This guest is FANTASTIC! As a paralegal that is branching out to probate, I am very thankful for his easy to understand teaching style. I loved how he said "Great question" so many times. Most great teachers do that bc they realize that equipping others with knowledge is a gift. Thank you for posting this video!!
Great information for people like me that doesn’t keep up with this type of information. It’s confusing, and it’s a lot of information to keep up with, and information you need to understand, documents are also important to keep up with ugh 😑 I didn’t understand everything but it’s a start. Thank you!!
Having spent years DIYing the accumulation phase, I've now retired. The retirement financial planning was challenging, but I slowly figured that out. This was my first stab at learning about estate planning, and I feel I understand the big picture. I will do some more studying, but this gave me a good view of the forest. I feel ready to study the branches and leaves of the trees.
Wow! Thank you! This is by far the MOST COMPREHENSIVE end to end explanation on Trusts, POAs and wills I've ever found. We're in the middle of funding our Trust and still we're left with unanswered what-ifs on funding to mimize taxes despite conversions with our attorney. This video answered these unresolved questions.
I've watched many videos on this topic as I gather information before deciding what to do. This one is by far the best, most detailed and most fact-filled one I've found so far! I plan on watching it again (at least one more time!) and taking lots of notes. I plan on telling my friends about it, too!!!
Awesome information. We’re in process of creating a revocable trust, we have one daughter. My wife wants when she passed before me, her portion (half of our assets) would be protected and goes to our daughter. My wife concerned when she passed, I may re-married and give everything to new spouse, of course I would never do that to our only daughter but my wife wants protection.
This was an excellent video overview of Estate planning. Thank you SO much! My husband and I set up a trust in 2021, but I am now realizing how all of my 40year old girlfriends and their spouses know nothing about how essential this planning is for their families. Forwarding this video to all of them!
Pragmatic Clients are realizing the Plain English Lawyer's Estate Plan is missing the Latin Law complete Administration to avoid the estate plan mistakes that cost 50% of our parents estate in Billable Litigation Hours.
Unbelievable video! I can't believe how much I learned with your guest. Everyone should watch this video if they want ease of learning will needs. Thank you so very much!!
Be careful we tried this and it cost 50% in Litigation, we'll wait until the NICER approved Latin Law Allied Legal Professional Administration Lawyers install services instead of easy to forge Estate Plans.
Man, this video is SUPER informative! Thank you! I'm glad you mentioned the pour-over trust. I didn't realize the asset transfer would have to go through probate before it could be poured into the trust if they weren't already in the trust, so it is important to get most of those larger assets moved (and beneficiaries updated) as soon as possible once the trust is established.
Thank you so much for doing this video. Such useful and valuable information. Jim is a great guest and you both are terrific together and I hope you’ll have him back on your channel in the near future.
Video is extremely informative. I have been binging on retirement nerd videos. I watch a lot of retirement/planning videos - you folks are top shelf. Thank you!
Great content. I've done a lot of research on this subject, but I still learned a few new terms from watching this video. Thanks for putting it all together.
Fantastic overview on trusts. A great job done by both Jim and Erik. Wish this was done 6 months ago before I had my trust created. Otherwise, I would have used Jim to create my trust.
I have been in the capacity of a durable power of attorney and successor trustee. Everything was so smooth and easy (considering the situation) but legally very smooth, because as the trustee you can handle everything without the expense of an Attorney! The Attorney was just there for a few legal questions that I could not find answers to otherwise. But was able to save the estate quite a bit of money by not turning to him for every single answer that I could find through the register of deeds office, etc. I turned around and had my own trust drawn up so that my successor trustee will have an easy time after my death. Something to note is that a durable power of attorney dies with the person, where a successor trustee carries through after death. I was in both capacities before his death. But I would like to hear Jim's explanation of the difference of both. In case I'm misunderstanding.
Additional point with funding checking accounts and brokerage accounts with only POD or TOD this only takes effect on death but not incapacity so successor trustee can't seamlessly manage finances as accounts are not in trust yet. So would have to use POA which usually means more hopes depending on the financial institutions.
I was actually a durable power of attorney and a successor trustee. The successor trustee can step in in a case of incapacity, not just necessarily at the time of death. And yes, the fact that he had a trust, everything was very seamless and went very smoothly.
Love your channel! I watch on TH-cam and you never introduce your guests. Who is this Estate planner named Jim? Jim who with what company? It took me googling endlessly to find out who Zack Call was-finally found him through Call Financial because the logo was on his shirt. Thanks for all the great information.
Does setting up up Trust protect your assets if you have to go into a state-run nursing home. Also does it allow the money to go directly to your children, or do all the creditors get first shot at that money?
1. A revocable trust does NOT protect assets if they needed to go into a state-run nursing home. 2. If someone passes away with debt, that debt has to be paid back first before the money gets distributed to the beneficiaries "children".
Great content as always!!! Question, I already have a revocable trust which was created through Hyatt Legal plan through my previous job. I wanted to make a few changes and was wondering how I can go about doing that?
Thank you for watching! Jim's team can help or Hyatt. May warrant a call with a planner to see if it's something you can add and sign or if more is needed.
This is an excellent video for the information presented. My only question is it possible to draft an estate plan for people residing in two different states, for example snowbirds? Might have to call and find out. Great video, thank you!❤
What about property that is in an LLC? Some people are encouraged to do that so their entire estate isn't subject to lawsuits. How does that sensibility intersect with estate planning?
@grizzlya1257 The trust has what's called a pour over will. Basically, anything under your name that is not in the trust such as your bank account, your rental LLC would be wrapped into your trust and follow your instructions. Make sure that your operating agreement has a clause of your trust if no other owners are involved.
Still think there is no need to complicate ownership of my "stuff" by creating a "living entity" and having to retitle my belongings....when the probate process is clear and achieves the outcomes I want. Probate is not that expensive or time consuming where I live.
So if I complete a revocable trust and then get married. I should keep my maiden name to avoid the expense of changing the name on the trust. Is this correct. Actually, I would prefer to keep my maiden name anyway.
You can do it either way. Most financial institutions will prefer you change your name, however... if you didn't want to go through the cost of doing that... it would still work :)
The statement was made that the successor trustee must be at least age 18 and a resident of the USA. I live in MI and can't find the resident requirement. I did find that for California; the successor trustee must: - be 18 years of age or older, - must be a U.S. citizen, and - must be of sound mind.
48:38 really need to distinguish between traditional IRA traditional 401k vs Roth IRA Roth 401k. I'm wondering if they are a roth could the roth or roth 401k be left to trust without triggering a tax event since they are not taxed and no RMD on those. I ask because if you are married with children from previous marriage to protect all children to future inheritance.
Great show! Possible to list what kind of things need to go into a trust? I have head retirement account like 401k doesn’t need to in a trust. What about the regular IRA accounts?
Great content! I definitely want to do this. I don’t quite understand the mechanism where property, retirement, brokerage, 401k accounts etc. are liquidated and paid to beneficiaries within the trust. Example: wife and I pass and our assets are equally divided to our children. Does the “living” entity simply dissolve or does it require a legal document/filing?
Happy to dive into that in more detail if you want to send an email and I'll loop Jim in! Erik@theretirementnerds.com In our case, my brother is the successor trustee, and all accounts went into the trusts bank account. He makes distributions from that account to us kids on behalf of my deceased mother. Once taxes are filed for 2024, that's where I think your question comes in of, "then what?"
Why should accounts with beneficiaries named (or TOD/POD accounts) be within the trust. Over time I change the splits beneficiaries receive as things change. Easy to bo to Fidelity account (as an example) and change to splits online - easy. By listing teh trust as beneficiary of my IRA and bank accounts how do I do the needed changes if everything goes to the trust? Did I here correctly that my executor needs to be a resident of my state(NY)? And if that is accurate does the same apply to POA? I want my son to be who is not a NY resident!
I have had a trust for the last 10 years. But all but one of my financial accounts have TOD's or POD's to my specific beneficiaries NOT to my trust. One reason for this is as you mentioned, I can change the beneficiaries or the splits free of charge without contacting an attorney to make an amendment to my original trust. Another reason is upon my death, All they have to do is present a death certificate, and the financial institution immediately writes them a cashiers check. If this money were to be payable on death to the trust, they would have to wait for all of the financial obligations to be taken care of and the time period before the trust would be distributed to them. That being said, I have left one checking account payable on death to the trust to cover those financial obligations, taxes, attorneys, IRS, etc.. because I want it to be as easy as possible on my successor trustee. For the same reason, the deed of my home is POD to my beneficiaries. because my mortgage is paid off and they can turn around and get it ready to sell without having to wait for the distribution of the trust to settle.. because there will still be maintenance going on Utilities etc. and it's just nice to let them get it sold and done
They are not within the trust. They are the second beneficiary to the trust. If your first beneficiary dies such as your husband or wife and the second beneficiary is the trust then everything will get divided exactly the way you want it.
I thought that if one had a trust there were ongoing tax filing and trust filings required....but this did not get mentioned. Are there ongoing expenses to manage the trust and its' tax filings????
The guest said “immediate power of attorney” and also “springing power of attorney.” He never said durable power of attorney yet that is the adjective I’ve always heard. What’s “durable” and how does it contrast with “immediate?”
There is some nuance to that. Have people as your primary beneficiaries on those, but you can put the trust as secondary or tertiary beneficiaries. Easier to have people. But, if your beneficiaries pass away first and you haven't updated beneficiaries by the time you pass, having it go to the trust is better than nothing.
you can control your estate easily, but it is hard to avoid tax, trust tax vs individual tax rate, tax bracket, ordinary income, capital gain, estate tax, but they don't talk about tax in whole video?
No, we don't need the easy to forge living trust, we need the NICER Permission Ledger Interdiction Living Trust, the Dynasty A/B Trust we can change when we want too, and greedy trustees and grantees can't change.
Really good interview. I would have liked to learn a bit more about the tax implications of a trust, particularly in regards to retirement accounts, does the trust get use of the same distribution rules as an individual? I presume the $500k exemption for married couples on the sale of a primary residence isn't impacted by this because it is revocable?
You can do it either way. If you're setting up a new bank account and you already have a trust, that's probably the easiest thing to do. If you already have a bank account and you are now setting up a trust, it's probably easiest to keep that as is and have it as a payable on death to the new trust.
Can’t you just have your bank accounts pod to your beneficiaries? I previously had a trust & the attorney said to not include bank accounts or things we had assigned beneficiaries, ie Retirement accounts etc.
None of us need an estate plan we need NICER Approved Allied Legal Professional Administration Lawyers inheritance services to avoid the Estate Plan forgers and mistakes that cost half our parents estate in Billable Litigation Hours..
@@mmt44y None of us need the Plain English Estate Plan we need the Super Complex Latin Law Inheritance Administration to avoid the Trust Forgers and Estate Plan Mistakes costing 50% of our parents estate.
You need at least a will. Do not let the state dictate who gets what after you pass. Thats a selfish route. What about your stuff? That is not covered by your bank accounts.
This guest is FANTASTIC! As a paralegal that is branching out to probate, I am very thankful for his easy to understand teaching style. I loved how he said "Great question" so many times. Most great teachers do that bc they realize that equipping others with knowledge is a gift. Thank you for posting this video!!
Jim is the best! Thank you so much for spending some time with us! Have a few more episodes coming soon where Jim goes into more detail. Stay tuned!
Great information for people like me that doesn’t keep up with this type of information. It’s confusing, and it’s a lot of information to keep up with, and information you need to understand, documents are also important to keep up with ugh 😑 I didn’t understand everything but it’s a start. Thank you!!
This is the most detailed Estate Planning conversation I have ever heard! Excellent job.
Thank you for watching!!
Plain English Estate plans are too easy to forge without the Latin Law Permission Validation Trust Crime Interdiction Administration.
The guest is amazing. This is a Masterclass for free. I aprreciate all this information being provided.
He is amazing! So glad it was helpful!
Agreed .. very helpful and explains the words and concepts "everyone" assumes people understand
He may be amazing but we need inheritance services not an Easy to forge Estate Plan.
@@FisherMan-g2z This is kindergarten Law we need the Latin Law Crime Interdiction Administration to avoid the Trust forgers and Counterfeiters.
Having spent years DIYing the accumulation phase, I've now retired. The retirement financial planning was challenging, but I slowly figured that out.
This was my first stab at learning about estate planning, and I feel I understand the big picture. I will do some more studying, but this gave me a good view of the forest. I feel ready to study the branches and leaves of the trees.
Thank you for watching! Jim does a great job explaining it all.
Wow! Thank you! This is by far the MOST COMPREHENSIVE end to end explanation on Trusts, POAs and wills I've ever found. We're in the middle of funding our Trust and still we're left with unanswered what-ifs on funding to mimize taxes despite conversions with our attorney. This video answered these unresolved questions.
So glad it was helpful! Thank you so much for watching!
I've watched many videos on this topic as I gather information before deciding what to do. This one is by far the best, most detailed and most fact-filled one I've found so far! I plan on watching it again (at least one more time!) and taking lots of notes. I plan on telling my friends about it, too!!!
Jim is amazing! So glad it was helpful!
As always great host. One of the best guests I've seen. Concise, understandable, and sound guidance.
Thank you so much!
Awesome information. We’re in process of creating a revocable trust, we have one daughter. My wife wants when she passed before me, her portion (half of our assets) would be protected and goes to our daughter. My wife concerned when she passed, I may re-married and give everything to new spouse, of course I would never do that to our only daughter but my wife wants protection.
Thank you for watching. Definitely ways to accomplish that.
This was an excellent video overview of Estate planning. Thank you SO much!
My husband and I set up a trust in 2021, but I am now realizing how all of my 40year old girlfriends and their spouses know nothing about how essential this planning is for their families. Forwarding this video to all of them!
Thank you so much for watching and sharing! Jim is amazing!
Pragmatic Clients are realizing the Plain English Lawyer's Estate Plan is missing the Latin Law complete Administration to avoid the estate plan mistakes that cost 50% of our parents estate in Billable Litigation Hours.
Unbelievable video! I can't believe how much I learned with your guest. Everyone should watch this video if they want ease of learning will needs. Thank you so very much!!
Thank you for watching! Jim is great!
Be careful we tried this and it cost 50% in Litigation, we'll wait until the NICER approved Latin Law Allied Legal Professional Administration Lawyers install services instead of easy to forge Estate Plans.
It's pretty simple. If you own real estate and you have kids, you should have a revocable living trust...
Man, this video is SUPER informative! Thank you! I'm glad you mentioned the pour-over trust. I didn't realize the asset transfer would have to go through probate before it could be poured into the trust if they weren't already in the trust, so it is important to get most of those larger assets moved (and beneficiaries updated) as soon as possible once the trust is established.
Thank you so much for watching and spending time with us!
You mean pour-over will, which is part of the trust.
Thank you so much for doing this video. Such useful and valuable information. Jim is a great guest and you both are terrific together and I hope you’ll have him back on your channel in the near future.
Thank you for watching!
Jim is great! And we definitely plan on having him back!
Sorry about your loss! Im 35 and cant imagine losing a parent already
Thank you 🙏
WOW! That was great! Cleared up a lot of confusion. So much to think about now,
So glad it was helpful! Jim does a great job!
Video is extremely informative. I have been binging on retirement nerd videos. I watch a lot of retirement/planning videos - you folks are top shelf. Thank you!
Appreciate you taking the time to watch!!
This was a great video. Perfect introduction for anyone looking to learn about estate planning!
Thank you! Jim does such a great job!
Great video, so much informations I learned. Thank you
Thank you for taking the time to watch!
Verrry informative content. So much needed to hear. Single with grown child and at a tizzy tryna figure things out, this helped.😋
Jim did a great job! So glad it was helpful for you!
@@Theretirementnerds Yes!!! An excellent job!!! And you asked great questions that we all wanted to know but didnt have to ask. :)
I thought this interaction was really good and informative. Thanks for that.
So glad it was helpful! Thank you so much for watching!
Your guest was really knowledgeable and informative. Thank you!
Jim did a great job. Thank you so much for watching!
Great content. I've done a lot of research on this subject, but I still learned a few new terms from watching this video. Thanks for putting it all together.
Thank you so much for tuning in!
Thank you for this information I found this extremely helpful and informative.
So glad it was helpful! Thank you for watching!
Fantastic overview on trusts. A great job done by both Jim and Erik. Wish this was done 6 months ago before I had my trust created. Otherwise, I would have used Jim to create my trust.
Better late than never 🙂
Glad it was helpful!!
Thank you for this valuable information. I will save it to watch again. I have some work to do on my estate!
So glad it was helpful! Thank you for watching!
Thank you so much for this video!!! This topic just came up in my family, and we are trying to learn everything we can about it.
It's so important, but often gets thrown on the backburner. Thank you foe watching!
Great information. This is very helpful. Thank you so much.
Thanks, The Retirement Nerds. Outstanding content is your forte.
Thank you David!!
@@Theretirementnerds A virtual Library of Alexandria you are, except with no interference from Pharoah.😅
I have been in the capacity of a durable power of attorney and successor trustee. Everything was so smooth and easy (considering the situation) but legally very smooth, because as the trustee you can handle everything without the expense of an Attorney! The Attorney was just there for a few legal questions that I could not find answers to otherwise. But was able to save the estate quite a bit of money by not turning to him for every single answer that I could find through the register of deeds office, etc. I turned around and had my own trust drawn up so that my successor trustee will have an easy time after my death.
Something to note is that a durable power of attorney dies with the person, where a successor trustee carries through after death. I was in both capacities before his death. But I would like to hear Jim's explanation of the difference of both. In case I'm misunderstanding.
Fabulous information and presented so well! Thank you.
Thank you for tuning in!
@@Theretirementnerds Thank you for taking the time and making the effort to put this together for us!
@@petrao8669 of course!
Additional point with funding checking accounts and brokerage accounts with only POD or TOD this only takes effect on death but not incapacity so successor trustee can't seamlessly manage finances as accounts are not in trust yet. So would have to use POA which usually means more hopes depending on the financial institutions.
I was actually a durable power of attorney and a successor trustee. The successor trustee can step in in a case of incapacity, not just necessarily at the time of death. And yes, the fact that he had a trust, everything was very seamless and went very smoothly.
Awesome episode, thank you guys so much!
Thank you for watching
Extremely useful. Thanks for doing this.
So glad to hear that! Thank you for watching!!
Great video. Very helpful information.
Thank you so much for watching!
Love your channel! I watch on TH-cam and you never introduce your guests. Who is this Estate planner named Jim? Jim who with what company? It took me googling endlessly to find out who Zack Call was-finally found him through Call Financial because the logo was on his shirt. Thanks for all the great information.
Thank you for watching! We're probably a little too cautious about trying to not come off as salesy.
I’m older, i have no family left, my trusted friends have past. Who does someone like me use as an executor?
If you have property to leave, you can name the person inheriting or entity as executor.
Does setting up up Trust protect your assets if you have to go into a state-run nursing home. Also does it allow the money to go directly to your children, or do all the creditors get first shot at that money?
1. A revocable trust does NOT protect assets if they needed to go into a state-run nursing home.
2. If someone passes away with debt, that debt has to be paid back first before the money gets distributed to the beneficiaries "children".
Excellent
Thank you so much!
Sharing & saving this...thanks! (To me, this guest's voice sounds similar to another of your great guests, Zacc Call.)
Haha! Very easy to listen to both of them! Thank you for watching!
Great information.
Thank you for watching!
Thank you for this amazing video. My question is what is the name of the deed for transferring real estate to trust called please
Quit Claim Deed 🙂
Very helpful, thanks!
Thank you for watching!
Great content as always!!! Question, I already have a revocable trust which was created through Hyatt Legal plan through my previous job. I wanted to make a few changes and was wondering how I can go about doing that?
Thank you for watching! Jim's team can help or Hyatt. May warrant a call with a planner to see if it's something you can add and sign or if more is needed.
This is an excellent video for the information presented. My only question is it possible to draft an estate plan for people residing in two different states, for example snowbirds? Might have to call and find out. Great video, thank you!❤
Absolutely! My email is erik@theretirementnerds.com
Happy to connect you with Jim if you'd like :)
Thanks!
Wow! Thank you so much! Means a lot! Appreciate you watching!
What about property that is in an LLC? Some people are encouraged to do that so their entire estate isn't subject to lawsuits. How does that sensibility intersect with estate planning?
@grizzlya1257 The trust has what's called a pour over will. Basically, anything under your name that is not in the trust such as your bank account, your rental LLC would be wrapped into your trust and follow your instructions. Make sure that your operating agreement has a clause of your trust if no other owners are involved.
Still think there is no need to complicate ownership of my "stuff" by creating a "living entity" and having to retitle my belongings....when the probate process is clear and achieves the outcomes I want. Probate is not that expensive or time consuming where I live.
We agree although inheritance thieves can be stoped with the Latin
Law Model Interdiction Trust.
So if I complete a revocable trust and then get married. I should keep my maiden name to avoid the expense of changing the name on the trust. Is this correct. Actually, I would prefer to keep my maiden name anyway.
You can do it either way. Most financial institutions will prefer you change your name, however... if you didn't want to go through the cost of doing that... it would still work :)
The statement was made that the successor trustee must be at least age 18 and a resident of the USA. I live in MI and can't find the resident requirement. I did find that for California; the successor trustee must:
- be 18 years of age or older,
- must be a U.S. citizen, and
- must be of sound mind.
48:38 really need to distinguish between traditional IRA traditional 401k vs Roth IRA Roth 401k. I'm wondering if they are a roth could the roth or roth 401k be left to trust without triggering a tax event since they are not taxed and no RMD on those. I ask because if you are married with children from previous marriage to protect all children to future inheritance.
This is great. However, I thought Life insurance wasn't taxable? How would that affect estate tax gift limit?
Some high net worth people buy life insurance to cover inheritance or estate taxes.
Great show! Possible to list what kind of things need to go into a trust? I have head retirement account like 401k doesn’t need to in a trust. What about the regular IRA accounts?
No mention of disposition of dogs/pets?
My moms died while she was in hospital :(
😢
Great content! I definitely want to do this.
I don’t quite understand the mechanism where property, retirement, brokerage, 401k accounts etc. are liquidated and paid to beneficiaries within the trust. Example: wife and I pass and our assets are equally divided to our children. Does the “living” entity simply dissolve or does it require a legal document/filing?
Happy to dive into that in more detail if you want to send an email and I'll loop Jim in!
Erik@theretirementnerds.com
In our case, my brother is the successor trustee, and all accounts went into the trusts bank account. He makes distributions from that account to us kids on behalf of my deceased mother.
Once taxes are filed for 2024, that's where I think your question comes in of, "then what?"
@@Theretirementnerds My sincere condolences Erik🙏
Why should accounts with beneficiaries named (or TOD/POD accounts) be within the trust. Over time I change the splits beneficiaries receive as things change. Easy to bo to Fidelity account (as an example) and change to splits online - easy. By listing teh trust as beneficiary of my IRA and bank accounts how do I do the needed changes if everything goes to the trust? Did I here correctly that my executor needs to be a resident of my state(NY)? And if that is accurate does the same apply to POA? I want my son to be who is not a NY resident!
I have had a trust for the last 10 years. But all but one of my financial accounts have TOD's or POD's to my specific beneficiaries NOT to my trust. One reason for this is as you mentioned, I can change the beneficiaries or the splits free of charge without contacting an attorney to make an amendment to my original trust. Another reason is upon my death, All they have to do is present a death certificate, and the financial institution immediately writes them a cashiers check. If this money were to be payable on death to the trust, they would have to wait for all of the financial obligations to be taken care of and the time period before the trust would be distributed to them. That being said, I have left one checking account payable on death to the trust to cover those financial obligations, taxes, attorneys, IRS, etc.. because I want it to be as easy as possible on my successor trustee. For the same reason, the deed of my home is POD to my beneficiaries. because my mortgage is paid off and they can turn around and get it ready to sell without having to wait for the distribution of the trust to settle.. because there will still be maintenance going on Utilities etc. and it's just nice to let them get it sold and done
@@user-mx4uv5gn4y no, he said your executor needs to be a resident of the UNITED STATES
They are not within the trust. They are the second beneficiary to the trust. If your first beneficiary dies such as your husband or wife and the second beneficiary is the trust then everything will get divided exactly the way you want it.
Is there an audio version to your channel?
We don’t have that available at the moment. Sounds like a good project though!
I thought that if one had a trust there were ongoing tax filing and trust filings required....but this did not get mentioned. Are there ongoing expenses to manage the trust and its' tax filings????
No, there isn’t. If you create a foreign trust in a different country then you have ongoing fees
Good video. I wish your guest didn't say "Great question!" about *every* question.
I just need to stop asking such great questions 🙃
@@Theretirementnerds That was a great answer...
The guest said “immediate power of attorney” and also “springing power of attorney.” He never said durable power of attorney yet that is the adjective I’ve always heard. What’s “durable” and how does it contrast with “immediate?”
Durable power of attorney can be either a springing or immediate.
So both are types of a durable power of attorney.
Do life insurance and retirement accounts which already have assigned beneficiaries need to be in estate planning?
There is some nuance to that.
Have people as your primary beneficiaries on those, but you can put the trust as secondary or tertiary beneficiaries. Easier to have people. But, if your beneficiaries pass away first and you haven't updated beneficiaries by the time you pass, having it go to the trust is better than nothing.
Great 👍 interview, thank you 🌏🇺🇸🇵🇷
Thank you Eddie!
Can fixed index annuity be put into trust?
@@KateWils1 same question, mine is set up with beneficiaries so was told not to, but not sure.
you can control your estate easily, but it is hard to avoid tax, trust tax vs individual tax rate, tax bracket, ordinary income, capital gain, estate tax, but they don't talk about tax in whole video?
Does a person having a power of attorney give up taking care of their affairs? I see POA person as a helper only helping if need be or if asked.
Depends. Springing poa is only when the person becomes incapacitated. Immediate poa can take over immediately
No, we don't need the easy to forge living trust, we need the NICER Permission Ledger Interdiction Living Trust, the Dynasty A/B Trust we can change when we want too, and greedy trustees and grantees can't change.
How do I contact you directly?
@@mohanimaharaj702 erik@theretirementnerds.com for the one asking questions.
Jim@easylegalplanning.com for the smart one answering questions 🙂
Really good interview. I would have liked to learn a bit more about the tax implications of a trust, particularly in regards to retirement accounts, does the trust get use of the same distribution rules as an individual? I presume the $500k exemption for married couples on the sale of a primary residence isn't impacted by this because it is revocable?
13:30 🚨 🚨 LIFE INSURANCE IS NOT PROBATABLE
All of the items that apply to kids will apply to your pets yes? Not that the beneficiary is your pet, unless it should be?
You can add pets! Set aside funds to care for the pet and who would take them (individual or service)
When you open up a new bank account do you originate in living trust name rather than own name?
You can do it either way. If you're setting up a new bank account and you already have a trust, that's probably the easiest thing to do. If you already have a bank account and you are now setting up a trust, it's probably easiest to keep that as is and have it as a payable on death to the new trust.
@@Theretirementnerds Thank you very much.
Can’t you just have your bank accounts pod to your beneficiaries? I previously had a trust & the attorney said to not include bank accounts or things we had assigned beneficiaries, ie Retirement accounts etc.
None of us need an estate plan we need NICER Approved Allied Legal Professional Administration Lawyers inheritance services to avoid the Estate Plan forgers and mistakes that cost half our parents estate in Billable Litigation Hours..
I don't see why I need a will or a trust. No minor children, no individual owned real property, all financial accounts have beneficiaries.
Not sure how far you made it in the video, but he talks about your situation 😊
@@mmt44y None of us need the Plain English Estate Plan we need the Super Complex Latin Law Inheritance Administration to avoid the Trust Forgers and Estate Plan Mistakes costing 50% of our parents estate.
You need at least a will. Do not let the state dictate who gets what after you pass. Thats a selfish route. What about your stuff? That is not covered by your bank accounts.
What about your grown children or grandchildren? Otherwise, your things would go to the State for the public usage…
A great video and very important information.
Thank you for taking the time to watch 🙂
Very informative. Thank you very much.
Thank you so much for watching!
Very informative. Thank you
So glad this was helpful! Thank you for watching!
Good information. Thanks 🙏
Thank you for watching! 🙂