We don't need a free consultation, we need the NICER approved Administration Lawyers forgery proof Latin Law Model Interdiction Trust crime free inheritance transfer plan with services instead of easy to forge Anderson Advisor estate plans.
Why don't the Estate Planners admit both of them need a complete administration with dozens of steps to avoid 50% in Billable Litigation Hours instead of 10% in Probate or 5%% for a Legalese Administration Lawyers Prebate Nickel for a team of Allied Legal Professional Trust Guardians. To protect us when we're vulnerable and defend our Loved ones when we're not around?
@@TrustRuss-r1tit’s because they stopped teaching the Latin Law Forgery Proof Administration Lawyers need to defend our Families from inheritance hijackers. Like NICER approved Legalese Lawyers who have the Latin Law Permission Ledger Arbiter Interdiction Trust complete administration. That avoids the estate plan mistakes that cost our family 50% in Billable Litigation Hours too.
One thing I don’t think she mentioned is that for any kind of savings, checking, brokerage or retirement account, the beneficiary statement is what counts. Fortunately it’s easy and free to designate beneficiaries, so that is where we should all start.
We are in the process of setting up a living trust right now and I love how you addressed something that others thought was overkill. It's the addiction aspect. I wasn't concerned for my own children, but for the next level of if we all pass together, so it would be for our siblings and nieces/nephews. It wasn't punishment like you said, but out of concern for their well being and not having so much access to money to buy a ton of drugs or give it away to others.
Thanks for my Father for pushing us to do this, we recently did our own Living Trust and I personally think it's the best thing I could've done for our Family!
Probate appears to eat up funds that heirs would better use, especially when one hasn’t settled affairs. However, probate has protective purposes. Defining legal terms was beneficial. Thank you.
Some reasons to have a living Trust over a will: To avoid long, expensive and sometimes complex probate process, to maintain privacy, since probated wills are on public record, to maintain better control over who gets what assets and when, to create special provisions for the beneficiaries.
Trusts are great until you have a trustee that won't communicate or worse steals. Beneficiaries would then have to lawyer up and possibly throw good money after bad. Sure they may win in court but good luck collecting on that judgement. At least with probate you have court oversight. Executors have to file inventories and notify beneficiaries. My wife's family has been fighting for over a decade with an uncle/trustee that won't give any information. So what does the family do, sue each other? No, they just stop talking. Great job trust
@@gobowz You should use an Organisation not an individual Trustee. A lot of Banks now have a Private Banking arm that offer such service, a reputable law firm is also another.
@@adekunleadenigbagbe269 My grandfather used PNC bank and they totally ripped off everyone, blatant crooks, took years while they kept all the assets, and eventually we had to pay a lawyer to threaten to sue them. They were even committing tax fraud bigtime with all their clients, essentially making their clients pay the bank's income tax. That, at least, was stopped by the IRS and they got in a LOT of trouble. PNC=scum crooks.
Thanks for a great overall of a living trust and differences between a will. It’s super helpful to know what everyone can do right now. It’s never too late to do this. Great ways to avoid probate and didn’t realize how things will be held up in court.
Great information, but based on what a local lawyer told me, a Will is sufficient for a family that has not accumulated a lot of assets in which case it would be more cost effective than a living will.
I'm very grateful for this presentation. I do not have a big asset but just a principal residence, government pensions, death benefits as a consequence of passing, and some RRSP/RIF investments. Very informative presentation.
In Texas, if the real estate assets are held as joint tenants, with right of survivorship, the asset ownership automatically reverts to the surviving tenant. This works good for a single surviving spouse or legal survivor.
I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super biz which gives me total $140,000 a yr to live comfortably. I have no debts ... Giving credits to Roch Dungca-Schreiber, (my fin. adviser) she saw me through the process. Look-Her-Up. Stay Motivated!!!
Credits to *ROCHELLE DUNGCA-SCHREIBER,* my fin. adv. who has always had my back all through the process of working and investing. You can glance her name up on the internet and verify her yourself. She has years of financial market experience...
I can't speak to all states, but in my county in South Carolina, I have found the probate process to be quite simple, with excellent advice from the staff at our probate court. I have been the personal representative for three estates with wills and one without. The process overall was quite simple, even though real estate and investments were involved in several of them. Valuation of the assets was simple. Notification to potential claimants was simple and really the only part of the process that was time consuming. Fortunately the wills were straight forward, and I did not have to deal with any protests on the part of the beneficiaries. Probate costs were, I thought, quite reasonable. I handled most of this on my own, with the exception being the transfer of some real estate which did require the use of an attorney.
That was very well presented, structured and informative. I enjoyed listening! It would have been even nicer had you also touched on what the "ballpark" cost of setting up a living trust would be. Along the scenario, say, that there won't be any complications due to several divorces with kids, or legal battles en cours, or murky estate / ownership situations. Something clean and straight forward.... how much would that cost to establish? My husband and I have been thinking about setting up a living trust, but we can't find a lawyer we feel good about... and we have no idea what the time line and cost factor are. Maybe there are quite a few people who will say "same here!".... thanks for addressing this if you could!
You’ll need an attorney licensed in your state. Ballpark costs are a wide range. Lowest I’ve seen is $2,000 but average is $4-5,000 for a revocable living trust. Irrevocable trusts can be $10,000+ because of complexity.
We attended a couple of free seminars by different Estate Law firms, learned a lot, and at the end most gave us an estimated cost based on a questionnaire we completed. We didn't choose the cheapest, but based on complexities for our situation are very satisfied with who we chose. All I can say is get it done by a firm that specializes in Estate Planning. Also, there will be annual charges if you select a maintenance plan where you can make changes ($250-350); we knew we wouldn't be making changes for about 3-5 years so we elected to pay for any updates when needed.
After all I’ve seen the fights the grief people face with a will is unbelievable and so sad … this is very useful and sounds a peaceful plan thank you for the information💓🦋💐🎨
Thank you for your efforts in educating us regarding a Living Trust. I am in a unique position in which I am married to a foreign woman, but our marriage hasn’t been registered in Clark County. We currently live in Bangkok Thailand
Or, if you want to bypass probate and lawyers you can very simply add beneficiary designations to your bank account, 401k, brokerage accounts, and include your spouse on the house title and you are good to go. Unless you have a business don’t complicate it with legal documents….
Hi, Lora, I can't thank you enough for your great video educating us so much about will is not = probate. I paid for a will written by an attorney through my financial adviser in 2017 and though I was well taken care until today. Thank you, Toby, your videos are very good too.
We are happy to hear that, let us know if you have any more questions! We also offer a free strategy session if you are interested andersonadvisors.com/ss/
Omg thank you for this.. I was up against the wall trying to choose between a living will vs. a living trust. This is most informative! I need to hire this lady and her company...
Yeah you definitely do! If you think you must choose between a "living will" and a "living trust", you are dead off track, my dear. But funny, lol. Go google what "living will" means.... so you can laugh along! (rolling eyes a little...)
This is awesome information. I’ve always had it in mind to have a required financial course in place before distributing assets. Thank you for this information.
I did executor work and probate, mine was pretty simple and as basic as it can get. Still it takes time, mine was shorter with just a inexpensive home but one that had to be sold cash, no financing. My own personal will, will be a trust with a more expensive home that is paid for.
No trust or probate needed if there is no real property and every account has designated beneficiaries. Total of all accounts has to be less than $50K (in Wisconsin) if no beneficiary is designated
An estate attorney who drew up my Will and Power of Attorney advised me against a Living Trust because I have a smaller estate, i.e., my house. Now, after watching this video, I am not sure. According to her, a Living Trust is for those with larger estate.
The video was informative but from my experience probate has never presented a problem! Overall seems to be an infomercial for living trusts. Anyway , I have an appointment with a very trusted attorney in my area this week and you have given me quite a few things to inquire about. Thank you.
Simple estates do not need a living trust. She neglected to tell you the cons of a living trust, i.e., the costs of maintaining trusts, the potential needs to file tax returns, the need to find somebody to act as the trustees after you die (if no close family members agree to do it you need to pay a lawyer or a bank to to do it which is costly). In short, for most estates a living trust is not worth the while. Check out Mr. Brad Johnson comment down there too.
The main function of probate is to provide a forum and time period for creditors of the deceased to make a claim for what's owed them. Note creditors' claims take preference over the heirs claims.
Very good! My only suggestion is that it should be noted in your presentation that living trusts (revokable trusts) do not protect one from Medicade lookback. If someone with a living trust goes into a nursing home, all assets including those included in the living trust are included. Do you also specialize in irrevokable trusts which do protect assets from Medicaid (after lookback period)?
@10:00 there is a embarrassingly bad spelling error in the 3 places in the text that no lawyer should make -- it's not "principle", it should be "principal".
Wow, had to go back and listen to it again, great info, thanks you. I am going to look into how to specify a separate property trust just in case he gets a divorce.
But I understand that writing a will with two witnesses signing is a valid doc without a probate or a registration .then why is it at all necessary to either go to a living trust or make it public at collectors office
@@TobyMathis if you have a living trust and you still hire a executor that can fully understand and explain to me . And like for instance I have a disability but still working full time is it possible all my benifits to my work can , my son still got it . Kindly pls…reply ty !
For simple estates just maintain accurate beneficiaries for cash and stock accounts. Heirs will get this money almost immediately. Most states allow a transfer of deed on death with a simple filing which will take care of owned real estate. I never understood (well maybe I do) why these basic tools are never mentioned. For many people a transfer to heirs of almost all assets can be set up that is simple, cheap, and fast and involves no lawyers (and essentially no will).
That’s right. The complication comes in with real estate, property and cars, jewelry , furniture, and asset which have to be liquidated before the designated b beneficiaries to cash in. I would guess having those kind of assets in a trust would be better, as simply as possible, to avoid prolonged waits. And a Medicaid Trust even better, so one can protect one’s home and car from having to maintain eligibility“ for nursing homes.
It depends on your state. In my state, there is something called “simple probate” for small estates. It still goes to probate, but they accelerate it. I think the maximum estate size is somewhere in the neighborhood of 200,000 or so. But a lot of people will not qualify for this. The average home in our entire metro area is around $500k. Assuming the mortgage is paid, the home by itself would disqualify a lot of people.
You stated that Probate is long and expensive... How expensive? is this another government/court plan to make it complicated in order to rack up attorney and legal fees? I'm not attacking the process but I need to know. Thanks for the video!
A trust is so very expensive and every time you want a change, guess what, back to the attorney and more expenses, etc. What if the will is just a very simple will?
Good point. One office I know of charges a flat fee (around $2K) and trust can be revised once per year. I think a basic will is only a few hundred, can also file it yourself free.
From what I got out of the video, a will MUST go through the court process, and any associated fees must be paid, either from the decedent's assets, or beneficiaries. A living trust does not.
@@polkadotwolf2164 well that office claimed such, but I distrusted them so much I walked out. Guy claimed flat fee was $2K but guy really just wanted to know where all my investments were so he could get his hands on them. ???
FYI: Correct word is "principal", not "principle" (3x) in your slide about one-half way through your video. Informative presentation. Well done. Thanks.
What you are not describing is that the judge acts as the Executor De son tort in the absence of an actual executor or executer. The trustee is only a "holder" that must distribute the assets to beneficiaries in accordance with the direction of the Execturer. The Executer is the highest authority over an estate or Trust. As such he is the director of the will of the decedent. Too, you are not saying that your Law office is acting as the Power of attorney /Executor, The greatest approach is that the Trust or by the Will can appoint anyone they want to be the executor. SO you are not divulging the whole truth of the process which makes you presentation deceptive.
Very helpful. My mom and dad both in there 90's didn't understand till i watched your presentation and explained to them. They both still understand everything i tell them. I have a niece that was saying they had dementia which they don't. If i have any questions who can i get more advice
Actually trying to play hardball try to disenfranchise the nice niece... clearly she is motivated by self-interest address in greed and then get an attorney the documented unfortunately you're going to have to pay the mouthpiece or the attorney cuz they don't work free and they're going to gouge you for some money but at least the greedy niece won't get it...
OMG! This is an awesome video. I kinda dred having think about stuff like this and I don’t generally watch videos over 10 min, but this video was very engaging, very informative, insightful and educational! I do still wonder though do you still need a will if you have the trust or can you just have the trust to be the legal catch all (so to speak) and omit a will ? Thank you sincerely!!!
Hi Geraldine, we recommend speaking with one of our advisors for pricing. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
What the trust company will do is be really nice to the matriarch of the family and visit her. Than when she is on pain meds, they will offer to give control to a local college and the heirs get a pathetic payment plus they have to pay taxes on it.
If your are a husband who is the grantor and trustee of a trust, will your wife be able to get alimony and/or half of the money that is in the trust during a divorce? Does a trust protect your money from a divorce?
*~ Claim Your FREE 45 min consultation NOW! 👉 aba.link/yhl
We don't need a free consultation, we need the NICER approved Administration Lawyers forgery proof Latin Law Model Interdiction Trust crime free inheritance transfer plan with services instead of easy to forge Anderson Advisor estate plans.
Why don't the Estate Planners admit both of them need a complete administration with dozens of steps to avoid 50% in Billable Litigation Hours instead of 10% in Probate or 5%% for a Legalese Administration Lawyers Prebate Nickel for a team of Allied Legal Professional Trust Guardians. To protect us when we're vulnerable and defend our Loved ones when we're not around?
@@TrustRuss-r1tmake sure they are NICER approved.
@@TrustRuss-r1tit’s because they stopped teaching the Latin Law Forgery Proof Administration Lawyers need to defend our Families from inheritance hijackers. Like NICER approved Legalese Lawyers who have the Latin Law Permission Ledger Arbiter Interdiction Trust complete administration. That avoids the estate plan mistakes that cost our family 50% in Billable Litigation Hours too.
One thing I don’t think she mentioned is that for any kind of savings, checking, brokerage or retirement account, the beneficiary statement is what counts. Fortunately it’s easy and free to designate beneficiaries, so that is where we should all start.
We are in the process of setting up a living trust right now and I love how you addressed something that others thought was overkill. It's the addiction aspect. I wasn't concerned for my own children, but for the next level of if we all pass together, so it would be for our siblings and nieces/nephews. It wasn't punishment like you said, but out of concern for their well being and not having so much access to money to buy a ton of drugs or give it away to others.
Be sure to add the complete administration to avoid inheritance Hijackers,
Thanks for my Father for pushing us to do this, we recently did our own Living Trust and I personally think it's the best thing I could've done for our Family!
WOW! Thank you Lora for breaking this down in a clear and concise way! Hands down a Living Trust fits me much better. Thanks so much!
Probate appears to eat up funds that heirs would better use, especially when one hasn’t settled affairs. However, probate has protective purposes. Defining legal terms was beneficial. Thank you.
Some reasons to have a living Trust over a will: To avoid long, expensive and sometimes complex probate process, to maintain privacy, since probated wills are on public record, to maintain better control over who gets what assets and when, to create special provisions for the beneficiaries.
A trust is not exactly a quick picnic.. Still tied up
Trusts are great until you have a trustee that won't communicate or worse steals. Beneficiaries would then have to lawyer up and possibly throw good money after bad. Sure they may win in court but good luck collecting on that judgement. At least with probate you have court oversight. Executors have to file inventories and notify beneficiaries. My wife's family has been fighting for over a decade with an uncle/trustee that won't give any information. So what does the family do, sue each other? No, they just stop talking. Great job trust
@@gobowz You should use an Organisation not an individual Trustee. A lot of Banks now have a Private Banking arm that offer such service, a reputable law firm is also another.
@@adekunleadenigbagbe269 My grandfather used PNC bank and they totally ripped off everyone, blatant crooks, took years while they kept all the assets, and eventually we had to pay a lawyer to threaten to sue them. They were even committing tax fraud bigtime with all their clients, essentially making their clients pay the bank's income tax. That, at least, was stopped by the IRS and they got in a LOT of trouble. PNC=scum crooks.
@@gobowz
Thanks for a great overall of a living trust and differences between a will. It’s super helpful to know what everyone can do right now. It’s never too late to do this. Great ways to avoid probate and didn’t realize how things will be held up in court.
Excellent presentation - clear, insightful and extremely valuable! Thank you Lora and Anderson Business Advisors!!
Great information, but based on what a local lawyer told me, a Will is sufficient for a family that has not accumulated a lot of assets in which case it would be more cost effective than a living will.
I'm very grateful for this presentation. I do not have a big asset but just a principal residence, government pensions, death benefits as a consequence of passing, and some RRSP/RIF investments. Very informative presentation.
Simple and concise presentation. Very well explained. One of best presentations on the subject.
Wow. This video was so helpful. I now know how to avoid major headaches for my loved ones. I’ll start learning about living trusts. Thank you !
Thanks for making us plan for after life. It's a tough journey to prepare for.
I wish everyone had her gift...where you can understand every word. Awesome presentation. Thank you!!
Thank you Mary!
I agree she's clear and concise
This session has been so helpful to me. You are excellent at making the legal aspects of a will vs a living trust understandable. Thank you.
Hello Lela🤩
I just came across this and it was so informative it answered a lot of my questions now I know what to ask for and setup for my family. Thank you
Glad it was helpful!
@@TobyMathis b b
This is very informative and I’m planning to make my living trust since my girls are still minor.
This is a really well done overview. Great job.
You are welcome. Don't forget to subscribe to our TH-cam channel.
In Texas, if the real estate assets are held as joint tenants, with right of survivorship, the asset ownership automatically reverts to the surviving tenant. This works good for a single surviving spouse or legal survivor.
I am in Texas and my husband and I are looking to do a trust for our home for our kids (who are minors). Which would you recommend? A will or trust?
You just educated me. Will go for living trust.
Really liked this video for being informative, thorough and professional. This is the kind of person I would want for a lawyer. Thank you!
I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super biz which gives me total $140,000 a yr to live comfortably. I have no debts ... Giving credits to Roch Dungca-Schreiber, (my fin. adviser) she saw me through the process. Look-Her-Up. Stay Motivated!!!
Credits to *ROCHELLE DUNGCA-SCHREIBER,* my fin. adv. who has always had my back all through the process of working and investing. You can glance her name up on the internet and verify her yourself. She has years of financial market experience...
This was a pleasure to watch. I left your video with a great understanding of wills vs living trusts. Thanks so much!
I can't speak to all states, but in my county in South Carolina, I have found the probate process to be quite simple, with excellent advice from the staff at our probate court. I have been the personal representative for three estates with wills and one without. The process overall was quite simple, even though real estate and investments were involved in several of them. Valuation of the assets was simple. Notification to potential claimants was simple and really the only part of the process that was time consuming. Fortunately the wills were straight forward, and I did not have to deal with any protests on the part of the beneficiaries. Probate costs were, I thought, quite reasonable. I handled most of this on my own, with the exception being the transfer of some real estate which did require the use of an attorney.
This was absolutely top notch! Thank you so much for taking the time to put this together.
That was very well presented, structured and informative. I enjoyed listening! It would have been even nicer had you also touched on what the "ballpark" cost of setting up a living trust would be. Along the scenario, say, that there won't be any complications due to several divorces with kids, or legal battles en cours, or murky estate / ownership situations. Something clean and straight forward.... how much would that cost to establish? My husband and I have been thinking about setting up a living trust, but we can't find a lawyer we feel good about... and we have no idea what the time line and cost factor are. Maybe there are quite a few people who will say "same here!".... thanks for addressing this if you could!
You’ll need an attorney licensed in your state. Ballpark costs are a wide range. Lowest I’ve seen is $2,000 but average is $4-5,000 for a revocable living trust. Irrevocable trusts can be $10,000+ because of complexity.
I have the same question.
RLT sounds great for our purposes but there is no mention of ongoing costs of running the trust...
We attended a couple of free seminars by different Estate Law firms, learned a lot, and at the end most gave us an estimated cost based on a questionnaire we completed. We didn't choose the cheapest, but based on complexities for our situation are very satisfied with who we chose. All I can say is get it done by a firm that specializes in Estate Planning. Also, there will be annual charges if you select a maintenance plan where you can make changes ($250-350); we knew we wouldn't be making changes for about 3-5 years so we elected to pay for any updates when needed.
One of the best and easiest understood presentations I have ever seen that explains the real advantages of a trust!
We are really glad to hear that!
You explained perfectly the other videos I saw on you tube confused me and bored me but yours was great thank you
Glad the video helped out.
@@TobyMathisare you going to do some on Estate crime and Trust forgery?
After all I’ve seen the fights the grief people face with a will is unbelievable and so sad … this is very useful and sounds a peaceful plan thank you for the information💓🦋💐🎨
Thank you, we do hope you find it useful.
My dad passed suddenly with no Will or Trust. He owned multiple Real properties. It was a LONG, EXSPENSIVE nightmare.
Thank you for your efforts in educating us regarding a Living Trust.
I am in a unique position in which I am married to a foreign woman, but our marriage hasn’t been registered in Clark County. We currently live in Bangkok Thailand
This presentation was extremely helpful. Thank you.
2488672035
Very interesting & educational
Or, if you want to bypass probate and lawyers you can very simply add beneficiary designations to your bank account, 401k, brokerage accounts, and include your spouse on the house title and you are good to go. Unless you have a business don’t complicate it with legal documents….
Concise yet full of vital information.
Thank you for this presentation. It was excellent and I learned a lot - very clear explanations.
Hi, Lora, I can't thank you enough for your great video educating us so much about will is not = probate. I paid for a will written by an attorney through my financial adviser in 2017 and though I was well taken care until today. Thank you, Toby, your videos are very good too.
Wonderful!
Wow this here is the best information I have found on Wills vs. Trust.
We are happy to hear that, let us know if you have any more questions! We also offer a free strategy session if you are interested
andersonadvisors.com/ss/
You are the very best in your explanations! And such a pleasant voice!
We are glad that you enjoy our content!
So clear!
You are so good at what you do
Omg thank you for this.. I was up against the wall trying to choose between a living will vs. a living trust. This is most informative! I need to hire this lady and her company...
Yeah you definitely do! If you think you must choose between a "living will" and a "living trust", you are dead off track, my dear. But funny, lol.
Go google what "living will" means.... so you can laugh along! (rolling eyes a little...)
Excellent presentation , I learn a great deal of the differences.
I'd go with the trust. A will varies from state to state and can be easily changed.
What if you want make changes to trust, bet it can be costly. probate cost, I believe is based on how much assets are involved.
This is awesome information. I’ve always had it in mind to have a required financial course in place before distributing assets. Thank you for this information.
I did executor work and probate, mine was pretty simple and as basic as it can get. Still it takes time, mine was shorter with just a inexpensive home but one that had to be sold cash, no financing. My own personal will, will be a trust with a more expensive home that is paid for.
Took 6 week for probate here in Florida
The attorney was very very informative professional. Great presentation.
This is an excellent informative video and perfect timing. Thank you
No trust or probate needed if there is no real property and every account has designated beneficiaries. Total of all accounts has to be less than $50K (in Wisconsin) if no beneficiary is designated
That works so long as he beneficiaries are financially literate and not underage.
An estate attorney who drew up my Will and Power of Attorney advised me against a Living Trust because I have a smaller estate, i.e., my house. Now, after watching this video, I am not sure. According to her, a Living Trust is for those with larger estate.
We did NOT go into probate, and our mother had a will, plus a beneficiary deed for her home. So you’re wrong at least in Montana
we did not need it in nj
Thank you for sharing your knowledge with us now I know what I must do
Thank you so much. Cleared up some questions i had, even though I have a trust. Appreciate it.
Great!
The advantages of the living trust are clear now. But what about the disadvantages comparing to a will?
The video was informative but from my experience probate has never presented a problem! Overall seems to be an infomercial for living trusts. Anyway , I have an appointment with a very trusted attorney in my area this week and you have given me quite a few things to inquire about. Thank you.
We are glad to hear that you found our content useful!
0⁰
You didn't talk at all about how estate taxes differ between using a Living Trust vs Will
It's clear enough and I understand the importance of Living Trust
We did a living trust. It all goes to me.
Thank you for putting out this straight forward video on this subject. it Clarifies many misconception about Wills and Living trusts.
Simple estates do not need a living trust. She neglected to tell you the cons of a living trust, i.e., the costs of maintaining trusts, the potential needs to file tax returns, the need to find somebody to act as the trustees after you die (if no close family members agree to do it you need to pay a lawyer or a bank to to do it which is costly). In short, for most estates a living trust is not worth the while. Check out Mr. Brad Johnson comment down there too.
The main function of probate is to provide a forum and time period for creditors of the deceased to make a claim for what's owed them. Note creditors' claims take preference over the heirs claims.
What's owed to greedy creditors?
Thank you for this invaluable information! Well presented and easy to understand.
It is very hard to find clear information on this topic. Thanks, Lora!
Very true Joy!
Thanks Lora!
Very good! My only suggestion is that it should be noted in your presentation that living trusts (revokable trusts) do not protect one from Medicade lookback. If someone with a living trust goes into a nursing home, all assets including those included in the living trust are included. Do you also specialize in irrevokable trusts which do protect assets from Medicaid (after lookback period)?
Defiantly gave me food for thought. Currently have a will but so much to think about.
Great job explaining the difference between a will or living trust.
Glad you enjoyed the content and found it useful.
What is the cost of creating a living trust?
I'm getting ready to speak to an Estate Lawyer next week, my research so far has said $1500-$2500 to setup a trust.
Cost me $1,800 5 years ago.
Cost me $1200 12 years ago.
Cost me $1,630 six months ago (CA)
@10:00 there is a embarrassingly bad spelling error in the 3 places in the text that no lawyer should make -- it's not "principle", it should be "principal".
Wow, had to go back and listen to it again, great info, thanks you. I am going to look into how to specify a separate property trust just in case he gets a divorce.
But I understand that writing a will with two witnesses signing is a valid doc without a probate or a registration .then why is it at all necessary to either go to a living trust or make it public at collectors office
Hi Toby, hope this finds you well. Enjoyed this, valuable information for laymen. My recommendation is to address why the RLT works while disabled.
We will note that.
@@TobyMathis if you have a living trust and you still hire a executor that can fully understand and explain to me . And like for instance I have a disability but still working full time is it possible all my benifits to my work can , my son still got it . Kindly pls…reply ty !
For simple estates just maintain accurate beneficiaries for cash and stock accounts. Heirs will get this money almost immediately. Most states allow a transfer of deed on death with a simple filing which will take care of owned real estate. I never understood (well maybe I do) why these basic tools are never mentioned. For many people a transfer to heirs of almost all assets can be set up that is simple, cheap, and fast and involves no lawyers (and essentially no will).
That’s right. The complication comes in with real estate, property and cars, jewelry , furniture, and asset which have to be liquidated before the designated b beneficiaries to cash in.
I would guess having those kind of assets in a trust would be better, as simply as possible, to avoid prolonged waits. And a Medicaid Trust even better, so one can protect one’s home and car from having to maintain eligibility“ for nursing homes.
How is this done
It depends on your state. In my state, there is something called “simple probate” for small estates. It still goes to probate, but they accelerate it. I think the maximum estate size is somewhere in the neighborhood of 200,000 or so.
But a lot of people will not qualify for this. The average home in our entire metro area is around $500k. Assuming the mortgage is paid, the home by itself would disqualify a lot of people.
@@oldrmike1195 you don’t liquidate, just give asset to person, they can decide to sell or keep
@@jaehwan123 It sounds like this would be a good option for someone who lives in an apartment and has limited savings
You stated that Probate is long and expensive... How expensive? is this another government/court plan to make it complicated in order to rack up attorney and legal fees? I'm not attacking the process but I need to know. Thanks for the video!
Hmm. I thought I was setup by having a Will. I was wrong. Very informative video.
A trust is so very expensive and every time you want a change, guess what, back to the attorney and more expenses, etc. What if the will is just a very simple will?
Good point. One office I know of charges a flat fee (around $2K) and trust can be revised once per year. I think a basic will is only a few hundred, can also file it yourself free.
From what I got out of the video, a will MUST go through the court process, and any associated fees must be paid, either from the decedent's assets, or beneficiaries. A living trust does not.
@@CarolanRoss what office is it that charges that flat fee? I'd love to contact them to see what that's all about.
@@polkadotwolf2164 well that office claimed such, but I distrusted them so much I walked out. Guy claimed flat fee was $2K but guy really just wanted to know where all my investments were so he could get his hands on them. ???
@@jim.h we did not in NJ with a legal will and 4 kids just a real estate lawyer = about 2 thousand total
Thank you for your explanation it has been very helpful.
Wow! She explains things SO WELL ! Thank you, I learned so Much 🌹
We are glad it was helpful!
FYI: Correct word is "principal", not "principle" (3x) in your slide about one-half way through your video. Informative presentation. Well done. Thanks.
What you are not describing is that the judge acts as the Executor De son tort in the absence of an actual executor or executer. The trustee is only a "holder" that must distribute the assets to beneficiaries in accordance with the direction of the Execturer. The Executer is the highest authority over an estate or Trust. As such he is the director of the will of the decedent. Too, you are not saying that your Law office is acting as the Power of attorney /Executor, The greatest approach is that the Trust or by the Will can appoint anyone they want to be the executor. SO you are not divulging the whole truth of the process which makes you presentation deceptive.
Excelente, thank you for this information. Lots to think about.
Outstanding! Thank you.
Very helpful. My mom and dad both in there 90's didn't understand till i watched your presentation and explained to them. They both still understand everything i tell them. I have a niece that was saying they had dementia which they don't. If i have any questions who can i get more advice
Actually trying to play hardball try to disenfranchise the nice niece... clearly she is motivated by self-interest address in greed and then get an attorney the documented unfortunately you're going to have to pay the mouthpiece or the attorney cuz they don't work free and they're going to gouge you for some money but at least the greedy niece won't get it...
@@kevinmccaffrey7844 actually it would be more useful if this was written out both the living trust and the. Will so we can digest it and plan
There is no judge, i am the judge. We are all doing it right. Period.
OMG! This is an awesome video. I kinda dred having think about stuff like this and I don’t generally watch videos over 10 min, but this video was very engaging, very informative, insightful and educational!
I do still wonder though do you still need a will if you have the trust or can you just have the trust to be the legal catch all (so to speak) and omit a will ? Thank you sincerely!!!
The trust will take care of itself comma you need to living will as well because it will disperse things not inside the trust, of course you need both
Wow! That was an excellent presentation with timeless information. Thank you very much.
Glad you enjoyed it!
This was very informative and excellently presented - thank you so much!
You're very welcome!
Thank you. I learned a lot very well explanation.
This was a great tutorial. There was no mention of the cost of a living trust. Please clarify.
Hi Geraldine, we recommend speaking with one of our advisors for pricing. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Thank you so much for your very detail and value lecture!…
The best i wish i could print the transcription
Thank you this was very informative
Can you talk about how a living trust is set up ?
I really needed that...Right on time.
Thanks! Excellent 👍
Thank you for the informative video!
Our pleasure!
Well done! Explained well.
What the trust company will do is be really nice to the matriarch of the family and visit her. Than when she is on pain meds, they will offer to give control to a local college and the heirs get a pathetic payment plus they have to pay taxes on it.
best info i have heard
If your are a husband who is the grantor and trustee of a trust, will your wife be able to get alimony and/or half of the money that is in the trust during a divorce? Does a trust protect your money from a divorce?
Has anyone wondered who needs a trust? How much wealth needed to consider having a trust?