How to Set Up a Trust Fund in 2023 [Step-by-Step]
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- Опубликовано: 8 июл 2024
- How to set up a trust fund in 2023. It’s something that is easy and frankly something that I think everyone should be doing. Today, I’m going to give you what I think you need to know on how to establish a trust fund (step-by-step).
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You can give your property to your children, you can donate it to a nonprofit, you can give it to a close friend or mentor that impacted your life, a cousin/nephew… whoever you want. You get to decide. And you should.
Chapters:
Intro (0:00)
Why Should You Start a Trust Fund? (0:45)
What is a Trust Fund? (2:06)
What Terms Do You Need in Your Trust Fund? (4:39)
How to Create Your Trust Fund (7:50)
Appoint a Trustee (8:53)
How to Execute a Trust Fund (9:32)
Trust Fund vs a Will (10:20)
To properly execute the trust you must sign it in front of a public notary. The notary should also stamp or sign off on your trust as well.
Now while you are it, you should also sign the trust in front of a witness and this person cannot be a beneficiary in case that a legal argument arises. After the trust is executed then bang! You have officially established a trust fund.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
I would like to see a diagram that shows The steps of how Trust relates to a Holding company and how the holding company relates to LLC's that control the Assets.
Me too!
Amen
Me too
Me too
Talk to cpa lol
I’m 23 years old and I came across this video, I appreciate this content. It was very informative.
Thank you for sharing this info! I would very much appreciate a video outlining the differences between a Will and a Living Trust. Thanks again!
YOU ARE SO VERY EDUCATIONAL AND KNOWLEDGEABLE
That was an amazing and informative video my brother!
Thank you so much for the info! Btw, I like the way you emphasized the words “TRUST FUND” every time you said it lol
Thanks so much for very informative information about the Trust Fund. Yes, we’d like to educate more about between the Will vs The Trust fund. Thank you. 👍
Will has to go to probate court!!
I always appreciate the insight. 👍🏾🤞🏽 Thank you so much for caring and sharing🙏🏽💯🎉😍
Very clear explanation. Thank you.
Thank you for making this video with such a wealth of information🙏
Thank you!!! This answered all my questions.
Pay self thru a trust account like Warren Buffett
Definitely making my kids watch 300 lyfe accounting videos before they inherit my $47 trust fund
U mean 47 million dollars trust fund😂😂😂😂......I pray u get this money if not already in ur possession😂😂
thanks, your video was helpful!
Very interesting information because I didn’t have no idea. Thanks for the information. Keep up the good work as a matter fact I need one.
thank you for this knowledge, blessings!!
Awesome video! Thank you! ❤
Great info. Thank you.
Yes make an in-depth video on a trust fund and will. Great video by the way.
Thank you, this was very helpful!
liked and subscribed. thank you for the education
Thank you ,good information/straight to the point.
Thanks!
Thank you!
I e watched several videos on this and you are the first to give understanding of how this works. Please send me the video about will and trusts.
Very informative 🙏🏾👑
Please Make one on trust VS a will
Great video! I would love to see one on trust vs will.
Excellent...thank you!
Great information, thank you for sharing 👏👏.
Thank you for sharing 😊
I totally need to explore/learn about trusts' & wills. Definitely need the piece of mind knowing what'll happen with my things after I pass away! Love LYFE Accounting on RUclips!
Exactly, planning is key. Thanks for your support!
Thank you for this video
This was very informative.. Thank you☺️👌
Thanks for explaining what is a trash can you make a video showing step-by-step on how to set up a trust where to go who to contact etc. etc.
all this sounds great, but before doing all of this you mention revocable many times, so what is the difference between revocable and irrevocable? non of this makes sense until we know the answer to this question?
Thank you.
Haha love the intro!
nice, thanks giving an overview of "how" to do it.
Make a video about wills verse trust funds
Thanks for sharing, duly noted!
☝🏾☝🏾This!
A person receiving anything from a will can be taxed for the things they inherit.
Did u ever make the other video? I’m about to search now but i still had to like comment and subscribe first
Great information
More please.!...trust funds vs will, revocable vs irrevocable, foreign vs local
Ohhhh great topic suggestions. Will talk to the team about adding them.
Agree with the comments on a video comparing Trust Funds and Wills. Great content as always!
Thanks, Benjamin! I am getting close to adding "Trusts vs Wills" to the video queue, but we'll see...
Excellent....
Really nice explanations..
This guy got jokes, he's great
I would love for you to make comparison video of trust fund vs a will. This is great educated info ppl really don't know these are anyone's options
Great info, please make the more in depth video on Trust
good information and good presentation
Please do, you the best. Actually all of you guys are outstanding 🥰
Wow, thank you so much. Means the world to hear that, 💯
Yes please make a video of differentiating wills from trusts. Also is a trust an account? How do you create a living trust? Can you use a trust to buy items or property through your trust? Would it effect your taxes?
There are no real tax implications of a trust and you can (and probably should) use it to buy property or other assets. A trust is just a legally binding document.
What’s the benefit of getting a EIN form 98 for a Trust?
Yes
Yes please post video trust vs will.
Yes, I would like to know the difference between a trust and a will.
Great Video. We had a will for years and recently created a Trust since we have Rental Property Out of State so we wish to avoid Probate.
That is awesome! Thanks for sharing
Did u go to a lawyer or did u do it yourself
@@LoveConquerz the company I work for had a legal benefit through ARAG so we used one of their lawyers to draft it up. It was a multiple step process as they asked us what we were trying to accomplish and I asked for some changes added. In some cases trusts through these types of legal services can be basic but the lawyer we worked with was very helpful and accommodating.
Thanks for a step by step overview of what’s involved with creating a trust but by no means was this a step by step creating a trust fund
Will vs Trust. That's a great idea. I click like on any of your videos before watching it because I am already sure of the quality of this channel. Each of you are special. I am impressed how concise and clear are the videos. Thank you very much. Alberto.
That means so much, thank you, Alberto!
I have some property (house and barn with a rental apartment upstairs) I purchase to turn into businesses.
Do I have to make a legal transfer as in when I purchased the property?
Or is it just listing it in the Trust papers?
So where would you go to get a trust fund? Are there like certain places that you can go to shop around? Or how does it work?
If you have not already done so, please do the will vs. trust fund video.
yes dance its soo fun!!
Thanks so much for straight forward presentation but can you all explain the steps and process to move assets into the Trust? for example bank accounts, real estate and retirement funds. Is it as simple as adding the Trust as the beneficiary of the bank and retirement accounts? Please explain the process for real estate with a mortgage. Thanks! you are the best!
Is a revocable trust and pour over trust the same thing?
When should an estate be created? For an example: as soon as a business is started, when the business becomes profitable, what is the minimum value 10k, 25k, etc.
Or can you wait until things are established and profitable to obtain an estate and transfer everything over to the estate?
Can we include items that are currently still being leased or financed (vehicle that isn't paid off or properties)?
I’m 24, learning about trusts, trust funds, llc’s, ein’s, c-corps, and so on, but I’m still not sure what the best way to invest is. I’m not sure what I should do first, can anyone enlighten me? I have no mentors, no parents, no siblings, no kids, and most importantly, little bills, but I want to provide for my nieces and nephews and end my families streak of poverty, But failure would be devastating. I’m afraid of starting a family without financial security.
You're thinking right bruh. Save as much as you can. You can invest small at first.
Don’t save, interest rates are crap right now. High risk high reward is the only way.
😂😂 the opening statement
Yes, that was my next question, What's the difference between a trust and a will?
Pretty good opening joke 😂.
At 10:10 you misspelled argument bro. Great video.
Yes. Pls do wills vs trust
Noted, thanks for sharing your opinion
Yes, definitely make a video comparing a will versus a trust fund.
Coming soon!
Which would benefit my family most a trust / will?
Hi have a question , if you don't have a lot of money what the minimum you could start with
What happens if we use an institution as the trustee and it goes oit of business of something what does the beneficiary do?
Please make the video of the difference of will and trust funds
Thanks for chiming in on this, will consider adding it to the queue if more comments come in!
I can help secure fundings.....
Hello, Can you use an assignment to transfer real estate, brokerage accounts and LLCs to your irrevocable trust without changing the deed at the courthouse?
Where are you from Derrick?
@@taneshiajefferson5096 , South Carolina
Yes, make the verses video please.
🔥
Question:What if you have and S-Crop
Please make a difference between a will or trust fund
Hi,I also would like to see a diagram,the steps for setting up a trust and its relationship to a holding company……Thanks in advance……..
You will know beyond, your thoughts
How much money is needed to open and start a trust fund?
Thumbs up for the dad joke 😄!
"Deaf" and taxes
Does adding My Rental Property and each one of my other businesses (that are all on the same property) prevent them from paying taxes?
A trust fund is a great way to transfer your assets like your rental property without triggering a taxable event
Please let me know how to create a trust fund for business purposes
Where can I go to start a trust fund??
Trust fund versus a will
Isn't a trust fund better because your beneficiaries won't have to pay taxes on the money distributed to them?
I believe so, but I too would like to verify this.
If I wanted a huge drawn out story about WHY I damn sure would not have clicked a HOW to video. If someone didn't already know why they should use a trust...they probably would not have clicked a video on how to. RUclipsrs never want to get to the point.
D I A M O N D 💎 J E W E L E R
support your boy
DECENTRALIZED DIAMONDS .
Well you did not show us how to set a trust fund. You talked about setting up one, a couple reasons why & suggested a couple websites or a expensive attorney.
Nothing was great about Benjamin Franklin 😕
After the conditions are met by the beneficiary, are the funds in trust funds taxable? Do you need more than one trust fund for multiple beneficiaries?
Would like to see the video on Wills vs Trust funds! And I TRUST that you WILL do another corny joke 😆😁
Hey Bree, so it would depend on if there were any realized gains on the assets within the trust. For example, if there was $100,000 cash in a trust fund and that money was already taxed, then there would be no need for the beneficiary to pay taxes. But if there were $100,000 of stocks in the trust fund and that appreciated to $120,000 before it was distributed then you would need to pay taxes on the $20,000 amount. Does that make sense? I may do a video on this too.
And I love that joke hah, I might use it in the next video! .
@@LYFEAccounting that makes sense! Thanks!
How can I find out if a trust fund has been established after a loved one has passed? Where to begin a search?
Trust fund vs will
2:13 begins
Bro, please don’t start another video with “great Ben Franklin” thanks for the info though ✊🏽
May I get a consultation? How do I reach out to u?