5 Assets That SHOULD Never Go Into A Living Trust
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- เผยแพร่เมื่อ 27 มิ.ย. 2024
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In this video, I'm breaking down the types of assets you should NOT put into your living trust and why.
While many videos discuss how to fund your trust, few address which assets should stay out of it.
💰 Let's discuss annuities, IRAs, and 401(k)s. These assets are essentially trust agreements themselves and should remain outside of your living trust. Attempting to transfer them into your trust could trigger unintended tax consequences or jeopardize their special tax treatment.
By understanding which assets belong in your trust and which don't, you can ensure your estate planning strategy is both effective and efficient.
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Show Notes:
0:00 Intro
0:32 Vehicles
3:01 Annuities, IRAs & 401(k)
5:48 Life Insurance
7:10 Outro
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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.
Personally… on vehicles, I change the titles to add a T.O.D.’s (transfer on death). Simple & does not require signature of beneficiary. 😅
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
You have obviously never dealt with a Living Trust. It is the responsibility of the Successor Trustee to inventory all assets and use the assets to pay off all debts owed BEFORE distributing $$ to beneficiaries as designated in the Trust. The US government requires all $$ given to beneficiaries by the Trust be reported the IRS. Yes. Each beneficiary is given a separate Tax form for reporting on their personal taxes. You are giving bad and illegal advice. Any beneficiaries doing what you advised could be charged with Breaking and Entering, burglary and grand theft (3 felonies) and have to serve years in prison. Shame on you!
@@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.
Can’t emphasize enough how important this is.
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
Clint, this was absolutely stellar advice. And you’re right! Few financial advisors are talking about this. Thank You!!!
Really great points! Very useful to know! Thank you so much for your valuable education!!!
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;
Your spot on with the annuity and vehicles great information!
*you’re
Great advice!!
Thank you great advice
Thank you!
I’m saving this post! Great info! ❤
Thanks
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)😂😂😂😂
We live in NJ probate is very fast and efficient here some estate planning lawyers offer free dinners and fearmonger probate and taxes.
After more research, we found out the opposite. This was after spending $2500 for a living trust that was complicated 30 pages. The attorney's name/firm was on almost every page. So we opted for a simple "The disclaimer trust in my last will and testament"
FYI New Jersey no longer has estate taxes. Just figure out what to do with your federal estate tax exposure. Oh, and you’re welcome, now you don’t have to move to Florida.
Great advice, especially since my wife and I are having a living Trust set up on our behalfs.
Good video and advice; However, I suspect the number 1 thing is to know the laws in your state
Wise advice
The car was a key takeaway for me. Thank you for the advice.
Glad it was helpful!
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
Thanks!
Thank you for the super thanks!
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
Very good advice who knew
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.
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.
I live in Washington; when my dad and years later my brother died, their vehicles were easily transferred to others, relatives or not
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.
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
love it, great info!
Agreed! 😊
What about a paid off timeshare?
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.
🤣🤣🤣
BMV has transfer upon death forms.
The video I heard stopped at annuities.
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??
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 what about Trust Doesn't Rust. Sometimes you definitely want the vehicle to go to Michael Knight.
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 !
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
Can't you just set up your house with a TOD and bank accounts POD's? Or do they have to be in the Trust?
Everything my mother owns is in her living trust. Everything goes to me.
I have mine set up like that, too!
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.
The title says 5 assets that should not be included. But you only named three.
I think it's as follows:
1. 0:32 Vehicles
2. 3:01 Annuities,
3. . . . IRAs, &
4. . . . 401(k)
5. 5:48 Life Insurance
Annuities, IRAs, & 401(k) are from 3:01 to 5:48 .
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
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.
Most stuff has beneficiary directions. Investments stocks, retirements, bank accounts. Since they already have those, they don’t go into trust? Does that just leave your house in a trust?,
Change title to join tenancy will do
What about insurance for your home? Is it an issue to obtain as it is now owned by the trust?
Not at all
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
New sub thx
❤
Can a LLC be the beneficiary of an insurance and other assets?
Yes if the issuer is willing to name it.
Can a limited g trust be changed later in life?
A living trust can be modified at any time by the original grantors (you, who set it up), that’s because it’s a revocable (living) trust. So yes, it can change later in life or at anytime you need it to if your circumstances have changed. You should always get an attorney to change it however, it’s not really a DIY kind of thing.
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
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.
smart
What about an irrevocable trust?
NO. You can never make changes to an irrevocable trust
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?
Would you put a vehicle in a trust in order to prevent Capital Gain and Inheritance Tax? Or Or would it be better to put these into a Family LLC President proposed 2025 Inheritance tax rate on top of Capital Gains which is nearly 40% and that's not including state death tax either.
Sign the title and put it in the safe but don’t date it or list odometer. Your survivor can claim it as a gift and register in own name, unless you’re not talking normal car. If it’s an appreciating exotic collectible, then I would put it in the trust.
Oh come on. Do you know what the amount of money is that can be passed in an Estate free of Inheritance Tax? 99.9% of all Americans will NEVER pay a Federal Inheritance Tax because we don't have Estates worth millions of dollars. If you live in a state that has an inheritance tax, check your state laws. Generally, they are in sync with Federal law, but not always.
@@jannibal9273 That's why the President working on double taxing it in 2025. Inheritance tax and Capital Gains with both applying to anything left outside a trust, supposedly.
@@LazyGrayF0x If I may, signature dies on title same moment said person passes over.
@@stevesugulas9941 its where not dated but signed title is useful.
Should art be included in a trust?
Yes but art is personal property and does not require changing a title.
I was told all liquid assets automatically pour over into the trust. Bank accounts insurance 401 all have a beneficiary listed.
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?
Hi, thank you for doing this video, how can I get in touch with you, please?
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/clintss
How about a house? How does that work?
Your house will be held in your living trust.
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
How will this all work out in California under Newsome?
No idea. He will probably confiscate everything you have to redistribute. 🙄
Why not just set 401k's with beneficiary forms and leave out of trust all together?
That’s what I did
Put a TOD (transfer on death) on your non-IRA accounts. Name your beneficiaries. This will avoid probate. Check rules in your state.❤
One possible reason is that the plans and terms of your trust won’t be enforced. If you wanted to transfer an account immediately on death, that’s fine. If you had guardians or other considerations say for small children you might want the trust and those trustees to manage the estate in a very specific way.
Unfortunately, nothing was mentioned about a home or vacation property
Those go in your living trust
But if you have a Living Trust you don't have to go a Probate anyway,and why did you mentioned it in this video that if a person pass away the beneficiaries have to trough Probate sir? Pls reply
That is correct.
some people use a trust for vehicles to prevent others from finessing the car from your possession (getting a duplicate title under their name, etc). you still advise against it?
Not at all. Using a personal property trust for vehicles is a great way to address what you describe.
Where do you state who should inherit your car? In your will? Can anyone with the death certificate transfer title without any other documentation?
I had to pay $20 to MVA (in MD) to put a beneficiary on my vehicle
Yes or in your living trust.
What's an old car worth anyway? Couple of thousand dollars. Junk.
Most old cars are crap. Who cares?
@@raiden031did that break the bank?
!(: THANKS ;)!
What happens if you have a collection of antique vehicles?
I would place them in an LLC and put the LLC into the trust.
@@ClintCoons Thanks for the info. Are there any tax consequences from puting the cars in an LLC? What state are you in?
@@nancykramer7700 when this happened to me, I did a Quit Claim to avoid tax consequences.
Why make the Trust the beneficiary of the 401(k)? If congress reduces the unified credit back to $1mil, you have just ballooned the Trust and may incur estate tax. The beneficiaries of the 401(k) should be the Trust beneficiaries, bypassing the Trust.
Yes, but if you want to control the disposition of the assets to your children, you should consider a trust. If you are okay with an outright distribution, you can name them individually.
Can you make your trust the beneficiary of your pension?
Yes if you have the proper pension provisions in your trust.
fomr this sounds like only real estate would go into a trust? maybe stocks outside of 401k and roth otherwise everything he listed wouldnt go into it?
Your real estate should be in an LLC and the LLC should be in the trust. Your residence should be in the name of your trust. Bank accounts etc, out side of retirement plans should be in the name of your trust.
Disagree on not naming your RLT as the beneficiary of your life insurance.
Not everything is pod
Real Estate can be TOD. Transfer on Death. An easy way to avoid probate on RE.
@@asrc2005depends on the state. Some do not allow TOD (transfer on death), and some might recommend you list as joint ownership with rights of survivorship (which means no step up in basis). As a result I highly recommend you discuss with a good CPA or tax expert as well as attorney. You want to be sure you’re preserving the step up in basis to potentially avoid a lot of capital gains taxes for your heirs.
I'll worry about having a trust when I win the lottery.
wrong, wrong, wrong, do not make a trust the beneficiaries of your IRA, 401K, and annuity as a trust must cash them out in 5 years whereas a person gets 10 years.
You are correct regarding the distribution rules, but I am thinking along the lines of spendthrift protections rather than outright distributions to children who may be involved in a lawsuit, divorce, etc., and the funds could be lost.
Ok Clint???? So what do i put in a trust???? After all that, I have a half pencil, 2 socks, 3 underwears and a rock? Can you make a video explaining then what a trust is for???
The trust will hold your real estate and bank accounts and will serve as the beneficiary of assets like life insurance, etc. The purpose of the trust is to avoid probate.
I’m sorry I don’t agree with any of this based on my own experience with trusts
Title = 5 things. Video = 3 things?
This video contradicts some of the others! You specifically spoke about putting the assets in the living trust. Now your saying they can’t find out who! That’s the purpose! ! And also Trust don’t go to jail! This has me questioning a few things. Spread fear to the people when people have been getting away since the beginning of times with practically murder for having a trust!
No, he didn’t. He said to put them in a personal trust. He did not use the word “living trust“. Operating a vehicle is prone to get you sued. You don’t want that in a living trust because then they can take everything inside the trust. Makes sense? So you put it in a separate trust by itself.
real estate, especially your Homestead, should not be placed into a living trust, with few exceptions. ?
You can provided you make the proper reservations in the transfer deed.
I own nothing. My foreign trust does. I’m taking about a foreign trust NOT apart of the US corporation.
Can I put in a WILL someone that will have the POWER of attorney and form a trust for me upon death? The instructions of the trust will be in the will.
No, because a POA only operates while you are alive. When you pass the POA becomes null and void.
Do your homework by asking your phone what the difference is between REVOCABLE and Irrevocable trusts!! YOU can change a revocable but this guy is suggesting Irrevocable....you dont have control over this type BEWARE
I am not suggesting irrevocable. What made you think I was not referring to a revocable living trust? Did I misspeak somewhere in the video?
Make it non-revocable. My evil brother took an attorney to my mother’s house. She had dementia. The lawyer did not care. My brother took everything. Everything.
That is financial elder abuse. Can you a Conservatorship Petition? You should seek legal advice because it’s against the law to abuse elders, esp. in cases of incapacity. You should file a lawsuit against brother immediately.
@@camiller4916 I’m not going to waste my retirement funds going after him. My mother passed away last year. I did not need anything from her but my disabled sister was supposed to get her house. That did not happen.
It is a fraud, a criminal offense. File police report for them to prosecute. Not a civil case.
First of all, I’m retired and on a fixed income. My sister, who is disabled, was supposed to get my mother’s home. She got nothing. I refuse to use my retirement funds to fight this. I just want to let people know that evil does exist and if you want to make sure that someone in need gets your estate when you pass, make the trust non-revocable.
WRONG on the vehicle. You cannot transfer the title at the dmv. They ask for the trust, will. Just had this happen.They will NOT accept the death certificate. Who is this guy?
Which state? Seems odd. How can they verify the person is dead without a death certificate.
IRAs and 401Ks are NOT annuities. Come on, dude. Do better 🙄
That’s not what he said. He said “like” 401(k)s or IRAs as examples of investment types not to be held in a Living Trust.
3:02 Replay, he didn't say they were the same. He said they were "Like" annuities in that should NOT be in a Living Trust because of there special nature in re probate