How To Fund a Living Trust | Avoid Probate the Correct Way
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- Опубликовано: 19 окт 2024
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Setting up a living trust is not going to do you any good unless you properly fund it. What happens is that many times people will create these estate planning tools and they never put their assets into it.
Assignment Forms Link:
👉 www.dropbox.co...
They assume "well I'm going to bypass probate," only for their heirs to find out that they didn't properly fund the trust. Then they all have to go through probate which goes into the trust at the very end.
If you've set up a living trust or you're considering setting up a living trust, then this is going to be an important video for you on the funding aspect of your trust.
Watch this short video to learn about how to fund a revocable living trust.
Questions or requests for a video topic are always welcome!
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Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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Can we get the Notary Index Crime Enforcement Regulatory 33-year reformed SOP around Thanksgiving? To County fund, NICER record, arbiter interdict, trust guardian validate, dispatching NICER 837PC Citizens and Sheriffs on-call to arrest trust warned, permission ledger monitored, and NICER exposed Trust thieves. Inventory, appraise, transfer, distribute, and settle administrations with histories most valuable legal niches, Forgery Proof Interdiction Living Trust, Permission Ledger Power of Attorney, Schedule A counterfeit free LLC, yearly checkups, and a Hollywood style Pro Bono Trust Reading for certified Heirs?
This video is gold I’ve been watching so many videos to find this info 😂 and they were all giving Run around BS info he went straight into the good stuff
I really appreciate the straight-forward way that you present information. Until this video, I never considered creating an asset protection LLC for my Charles Schwab account. This is a game changer, thanks!
Thanks
As an attorney, there's nothing more frustrating than having my trust client's children come back years or decades later after the parents passed on and finding the parents didn't keep up with funding their trust over time despite all of the information we provide our clients on trust funding.
100% agree
So - these "children" want free money, forever?!? How sad!
@@stephensmith60 You don't understand the purpose of a living trust at all. It is not a Trust Fund.
Thank you . This info is golden . I was just speaking with my son about this last week. He was trying to explain trust to me , but I was lost .😂 you simplify it. Thanks
Thank you for this video. I have some some great tips and even showed me a different way to structure my trust.
Glad it was helpful!
Nice presentation!
Great content & timely!
Thanks for educating your audience on such an important subject!
Glad it was helpful!
Great information . Thank you !
My girlfriend and I considering buying a 2 Family home( first purchase for me) she needs my income as well to qualify for the mortgage,..what is the smart way to structure title,deed, mortgage..etc..if I want out at some point?
What if the owner of the Trust and the Beneficiary both die, how do the remaining family members access anything?
My dad was a paralegal and wrote the Trust. He passed away leaving me the beneficiary, but I don't know how to transfer his car to my brother. And what if I pass away? How does my brother get the house, etc.?
Your trust would cover all of this. The trusts are set up with contingent beneficiaries.
@@ClintCoons Thank you.
@@ClintCoonsA properly executed trust may do so but not all trusts are properly written and many are not funded properly.
Me and my husband made a living will do I have to still do a trust for us to make a trust what trust again that do that .
Are Estate Planners aware because of Greedy Trustees, Thieves, and Anonymity Thieves the LLC and RLT are broken, and National Institute of Certified Estate Planners caveated the RLT fails? And aware they are being replaced with NICER's 33-year reformed Financial Elder Abuse Defense Network around Thanksgiving? To distinguish legals among their peers advancing their careers from Estate Planners to Inheritance Administrators, adding 100 times more value to earn about 850% more than Estate Planners. With NICER 837PC Citizens and Sheriffs on call to arrest inheritance and legacy wealth transfer thieves.
This is a great video!!! Thank you!
Glad it was helpful!
Rather than LLCs for investments, we are interested in how to put the house into the Revocable Living Trust. We understand the title of the house has to be the same as the name of the trust. Question is, do we need a title company to change the name? and to record the new name? Are there taxes or recording fees? Once we sign the transfer form for the name change, what's the next step?
Will appreciate a video specifically
on placing real estate into the "box".
Yes you should contact your title company or the law firm that set up your living trust. You will have recording fees.
Your videos are great. They are giving me the knowledge and questions I need to ask when we go to set our up. Question.... Are there provisions in a living trust to protect collectables? Not jewelry or heirlooms but lets say a collection of sports cards or comic books. Would everything need to be itemized or just lumped together? A collection that would expand over time.
You would want to add language to your LT to discuss how those particular assets are to be handled upon your passing.
Give them out while your alive. Property and vehicles put in trust.
@@omni1omni244 Exactly! It's Not that complicated!
Behind the scene of a porno movie there are these girls, they are called fluffies, they keep the stud going while they change positions.
Great video. When transferring an LLC to a trust via the assignment form, don't we still have to give some kind of public notice that the transfer has taken place? Like notifying the secretary of state for example?
No you do not
Does the Assignment Of Membership Interest say something like "This document assigns all Membership Interest to JohnDoe, Trustee of the Doe Family Trust dated 1-Jan-2023"? Or does the Assignment Of Membership Interest say "This document assigns all Membership Interest to the Doe Family Trust dated 1-Jan-2023"?
Can this assets be taken by Medicaid/medicare or just I be looking at irrevocable trust or IUL
Yes they can with a revocable LT
Thanks a million
Good info, except for the fact that you have public and private rights which means you can put a vehicle as household goods not public property of the state, no registration necessary.
Public vs private
Can you elaborate a bit more. The no registration and public Vs Private caught my attention!
@@Mayberry144 , You can look up ,public versus private ownership of a vehicle ,
you can look up ,public versus private rights ,you can look up ,traveling versus driving. You can look up ,what’s legal is not lawful. Also I like to listen to
Paul Unslaved
Question: me and my husband have a revocable living trust; it has our house, bank accounts, etc. in it.
Our adult children have decided they don't want to sell the house... instead, they want to continue to own it and rent it out.
Can they keep ownership of the house?
(We live in AZ)
Yes they can if they all agree.
Great vid excellent content
Thank you for this very informative video. I have a question, if the trust is the beneficiary od the investment accounts, will that create an obstacle or delay our children from being beneficiaries of the trust. Will they have to become Executors in order to have access?
The trust will control how and when the kids will have access to the accounts. I prefer to use LLCs to hold the accounts to minimize delay in account access for beneficiaries.
@@ClintCoons Do you mind if we Hold the accounts in a NICER Forgery Proof Interdiction Living Trust, with a Permission Ledger Power of Attorney, and Schedule A Counterfeit Free LLC with Grantee designations to simplify and speed up account access for the beneficiaries?
What are the pluses and minuses of making a revocable trust the beneficary of IRA, stock holdings - - ?
Curious, once I move my mortgaged home into my trust, is the home still in my name where I can deduct my mortgage interest?
Hi thx for the info… would you tell me how to fun my fidelity US treasury bills to my living trust
You would need to contact your broker and ask how they typically handle this transaction.
If my vehicles are being leased do I have to assign those to my living trust or only the vehicles that I own outright? Would it be worth putting a John Deere tractor in my trust?
Only the vehicles you own would be placed in your living trust. Is the tractor licensed? My tractor does not have a registration.
I live in Texas. Since a living trust is a non-recordable document and can be used for anonymity in Texas, what is the advantage of using a Wyoming LLC for the anonymity of my Texas LLC with a strong charge order protection instead of just using a non-recorded living trust? Will the WY LLC offer an additional firewall for asset protection? Thanks.
It offer anonymity for your Texas LLC and additional legal hurdle for plaintiffs.
Can I put my brokerage accounts, for example, into the same WY LLC that holds all my other property LLCs? Or is there some benefit to creating an additional WY LLC for brokerage/savings accounts?
Set up a separate LLC. I prefer to have my cash separate from my real estate holdings.
Thanks for the great information, but I don't see the links for the Assignment Forms you mentioned in the video.
here is a link: www.dropbox.com/sh/7bw614fgj2ctktt/AADvt3jiGjcHsvLkxu5HVVLSa?dl=0
When it comes to funding a living trust could you do that with Payroll checks that are directly deposited into the bank account of the living trust? Also you said your personal brokerage account should be placed in the name of a WY llc for asset protection and anonymity then list your Trust as the member for ownership interest. If the account is for personal use how is the WY llc distinguished from being personal use and business use since the Trust has beneficial ownership?
Great points and you are corr on how ownership is held. The WY LLC is a business entity and its ownership is not determinative of the activity conducted through it. The business purpose of the WY LLC is investing.
@@ClintCoons Understood! One last thing when the LLC distributes income the LLC received through its investing activities (dividend portfolio) to the bank account of the Trust how are the distributions being handled? Is that a payroll function you setup or is that not needed because the LLC and Trust are disregarded entities for tax purposes and you just initiate a transfer of funds when the income is received?
@@antwankeenan It is just a simple movement of funds from the LLC to the trust. This is a distribution only and is not payroll. You can move the money at any time. As the LLC manager you will decide when to initiate a transfer.
@@ClintCoons I appreciate the clarification.
I got lost at the CS brokerage account into the llc 😢
Do you transfer real estate to the trust via a warranty deed or via quit claim deed?
Warranty deed
I haven't funded my RLT yet, but I did create it. Can I amend the name? For privacy reasons, can I change it to something random like "The Coffee Table Trust?" Does it HAVE to also have the word "Living" in the title?
Yes you can.
Hey Clint,
I'm putting together my living trust.
Primarily will hold a couple of life insurance policies.
Should I transfer my 401(k) to the trust? If so, how do I go about doing that? Do I simply name my trustee as the beneficiary?
Seems complicated at first glance.
Oof. NM lol. You cover that in this video
Great.
So funding a trust is basically asset procurement?
How about mutual fund and bank account? Need to change the owner to the trust?
Yes
Does the savings and checking accounts need to be in your trust if your beneficiary is a co-owner on the acct?
Yes it is advisable.
Hello Clint, what is your opinion on keeping your primary residence in your name and using a TOD deed to pass to a living trust upon death. This avoids any public record associating your name to the trust name. Any reason not to do this instead of directly deeding to the trust? Thanks in advance!
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit:
aba.link/156fb6
Hi Clint I’m not sure if you answer this question already I’m considering a life insurance policy through the bank on yourself technique is it possible or necessary to put those into a trust
I named my trust the contingent beneficiary.
@@ClintCoonsThanks, that is helpful
Does the name of the living trust have to be in my legal name (i.e., "Blah B. Blah Living Trust")? Can it be generic like a property trust name?
Yes you can use any name you want for your living trust. Most people choose their last name but I prefer something more generic.
@@ClintCoons I haven't seen you do a specific video on this, it would be a good topic to cover the advantages and disadvantages of using part or all of your name in the name of your trust or other financial vehicles to protect you. The obvious disadvantage is it's easier to show/assume you may own it if it has your name.
@@robertduffy5805 Thanks for the idea. I will add it to the list.
@@ClintCoons Okay if my father named me the only beneficiary to the trust then my mother would have no legal right to it?
@@dustinwilson1449 That would depend on your state law of inheritance. Most laws do not allow a person to completely disinherit their spouse.
Do I need to amend my articles of organization on my LLC to list my trust as the member
No just your LLC operating agreement.
Question,arent you defeating the purpose of a LLC when you put it in a revocable trust? If there is a lawsuit and someone should sue you they would take your company! Where as if you let the LLC be the protection that it is and put in the fine prints that u are passing the business on to a family member when you pass away than to put it in a trust.
Placing an LLC in a LT does not change the protection. The LT is completely ignored - think of it like a name change - you are changing your name to your living trust as the member. If you are sued the LLC charging order protection will still apply.
@@ClintCoons 👍 cool
You recommend putting bank accounts & brokerage accounts in an anonymous WY LLC within the living trust. Can’t creditors just attack your ownership interest in the WY LLC since the trust is revocable?
The living trust is an extension of yourself. It does not offer any more or any less protection from creditors than holding the interest in your own name.
Real Estate Asset Protection I know, so why put your bank/brokerage accounts in that structure? Why not just have it in your own name if it’s just an extension of yourself?
@@aeongaming2561 The benefit is bypassing probate when you pass away.
@@ClintCoonsWon't you be able to bypass probate because the assets that are in a brokerage account "titled" to your trust which is an extension of yourself work just fine without the need of them being in the name of an LLC?
Should you put your Schwab account in the trust?
Me: yes of course
Clint: NOOO!! Lol
Me: 🤪
😂😂
I didn’t put my Brokerage Accounts in an LLC should I go back do add that layer of protection?
Yes your persona brokerage accounts will be better protected in an LLC.
@@ClintCoons should I set it up in Wyoming or Nevada. I live in Nevada.
@@AmyRucker1 If you want anonymity without having to use a nominee manager then I would set it up in WY. Nevada is great but anonymity is more difficult.
What are the pluses and minuses of having Living Trust to be the beneficiary of IRA , bank accounts, stock accounts - - - ?
For nonretirement assets, it is probate avoidance and control when you are incapacitated. For all the accounts you mentioned, it is protection and control over these assets when you have passed, I.e., your trust can control how, when, and if distributions are made to your beneficiaries.
@@ClintCoons Can I avoid probate and any tax obligations if the beneficiary is a living trust ?
@@moeleobha3585 You can avoid probate, but a living trust does not eliminate any tax you may owe. A living trust will maximize the amount of assets you can pass to your beneficiaries free of estate tax.
Good information! For a brokerage account, would you have to place it into an LLC in your state or is a WY holding LLC all you need? For WA state, there appears to be a yearly B&O tax of ~1.5% on gross receipts.
What you refer to does not apply to a brokerage account in an LLC. The LLC should be in WY.
Is it me or did I miss the proper funding part and the forms for assignment?
You show us what needs to go in but funding it correctly seems to be missing
Here is a link: www.dropbox.com/sh/7bw614fgj2ctktt/AADvt3jiGjcHsvLkxu5HVVLSa?dl=0
Exactly my thoughts. Every video so far that I found is just a bunch of talking and does tell you where or how to file what paper???
QUESTION: You said that I can make my TRUST the BENEFICIARY of my LIFE INSURANCE POLICY. So does that money go to my TRUST’s BANK ACCOUNT upon my Death, and can it be designated for particular uses like paying off my son’s home or funding my Grandbabies college tuition?
What are the benefits of the TRUST being the beneficiary versus my Son? Are there tax implications?
Lastly, what about intellectual property? Can I put my music master’s, music royalties, and book publishing rights and royalties into a trust, or do I need to form a separate LLC and put that into the Trust? I’m in Illinois. Thanks
Yes your living trust will receive the proceeds to be handled per the terms of the trust.
Hello Attorney Clint, you mentioned "assignment" type forms to use in order to transfer assets to an existing trust... can you tell me where to find those forms or the legal names of them so can download them... thanks
Its quite simple just write up something showing your intent to transfer the asset to your trust. Nothing magical.
Would it be apropos to retitle the asset into the beneficiaries name. For example: retitle vehicle or land into my name AND/OR beneficiaries name?
Only when you have passed away.
Hello, what about Nevis LLCs ?
I have a question. If you come into large sum of money or maybe win the lottery will setting up a blind trust be better than a regular trust?
I would place it in a WY LLC over a trust. Asset protection and anonymity plus control all wrapped into one.
Good afternoon! I have a question , if I put my personal account into my living trust , could I still have right access to my account? Thanks
Yes, absolutely you are in complete control.
Great content..... ? Is there certain names a person should stay away from when starting a LLC for real estate so they're not considered high risk. Thanks for your time.
Not that I am aware of .
I have a friend whose brokerage account is in an LLC. He said his brokerage company told him his family member needs a document from court indicating that family member can have ownership of the deceased estate. With a living trust, how the beneficiary gets such document from the court if the point is to avoid probate?
You would provide a copy of the trust and a death certificate.
What company do you use to set up this trust account?
If you are asking which bank to use to set up your living trust bank account I recommend using your current bank. If you are asking who can set up your living trust, give my office a call.
Where is the link for the forms?
Thanks
You are welcome.
Your all capital name attached to the Social Security number is a trust and you are the beneficiary, the government has a fiduciary obligation to you
· In a recent video you said that assets held in a Wyoming LLC would be safe because a charging order is the sole recourse if someone sues you (ie foreclosure is not allowed like in most other states) but won’t you or your heirs have to pay eventually? Or is there a statute of limitations on the charging order ?
Statute of limitations. It is typically 10 years with an option to renew for another 10 years.
@@ClintCoons Thank You. That was helpful. I have funds and I plan to start buying rental homes in VA Ideally I would have you create A WY Series LLC to purchase and hold them in (for the foreclosure protection) but I think I will need a VA Series LLC to do that. Am I correct?
@@russcali4138 Yes a plan might be to set up a Va series owned by a WY LLC.
@@ClintCoons Thank You. That makes sense. I will be in touch
What's the difference between a personal property trust and a revocable living trust?
The trusts overall purpose. A living trust's purpose is to pass on your assets while a PPT is to provide anonymity.
Is a living trust under anonymity?
Typically not, but you can if you set it up with a nominee.
I am a partner in one of the properties with my friend. Can I put that partnership in living trust?
Yes you can.
Hey Clint. Im in the process pf wholesaling a property, the seller's wife have passed on 4 yrs aga, is there a way I can bypass the probate process & just submit the death certificate to the title company?
Not that I know of.
If the Trust is the Contingent beneficiary, where do the children place as beneficiaries, if they are also Contingent Beneficiaries??
They are beneficiaries under the trust.
@@ClintCoons Do you mind if we call them Grantors and Grantees in our NICER Forgery Proof Interdiction Living and Benefactors and Beneficiaries in our NICER Schedule A Permission Ledger Counterfeit Free LLC.
Hi Clint
My brokerage and IRA accounts are already in my personal name, how to move them into the trust without liquidation everything ? Too much taxes if liquidation everything
You cannot put your IRA in a trust while living. Name the trust as a beneficiary.
@@aeongaming2561 how about my brokerage account which is currently under my name?
Correct
Your brokerage account would go in the living trust or a separate LLC for asset protection.
You do not have to liquidate your positions. You will open a new account with your broker and the positions will be rolled over from your personal account.
If someone has stock brokerage accounts with the children already designated as Beneficiaries, does the Living Trust still need to be in the picture with respect to avoiding probate?
no
Can someone with a power of attorney then set up a LT for that person?
Only if the POA grants the power to establish a trust or estate plan.
How do offshore trust work?
Can you form a Henson Trust ?
Not familiar with the term. What type of provisions?
Where can you get living trust documents?
An attorney can set up your living trust.
Life ins? 401K?
Why some not others?
You would name your trust as a beneficiary of these types of assets. Their ownership is not transferred.
What about collectible vehicles- classic Ferrari as an example
You might consider an LLC for collectibles.
🔴The trust document is often seen and copied by multiple entities that need a copy in order to transfer property into the trust. This virtually illuminates any anonymity of a Wyoming LLC.
so create a trust agreement first then for rental properties those are already under your llc you just need to create assignment on thst llc and say i am transferring 100% this llc interest into the living trust and put that llc name in schedule a on the living trust, this way you don’t have to take each property out of existing LLC and prepare a separate deed for each properties and record those in county title office?
Yes just assign your LLC to the LT and the properties will go with the LLC.
@@ClintCoons my lawyer is dumb then he said he can’t do it he said title has to re-record under the trust name
Start at 3:00
Great information . Thank you !
Glad it was helpful!