Learn about Real Estate & Asset Protection at our next ALL DAY FREE LIVESTREAM. Our attorneys and specialists answer ALL questions you bring to us at this event we have two times a month. Save Your Seat: aba.link/taptoby
This might be a common scenario: half the estate's wealth is in a primary residence that has been paid off, and the other half is in a substantial traditional 401K. The title of the home is held by the living trust, and the living trust is named as the beneficiary of the 401K. Is there intrinsic protection with and without the living trust? Does the living trust affect any income tax of posthumous distributions? Is the 401K still subject to the 10-year distribution window?
In general, the living trust is not an entity that will provide asset protection. The main purpose of the living trust is to act as a landing spot for assets or ownership and then avoid probate for your estate. There is protection built-in for retirement accounts. Typically you are looking at ERISA protection for a 401k and state-specific protection for IRA accounts. The primary residence typically has some protection but it ultimately depends on the state and what they offer by way of a homestead exemption. Generally, you will want to discuss with your tax professional the impact of the distributions from your retirement account.
How does one know if they need an asset protection plan. I have umbrella insurance. Would that be enough to handle future unforeseeable issues? What is the typical price range for a standard asset protection plan?
Can appointed trustees come against the trust? I added my living will n trust w standing orders to trustees in my case. The courts, attorneys and judges are all trustees.
The Trustees have a duty to administer and protect the trust estate. Because of this, a trustee would not "come against the trust" in its trustee capacity. If an individual who also is also your trustee has a claim against your trust estate, then your trustee may "come against the trust" in their individual capacity. In this case, they may have to overcome the conflict of interest type issues and may need to be removed as a trustee in order to proceed with a claim.
Toby, huge fan of your legacy protection videos (you turned me onto the genius of non-profits providing an immortally benevolent kind of benefit to society a la Hershey and Carnegie - bravo)... An especially obscure kind of curiosity question here, but can multigenerational wealth vehicles such as IRrevocable trusts be designed with legal mechanisms to incentivze the recombination and integration with other family's (or dispersed branches of previously immediate families) wealth trusts to compound their asset power towards predefined (equally irrevocable) goals? I appreciate even the vaguest of answers... 🙏 Keep proselytizing the gospel. 👍
Yes, this could be possible with proper drafting, but it would generally require the grantors of the various trusts to coordinate their efforts in a way that leaves the trustees with flexibility to carry out their vision. A nonprofit may be a simpler vehicle overall to coordinate this kind of effort.
Thanks for sharing the great info. Now that I’ve learned about the basics, who do I have set that up? I want to buy a business, but want to setup the trust before doing so.
If a spouse passes and there was a provision in the trust to make their half irrevocable is that half protected if the surviving spouse requires long term care (their assets become depleted ) from the look back requirement the government uses for Medicare?
This really comes down to the details of the scenario, how it is worded in the trust, and ultimately what they have access to. Remember, that living trust is ultimately your alter ego while you are alive and when you have access, control, and benefit, that may disqualify you for certain benefits.
I was doing a deep dive in my online banking. Its the first time in my 57 years I clicked on “ My net worth.” 6 digits pop up and beneath, it says I-have a real estate asset, a condo in Germany + equity. My Father passed in 2008. This asset was last updated in2012. It is the address of my Mother’s childhood home in Germany. Who can I contact to learn any details about this asset, other than my Mother? Could this be my Dad’s protected half of a living trust? I have two siblings.
Living trusts are a benefit in several ways. Living Trusts give you control on the distribution and control of your assets should you become incapacitated in any way, including medical incapacitation, legal incapacity, or death. Living trusts help your family avoid probate upon your passing because you have already determined where your assets will go and to whom they will go. Living Trusts can provide an additional layer of asset protection and anonymity for your entities as the Living Trust becomes the owner of your properties/entities. Living Trusts can be updated and altered to reflect your changing circumstances. Living trusts do not usually file tax returns as long as the owner is living. Income from a trust - usually dispersed upon the death of the original grantor of the trust - will be reported on personal taxes and if the trust itself has taxable income - from investments, for example - then the trust would file IRS form 1041 to report the income.
@@TobyMathiswe tried this and it cost 50% in Litigation instead of State Probate 10% or NICER Prebate 5% with the Forgery Proof Legalese Administration Lawyers and team of Allied Legal Professional Trust Guardians.
How do you fund a trust when your the surviving spouse and don't want to change the living trust or effect the trust or any of the property in the residue that is suppose to pass
It really depends on the trust document as to the mechanism, but disclaiming would keep it in the decedent's trust and I imagine your provisions are similar or identical to those of the decedent - so just do not change your trust (or authorize anyone else to if you become incapacitated. You should discuss with an estate planner or perhaps a professional trustee to make sure your wishes are clearly articulated and carried out should anything happen to you. As for the funding, just make sure all assets are titled in the trust (ie deeded into the trust if real estate, bank accounts titled in the name of the trust etc.). Same advice as above - a good estate planner or professional trustee would be a good first step.
@@TobyMathis I was just wanting a Pacific yes or no please .a living trust, married near fifty years make a Living trust after fifty years they set aside all there property into the the trust, they make a instrument then the deed of trust declaration on the home and put in the credit shelter as well as the taxs of combined income. A and B structure with a employer tax I D number the way the state asks first Settlor dies now co-trustee spouse takes care of management of the rental other property and the other things. Once the co-trustee dies and becomes the other beneficiare because the date of the instrument that was the married couples combined there estate and to be managed while alive and apon there death continuing managing. If there the settlers the trustee and beneficiaries CAN ANY ONE MAKE UP A DOCUMENT WITH PROVISSION TO ADD THERE NAME ON THE TITLE DOCUMENT THAT IS A REAL ESTATE DOCUMENT AND TRANSFER THERE NAME AS A CONVAYENCE TO THE TITLE OF THE DEED OF TRUST DECLARATION THAT BECAME IRREVOCABLE AND SAY A CHEATING FAMILY MEMBER STEPS IN AND USES A DOCUMENT Stating KEN AND JOYCE ARE THE TWO PEOPLE NAMED IN SUCH DEED OF TRUST AND BY MY ACKNOWLEDGEMENT THEY ARE THE TWO THAT ARE DECEASED AND IM THE TRUSTEE OF THERE TRUST AND THEN NOW THERE NAME IS ON THE DEED OF TRUST THOUGH THE PERSON WAS NOT THERE WHEN THE TRUST WAS ESTABLISHED ON THE Singing AN THEY ARE MISMANAGING THE TRUST AND HAVE THE ESTATE A ESTATE TAX WHICH IT SHOULD NOT OF GONE THROUGH ALSO THE RENTAL PROPERTY THAT WAS TO BE MANGED IS IN DEFAULT THOUGH ALMOST WAS PAID OF THOUGH IT IS TAX BY 9 PERCENT AND DELIGENT
@@TobyMathisare you licensed to practice Law in Hawaii or do we need a NICER approved Forgery Proof Legalese Administration Lawyer and team of Allied Legal Professional Trust Guardians?
How to provide a lifetime support for your kid has disability, pays for utilities still qualified for state program, and SSI, and put a lien on the house. Just to make sure he is not homeless.
You need to find a very good trust attorney that is experienced with both special needs trusts and supplemental needs trusts. They can help you figure out what works the best for your situation, they can help ensure you have a competent trustee or successor trustee to replace you if something happens to you, and they discuss various ways to fund the trust (maybe you buy a life insurance policy on yourself that when you pass the death benefit from the policy will fund the trust since many people are not sitting on enough cash to just fund the trust). Because of the potential complexity of special needs and supplemental needs trusts make sure you find an attorney who is well versed specifically with this situation since any missteps could jeopardize your special needs loved ones ability to qualify for governmental programs like Medicare and Medicaid.
You need a Notary Index Crime Enforcement Regulatory approved Forgery Proof Legalese Administration Lawyers and team of Allied Legal Professional Trust Guardians, with NICER 837PC Citizen and Sheriffs on-call to arrest anyone who tampers with a complete Administration.
It's the right document if you hire a Forgery Proof Legalese Administration Lawyer and team of Allied Legal Professional Trust Guardians, With NICER 837PC Citizens and Sheriffs on-call to arrest Permission Ledger Arbiter Interdiction Trust forgers, Counterfeiters and Financial Elder Abusers. Who tampers with Notary Index Crime Enforcement Regulatory approved Complete Administrations.
What is the best way to protect your assets while living? Can such a thing be combined with a trust? Why not a fully irrevocable trust to begin with? 🤔
@@996driver1Estate Attorneys use easy to forge Estate Plan documents so hire a NICER Approved Forgery Proof Legalese Administration Lawyer and team of Allied Legal Professional Trust Guardians. When they go Global in a few months with a 33-year reformed Latin Law Permission Ledger Arbiter Interdiction Trust complete administration.
Your an amazing teacher please explain why the Estate Planners install a plan instead of Latin Law Permission Ledger Arbiter Interdiction Trust complete administration?
I have various condos and vacation timeshares as well as my primary home. When is the best time to transfer title from me or me and my wife to the revocable or living trust for these assets. Also boats and antique cars.
Thank for the information Toby! The Living Trust before I pass, it has no protection, so all the LLCs & Corps, etc. that I put into the Trust are still protected by itself. But for the personal account that are put inside that trust won't be protected if I were sued, right? Are the statements above all true?
Thank you for reaching out! To ensure you have a comprehensive understanding of how your Living Trust impacts asset protection and liability, I recommend scheduling a free strategy session with my team. Visit: aba.link/924ad9
Land trusts are legally recognized in all 50 US states, but only eight states have specific laws addressing them: Florida, Georgia, Hawaii, Illinois, Indiana, Montana, South Dakota, and Virginia. These states have statutes explicitly outlining the operation of land trusts. In other states, land trusts are permitted through common law, which relies on judicial precedents and customs rather than written statutes. Generally, states accept the validity of land trusts and allow residents to create one to hold property titles within their jurisdiction. The governing state law for a land trust typically corresponds to the location of the property.
Congratulations let's see how fast you are at finding a NICER Approved Forgery Proof Legalese Administration Lawyer and team of Allied Legal Professional Trust Guardians. Who protect vulnerable Grantors and defend Grantees when Grantors are not around.
I have a rental property which I would like to put in a trust, my question is: does the property has to be paid off, free and clear before I can place it in a trust? Please advise. Thanks
Why isn't there more info on Irrevocable trusts? Especially for CA where this seems like strongest asset protection. Can parents leave kids property in irrevocable trust and have assets protected, or can that type of trust be sued just like any other?
Omg this is a million dollar episode lol I can just imagine the other videos you have made. Hopefully for future videos you go back over past topics because I love and appreciate the content I am learning alot. Keep up the good work.
Hello, we have five physical offices located in Nevada, Wyoming, and Washington and we operate virtually in all 50 states. andersonadvisors.com/locations/
Learn about Real Estate & Asset Protection at our next ALL DAY FREE LIVESTREAM. Our attorneys and specialists answer ALL questions you bring to us at this event we have two times a month. Save Your Seat: aba.link/taptoby
Great video and more people need this type of planning than sadly have it in place. Thanks for educating! Scott
Irrevocable trusts… I’d like to see a video on when/why/if it’s beneficial to make this election at the outset.
This might be a common scenario: half the estate's wealth is in a primary residence that has been paid off, and the other half is in a substantial traditional 401K. The title of the home is held by the living trust, and the living trust is named as the beneficiary of the 401K. Is there intrinsic protection with and without the living trust? Does the living trust affect any income tax of posthumous distributions? Is the 401K still subject to the 10-year distribution window?
In general, the living trust is not an entity that will provide asset protection. The main purpose of the living trust is to act as a landing spot for assets or ownership and then avoid probate for your estate. There is protection built-in for retirement accounts. Typically you are looking at ERISA protection for a 401k and state-specific protection for IRA accounts. The primary residence typically has some protection but it ultimately depends on the state and what they offer by way of a homestead exemption. Generally, you will want to discuss with your tax professional the impact of the distributions from your retirement account.
How does one know if they need an asset protection plan.
I have umbrella insurance.
Would that be enough to handle future unforeseeable issues?
What is the typical price range for a standard asset protection plan?
This is great for my situation, thank you!
Excellent content. Thank you!
Thank you for watching us!
Can appointed trustees come against the trust? I added my living will n trust w standing orders to trustees in my case. The courts, attorneys and judges are all trustees.
The Trustees have a duty to administer and protect the trust estate. Because of this, a trustee would not "come against the trust" in its trustee capacity. If an individual who also is also your trustee has a claim against your trust estate, then your trustee may "come against the trust" in their individual capacity. In this case, they may have to overcome the conflict of interest type issues and may need to be removed as a trustee in order to proceed with a claim.
Toby, huge fan of your legacy protection videos (you turned me onto the genius of non-profits providing an immortally benevolent kind of benefit to society a la Hershey and Carnegie - bravo)... An especially obscure kind of curiosity question here, but can multigenerational wealth vehicles such as IRrevocable trusts be designed with legal mechanisms to incentivze the recombination and integration with other family's (or dispersed branches of previously immediate families) wealth trusts to compound their asset power towards predefined (equally irrevocable) goals? I appreciate even the vaguest of answers... 🙏 Keep proselytizing the gospel. 👍
Yes, this could be possible with proper drafting, but it would generally require the grantors of the various trusts to coordinate their efforts in a way that leaves the trustees with flexibility to carry out their vision. A nonprofit may be a simpler vehicle overall to coordinate this kind of effort.
Thanks for sharing the great info. Now that I’ve learned about the basics, who do I have set that up? I want to buy a business, but want to setup the trust before doing so.
You can set up a consultation with my team. Sign up by visiting aba.link/924ad9
If a spouse passes and there was a provision in the trust to make their half irrevocable is that half protected if the surviving spouse requires long term care (their assets become depleted ) from the look back requirement the government uses for Medicare?
This really comes down to the details of the scenario, how it is worded in the trust, and ultimately what they have access to. Remember, that living trust is ultimately your alter ego while you are alive and when you have access, control, and benefit, that may disqualify you for certain benefits.
My Father has an irrevocable trust and put me in charge when his time comes. I have no no idea if his trust was even set up correctly. Help!
We offer free strategy sessions so feel free to take advantage of that andersonadvisors.com/ss/
Please do a Land trust vs Living trust
I was doing a deep dive in my online banking. Its the first time in my 57 years I clicked on “ My net worth.” 6 digits pop up and beneath, it says I-have a real estate asset, a condo in Germany + equity. My Father passed in 2008. This asset was last updated in2012. It is the address of my Mother’s childhood home in Germany. Who can I contact to learn any details about this asset, other than my Mother? Could this be my Dad’s protected half of a living trust? I have two siblings.
If you would like your answer today, consider joining us for Tax Tuesday where we answer questions live.
Should I create a living trust? What is the benefit of a living trust? Will I need to file an income tax return for the trust?
Living trusts are a benefit in several ways. Living Trusts give you control on the distribution and control of your assets should you become incapacitated in any way, including medical incapacitation, legal incapacity, or death. Living trusts help your family avoid probate upon your passing because you have already determined where your assets will go and to whom they will go. Living Trusts can provide an additional layer of asset protection and anonymity for your entities as the Living Trust becomes the owner of your properties/entities. Living Trusts can be updated and altered to reflect your changing circumstances. Living trusts do not usually file tax returns as long as the owner is living. Income from a trust - usually dispersed upon the death of the original grantor of the trust - will be reported on personal taxes and if the trust itself has taxable income - from investments, for example - then the trust would file IRS form 1041 to report the income.
@@TobyMathiswe tried this and it cost 50% in Litigation instead of State Probate 10% or NICER Prebate 5% with the Forgery Proof Legalese Administration Lawyers and team of Allied Legal Professional Trust Guardians.
GREAT VIDEO. CAN THE BENEFICIARY BE THE TRUSTEE TOO?
I like to see a video on irrevocable trust
Thanks for your information's!
How do you fund a trust when your the surviving spouse and don't want to change the living trust or effect the trust or any of the property in the residue that is suppose to pass
It really depends on the trust document as to the mechanism, but disclaiming would keep it in the decedent's trust and I imagine your provisions are similar or identical to those of the decedent - so just do not change your trust (or authorize anyone else to if you become incapacitated. You should discuss with an estate planner or perhaps a professional trustee to make sure your wishes are clearly articulated and carried out should anything happen to you. As for the funding, just make sure all assets are titled in the trust (ie deeded into the trust if real estate, bank accounts titled in the name of the trust etc.). Same advice as above - a good estate planner or professional trustee would be a good first step.
@@TobyMathis I was just wanting a Pacific yes or no please .a living trust, married near fifty years make a Living trust after fifty years they set aside all there property into the the trust, they make a instrument then the deed of trust declaration on the home and put in the credit shelter as well as the taxs of combined income. A and B structure with a employer tax I D number the way the state asks first Settlor dies now co-trustee spouse takes care of management of the rental other property and the other things. Once the co-trustee dies and becomes the other beneficiare because the date of the instrument that was the married couples combined there estate and to be managed while alive and apon there death continuing managing. If there the settlers the trustee and beneficiaries CAN ANY ONE MAKE UP A DOCUMENT WITH PROVISSION TO ADD THERE NAME ON THE TITLE DOCUMENT THAT IS A REAL ESTATE DOCUMENT AND TRANSFER THERE NAME AS A CONVAYENCE TO THE TITLE OF THE DEED OF TRUST DECLARATION THAT BECAME IRREVOCABLE AND SAY A CHEATING FAMILY MEMBER STEPS IN AND USES A DOCUMENT Stating KEN AND JOYCE ARE THE TWO PEOPLE NAMED IN SUCH DEED OF TRUST AND BY MY ACKNOWLEDGEMENT THEY ARE THE TWO THAT ARE DECEASED AND IM THE TRUSTEE OF THERE TRUST AND THEN NOW THERE NAME IS ON THE DEED OF TRUST THOUGH THE PERSON WAS NOT THERE WHEN THE TRUST WAS ESTABLISHED ON THE Singing AN THEY ARE MISMANAGING THE TRUST AND HAVE THE ESTATE A ESTATE TAX WHICH IT SHOULD NOT OF GONE THROUGH ALSO THE RENTAL PROPERTY THAT WAS TO BE MANGED IS IN DEFAULT THOUGH ALMOST WAS PAID OF THOUGH IT IS TAX BY 9 PERCENT AND DELIGENT
Thanks, new subscriber
Do you know any partners in Hawaii who could help me create a living trust for my parent's?
We would love to assist you creating a living trust for your parents. Visit andersonadvisors.com/ss-estate-planning/ to get started.
@@TobyMathisare you licensed to practice Law in Hawaii or do we need a NICER approved Forgery Proof Legalese Administration Lawyer and team of Allied Legal Professional Trust Guardians?
How to provide a lifetime support for your kid has disability, pays for utilities still qualified for state program, and SSI, and put a lien on the house. Just to make sure he is not homeless.
You need to find a very good trust attorney that is experienced with both special needs trusts and supplemental needs trusts. They can help you figure out what works the best for your situation, they can help ensure you have a competent trustee or successor trustee to replace you if something happens to you, and they discuss various ways to fund the trust (maybe you buy a life insurance policy on yourself that when you pass the death benefit from the policy will fund the trust since many people are not sitting on enough cash to just fund the trust). Because of the potential complexity of special needs and supplemental needs trusts make sure you find an attorney who is well versed specifically with this situation since any missteps could jeopardize your special needs loved ones ability to qualify for governmental programs like Medicare and Medicaid.
Asset protection when both parents die and 3rd party raises their minor children? Still a trust?
You need a Notary Index Crime Enforcement Regulatory approved Forgery Proof Legalese Administration Lawyers and team of Allied Legal Professional Trust Guardians, with NICER 837PC Citizen and Sheriffs on-call to arrest anyone who tampers with a complete Administration.
I need a revocable trust to protect my house from my new husband’s adult offsprings. Is that the right document?
I recommend setting up a free consultation to discuss some strategies and how they apply to your unique situation. Sign up here: aba.link/924ad9
It's the right document if you hire a Forgery Proof Legalese Administration Lawyer and team of Allied Legal Professional Trust Guardians, With NICER 837PC Citizens and Sheriffs on-call to arrest Permission Ledger Arbiter Interdiction Trust forgers, Counterfeiters and Financial Elder Abusers. Who tampers with Notary Index Crime Enforcement Regulatory approved Complete Administrations.
What is the best way to protect your assets while living? Can such a thing be combined with a trust? Why not a fully irrevocable trust to begin with? 🤔
In a few months NICER approved Forgery Proof Legalese Administration Lawyers and team of Allied Legal Professional Trust Guardians.
Brilliant content Toby, thanks for sharing 💚🌍
Could you provide more information on asset trust, adding crypto to trust please.
Thanks in advance.
You can title (fund) assets in your living trust with virtually anything. Use a good Estate Attorney IMHO. Cheers.
@@996driver1Estate Attorneys use easy to forge Estate Plan documents so hire a NICER Approved Forgery Proof Legalese Administration Lawyer and team of Allied Legal Professional Trust Guardians. When they go Global in a few months with a 33-year reformed Latin Law Permission Ledger Arbiter Interdiction Trust complete administration.
I am a US citizen, living outside the US. Do I need this? In the future I expect to own US real estate, but not at present
Can a Non profit be the trustee
I like to see a video on irrevocable trust. Thank you.
Great suggestion!
Your an amazing teacher please explain why the Estate Planners install a plan instead of Latin Law Permission Ledger Arbiter Interdiction Trust complete administration?
Excellent content. Thank you!
You're very welcome! Thank you for watching!
This is very useful information. Thank you for the presentation.
I have various condos and vacation timeshares as well as my primary home. When is the best time to transfer title from me or me and my wife to the revocable or living trust for these assets. Also boats and antique cars.
How
Much does a living trust cost and do you do it?
Living Trusts are one of the services we provide! Here is a link to go over costs with a free strategy session. andersonadvisors.com/ss/
thank you so much. shared/liked.
Who can I contact to set up this living trust?
Here is a link to help you get started with Anderson and learn what we can do for you andersonadvisors.com/ss/
Thank for the information Toby!
The Living Trust before I pass, it has no protection, so all the LLCs & Corps, etc. that I put into the Trust are still protected by itself.
But for the personal account that are put inside that trust won't be protected if I were sued, right?
Are the statements above all true?
Thank you for reaching out! To ensure you have a comprehensive understanding of how your Living Trust impacts asset protection and liability, I recommend scheduling a free strategy session with my team. Visit: aba.link/924ad9
Does it matter which state the initial LT is in?
Land trusts are legally recognized in all 50 US states, but only eight states have specific laws addressing them: Florida, Georgia, Hawaii, Illinois, Indiana, Montana, South Dakota, and Virginia. These states have statutes explicitly outlining the operation of land trusts. In other states, land trusts are permitted through common law, which relies on judicial precedents and customs rather than written statutes. Generally, states accept the validity of land trusts and allow residents to create one to hold property titles within their jurisdiction. The governing state law for a land trust typically corresponds to the location of the property.
First!
Congratulations let's see how fast you are at finding a NICER Approved Forgery Proof Legalese Administration Lawyer and team of Allied Legal Professional Trust Guardians. Who protect vulnerable Grantors and defend Grantees when Grantors are not around.
I have a rental property which I would like to put in a trust, my question is: does the property has to be paid off, free and clear before I can place it in a trust? Please advise. Thanks
Why isn't there more info on Irrevocable trusts? Especially for CA where this seems like strongest asset protection. Can parents leave kids property in irrevocable trust and have assets protected, or can that type of trust be sued just like any other?
Omg this is a million dollar episode lol I can just imagine the other videos you have made. Hopefully for future videos you go back over past topics because I love and appreciate the content I am learning alot. Keep up the good work.
Can you take on clients in TX?
Hello, we have five physical offices located in Nevada, Wyoming, and Washington and we operate virtually in all 50 states. andersonadvisors.com/locations/
@@TobyMathis great I will be in touch. I find your videos answering my questions more than others.
Appreciate your vids my man
What is best revocable or irrevocable to avoid estate tax?
Toby, you are the best. Thank you for all the information that you share with us. That saves us time and money ❤
My pleasure! Thank you for watching!