Hi Clint @ClintCoons! We are building a house in a place in TX which is a club and the land will not belong to us per se. It's an undivided interest. There are shares to the club and the lots (one per share) are registered with the boundaries listed as geographic coordinates. We pay a yearly fee and the club pays the land taxes. How do people go about that transfer if there's no need for title insurance, or is there? Is a warranty deed still needed? Also, I read that many insurance companies don't want to insure homes in a trust. What's your experience been? Thanks for your time.
My husband and I set up a living trust a few years ago. It’s a great way to avoid probate and ensure that our assets are distributed according to our wishes. It also gives us more control over who gets what and when.
That’s smart. I’ve been meaning to do the same, but I’m not entirely sure how to go about it. I know a trust can be beneficial, but it feels a bit overwhelming. What’s the process like?
That’s exactly why we decided to work with a financial advisor. We were in the same boat, not knowing what the best option was, and our advisor really helped us figure out the right approach. He walked us through the pros and cons of each type of trust and helped us set everything up properly.
I’m with you on that. I’ve been putting this off for too long. I think it’s time to get some professional advice and make sure everything’s in order. Better to do it now than leave it until it’s too late.
What is the training of the advisors? Clearly, you and Mr. Mathis are awesome attorneys. I am just by nature leery of getting scammed by a marketing ploy. I have watched numerous videos and it almost seems too good to be true to have access to you. Do all of your attorneys have the same skill and knowledge that you and Mr. Mathis have? I love your videos and thank you in advance.
Yes we have a very knowledgable staff of attorneys and advisors. Your assumption is correct that Mr. Mathis an I typically limit who we personally work with to business owner/investors with 30mm in assets or over 2mm in income. However, we do get involved with clients when unique situations arise to help define an overall strategy. You can sign up for a free strategy session and get a sense for what we can offer. 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.
If you have real estate in a trust and don't want it liquidated after your dead, just do a transfer of deed on death. An ongoing property in a trust prevents yearly tax deductions if it's rented for income, a trust pays the highest tax rate no matter the level of income, and a property can not be sold to a beneficiary outright unless you sue your own trust to remove it from the trust. Unless you have multi millions of real estate and in the highest tax bracket anyway, it isn't worth it. Especially if you want your family to enjoy the property for years to come.
Hello! Just by chance came across video and thoroughly enjoyed it an now subscribed. I did have one question that maybe you could expand on. Situation: Family member placed two properties into a trust (not family), could that trust be revoked (by owner/mortgagee) so that a family member could buy the properties cash. Essentially "cutting out" the trustee.
Okay I think this is what my uncle did he's only by marriage my father literally had a I mean he closed his business so we thought but I am I mean my uncle acted as if he was trying to help. My mother was the executor or so we thought but he tried to act like he was doing anything while I'm telling you he's still getting something out of it what I think is he took the business and transferred it and put his deed in it I mean he's got all the money he's got his fingers and everything 20 years later I'm just now going through Hawkins county Tennessee clerk finding out all the assets my father had and my mother is still living he is still got his fingers in it and yes I have a wonderful attorney Whitney Taylor in Tennessee that I am talking to but I am trying to I'm getting a hold of the asset planner that he said and also the real estate.. basically my mom is just taking this too personally as well as I have but I mean I have asked him I mean he's taking his money this is completely illegal nobody went to probate Court he said he did but I'm not so sure of the matter and it's going to break my heart but my uncle who is my mom's blood brother well now he's getting involved and I want him to be on the up-and-up I love and trust him and I just think all of this has been done horribly wrong can you please give me some I will give you more information and email you I really appreciate your videos thank you and God bless
My husband and I own two rental properties in Connecticut. We bought them under our name, but we are looking to put them in an LLC. Can we transfer an LLC into a land trust? If so, should we put them in one trust or two different trust? One for each house. I need them to stay separated in case of any lawsuits.
The strategy we recommend is to transfer each property into an individual land trust, and then assign each land trust to its own separate LLC. This approach provides an added layer of protection and helps compartmentalize risk. By structuring your assets in this way, you can ensure anonymity and reduce the risk of lender acceleration if the properties have a mortgage. I truly believe that discussing this in detail with one of my trusted advisors could provide you with valuable insights and clarity. To schedule your complimentary strategy session and take the first step toward securing your assets, simply click this link: aba.link/e2v. We’re here to help!
I live in Texas. You said do the warranty deed when I transfer the real property to the trust, not quite claim deed. Why? I researched what the difference between warranty deed and quit claim deed. I found the warranty deed is used in real estate buying or selling a house. The quite claim deed is used to transfer the ownership. Would you please explain why the quite claim deed should not be used when I transfer the property to the trust?
What about Bitcoin, how do you handle that from a legal side if it’s not held by an institution? (Not possession/private key management, already have that figured out so it can be passed on to a sole beneficiary).
@@ClintCoons Interesting, haven’t heard of that approach. Most of what I’ve heard of is using a revocable living trust and then documenting the Bitcoin address(es) in the trust. Supposedly possession alone doesn’t count as transfer of title of the Bitcoin.
We have 3 rental properies as well as our primary home in a living trust. Do we need to transfer our investment properties to the land trust or LLC? Or it's fine to keep them in our living trust.
Great video @ClintCoons thank you for sharing your wisdom. I was wondering if land trusts are a legal/recognized way of taking title of real property in all 50 states ?
Hello, great video. Thank you for sharing. I have a question. I was a little confused on the Assignment Letter. Once you prepare an assignment to transfer the LLC to the Trust, does that get filed with the state or added to the Trust? Or is it just a document that you have notarized and hang onto? Thank you!
Timeshares are typically viewed as liabilities because they come with an annual maintenance fee and are difficult, if not impossible to sell. Before placing it into your living trust and designating a beneficiary for the TS ask your beneficiaries if they want the TS. I have met many beneficiaries who rue the day they took over their parent's TS.
1st, thank you for the information...very informative as usual. 1-you mentioned that you keep yourself listed as a member when transferring ownership of a LLC to the trust. Could you also have a single-member WY LLC, single-member being the trust, and keeping yourself as the manager of the LLC? Or is keeping yourself as a member essentially the same? 2-can you explain (high level) the downsides of putting your primary residence into the living trust? Thanks in advance👍🏾
hi, thanks for your helpful video.If I only want to change the TRUST name, and I Have the word document from the lawyer who made our trust,can I just edit the TRUST name, print it out, sign them and change all the assets to that new revocation trust name?I don't see why I need to hire a lawyer to just get this simple step done. Thank you for your advice.
How about taxes in the future if one takes a property out of the trust to sell it or use it personally. A local MN attorney on here says that in MN there are tax considerations and a step up in basis that gets lost. I'm having a hard time confirming if that is true.
Yes, but why would you want to do that and lose the asset protection of the LLC? Second, some states may assess a transfer tax from an LLC to its members.
Question. In process right now. If someone inherited an apartment building as a family member with no will and there is another sibling 2/3 vs 1/3 shares, and the family member wants to keep the building with shares going to two children also, how would that be done? One of the children is also the personal representative of the estate. Let's say mother 25%, son 25%, daughter 25% and then 25% for her adopted sibling who is only a part of it for legal reasons. A buyout would be ideal but if the money isn't on hand what would you do? Thanks.
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.
Can you transfer a deed of a house that the mortgage is in only one of the trustee's name on the trust but not both? Have two houses, each is deeded in only one name (including the mortgage) but the trust has both trustees listed. Want to transfer both houses to the trust.
Yes, you can transfer the property into your living trust if both of you are listed in the trust as the beneficiaries and trustees. I would transfer it under one trustee's name (the property owner) , even though both of you were listed as co-trustees. Keep in mind that I am making some assumptions here about how you're living. Trust is set up so you should reach out for a consultation so we can help guide you on this set up.
If I have a trust that my Property is in, am I able to sell half the property to my son? If I were pass down the road and he is the executor of the trust, would he be taxed a lot or would they still be able to obtain the house with step up basis?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit: aba.link/ofv
What would show up in the land records with respect to who the property was redeeded to? This information is still in public view and people can figure out who the property owner might be, unless it says something like ABC Trust Smalltown Delaware dropping the trustee name like in Clint C. of ABC Trust Smalltown Delaware.
Whatever you choose to put in the deed will show up. Some investors will serve as their own trustee and omit the trustee name on the deed. This can work, but it is risky because you may cloud the title, and this would hold up a future sale. It is best to use a nominee trustee.
Yes. He can schedule a FREE 30-minute consultation here - aba.link/clintss or he can send me an email at ccoons@andersonadvisors.com, and I will have someone reach out to discuss.
Hi Sir, I bought a house with my older’ son a couple of years ago and I have 2 other children. How can I add my other 2 children to the deed of the house?
This will require a conversation. 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.
Instead of creating an LLC treated as a partnership for tax purposes, if u wanted to avoid making the LLC file a tax return, couldn’t u make an trust with TWO TRUSTEES and the make the disregarded LLC be owned by the trust with TWO trustees? Would the income up to each of them 50/50 like a partnership?
@@ClintCoons but the objective is have a two people own the trust and collect money 50/50 but without needing to file a partnership tax return. Can I do that?
Hi, can you answer my question please?...I transfered my house to two of my children, and I steel paying my home morgage, can I undo it.?.......can my children transfer my home back to me?? and I can do the "revocable living trust".....
If you were buying a new personal residence, would you sign as trustee of a land trust, or put it into your living trust? If you put into your living trust, how would you hide that fact on paperwork if your living trust has your name on the trust?
I would put the residence under a personal residence, trust for anonymity purposes, and have my living trust set up as the beneficiary of the personal residence trust.
Tried getting in touch with this guy once, and the person tried to sell me a trust without any information, wanted 6k and couldn't answer any questions.
Which one of my staff members did you speak with? If you email me, I can look into your conversation and set up another call for you with a different advisor.
Would you like to learn more about transferring assets into a trust and talk to someone? Schedule a free consultation here: aba.link/ofv
Hi Clint @ClintCoons! We are building a house in a place in TX which is a club and the land will not belong to us per se. It's an undivided interest. There are shares to the club and the lots (one per share) are registered with the boundaries listed as geographic coordinates. We pay a yearly fee and the club pays the land taxes. How do people go about that transfer if there's no need for title insurance, or is there? Is a warranty deed still needed? Also, I read that many insurance companies don't want to insure homes in a trust. What's your experience been? Thanks for your time.
My husband and I set up a living trust a few years ago. It’s a great way to avoid probate and ensure that our assets are distributed according to our wishes. It also gives us more control over who gets what and when.
That’s smart. I’ve been meaning to do the same, but I’m not entirely sure how to go about it. I know a trust can be beneficial, but it feels a bit overwhelming. What’s the process like?
That’s exactly why we decided to work with a financial advisor. We were in the same boat, not knowing what the best option was, and our advisor really helped us figure out the right approach. He walked us through the pros and cons of each type of trust and helped us set everything up properly.
His advice has been invaluable in making sure everything is legally sound and tax-efficient.
I’m with you on that. I’ve been putting this off for too long. I think it’s time to get some professional advice and make sure everything’s in order. Better to do it now than leave it until it’s too late.
What is the training of the advisors? Clearly, you and Mr. Mathis are awesome attorneys. I am just by nature leery of getting scammed by a marketing ploy. I have watched numerous videos and it almost seems too good to be true to have access to you. Do all of your attorneys have the same skill and knowledge that you and Mr. Mathis have? I love your videos and thank you in advance.
Yes we have a very knowledgable staff of attorneys and advisors. Your assumption is correct that Mr. Mathis an I typically limit who we personally work with to business owner/investors with 30mm in assets or over 2mm in income. However, we do get involved with clients when unique situations arise to help define an overall strategy. You can sign up for a free strategy session and get a sense for what we can offer. 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.
If you have real estate in a trust and don't want it liquidated after your dead, just do a transfer of deed on death. An ongoing property in a trust prevents yearly tax deductions if it's rented for income, a trust pays the highest tax rate no matter the level of income, and a property can not be sold to a beneficiary outright unless you sue your own trust to remove it from the trust. Unless you have multi millions of real estate and in the highest tax bracket anyway, it isn't worth it. Especially if you want your family to enjoy the property for years to come.
Hello! Just by chance came across video and thoroughly enjoyed it an now subscribed. I did have one question that maybe you could expand on. Situation: Family member placed two properties into a trust (not family), could that trust be revoked (by owner/mortgagee) so that a family member could buy the properties cash. Essentially "cutting out" the trustee.
The trust beneficiaries should have the power to remove the trustee, or the grantor holds this power.
@@ClintCoons Thank you for the response. I'm attempting to purchase two rental properties that my mother placed into a trust.
Okay I think this is what my uncle did he's only by marriage my father literally had a I mean he closed his business so we thought but I am I mean my uncle acted as if he was trying to help. My mother was the executor or so we thought but he tried to act like he was doing anything while I'm telling you he's still getting something out of it what I think is he took the business and transferred it and put his deed in it I mean he's got all the money he's got his fingers and everything 20 years later I'm just now going through Hawkins county Tennessee clerk finding out all the assets my father had and my mother is still living he is still got his fingers in it and yes I have a wonderful attorney Whitney Taylor in Tennessee that I am talking to but I am trying to I'm getting a hold of the asset planner that he said and also the real estate.. basically my mom is just taking this too personally as well as I have but I mean I have asked him I mean he's taking his money this is completely illegal nobody went to probate Court he said he did but I'm not so sure of the matter and it's going to break my heart but my uncle who is my mom's blood brother well now he's getting involved and I want him to be on the up-and-up I love and trust him and I just think all of this has been done horribly wrong can you please give me some I will give you more information and email you I really appreciate your videos thank you and God bless
My husband and I own two rental properties in Connecticut. We bought them under our name, but we are looking to put them in an LLC. Can we transfer an LLC into a land trust? If so, should we put them in one trust or two different trust? One for each house. I need them to stay separated in case of any lawsuits.
The strategy we recommend is to transfer each property into an individual land trust, and then assign each land trust to its own separate LLC. This approach provides an added layer of protection and helps compartmentalize risk. By structuring your assets in this way, you can ensure anonymity and reduce the risk of lender acceleration if the properties have a mortgage. I truly believe that discussing this in detail with one of my trusted advisors could provide you with valuable insights and clarity. To schedule your complimentary strategy session and take the first step toward securing your assets, simply click this link: aba.link/e2v. We’re here to help!
What happens if one of the rental properties owned 50/50 by us and another individual ( our friend). How this property should be handled.
@@joansher You would transfer your interest into your living trust.
@@ClintCoons thank you very much for your answer!
I live in Texas. You said do the warranty deed when I transfer the real property to the trust, not quite claim deed. Why? I researched what the difference between warranty deed and quit claim deed. I found the warranty deed is used in real estate buying or selling a house. The quite claim deed is used to transfer the ownership. Would you please explain why the quite claim deed should not be used when I transfer the property to the trust?
Very helpful, useful topic! Thank you!!!
You're very welcome!
Can you/Should you, and how do you, transfer intangible personal property/intellectual property into a living trust?
Yes but however you may want to consider having it owned by an LLC, which in turn is owned by your living trust.
What about Bitcoin, how do you handle that from a legal side if it’s not held by an institution? (Not possession/private key management, already have that figured out so it can be passed on to a sole beneficiary).
Yes. Open a Safe deposit box in the name of an LLC and hold your vault in the SDP.
@@ClintCoons Interesting, haven’t heard of that approach. Most of what I’ve heard of is using a revocable living trust and then documenting the Bitcoin address(es) in the trust. Supposedly possession alone doesn’t count as transfer of title of the Bitcoin.
Hi Clint, when doing the assignment of interest, do you have to record it/notarize somewhere?
I prefer to send it via DocuSign.
@@ClintCoons We did ours on paper. We have uploaded it to the box at the Anderson portal. Do we need to do anything else? Haven't notarized.
@@sachastayswi No the only notary is the deed. The upload has a time stamp if anyone questions when it was prepared.
@@ClintCoons Wonderful thank you!
We have 3 rental properies as well as our primary home in a living trust. Do we need to transfer our investment properties to the land trust or LLC? Or it's fine to keep them in our living trust.
Yes transfer your investment property into 3 different LLCs to protect you and your assets from potential liability.
Great video @ClintCoons thank you for sharing your wisdom. I was wondering if land trusts are a legal/recognized way of taking title of real property in all 50 states ?
Yes, absolutely
Hello, great video. Thank you for sharing. I have a question. I was a little confused on the Assignment Letter. Once you prepare an assignment to transfer the LLC to the Trust, does that get filed with the state or added to the Trust? Or is it just a document that you have notarized and hang onto? Thank you!
You hang on to it. Having it notarized or using docusign is how I would prepare it.
Would this work the same for a Timeshare? And if so, living trust or land trust?
Timeshares are typically viewed as liabilities because they come with an annual maintenance fee and are difficult, if not impossible to sell. Before placing it into your living trust and designating a beneficiary for the TS ask your beneficiaries if they want the TS. I have met many beneficiaries who rue the day they took over their parent's TS.
Once you have completed the assignment form do you have to take it anywhere to show or validate
No.
can you do a video on accumulated earnings tax and personal holding company tax in a c-corp?
1st, thank you for the information...very informative as usual.
1-you mentioned that you keep yourself listed as a member when transferring ownership of a LLC to the trust. Could you also have a single-member WY LLC, single-member being the trust, and keeping yourself as the manager of the LLC? Or is keeping yourself as a member essentially the same?
2-can you explain (high level) the downsides of putting your primary residence into the living trust?
Thanks in advance👍🏾
Yes you will assign your membership interest in the Wyoming LLC to your living trust.
What about annual costs and tax returns (time) needing to be done annually with these LLCs and Trusts?
Typically no because all of the entities are disregarded for federal tax purposes.
hi, thanks for your helpful video.If I only want to change the TRUST name, and I Have the word document from the lawyer who made our trust,can I just edit the TRUST name, print it out, sign them and change all the assets to that new revocation trust name?I don't see why I need to hire a lawyer to just get this simple step done. Thank you for your advice.
You need to restate the trust. I would not attempt this without legal support to avoid clouding title to your assets.
How about taxes in the future if one takes a property out of the trust to sell it or use it personally. A local MN attorney on here says that in MN there are tax considerations and a step up in basis that gets lost. I'm having a hard time confirming if that is true.
All appreciated property receive a step up in basis when the owner passes, and it is not relevant if the asset is in a trust or held personally.
Can I still add money to my stock accounts if they are in a wyoming llc?I am a LEO so lots of liability.Thanks for the video.
Absolutely. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/clintss
Is personal prop memo the same concept as a pour over will? Thx
No, it is different. The PPM is referenced in your living trust, and its function is to distribute personal assets.
Could I dissolve my LLC on my rental property, and then move the property into a living trust?
Yes, but why would you want to do that and lose the asset protection of the LLC? Second, some states may assess a transfer tax from an LLC to its members.
Question. In process right now. If someone inherited an apartment building as a family member with no will and there is another sibling 2/3 vs 1/3 shares, and the family member wants to keep the building with shares going to two children also, how would that be done? One of the children is also the personal representative of the estate. Let's say mother 25%, son 25%, daughter 25% and then 25% for her adopted sibling who is only a part of it for legal reasons. A buyout would be ideal but if the money isn't on hand what would you do? Thanks.
Consider obtaining a loan from a bank to buyout the other parties or purchase on an installment sale.
Hi Clint. I live in CA. I already have a Trust setup but I want to rename it and amend it. Can you help me with that?
Hello, I recommend you reach out to my team. We can assist you with this. aba.link/ofv
Can you give us a ballpark figure of the initial cost to set up this type of LT? thanks.
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.
Can you transfer a deed of a house that the mortgage is in only one of the trustee's name on the trust but not both? Have two houses, each is deeded in only one name (including the mortgage) but the trust has both trustees listed. Want to transfer both houses to the trust.
Yes, you can transfer the property into your living trust if both of you are listed in the trust as the beneficiaries and trustees. I would transfer it under one trustee's name (the property owner) , even though both of you were listed as co-trustees. Keep in mind that I am making some assumptions here about how you're living. Trust is set up so you should reach out for a consultation so we can help guide you on this set up.
If you have a mortgage, can you place that property into a living trust?
Yes you can
What kind of Trust would you put productive Mineral Rights? I have some oil producing land in OK.
I would place them in an LLC.
If I have a trust that my
Property is in, am I able to sell half the property to my son? If I were pass down the road and he is the executor of the trust, would he be taxed a lot or would they still be able to obtain the house with step up basis?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit: aba.link/ofv
What would show up in the land records with respect to who the property was redeeded to? This information is still in public view and people can figure out who the property owner might be, unless it says something like ABC Trust Smalltown Delaware dropping the trustee name like in Clint C. of ABC Trust Smalltown Delaware.
Whatever you choose to put in the deed will show up. Some investors will serve as their own trustee and omit the trustee name on the deed. This can work, but it is risky because you may cloud the title, and this would hold up a future sale. It is best to use a nominee trustee.
My old friend (80+) in Santa Clara, California, need to setup his living trust.
How can he get your help?
Yes. He can schedule a FREE 30-minute consultation here
- aba.link/clintss or he can send me an email at ccoons@andersonadvisors.com, and I will have someone reach out to discuss.
My parents need to set up trust
What are the tax consequences if a living trust is the beneficiary of a liquid asset ( stock, bank savings account , CD ----- ) ?
Zero
Hi Sir, I bought a house with my older’ son a couple of years ago and I have 2 other children. How can I add my other 2 children to the deed of the house?
This will require a conversation. 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.
What about cars, boats, and RVs?
Vehicles can be left outside
I,m A little confused. Are assets in a living trust subject to estate tax.
They can be if your estate is above the limit.
Does it cost money to open a living trust account and assign a trustee therein? How is the property hidden from public view?
Yes it does cost $$ to set up a living trust.
It depends on the lawyer's experience and brand name.
Most likely, it will cost between $3,000-$10,000.
Revocable or irrevocable?
Revocable or irrevocable
Are there taxes on the items that are transferred to a trust for moving them out of my name to the trust?
No. The trust is a revocable grantor trust.
@@ClintCoons thanks
Instead of creating an LLC treated as a partnership for tax purposes, if u wanted to avoid making the LLC file a tax return, couldn’t u make an trust with TWO TRUSTEES and the make the disregarded LLC be owned by the trust with TWO trustees?
Would the income up to each of them 50/50 like a partnership?
You would set it up with 100% held by one trustee of the living trust.
@@ClintCoons but the objective is have a two people own the trust and collect money 50/50 but without needing to file a partnership tax return. Can I do that?
Hi, can you answer my question please?...I transfered my house to two of my children, and I steel paying my home morgage, can I undo it.?.......can my children transfer my home back to me?? and I can do the "revocable living trust".....
You can have your children deed it back to you.
Thank you, for the answer....if they do, will it be a reassessment??
If you were buying a new personal residence, would you sign as trustee of a land trust, or put it into your living trust? If you put into your living trust, how would you hide that fact on paperwork if your living trust has your name on the trust?
I would put the residence under a personal residence, trust for anonymity purposes, and have my living trust set up as the beneficiary of the personal residence trust.
@@ClintCoons Thank You!
it's kinda crazy how nobody is talking about the book whispers of manifestation on borlest
how to fart in church without sitting in your own peuw.
complicated and costly ?????
It does not have to be. Also, consider the cost of going through probate relative to setting up a plan to avoid it.
Confusing to say the least
dasd
Tried getting in touch with this guy once, and the person tried to sell me a trust without any information, wanted 6k and couldn't answer any questions.
Which one of my staff members did you speak with? If you email me, I can look into your conversation and set up another call for you with a different advisor.