
@@arthur-ri4zo NICER Simon says inventory, appraise and gift small expensive items and weapons legally before they march when considering transferring them to your grantees.
Good morning MR. Coons are you Notary Index Crime Enforcement Regulatory Approved to defend vulnerable seniors with fellow NICER Approved Forgery Proof Inheritance Administration Lawyers yet? We want to County Fund, NICER Record, Arbiter Interdict, Trust Guardian Validate, and Trusted Advisor Certify Rightful Heirs? With NICER 837PC Citizens and Sheriffs on call to arrest Trust Warned. Permission Ledger Monitored, and NICER exposed Will, Trust, and DPOA forgers, counterfeiters, and embezzlers.
Now that Clients caveated the Anderson Advisor easy to forge documents are used to victimize vulnerable seniors and steal our legacies, can we trade them in for the NICER Forgery Proof Permission Validation Ledger Interdiction Living Trust and Schedule A Counterfeit Free LLC?
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My sister had terminal cancer, she asked Lawyer to put her dog into her Will that he would come to live with me as he knew me and she bought him when she was sick knowing he would be coming to my house to live with my dog of the same breed. He laughed and thought it was absurd and didn't add it. While she was dying in hospital, her son took the dog, her car, all her valuables and cleaned out her bank account. I did not get the dog and it broke my heart knowing she wanted him to be cared for by me. I called the lawyer and told him and he apologized and told me I could get a letter from him to prove she wanted dog to come to me and take police with me to collect the dog. I did not do that because I didn't want to cause any more trouble with her son who had been in jail in past and it wasn't worth risk. If you want something in your Will your Lawyer should not question it and do it to ensure a seamless transition to the things that matter most to you.
Sorry to hear of your loss. Thank you for the great advice. One must remember these lawyers work for us and what our wishes are is the important lesson. Also, if it's not written down it doesn't mean anything. I wish you all the best. Thanks again.
Nope, 401K needs to name the trust as beneficiary because all of the 401Ks I see now require an SSN for a beneficiary and they have no right to keep my children's SSN in their records which will certainly be hacked at some point. So if I name my trust then I don't put my children in harms way. Their SSN is not mine to go handing out to people
Make the trust the beneficiary so you specify distributions in one place. At death, your trustee can choose to a) cash them out (taxable event for pre-tax funds) and manage the cash under the trust instructions (such as delaying distribution), or b) step out of the middle and direct the institution to payout directly to the beneficiaries, enabling them to receive it in an Inherited IRA and withdraw it over 10 years. Only reason not to do this is if your estate would exceed the tax exempt limits.
Make copies of your house keys or properties and give it to your beneficiaries that you picked. Let them take everything that belongs to your family when you and your spouse passed away. They don't need to know what you owned, it would be less headaches and will saves the beneficiaries tons of money. You can still have a living trust for the house be smart you worked hard for your stuff, keep it to your family. That is my own opinion and good luck.
Yep, Guns especially. The Govt doesn't need to know what you have, and they can't trace personal items. Anything with a public record though is a different story
@@cmf6081 While it may not be legal it would be near impossible to prove. My trust does not have any record of my personal untitled property. Cars boats homes real estate outstanding, everything else you would have to prove wasn't given to me by the decedent before death.
Yes this is a very simple way to transfer vehicles and was suggested by our estate planner but it’s not available in all states. We have vehicles in Wash DC and also West Virginia. West Virginia does not have TOD so we are just going to sign over the truck ahead of time. Dad not driving it much anymore anyhow.
In Arizona, you can file get a form from the DMV that immediately transfers the vehicle to your beneficiary upon your death. Attach that form to the title and keep it in your safe deposit box.
Things to keep outside the trust -- depends if you have a spouse or adult children or minor grandchildren 1) titled vehicles, eg autos, boats, etc, passes on death to beneficiary with death certificate outside of probate; 2, 3, 4) annuity types of accounts -- eg IRAs, 401ks, normal annuities, with trust as beneficiary or beneficiary of IRAs & 401ks. Look at specific provisions with a tax advisor!! 5) life insurance -- passes outside of probate directly to the beneficiaries;
Yes, the liability element is huge for cars. I live in Florida, the PI attorneys line up to put $$ on TV commercials and billboards. Don't forget to get an umbrella liability policy!
I Just found your TH-cam channel with searching for asset protection. The First one I saw before this, was one from 3 years ago, with putting your Vehicle in a Trust to protect it from Judgments, etc.
Easiest way to deal with vehicles is, add a TOD (Transfer On Death) desired beneficiary's name to each titled vehicle. Title will then show whom you specifically desire to get the vehicles when you pass away.
In Nevada, you can file a Transfer Upon Death to avoid probate. Thecsame goes forcyour vehicles. Add beneficiaries to all of your bank and retirement accounts and you will avoid probate without a costly trust.
Lots of assumptions made here to make trusts look like the wrong estate planning move, and for some, his advice is solid. However, for many, many others (second marriages, special needs children / family, young children, etc.), a living trust is precisely the right vehicle to receive qualified plan assets, life insurance and other financial assets that are earmarked for future income and / or gifts. It's tough to cram all the right/wrong ideas into a short video, so find competent help in your area and do your due diligence after proper consultation.
Other than the massive tax implications of making your trust the beneficiary of an IRA/401K. Other than for the house I see no reason from an estate planning standpoint to have a trust. (now if you are worried about Medicaid then that is a totally different discussion).
Creating wealth entails establishing positive routines, I had only $18k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor, Financial management is a vital subject that many avoid, often leading to future regrets.
@Clintcoons, you left out the single most important and valuable asset in many American’s possession; REAL ESTATE. In nearly half of the states, you can use a simple form for your home, A transfer on death deed, TOD. Works just like a TOD for a car, and can have multiple beneficiaries OR a trust.
YES!!! I heard about beneficiary deed for house before I heard about TOD on vehicles. Got the form online for free, paid $25 for recording. Notary was free at my bank.
Naming your trust as beneficiary of your IRA could create an immediate taxable event. Better to name natural persons to preserve option to extend tax deferred status of the assets.
Ya but the damn Investment companies require an SSN to name a beneficiary, and they have no right to ask, and Heck my kids SSN is not mine to hand out, so only option I found was to name the trust as beneficiary
IRAs are NOT tax deferred to the beneficiary and the beneficiary must make 100% withdrawal of those IRA funds within 10 years. Those withdrawals ARE TAXABLE INCOME to the beneficiary, however, they can set up their own IRA and fund up to the maximum annual IRA contribution with those inherited IRA funds to offset some or all of the tax liability from the inherited IRA withdrawal.
Our X-attorney had us chasing our tails when we tried to put a new car in our living trust at the dealership who was like what in the what?!? We just met with a new local atty last week who said you don't do that and gave the same reasons you did. Shelled out so much $$ on wrong and bad advise from our X-lawwyer and honestly have heard so much wrong and bad advise from other well credentialed experts I trust no one now no matter what their credentials or how confident they are and its exhausting.
Exactly. Do your own research and talk with different attys, financial advisors, and investors prior to setting up that living trust. This video is informative, thank you.
Yeahhhhh car salesmen are extremely unsophisticated Aka ignorant They know what they need to get that car sold and with as much extra they can get put into it as possible That’s it Outside status quo--total blank stares is all ur getting
Newly divorced (42yrs) - trying to learn. So what’s left? Ur primary house? What about a rent house?Regular bank accts? I have POD on all cash accts. What “should” be included? It a trust cheaper than probate & inheritance property values?
Your home, rentals (these should go into an LLC, and the LLC is held by your living trust), personal bank accounts, brokerage accounts, and business interests are the top that come to mind.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
Same concerns. I planned on returning to work after some health issues but not sure if that will be possible now. Plan was to increase my SS retirement benefit as much as possible. My benefit is on the high end - but no longer high enough after these last few years. Haven’t given up all hope yet.
Assets owned outside US does not fall under US jurisdiction. It is common sense. It is like saying Japan can tax US citizens if a Japanese owns assets (homes, business,etc) in US.
Do not put your bank accounts in the Living Trust. You could easily assign beneficiaries. There are also some complications with using trust for bank accounts. Some banks treat a trust as a "business entity", and you will get less interest. There is also no need to put timeshares in a trust if they are not already in there. It is a hassle and costs money.
My bank accts are in my trust, its not a problem at all, I just have to sign TTEE, to show I am the trustee. I have CDs in my trust as well, no problem there. Why would you let something as large as you bank acct go through probate?
@@integr8er66 I believe the bank account beneficiaries have higher priority than the will. It is extremely important to assign beneficiaries in your bank accounts. I don't think it is a "problem" to use trust for bank accounts. It is just a hassle and unnecessary.
I’ve got a bunch of different accounts - why would I want to have to update all of them separately? Easier for the trust to own the accounts and then say in one place “12% goes to Fred, 17% goes to Sally, etc.” If you had only one beneficiary, you *could* add direct beneficiaries to all your accounts, home, vehicles - if your state allows this (not all do for cars and homes). But anything that can’t have a TOD specified would be forced through probate.
@hornbaker yes my brokerage account is TOD, my primary home TOD and when I bought rental properties my daughter was 21 and working with good credit so although she didn’t make much she is on the deed as co owner.. all 3 of my bank accounts she is on as beneficiary..The only thing she is not on is my Porsche and a small boat so my lawyer stated I didn’t need living trust unless she gets married (25 years old now) and I want to protect it from going to her husband if something happens to her.. God forbid if they divorce She is not married or have children as of yet
If you would like a FREE 30-minute consultation, you can request one here - aba.link/clintss or you can send me an email at ccoons@andersonadvisors.com, and I will have someone contact you.
Only an irrevocable trust or a Partnership long term care insurance policy will provide some asset protection from Medicaid spend-down and estate recovery.
As I get closer and closer to retirement age, I consider the Medicare/Medicaid clawback laws to be outrageous - specifically in my State. We’ve already been taxed on our income, paid taxes on gas, real estate, consumer products, paid into SS, Medicare for years. To allow Medicare/Medicaid to clawback $ going back 5 or 10 years seems like more double - if not TRIPLE dipping to me! We’re TAXED and TAXED our entire lives!
My mother passed away and the DMV is refusing to transfer the title to her car. They never say why, they just say no. They tell me I have to go thru probate with it, which is dumb. It's a cheap used car and not worth a lot of hassle. I'm the executor of the estate but they don't care. So no, transferring a car is not always simple.
It must be NJMVC to get a lose title for anything vehicle you must fill out 20 pages and a affidavit of BS. Paid the court fee of $400 for 2002 Honda ATV and request Court Order from a Judge. Total waste of taxpayer resources. I rather just have no title. I'm not paying the state $400 to do the right thing stupid.
@@wolfxman69 Smart we are both 60 y/o. My wife has a used 2019 Rav 4. I have a 09 Tacoma, a 1993 Honda 750 Nighthawk, and a 2002 Honda ATV with no tile. I figure when we die there vehicles vehicle won't have as much value.
Probate can let your beneficiaries get the free stepped up value for real estate as of d/o/d and avoid tons of capital gains taxes. Know your state. There are no estate taxes in TN. The costs attendant to preparing and funding living trusts can be far more expensive than the cost of probate. Figure out what you are trying to accomplish. A trust is not always the most advantageous method of transferring wealth.
It takes minutes at the bank to transfer an account to a successor trustee. It takes months to 2 years to activate and then close out a probate. Both get the stepped up tax basis. The choice is yours.
In California I have been a trustee and was able to take control of assets, sell real estate and distribute most of estate to beneficiaries within a few months (only keeping back enough to pay any late arriving bills and tax prep fees). If it had gone to probate then fees would have been higher and property could not have been sold for at least six months. No estate or inheritance taxes in California either btw. Most states do not tax inheritance/estates. And beneficiaries get the stepped up basis as well. That only changes if the trust is irrevocable (not a revocable living trust), and those are generally for high asset or special need individuals.
My son is a joint holder of our bank accounts with right of survivor as well as is joint owner of my Mustang title. I pass off small amounts of cash to him monthly which is held in cash in a fire-proof safe. Government and the IRS force people to engage in these kinds of future financial transfers.
Thank you for the info 🙏 My wife and I own three properties and finally realized we probably need a Trust🙄 This was a good primer before we go to a lawyer
I think NY too I was widow n it was immediate becuz of that My car will be junk tho, no one want it! My late husband’s was too. I gave it to the shop who had been fixing it HA. One more item off my list so it was worth it-no driving age kids at the time or they mayyyyy have wanted it tho. So then I woulda “sold it” to them for $50 after titling it in my name. Still only wait 6wks compared to 2-3 yrs probate.
I know you mentioned 'vehicles' - and a private jet IS a vehicle. I had planned on putting it into a Trust under the Foundation as it will be used for humanitarian work. Thoughts?
A much simpler way to transfer vehicles, upon your death, is to list their name on the title's owner line as a "TOD" (Transfer On Death) addition. Your license office can change this for you. If you're buying a new or used vehicle, do this at that time, and save your survivors a hassle.
If your boat is "documented," that is registered with the Cost Guard and not your state; you want it in your trust. If it is large enough to have a professional captain, in the event of a disaster, what is left of the documented vessel could be protected by The Limitation of Liability Act, 46 U.S.C. 181 et seq.,and The Titanic (1914) 233 US 718 and The Yarmouth Castle (S. D. Fla. 1967) 266 F.Supp. 517.
Tax law surrounding inherited IRAs (and 401ks) are extremely complex and depend very much on your personal situation. For example, if someone has only minor children as beneficiaries, the children obviously cannot be named directly and you would definitely want to name a trust. Having a trust as a beneficiary in and of itself does not necessarily change taxation. The timing of fund distribution, and where that money goes (stay within the trust or distribute to beneficiaries) is much more impactful. The Secure Act of 2020 changed most non-spousal beneficiaries (with a few exceptions) to require a 5 or 10 year distribution of all funds in the account. Trusts naming minor children as beneficiaries of IRAs must fully distribute the funds by the child's 31st birthday (10 year rule started at age of majority, which is 21 according to IRS). Note: this doesn't mean the money has to actually be in the hands of the beneficiaries within 10 years, only that the accounts be drawn down to zero balance. The funds (as stated above) could accumulate within the trust rather than be paid directly out. This is definitely an area where having an attorney with specific tax knowledge would be great for estate planning.
I don’t have to worry about that living trust stuff, I started with nothing and I have most of it left so I don’t have to bother with some of these legal details.
Same boat, but I don't want my kids in it. No one in my family has ever had Life Insurance. They think it's a scam, I say Social Security is the Scam. I even have tried to pay for the policy for two of my relatives but they said no. I wanted to put the Beneficiary as a Trust so our Descendants could pay for College or down payment on a house etc. I'm going to do it for them, I don't have much and won't live long on SS and Medicare. I own some property with a doublewide on it I'll put in there and my life Ins should help pay the taxes etc. At least they can start out with a basic place to live, more than I had.
Question: should the following be titles in the name of the living trust? 1. Brokerage accounts 2. Alternative investments such as DSTs, LLCs. 3. Bank accounts
For vehicles, why not just add your beneficiary to the Title? The title will then read as ‘your-name OR their-name’. In this case both you and your beneficiary are the owners and either you or your beneficiary can sell the asset at anytime.
If you have multiple beneficiaries with even split, you will not be able to transfer the vehicle if you have not specified a specific beneficiary. The vehicles will have to be sold and then proceeds go to probate.
I have my adult children as beneficiaries on my IRA’s, Annuity, and 401k. Isn’t that good enough? I was advised to do that years ago by a lawyer that did my trust. Why should the trust be the beneficiary? What is the advantage? Confused.
If you are leaving your assets to your kids outright that is fine. The benefit to having the trust as a beneficiary has to do with possible claims against your beneficiaries when they inherit. The trust provides a bit more protection.
A major “hole” in virtually all videos about “hiding” assets from litigants in a dispute. All they need to do is ask and you MUST reveal all your assets,
Anyone currently setting up a retirement account with the trust as beneficiary needs to revisit that, because the IRS rules for inherited accounts have changed and serious tax consequences could occur.
NICER says do not make your Trust the Grantee, use it to instruct trustees and guardians on distributing to minors with spendthrift instructions for adult children needing restraint, and use it to inventory everything so no one steals it, and use grantee designations when needed.
Does a revocable living trust protect your assets also such as real estate rental property against any possible law suits , etc. can you use a revocable living trust as an asset protection instrument in state of California instead of putting it in LLC for asset protection .
But you have major tax implications if you make your trust the beneficiary of an IRA/401K. First off you have to do full distribution of the inherited IRA in 5 years instead of 10 if you use a person. Secondly the max tax rate of the trust is 39.6% which is reached at only $12,400. To avoid that you would need to go ahead and distribute the money from the trust to the individual which hurts the ability to plan distributions. You are better off if you trust the person you are giving the money to to be responsible is to just make them a beneficiary.
Mom died. It was already decided between my two brothers and me that I would be taking the old car. Anyway, she progressed so quickly in the last week of her life that we had no signature from her on the title. So a couple days after she died my wife forged mom’s name and I went to the DMV and got the title transferred. No problem.
Wow, my drunk my father-in-law, a Duffy, did this when one of his sons died. Soon after, he had an accident and his friend - who was his passenger - died.
Creating a will, naming beneficiaries on accounts, and use of transfer on death much cleaner and protect the heirs from filing probate. My friends who were sold on trusts 20 years ago are all dismantling the trust and converting to wills. Trust does not protect inherited assets from medicare death tax or inheritence tax
But the wills will surely place those assets in the courts palms where everybody has their hands out before the beneficiaries sees a dime maybe a year or so later. I guess it depends how relevant the assets are.
@@Methodical2 No, probate just means registering the will at the county courthouse. If everybody agrees, you don't even have to obey the will. The probated will is just a document that can be used in a lawsuit. There is generally (except in the case of minors) no "will police" that enforces the directives of a will.
Not if it’s less than ~ $180k in value. Sure, if you own a $1 million Lamborghini, you might want to put it in a trust, but if your cars, household belongings, etc are less than $180k (it adjusts up for inflation in California each year), you don’t need to put them in your trust. Real estate, yes for sure!
Not leaving anything to my kids. Wife and I will spend/splurge all our hard earned ret funds. What we will leave them is the value, character, life skills to make a life of their own and raise a family on their own, without outside help...of course once they are at the age where they have a stable job and no longer living under my protection. Just like how we were raised without any financial help from our parents.
I’m in Ohio. My dad’s IRS mutual fund is to go to the family trust when he passes. The trust is split 50% with brother. Does or at what point would the IRA become taxable?
You mentioned incorporating your revocable land trust. Let's say the property is in Florida. Are you referring to transferring the grantor's beneficial interest of the revocable land trust to the FL LLC? If so, would you then make the WY LLC the FL LLC member and then make the WY LLC member a living trust to avoid probate from all assets owned by the WY LLC?
Can you please clarify these last questions below? While I understand reassigning the revocable land trust's beneficial interest from an individual to an LLC provides asset protection from the original individual / beneficiary from potentially losing his/her personal assets (outside the trust) in the event the revocable land trust is sued because the land trust is revocable; couldn't a creditor unwind the revocable land trust that's held in the LLC and seize any assets/property within the LLC AND any assets/property held within the revocable land trust itself even if the land trust is presently owned by a business entity --- an LLC? I'm also assuming because the beneficiary has an equitable interest in the trust, it's the beneficiary that owns the land trust and is the liable party--- not the trustee, although the trustee has legal title to the trust and merely manages it according to the terms outlined within the revocable land trust agreement. In other words, the trustee is not the owner of the trust --- the beneficiary is, and, subsequently, it's the beneficiary that's liable whether that's an individual or an LLC. So, I guess my whole conclusive question revolves around the fact that if the land trust is sued, the LLC beneficiary (the new owner of the land trust) will only lose what the LLC owns, which includes the land trust itself and what ever else is inside that land trust. But the fact that the original beneficiary no longer personally owns the trust (via a transfer of beneficial interest to the LLC before a lawsuit was initiated), the original individual / beneficiary's PERSONAL assets are not at risk. Am I understanding this correctly from an asset protection standpoint?
My aunt from Los Angeles who is single and has no children for some reason forgot to fund the trust. The primary asset would be her house. We were advised that the only recourse is probate. she has 2 living sisters still but the rest are neices,nephews and grandchildren. wh
If you have a retirement & brokerage account & want to designate to a charity along with your car to charity, should these be put into a revocable living trust?
How do you set up a trust if both parents died but prefers the minor children to be raised with relatives overseas instead? The successor trustee is not the guardian. Is that possible?
I Disagree, you should transfer vehicles into a separate trust dedicated to vehicles only. I have 3 trusts. Vehicles trust. Commercial real estate asset in it's own trust. My former home in it's own trust. Beneficiary is my son, on all 3. Split up the assets so if someone wants to try to litigate they will only stand to gain one of the many assets (if successful). Someone wants to sue you ? They cannot litigate against you successfully since ALL your assets are in trusts, and in this video example good luck litigating against the trust whom owns the vehicle - - set up the trusts in North Dakota, where they will have to appear in a ND court to litigate.
I disagree, inheritance thieves steal our legacies when we don't hire NICER approved Administration Lawyers who inventory everything in a forgery proof permission validation Trust. With grantee beneficiary designations for vehicles, Life insurance, stocks, bonds, bank accounts, personal items, with funded real estate and following Notary Index Crime Enforcement Regulatory's suggestion to appraise and gift small expensive items and weapons legally before they march.
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I was advised to put my WY LLC (among other things) into a Living Trust. Why would I do this if my Living Trust could be named in a lawsuit, which would blow up any anonymity my WY LLC might have otherwise afforded me? (Thanks BTW)
The living trust will not have any impact on your WY LLC for a legal perspective but, it will ensure the membership interest will pass to your beneficiaries free of probate.
Your instructions about motor vehicle transfer are NOT accurate for all states. For instance, In New York only 1 vehicle can be transferred to an immediate relative. In addition, vehicles that are owned jointly can be passed to the survivor. Unfortunately, the rest will go through probate, unless they are in a trust. However, that is not ideal either, as it will be difficult, or very expensive to obtain insurance in NYS.
What about placing IRAs in trusts so that nursing homes do not have access to these funds? We will be living off of SS and annuities. We will not need the money in our IRAs and have about $800k in Roth and $1.4M in traditional IRAs. Our parents are or were in nursing homes before their deaths. I would hate for a nursing home to rifle through our assets if we end up in a nursing home. My wife and I are 66 & 67 respectively.
Generally, your assets need to be in an irrevocable trust (not a living trust) for 5 years to shield them from Medicaid look-back. I don’t believe an irrevocable trust can own an IRA, so you may need to cash it out to move the funds (a taxable event, usually). Also, know that if assets like IRA or annuity are in one spouse’s name and they require long-term care / Medicaid, the other spouse is exposed because their name is not on the account. You need to balance your retirement accounts to prevent this.
That's a great question. For a more personalized answer, I suggest scheduling a free 45-minute consultation with my team. We’ll provide advice tailored to your specific situation. Visit: aba.link/zev
I set up my life insurance to go into my living trust, as primary and my child as secondary. The trust was based on if I passed while my kid was a minor, they would get paid out the interest only. (except for emergencies based on the trust administrator) at 18 they would get 10% and it then reverted to interest only for 19 and 20. at 21 they got 15% of the remainder, again reverting to interest only for year 22-24... and at 25 they received everything. the reason it was set up like this was to allow them to blow all the money at 18.. get an idea on that, a second chance at 21 to make good or bad choices. and at 25.. hope they learned enough if they made mistakes at 18 and 21.
When my son was 25, he worked for Google and made very good income, he had no financial planning concept. Spent thousands monthly buying electronics until I forced him to buy his first home. Now he is 33 and owns properties.
Great info........Please confirm this>>>> the problem MOST people dont know is when they have their adult "kid" as the Successor Trustee and they want to distribute the estate over time like you recommend I was told the kids can do whatever they want when the parents are gone and they are in charge, is this correct?
Auto Ins is looking at the person, more than the item. The car moves, like a gun, depends on WHO has control of it. Even if you're driving drunk, you are covered. Home ins looks at the item more than the person. The house sits still, the bad actions of the owner/occupier can be called "non covered incident" or Negligent.
I was told by an Illinois bank that if I had assets of over 100k that were not held within my trust, then I would be subject to probate. Anyone heard of this?
What do you do if the client owns a company? An LLC? I sense a problem if you title the membership interest in the trust and the creditor seeks to pierce the veil of the LLC
I know of a woman whose husband passed away and their van was only in his name she had to go thru the court system to get the van put in her name and it was a pretty old van, not really worth it.
No, you are not going to want to make the contingent beneficiary of your 401K plan or ira, the living trust. For if you do that, you're going to screw your intended beneficiaries out of favorable tax benefits as individual beneficiaries. Under today's new IRS laws, your children will still enjoy a 10 year span to draw those assets out, thus enjoying more tax deferred benefits and likely, a lower tax bracket than having to draw it all out in one year.
You can still take advantage of this with a living trust if you have the proper provisions to hold retirement assets. The general rule is when an IRA beneficiary is not an individual, the IRA must be distributed fully within five years. When a trust, your estate, or a business entity is named beneficiary, the IRA quickly must be distributed and taxed. However, there’s an exception when you name a trust that qualifies as a “look-through” or “see-through” trust under IRS regulations. If properly drafted then, the IRA must be distributed to the trust within 10 years in most cases. Thus, your point is well taken, and if anybody is not aware of the necessary requirements that need to be in their estate plan to cover these assets, they should not name their trust as a beneficiary without first speaking to a qualified individual.
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What about gold 1 oz coins ? Both kinds, in your possession and in your traditional IRA ?
@@arthur-ri4zoNICER Rule 1 is putting clients needs ahead of their own. Rule 5 is advocating inventory, appraisal and gifting small expensive items and weapons legally before they march.
@@arthur-ri4zo NICER Simon says inventory, appraise and gift small expensive items and weapons legally before they march when considering transferring them to your grantees.
Good morning MR. Coons are you Notary Index Crime Enforcement Regulatory Approved to defend vulnerable seniors with fellow NICER Approved Forgery Proof Inheritance Administration Lawyers yet? We want to County Fund, NICER Record, Arbiter Interdict, Trust Guardian Validate, and Trusted Advisor Certify Rightful Heirs? With NICER 837PC Citizens and Sheriffs on call to arrest Trust Warned. Permission Ledger Monitored, and NICER exposed Will, Trust, and DPOA forgers, counterfeiters, and embezzlers.
Now that Clients caveated the Anderson Advisor easy to forge documents are used to victimize vulnerable seniors and steal our legacies, can we trade them in for the NICER Forgery Proof Permission Validation Ledger Interdiction Living Trust and Schedule A Counterfeit Free LLC?
there's a book called whispers of manifestation on borlest , and it talks about how using some secret tehniques you can attract almost everything in life it's not some bullshit law of attraction, it's the real deal
I personally diversify about $1.3m into a 6 funds portfolio, I have been registered with a fiduciary for years, who helps me manage my portfolio, which is tremendous, now I have steady dividend income weekly depending on trade and its all Tax free. I believe every family has that one person who will break the family financial struggle, I hope you reading this become the one. 🌹✅
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Sincerely speaking i work with Essmildaa Morgan , and will continue to buy and trade. I will stick to her guides for as long as it works.
Did quick research on her, She has pretty decent credentials, left a well organized mail after going through her webpages & reviews. I found this very helpful, Thank you!
Essmildaa Morgan has been the key factor in the buildup of my dividend growth portfolio. I am learning more and pushing more to buy assets, with one goal of steady dividend income.
Congratulations on your breakthrough. Essmildaa Morgan is finally getting the popularity she deserves and this doesn't come as a surprise.
My sister had terminal cancer, she asked Lawyer to put her dog into her Will that he would come to live with me as he knew me and she bought him when she was sick knowing he would be coming to my house to live with my dog of the same breed. He laughed and thought it was absurd and didn't add it. While she was dying in hospital, her son took the dog, her car, all her valuables and cleaned out her bank account. I did not get the dog and it broke my heart knowing she wanted him to be cared for by me. I called the lawyer and told him and he apologized and told me I could get a letter from him to prove she wanted dog to come to me and take police with me to collect the dog. I did not do that because I didn't want to cause any more trouble with her son who had been in jail in past and it wasn't worth risk. If you want something in your Will your Lawyer should not question it and do it to ensure a seamless transition to the things that matter most to you.
Awful 😢
Thank you for your advice.
Sorry to hear of your loss. Thank you for the great advice. One must remember these lawyers work for us and what our wishes are is the important lesson. Also, if it's not written down it doesn't mean anything. I wish you all the best. Thanks again.
Sue the lawyer😂
If a lawyer laughs at a request, it’s time for a different lawyer.
1. Vehicle
2. Annuity (Ira,401k, etc.)
3. Life insurance
Nope, 401K needs to name the trust as beneficiary because all of the 401Ks I see now require an SSN for a beneficiary and they have no right to keep my children's SSN in their records which will certainly be hacked at some point. So if I name my trust then I don't put my children in harms way. Their SSN is not mine to go handing out to people
@@integr8er66 now your kids will not get 10 years to cash out, as a trust must cash them out in 5 years whereas a person gets 10 years.
@@integr8er66 same here not putting my kids ss ou there
What about the living benefits from annuities and life insurance if you become incapacitated??
Make the trust the beneficiary so you specify distributions in one place.
At death, your trustee can choose to a) cash them out (taxable event for pre-tax funds) and manage the cash under the trust instructions (such as delaying distribution), or b) step out of the middle and direct the institution to payout directly to the beneficiaries, enabling them to receive it in an Inherited IRA and withdraw it over 10 years.
Only reason not to do this is if your estate would exceed the tax exempt limits.
Make copies of your house keys or properties and give it to your beneficiaries that you picked. Let them take everything that belongs to your family when you and your spouse passed away. They don't need to know what you owned, it would be less headaches and will saves the beneficiaries tons of money. You can still have a living trust for the house be smart you worked hard for your stuff, keep it to your family. That is my own opinion and good luck.
Yep, Guns especially. The Govt doesn't need to know what you have, and they can't trace personal items. Anything with a public record though is a different story
@@cmf6081 You need to read what I have said, "MY OWN OPINION" So who is more ashamed. You are Ha ha ha ha
@@alangalermoyes! That.🥴
@@cmf6081 While it may not be legal it would be near impossible to prove. My trust does not have any record of my personal untitled property. Cars boats homes real estate outstanding, everything else you would have to prove wasn't given to me by the decedent before death.
Family will only want money.
Personally… on vehicles, I change the titles to add a T.O.D.’s (transfer on death). Simple & does not require signature of beneficiary. 😅
Yes this is a very simple way to transfer vehicles and was suggested by our estate planner but it’s not available in all states. We have vehicles in Wash DC and also West Virginia. West Virginia does not have TOD so we are just going to sign over the truck ahead of time. Dad not driving it much anymore anyhow.
@@davidhargrove1648 -Ok.....I'm in Cali.. :-)
@@davidhargrove1648 The same applies to real estate and mineral royalties in near,y half the states…like Texas for example
@@chrisc1811 Florida too. I didn’t know you can do this for vehicles. I closed four estates. The hardest item was vehicles.
Same
In Arizona, you can file get a form from the DMV that immediately transfers the vehicle to your beneficiary upon your death. Attach that form to the title and keep it in your safe deposit box.
Arizona really is a great state.
I had no idea.. Thank you
You can in Oklahoma too.
Unfortunately few banks have safe deposit boxes, you're better off having a fireproof strong box on your property in an easily accessible place.
You should either not have a car when you are old or lease one so it can just go back to the dealer upon your death
It's no joke to us.... we have mules, and a trust! Nice video, thank you. 🎉
That’s great! I’d love to have mule or a horse.
@@kamakaziozzie3038what about my ( chihuahua dog)😂😂😂😂
40 acres??? 😂😂😂
Things to keep outside the trust -- depends if you have a spouse or adult children or minor grandchildren
1) titled vehicles, eg autos, boats, etc, passes on death to beneficiary with death certificate outside of probate;
2, 3, 4) annuity types of accounts -- eg IRAs, 401ks, normal annuities, with trust as beneficiary or beneficiary of IRAs & 401ks. Look at specific provisions with a tax advisor!!
5) life insurance -- passes outside of probate directly to the beneficiaries;
The car was a key takeaway for me. Thank you for the advice.
Glad it was helpful!
Yes, the liability element is huge for cars. I live in Florida, the PI attorneys line up to put $$ on TV commercials and billboards. Don't forget to get an umbrella liability policy!
I Just found your TH-cam channel with searching for asset protection.
The First one I saw before this, was one from 3 years ago, with putting your Vehicle in a Trust to protect it from Judgments, etc.
That is a personal property trust not a living trust.
Clients are fed up with Estate Planners promising peace of mind and delivering mistakes and 50% in Billable Litigation Hours.
Good video and advice; However, I suspect the number 1 thing is to know the laws in your state
Wise advice
Yes every state is different
Can’t emphasize enough how important this is.
Easiest way to deal with vehicles is, add a TOD (Transfer On Death) desired beneficiary's name to each titled vehicle. Title will then show whom you specifically desire to get the vehicles when you pass away.
Good point
Is there a place on the back of the title for TOD because we did that at the bank POD payable on death
In Nevada, you can file a Transfer Upon Death to avoid probate. Thecsame goes forcyour vehicles. Add beneficiaries to all of your bank and retirement accounts and you will avoid probate without a costly trust.
I believe people do trust to keep the government from getting the house, the nursing homes in the state and unusual circumstances
Lots of assumptions made here to make trusts look like the wrong estate planning move, and for some, his advice is solid. However, for many, many others (second marriages, special needs children / family, young children, etc.), a living trust is precisely the right vehicle to receive qualified plan assets, life insurance and other financial assets that are earmarked for future income and / or gifts.
It's tough to cram all the right/wrong ideas into a short video, so find competent help in your area and do your due diligence after proper consultation.
Other than the massive tax implications of making your trust the beneficiary of an IRA/401K. Other than for the house I see no reason from an estate planning standpoint to have a trust. (now if you are worried about Medicaid then that is a totally different discussion).
Yes I agree with more complicated estates planning issues.
Creating wealth entails establishing positive routines, I had only $18k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor, Financial management is a vital subject that many avoid, often leading to future regrets.
Clint, this was absolutely stellar advice. And you’re right! Few financial advisors are talking about this. Thank You!!!
@Clintcoons, you left out the single most important and valuable asset in many American’s possession; REAL ESTATE. In nearly half of the states, you can use a simple form for your home, A transfer on death deed, TOD. Works just like a TOD for a car, and can have multiple beneficiaries OR a trust.
YES!!! I heard about beneficiary deed for house before I heard about TOD on vehicles.
Got the form online for free, paid $25 for recording. Notary was free at my bank.
Does the beneficiary still receive a step up in cost basis if one uses a TOD?
@@maureenscheall7207 Yes.
@@maureenscheall7207 The value is based on the date of death with a transfer on death deed.
California did away with those because title insurance companies didn't like them. No title insurance, no sale.
Naming your trust as beneficiary of your IRA could create an immediate taxable event. Better to name natural persons to preserve option to extend tax deferred status of the assets.
Ya but the damn Investment companies require an SSN to name a beneficiary, and they have no right to ask, and Heck my kids SSN is not mine to hand out, so only option I found was to name the trust as beneficiary
How? Can you elaborate? The would "could" also means it could not. Please elaborate on how it could trigger a taxable event? Thanks.
IRAs are NOT tax deferred to the beneficiary and the beneficiary must make 100% withdrawal of those IRA funds within 10 years. Those withdrawals ARE TAXABLE INCOME to the beneficiary, however, they can set up their own IRA and fund up to the maximum annual IRA contribution with those inherited IRA funds to offset some or all of the tax liability from the inherited IRA withdrawal.
@@fillythrees3341I inherited my mother's IRA. I'm required to take minimum withdrawals yearly. I'm taxed on those. That's all.
Our X-attorney had us chasing our tails when we tried to put a new car in our living trust at the dealership who was like what in the what?!? We just met with a new local atty last week who said you don't do that and gave the same reasons you did. Shelled out so much $$ on wrong and bad advise from our X-lawwyer and honestly have heard so much wrong and bad advise from other well credentialed experts I trust no one now no matter what their credentials or how confident they are and its exhausting.
That is frustrating for sure.
Exactly. Do your own research and talk with different attys, financial advisors, and investors prior to setting up that living trust.
This video is informative, thank you.
Yeahhhhh car salesmen are extremely unsophisticated
Aka ignorant
They know what they need to get that car sold and with as much extra they can get put into it as possible
That’s it
Outside status quo--total blank stares is all ur getting
Yes some Estate planning attorney can be expensive. But, in NJ the average family doesn't need a Living Trust a will is fine.
Newly divorced (42yrs) - trying to learn. So what’s left? Ur primary house? What about a rent house?Regular bank accts? I have POD on all cash accts. What “should” be included? It a trust cheaper than probate & inheritance property values?
Your home, rentals (these should go into an LLC, and the LLC is held by your living trust), personal bank accounts, brokerage accounts, and business interests are the top that come to mind.
@@ClintCoons thanks !
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
Same concerns. I planned on returning to work after some health issues but not sure if that will be possible now. Plan was to increase my SS retirement benefit as much as possible. My benefit is on the high end - but no longer high enough after these last few years. Haven’t given up all hope yet.
Sounds like you need to vote Republican
Stop freaking. Do what u can! And then u will deal with it if it happens. Fear is the enemy guy
Our R.T. Includes a pour-over will to capture anything not covered specifically in the R.T. assisting in avoiding probate. 🤔 anyone else?
What about when you have assets outside of the country? You could make a video about it. Thanks
Noted
Agree; I am in the same situation and would benefit from some guidance on this topic.
Was thinking the same thing!
Assets owned outside US does not fall under US jurisdiction. It is common sense. It is like saying Japan can tax US citizens if a Japanese owns assets (homes, business,etc) in US.
Ridiculous question.
Do not put your bank accounts in the Living Trust. You could easily assign beneficiaries. There are also some complications with using trust for bank accounts. Some banks treat a trust as a "business entity", and you will get less interest. There is also no need to put timeshares in a trust if they are not already in there. It is a hassle and costs money.
My bank accts are in my trust, its not a problem at all, I just have to sign TTEE, to show I am the trustee. I have CDs in my trust as well, no problem there. Why would you let something as large as you bank acct go through probate?
@@integr8er66 I believe the bank account beneficiaries have higher priority than the will. It is extremely important to assign beneficiaries in your bank accounts. I don't think it is a "problem" to use trust for bank accounts. It is just a hassle and unnecessary.
I’ve got a bunch of different accounts - why would I want to have to update all of them separately? Easier for the trust to own the accounts and then say in one place “12% goes to Fred, 17% goes to Sally, etc.”
If you had only one beneficiary, you *could* add direct beneficiaries to all your accounts, home, vehicles - if your state allows this (not all do for cars and homes). But anything that can’t have a TOD specified would be forced through probate.
What interest??
@hornbaker yes my brokerage account is TOD, my primary home TOD and when I bought rental properties my daughter was 21 and working with good credit so although she didn’t make much she is on the deed as co owner.. all 3 of my bank accounts she is on as beneficiary..The only thing she is not on is my Porsche and a small boat so my lawyer stated I didn’t need living trust unless she gets married (25 years old now) and I want to protect it from going to her husband if something happens to her.. God forbid if they divorce She is not married or have children as of yet
Thank you for this info…I might have to make some changes to my living trust.
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/clintss or you can send me an email at ccoons@andersonadvisors.com, and I will have someone contact you.
Only an irrevocable trust or a Partnership long term care insurance policy will provide some asset protection from Medicaid spend-down and estate recovery.
As I get closer and closer to retirement age, I consider the Medicare/Medicaid clawback laws to be outrageous - specifically in my State. We’ve already been taxed on our income, paid taxes on gas, real estate, consumer products, paid into SS, Medicare for years. To allow Medicare/Medicaid to clawback $ going back 5 or 10 years seems like more double - if not TRIPLE dipping to me! We’re TAXED and TAXED our entire lives!
My mother passed away and the DMV is refusing to transfer the title to her car. They never say why, they just say no. They tell me I have to go thru probate with it, which is dumb. It's a cheap used car and not worth a lot of hassle. I'm the executor of the estate but they don't care. So no, transferring a car is not always simple.
It must be NJMVC to get a lose title for anything vehicle you must fill out 20 pages and a affidavit of BS. Paid the court fee of $400 for 2002 Honda ATV and request Court Order from a Judge. Total waste of taxpayer resources. I rather just have no title. I'm not paying the state $400 to do the right thing stupid.
I have instructions in my living trust to give away my vehicles to my children by name.
@@wolfxman69 What happens if one of your children passes away? Who then gets the vehicles?
@ you have to name a designated person … I have it from oldest to youngest…in that order
@@wolfxman69 Smart we are both 60 y/o. My wife has a used 2019 Rav 4. I have a 09 Tacoma, a 1993 Honda 750 Nighthawk, and a 2002 Honda ATV with no tile. I figure when we die there vehicles vehicle won't have as much value.
Really great points! Very useful to know! Thank you so much for your valuable education!!!
Probate can let your beneficiaries get the free stepped up value for real estate as of d/o/d and avoid tons of capital gains taxes. Know your state. There are no estate taxes in TN. The costs attendant to preparing and funding living trusts can be far more expensive than the cost of probate. Figure out what you are trying to accomplish. A trust is not always the most advantageous method of transferring wealth.
If your family is getting the bulk of your estate there is no reason not to pay taxes on it other than pure greed.
It takes minutes at the bank to transfer an account to a successor trustee. It takes months to 2 years to activate and then close out a probate. Both get the stepped up tax basis. The choice is yours.
In California I have been a trustee and was able to take control of assets, sell real estate and distribute most of estate to beneficiaries within a few months (only keeping back enough to pay any late arriving bills and tax prep fees). If it had gone to probate then fees would have been higher and property could not have been sold for at least six months. No estate or inheritance taxes in California either btw. Most states do not tax inheritance/estates.
And beneficiaries get the stepped up basis as well. That only changes if the trust is irrevocable (not a revocable living trust), and those are generally for high asset or special need individuals.
I’m saving this post! Great info! ❤
Thanks
My son is a joint holder of our bank accounts with right of survivor as well as is joint owner of my Mustang title. I pass off small amounts of cash to him monthly which is held in cash in a fire-proof safe. Government and the IRS force people to engage in these kinds of future financial transfers.
Thank you for the info 🙏
My wife and I own three properties and finally realized we probably need a Trust🙄 This was a good primer before we go to a lawyer
If you would like a FREE 30-minute consultation to discuss the living trust, you can request one here
- aba.link/clintss
In NC my mom’s car was NOT in the trust and it had to go through probate to get it into my name. What a pain.
The car title can name a beneficiary
In Florida if beneficiary of the vehicle is not spouse or children vehicle has to go thru probate. Just went thru it for a friend’s estate.
@mistylarosa9821 Yup - their name at TOD (TIME OF DEATH), should be on the title
@@carolinenachtrab4357TOD means Transfer on death, not time of death
I think NY too
I was widow n it was immediate becuz of that
My car will be junk tho, no one want it! My late husband’s was too. I gave it to the shop who had been fixing it HA. One more item off my list so it was worth it-no driving age kids at the time or they mayyyyy have wanted it tho. So then I woulda “sold it” to them for $50 after titling it in my name. Still only wait 6wks compared to 2-3 yrs probate.
Interested in protecting the home from Medicad look back.
Your spot on with the annuity and vehicles great information!
*you’re
I know you mentioned 'vehicles' - and a private jet IS a vehicle. I had planned on putting it into a Trust under the Foundation as it will be used for humanitarian work. Thoughts?
A much simpler way to transfer vehicles, upon your death, is to list their name on the title's owner line as a "TOD" (Transfer On Death) addition. Your license office can change this for you. If you're buying a new or used vehicle, do this at that time, and save your survivors a hassle.
Everything my mother owns is in her living trust. Everything goes to me.
I have mine set up like that, too!
If your boat is "documented," that is registered with the Cost Guard and not your state; you want it in your trust. If it is large enough to have a professional captain, in the event of a disaster, what is left of the documented vessel could be protected by The Limitation of Liability Act, 46 U.S.C. 181 et seq.,and The Titanic (1914) 233 US 718 and The Yarmouth Castle (S. D. Fla. 1967) 266 F.Supp. 517.
My understanding is that retirement accounts i.e. IRA or 401K shouldn't have the trust as a beneficiary. Tax consequences is much higher.
Tax law surrounding inherited IRAs (and 401ks) are extremely complex and depend very much on your personal situation. For example, if someone has only minor children as beneficiaries, the children obviously cannot be named directly and you would definitely want to name a trust. Having a trust as a beneficiary in and of itself does not necessarily change taxation. The timing of fund distribution, and where that money goes (stay within the trust or distribute to beneficiaries) is much more impactful. The Secure Act of 2020 changed most non-spousal beneficiaries (with a few exceptions) to require a 5 or 10 year distribution of all funds in the account. Trusts naming minor children as beneficiaries of IRAs must fully distribute the funds by the child's 31st birthday (10 year rule started at age of majority, which is 21 according to IRS). Note: this doesn't mean the money has to actually be in the hands of the beneficiaries within 10 years, only that the accounts be drawn down to zero balance. The funds (as stated above) could accumulate within the trust rather than be paid directly out. This is definitely an area where having an attorney with specific tax knowledge would be great for estate planning.
Thanks Clint, very helpful. A refreshing change from wacko videos on RMDs😊
I don’t have to worry about that living trust stuff, I started with nothing and I have most of it left so I don’t have to bother with some of these legal details.
🤣🤣🤣
Same boat, but I don't want my kids in it. No one in my family has ever had Life Insurance. They think it's a scam, I say Social Security is the Scam. I even have tried to pay for the policy for two of my relatives but they said no. I wanted to put the Beneficiary as a Trust so our Descendants could pay for College or down payment on a house etc.
I'm going to do it for them, I don't have much and won't live long on SS and Medicare. I own some property with a doublewide on it I'll put in there and my life Ins should help pay the taxes etc. At least they can start out with a basic place to live, more than I had.
Question: should the following be titles in the name of the living trust?
1. Brokerage accounts
2. Alternative investments such as DSTs, LLCs.
3. Bank accounts
Yes to 2 and 3. Your brokerage account should be in an LLC and the LLC should be owned by your living trust.
@@ClintCoons Why?
Thank you for sharing Sir. I am very appreciative for the information. 🙏🙏🙏
Blessings
Glad it was helpful!
So what are the other two? The title says 5 assets and only three were listed 1-Vehicule 2-Annunity 3-Insurance....
Good Afternoon sir, my wife and I have questions about trust/Living trust and need help with what's the better route for us. if can please reach out.
Email me and I can have one of our attorneys reach out to set up a call. My email is ccoons@andersonadvisors.com
For vehicles, why not just add your beneficiary to the Title? The title will then read as ‘your-name OR their-name’. In this case both you and your beneficiary are the owners and either you or your beneficiary can sell the asset at anytime.
If you are involved in an accident, the beneficiary on title could be sued.
If you have multiple beneficiaries with even split, you will not be able to transfer the vehicle if you have not specified a specific beneficiary. The vehicles will have to be sold and then proceeds go to probate.
I have my adult children as beneficiaries on my IRA’s, Annuity, and 401k. Isn’t that good enough? I was advised to do that years ago by a lawyer that did my trust.
Why should the trust be the beneficiary? What is the advantage?
Confused.
If you are leaving your assets to your kids outright that is fine. The benefit to having the trust as a beneficiary has to do with possible claims against your beneficiaries when they inherit. The trust provides a bit more protection.
Got it- thanks!
A major “hole” in virtually all videos about “hiding” assets from litigants in a dispute. All they need to do is ask and you MUST reveal all your assets,
Lie like biden
Anyone currently setting up a retirement account with the trust as beneficiary needs to revisit that, because the IRS rules for inherited accounts have changed and serious tax consequences could occur.
NICER says do not make your Trust the Grantee, use it to instruct trustees and guardians on distributing to minors with spendthrift instructions for adult children needing restraint, and use it to inventory everything so no one steals it, and use grantee designations when needed.
@@TrustRuss-r1tDon’t understand this stuff, need serious help!
Great advice, especially since my wife and I are having a living Trust set up on our behalfs.
Does a revocable living trust protect your assets also such as real estate rental property against any possible law suits , etc.
can you use a revocable living trust as an asset protection instrument in state of California instead of putting it in LLC for asset protection .
It does not. To provide protection from these types of claims, the trust must be irrevocable.
Good information. Thanks for providing.
But you have major tax implications if you make your trust the beneficiary of an IRA/401K. First off you have to do full distribution of the inherited IRA in 5 years instead of 10 if you use a person. Secondly the max tax rate of the trust is 39.6% which is reached at only $12,400. To avoid that you would need to go ahead and distribute the money from the trust to the individual which hurts the ability to plan distributions. You are better off if you trust the person you are giving the money to to be responsible is to just make them a beneficiary.
Thank you for this information 😊
My pleasure 😊
Mom died. It was already decided between my two brothers and me that I would be taking the old car. Anyway, she progressed so quickly in the last week of her life that we had no signature from her on the title. So a couple days after she died my wife forged mom’s name and I went to the DMV and got the title transferred. No problem.
Quick way to cut the clutter.
When I'm away I tell my daughter to sign for me.
You just admitted to fraud
Wow, my drunk my father-in-law, a Duffy, did this when one of his sons died. Soon after, he had an accident and his friend - who was his passenger - died.
And you just put this in writing?
Creating a will, naming beneficiaries on accounts, and use of transfer on death much cleaner and protect the heirs from filing probate. My friends who were sold on trusts 20 years ago are all dismantling the trust and converting to wills. Trust does not protect inherited assets from medicare death tax or inheritence tax
But the wills will surely place those assets in the courts palms where everybody has their hands out before the beneficiaries sees a dime maybe a year or so later. I guess it depends how relevant the assets are.
@@Methodical2 No, probate just means registering the will at the county courthouse. If everybody agrees, you don't even have to obey the will. The probated will is just a document that can be used in a lawsuit. There is generally (except in the case of minors) no "will police" that enforces the directives of a will.
California has a mandatory fee (statutory fee that goes to lawyers) on assets that go to probate. A vehicle will be charged at 4% of the value.
Not if it’s less than ~ $180k in value. Sure, if you own a $1 million Lamborghini, you might want to put it in a trust, but if your cars, household belongings, etc are less than $180k (it adjusts up for inflation in California each year), you don’t need to put them in your trust. Real estate, yes for sure!
@@likethesky Thank you
California and Massachusetts run neck-in-neck in taxation- Without Representation!
Not leaving anything to my kids. Wife and I will spend/splurge all our hard earned ret funds. What we will leave them is the value, character, life skills to make a life of their own and raise a family on their own, without outside help...of course once they are at the age where they have a stable job and no longer living under my protection. Just like how we were raised without any financial help from our parents.
I live in Washington; when my dad and years later my brother died, their vehicles were easily transferred to others, relatives or not
Great advice!!
Thank you Clint. Very helpful, useful and clearly stated.
Thanks
I’m in Ohio. My dad’s IRS mutual fund is to go to the family trust when he passes. The trust is split 50% with brother. Does or at what point would the IRA become taxable?
When it is distributed. Keep in mind there are rules around how long it can be held in an IRA after someone passes before it is taxable.
Thank you. This was very informative.
Glad it was helpful!
You mentioned incorporating your revocable land trust. Let's say the property is in Florida. Are you referring to transferring the grantor's beneficial interest of the revocable land trust to the FL LLC? If so, would you then make the WY LLC the FL LLC member and then make the WY LLC member a living trust to avoid probate from all assets owned by the WY LLC?
Yes that is correct.
Thank you.
Can you please clarify these last questions below?
While I understand reassigning the revocable land trust's beneficial interest from an individual to an LLC provides asset protection from the original individual / beneficiary from potentially losing his/her personal assets (outside the trust) in the event the revocable land trust is sued because the land trust is revocable; couldn't a creditor unwind the revocable land trust that's held in the LLC and seize any assets/property within the LLC AND any assets/property held within the revocable land trust itself even if the land trust is presently owned by a business entity --- an LLC?
I'm also assuming because the beneficiary has an equitable interest in the trust, it's the beneficiary that owns the land trust and is the liable party--- not the trustee, although the trustee has legal title to the trust and merely manages it according to the terms outlined within the revocable land trust agreement. In other words, the trustee is not the owner of the trust --- the beneficiary is, and, subsequently, it's the beneficiary that's liable whether that's an individual or an LLC.
So, I guess my whole conclusive question revolves around the fact that if the land trust is sued, the LLC beneficiary (the new owner of the land trust) will only lose what the LLC owns, which includes the land trust itself and what ever else is inside that land trust. But the fact that the original beneficiary no longer personally owns the trust (via a transfer of beneficial interest to the LLC before a lawsuit was initiated), the original individual / beneficiary's PERSONAL assets are not at risk. Am I understanding this correctly from an asset protection standpoint?
I've heard some people say not to put your checking account into a living trust, but I've never heard the reasoning. Any comment on this?
I think it may be because you can list a beneficiary on your bank account.
I wouldn’t ….just name a beneficiary or executor
Have a separate bank account in the name of the trust. If your house is in the trust and it’s sold the proceeds will be payable to the trust
@@anncochenour9920 could you please explain what is the benefit/reasoning for going this route?
My aunt from Los Angeles who is single and has no children for some reason forgot to fund the trust. The primary asset would be her house. We were advised that the only recourse is probate. she has 2 living sisters still but the rest are neices,nephews and grandchildren. wh
I am not an attorney, but if her house is paid off she should be able to quit claim the house into her trust. She just needs to go to a title company.
If you have a retirement & brokerage account & want to designate to a charity along with your car to charity, should these be put into a revocable living trust?
@@kathyholt3516I want to know this too. I have charities that I want to continue to support after my death.
@@Starfish2145 you are correct
Yeah so it's probate. What's your rush? Are you in a hurry for her to die?
How do you set up a trust if both parents died but prefers the minor children to be raised with relatives overseas instead? The successor trustee is not the guardian. Is that possible?
Great question, I recommend you request a free 45-minute consultation so we can provide the best answer for your unique situation. aba.link/zev
Can you put your residence in your trust if there’s a mortgage and home equity loan on it?
Yes you can
Great information. Thank you!
Glad it was helpful!
OK, I can understand not placing a vehicle in a trust. However, would you place a vehicle in an LLC?
If it is used for business or it is a show/classic car that has an investment aspect to it.
Very good advice who knew
I Disagree, you should transfer vehicles into a separate trust dedicated to vehicles only. I have 3 trusts. Vehicles trust. Commercial real estate asset in it's own trust. My former home in it's own trust. Beneficiary is my son, on all 3. Split up the assets so if someone wants to try to litigate they will only stand to gain one of the many assets (if successful). Someone wants to sue you ? They cannot litigate against you successfully since ALL your assets are in trusts, and in this video example good luck litigating against the trust whom owns the vehicle - - set up the trusts in North Dakota, where they will have to appear in a ND court to litigate.
I disagree, inheritance thieves steal our legacies when we don't hire NICER approved Administration Lawyers who inventory everything in a forgery proof permission validation Trust. With grantee beneficiary designations for vehicles, Life insurance, stocks, bonds, bank accounts, personal items, with funded real estate and following Notary Index Crime Enforcement Regulatory's suggestion to appraise and gift small expensive items and weapons legally before they march.
i friend has a LLC or something like that who owns all his vehicles. He said it protect assets and privacy .
Yes that could be
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Thank you great advice
I was advised to put my WY LLC (among other things) into a Living Trust. Why would I do this if my Living Trust could be named in a lawsuit, which would blow up any anonymity my WY LLC might have otherwise afforded me? (Thanks BTW)
The living trust will not have any impact on your WY LLC for a legal perspective but, it will ensure the membership interest will pass to your beneficiaries free of probate.
To set up a RT is simple and should not be xpensive if you don’t have a zillion assets.
A few valuable properties very simple to put in trust!!!!!!
95%+ of my net worth is in my 401K/ROTH. I do not own real estate. My attorney said I only need a will. Is that correct?
Just make your beneficiary , THE beneficiary or POD of the 401(k). It is already a trust.
I see a lot of people talking LLCs and aren’t there massive new regulations on LLCs? I’d think you’re trading one paper chase for another.
TOD transfer upon death
Beneficiaries name is on title along with owners name.
Your instructions about motor vehicle transfer are NOT accurate for all states. For instance, In New York only 1 vehicle can be transferred to an immediate relative. In addition, vehicles that are owned jointly can be passed to the survivor. Unfortunately, the rest will go through probate, unless they are in a trust. However, that is not ideal either, as it will be difficult, or very expensive to obtain insurance in NYS.
What about placing IRAs in trusts so that nursing homes do not have access to these funds? We will be living off of SS and annuities. We will not need the money in our IRAs and have about $800k in Roth and $1.4M in traditional IRAs. Our parents are or were in nursing homes before their deaths. I would hate for a nursing home to rifle through our assets if we end up in a nursing home. My wife and I are 66 & 67 respectively.
Are you looking to move assets to qualify for Medicaid?
@@ClintCoonssounds like it. What’s your suggestion there?
Generally, your assets need to be in an irrevocable trust (not a living trust) for 5 years to shield them from Medicaid look-back. I don’t believe an irrevocable trust can own an IRA, so you may need to cash it out to move the funds (a taxable event, usually).
Also, know that if assets like IRA or annuity are in one spouse’s name and they require long-term care / Medicaid, the other spouse is exposed because their name is not on the account. You need to balance your retirement accounts to prevent this.
Yes, Irrevocable Trust cannot own an IRA bcos the IRA has a named beneficiary in the IRA acct. The beneficiary overrides the Trust.
I hear you!! I'm 67
Should Health Savings Accounts and Flexible Spending Accounts be eliminated from titling within Trust?
That's a great question. For a more personalized answer, I suggest scheduling a free 45-minute consultation with my team. We’ll provide advice tailored to your specific situation. Visit: aba.link/zev
Guess what! If you are listed secondary on a retirement account, you have to go through probate, if the primary beneficiary is deceased.
So? And?
@@karlabritfeld7104 What if they are all the primary (i.e. 1/3 each)?
Thank you!
I set up my life insurance to go into my living trust, as primary and my child as secondary. The trust was based on if I passed while my kid was a minor, they would get paid out the interest only. (except for emergencies based on the trust administrator) at 18 they would get 10% and it then reverted to interest only for 19 and 20. at 21 they got 15% of the remainder, again reverting to interest only for year 22-24... and at 25 they received everything. the reason it was set up like this was to allow them to blow all the money at 18.. get an idea on that, a second chance at 21 to make good or bad choices. and at 25.. hope they learned enough if they made mistakes at 18 and 21.
Good plan
When my son was 25, he worked for Google and made very good income, he had no financial planning concept. Spent thousands monthly buying electronics until I forced him to buy his first home. Now he is 33 and owns properties.
Great info........Please confirm this>>>> the problem MOST people dont know is when they have their adult "kid" as the Successor Trustee and they want to distribute the estate over time like you recommend I was told the kids can do whatever they want when the parents are gone and they are in charge, is this correct?
That is correct. Not a good choice to name the kids.
@@ClintCoons good to go - thank you
What about insurance for your home? Is it an issue to obtain as it is now owned by the trust?
Not at all
Auto Ins is looking at the person, more than the item. The car moves, like a gun, depends on WHO has control of it. Even if you're driving drunk, you are covered.
Home ins looks at the item more than the person. The house sits still, the bad actions of the owner/occupier can be called "non covered incident" or Negligent.
I was told by an Illinois bank that if I had assets of over 100k that were not held within my trust, then I would be subject to probate. Anyone heard of this?
What do you do if the client owns a company? An LLC? I sense a problem if you title the membership interest in the trust and the creditor seeks to pierce the veil of the LLC
It would not matter because the trust is an extension of yourself and if the LLC is pierced with you as the member, your trust would be at risk.
Thanks!
Thank you for the super thanks!
I know of a woman whose husband passed away and their van was only in his name she had to go thru the court system to get the van put in her name and it was a pretty old van, not really worth it.
But creating irrevocable trust causes gifting tax beyond the annual gift examption.
@@EstatePlanVictim Thanks, but I don't think you answered my question though.
No, you are not going to want to make the contingent beneficiary of your 401K plan or ira, the living trust. For if you do that, you're going to screw your intended beneficiaries out of favorable tax benefits as individual beneficiaries. Under today's new IRS laws, your children will still enjoy a 10 year span to draw those assets out, thus enjoying more tax deferred benefits and likely, a lower tax bracket than having to draw it all out in one year.
You can still take advantage of this with a living trust if you have the proper provisions to hold retirement assets. The general rule is when an IRA beneficiary is not an individual, the IRA must be distributed fully within five years. When a trust, your estate, or a business entity is named beneficiary, the IRA quickly must be distributed and taxed.
However, there’s an exception when you name a trust that qualifies as a “look-through” or “see-through” trust under IRS regulations. If properly drafted then, the IRA must be distributed to the trust within 10 years in most cases. Thus, your point is well taken, and if anybody is not aware of the necessary requirements that need to be in their estate plan to cover these assets, they should not name their trust as a beneficiary without first speaking to a qualified individual.