My LORD, one of the BEST discussions I have listened too on basic aspects of a Trust. Most keep you confused by design; this guy was clear and to the point. How refreshing.
I’m a temporary legal assistant turned recipient at a private law firm and this information is helping me build up my paralegal skills! Thank you so much
When I was getting my bachelor's degree in legal studies and took Probate Law, I learned a lot about putting bank accounts and car in both names to keep out of probate, as well as term life insurance. But LIVING TRUSTS were never explained as so important. Thank you!
Hello from Nashville. I've shared your site with almost 15 people. Your information is extremely important especially when you provide different scenarios . What an incredible job you do. From the bottom of my heart, THANK YOU.
I'm forever grateful to find your channel. Synchronicity...my father is battling pancreatic cancer and has homes, IRAs, life Insurance the list goes on...my mother is emotionally exhausted. So I'm left to care for both and every decision making. I'm learning so much and now preparing. One thing we all cannot avoid is death and it better to be informed, and knowledgeable for our families.
You would never believe what I have been through...in the process of my parents aging problems and illness. My father in law. who was a recent widower, got involved with a crooked housekeeper who married him and wanted all he had and tried to poison him with food. While all that was going on my daughter was involved with a bad head on collision and later my husband had Parkinson and died. Believe me it pays to be learning before things start happening. So I now have a revocable trust...for my family, so learn all you can. BTW, we won over the crooked house keeper even though she had spent a lot of his money. The trust is for my daughter who has a brain injury and the other daughter will have to care for her after I die. Do like this man says and don't put so many demands in the will as things change daily. Put it in the Trust and keep it simple.
@@lizabethcaceres I was so sad to read about what you have been through. That is a lot for you on top of such a loss. I am so glad you were able to get prepared. These presentations are helping me as well. I do have an attorney I like and trust, and learning the language and issues here helps me to be prepared and address questions I have in the process. Blessings your way…
Hi, My dad passed & made me his executor. Currently going thru probate now. Totally ignorant about probate court. Wish I discovered u sooner at least for the knowledge. Thx for ur educational vids.. Nippy
My mom died on January 24, of this year. I am working with her estate attorney to wrap up her finances. Step, by step, everything is falling into place. Thank goodness she had an excellent attorney. So far, no problems or delays.
How is everything going? My mom died in January as well with no will and then my sister died in February. It's been a mess. My brother hired a estate lawyer but has been acting really weird. Didn't tell me before he did or who he hired and he flipped out when I told him I consulted a lawyer for advice.
Just found you and I am in the process of binge watching your videos. Thank you very much for these excellent presentations----they are well thought out, easy to understand and well put together. I appreciate you taking the time to educate us!!! Thanks again.
Thank you so much for helping a green horn like me, as I am quite tense being an executor of my sisters estate that being split with her living spouse..
My paternal grandparents had a living trust, Thankfully... and when my grandma passed away it made my life a little easier. It's almost been a year but I've been able to handle most issues ok. Thank goodness for good Attorneys to help also. After our experience handling her death and final expenses, we immediately set up our own Trust to protect our assets for our kids.
If it wasn't for my twin sister stating she wanted to be cremated and I get her ashes my niece was trying to take it from me! Even the photo albums she labeled "Lori's #1 and #2" this evil child took from me. Even the $280,000 my sister left HER children wasn't enough for the oldest child. Just small things to me had her screaming. She hit me not once but 6 times. I even shared the ashes for everyone to spread as they traveled... It wasn't enough. The amount of ugly after death is insane.
My father in- law had a trust set up. He sold his home before he went into a nursing home. Divided the money for the children. No taxes for the kids. Gave everything away before his death. He died poor, as he wanted it that way. All belongings were given to the children. No fights, no arguments. Everyone was happy.
@@trudydavis6168 Well, if he goes to a nursing home within what is it, five, six years, the government will want that money back from what he gave his offspring!
I don't know how happy I would be as a Medicaid nursing home patient. Obviously, he would have had to anticipate nursing home placement and gift the majority of his assets 5 yrs in advance. Is that what happened? Where did your fil live for at least the 5 yrs after he sold his home?
@@Swedetwin Very Good questions. Btw, my neice in her fifties is in a nursing home under Medicaid and she has had excellent care....while very sick and a very heavy person.
I just started watching you late last night 6 hours later I've just finished your last video very informative glad I found you awesome. Texas guy here.
Very informative! I definitely need to set up a trust, in-fact I remember after inheriting a bulk when my dad died in 2018 I had no clue what to do with the funds. Because generally what would come to mind is how to invest in something long term with guaranteed returns. Fast-forward to now, I did find a way to mitigate the best areas of in vestments and I’m reaping tremendous benefits.
I had a will dispute with siblings for years, as soon as it was settled I thought in vestment right away. It’s possible to achieve outstanding growth in port folio diversification in a short period of time as long as you stay consistent and do things different from the vast majority.
Yeah true! in vesting in good company stocks is a great idea and a good tra ding technique or system put in place would guarantee you many days of success.
I feel bit achieved since I started in vesting shortly before retirement, monitoring my portfolo performance which has grown exponentially to 3 million dollars, now I understand why experienced experts make enormous returns from the ever unstable mar kets.
@@kristennn850 I would like to get something started with it. Do you have anyone that helps you achieve this level of success in tra des? you seem to be doing well
I just finished watching your video on probate, etc. I recently spent a few weeks researching information on Living Trusts (my wife and I are 80 years old) and have a meeting with an attorney next week to set up a Revocable Living Trust. We want to make it as easy and fast as possible for our family to dispose of our assets upon our deaths. I found your video very helpful and reassuring that we are going in the right diredtion. You did not mention that the revocable living trust becomes an irrevocable trust upon on of our deaths.
The people go beserk when the parents die. Be sure to do the trust. Will save much fighting over will and getting a new will that other child does not know about when have dementia. Consider working way to give them as much as can before die as it lessens the fighting.
Very informative! Thank you so much! I’m new at this and I’m from California. I was so confused & overwhelmed before watching your video but now I feel more confident I understand this process a little bit better. Thank you!
Good morning, I just found this, and I want to know everything I need to know about this topic, this is so very important to know all the information available, thank you for sharing this!!
I had a Will prepared about 7 years ago and I received notice from the Law Firm 2 years ago that I may need to look at it again for any updates. I have heard about Trusts but seemed overwhelming not knowing what are the things involved in all that. So I haven’t done anything. Thank you so much for your videos. Now I have a much better idea on what questions to ask and what I would like done. Your videos are very helpful. And yes, I have subscribed!
It is taking longer and longer not only because of the courts being shut down, but because of the IRS failing to process estate returns! Our 2019 returns are still not processed as of July 2021. It is insane.
Been through probate where I was named executor on a relative’s will. Took 2 years in . Learning from this, all my investment and liquid asset accounts name my heirs as beneficiaries (“payable upon death”), which avoids probate for the bulk of my assets. My real estate is being put in a trust. Job done.
The easiest way is to fund your going into the twilight. So buy a prepaid funeral insurance plan as up to a certain amount medicaid will allow. Get it all set up and tell people where the policy is. Pick out all the stuff, coffin, music, transport...... That will be a big help. Also is have the cash find some way to fund them traveling to your funeral and stay at hotel. Maybe an insurance policy in one of the trusted childrens name they cash in to fund everyones trip. Medicaid does a five year look back policy. There is a trust that protects your money. Look into it. Is a special one. So can give before five years gifts of up to 16,000 per year to person with no gift tax. Easier to give it up front unless use special trust.
The way care works seem to be best in one of those homes where you start out with an apartment and then as get worse and worse go to the more help more expensive step until in nursing home and pass. Don't make them give up their life for you. They will be happier to see you and visit you more if they do not have the burden of putting life on hold to take care of you. 40 percent of caregivers die before patient. Better to use money so they are not stuck and a prisoner taking care of elderly for how many years? sometimes twenty.
Thank you! I have and continue to learn so much from you. Your explanations are easily understood. Please keep up the great work.You are helping so many of us to get through the legal messes in our lives.
My brother has been in charge of my aunts estate for 7 years. he has been working on my aunts house and basically cleaning repairing and constantly throwing trash and doing weed work. I’ve told him it needs to be rented or sold and it’s not a museum. All he does is say he works every day. He’s up at 3 o’clock in the morning, and just says he’s working a lot. There is another family members estate that he is in charge of. There is a tiny bit of land and the rest is cash. My family member just passed, and I am one of three heirs. I don’t want to wait another eight years for anything to be done. I tried to talk to him about this and he just says he’s very busy and he might have to get attorney in all kinds of just things that don’t really have to do with anything. I just want my inheritance. I don’t wanna hurt anyone? I don’t wanna argue. Is there a limit to how long Things can be kept without distribution
@@2501Grace If the Aunt has passed 7 years ago, why on earth are the rest of you waiting??? 🤔 You can take him into court, they have court facilitators to help you fill out that paperwork work, for goodness sake. Also, if he rented it out all of you would have to pay income tax on that rental, so just take him to court they again have freeeeeee COURT FACILITATORS ATTORNEYS up in all court houses to help for FREE! I wouldn't be paying out of pocket to an ATTORNEY!!! 🤔🤦🏾♀️
Excellent information. Will have to go over my legal documents to make sure I have the Trust Documents you mentioned with my attorney here in Cape Coral, Florida. I am keeping your video to share with my adult children also. Thank you. Barbara L
Just settled my dad's estate through probate here in SC. Left it all to me and it was fairly easy. No lawyers involved at all. The judges assistant told me that the judge takes a very dim view with credit card companies (dad owed a lot). They helped us quite a bit even through covid, etc.. CC companies got zilch..
I'm from Illinois. I really do appreciate what you're doing here. I'm so interested in the difference between a standalone wheel and a trust. One thing I do wish you were able to do is to guide me or is it us into finding an excellent lawyer to construct the trust for us. Thank you for your service it's truly appreciated.
In MA...listening to as many videos of yours that I can find. It often takes a number of listenings to let the info sink in but that is ok. None of this is anything I deal with day to day! Thank you!
From Atlanta and I thank you for this informative video. I never understood the value of trusts and living wills and after watching numerous videos, I feel a bit informed and comfortable to make certain decisions.
Thank you so much. I live in NJ and my older brother died as a result of the Vietnam war so I am the only heir and now I will set up my living trust with an attorney with some knowledge. 🤝
I had no real knowledge of wills etc Thanks to your program I can begin to prepare myself for my final decisions. I shall always be looking out for your program
The bank holding the estate can waive probate if there is enough documented proof that the executors or beneficiaries are directly related to the deceased. What if there is only one surviving heir with no dependants? Love your videos by the way.
Good morning you're the best, we tried this with a Plain English Estate Planner, and it avoid probate alright but cost 50% in litigation after he promised peace of mind, delivered mistakes, and refused to help.
So many questions now even more. What happens to the living trust if in joint trust and one of us passes away? Do all the other beneficiaries and trustees stay the same, till i pss or my husband?
Hello My dad left a will with an assigned Executor, whom was a lawyer friend for years. This Executor Was sick with MS The judge appointed him . It has been a year since my dad's death and I have no paperwork except for some. There are 3 beneficiaries which is me and 2 brothers my brothers are not of sound mind , and can not make decision...On top of that my dad's estate has 23 properties of which are divided into apartments. So we are talking about me managing tenants, repairs and maintenance such as grass cutting and trash removal. There are also real estate property management handling rental monies, and they are all insured. The estate pulls in about $9000-12000 a month. My brothers ( beneficiaries) will not sign nothing, as in the will we are granted one third each of the estate residual. In the will, it also states to sell all properties or beneficiary can keep prope red ty of sme one third value. Now in order to sell the titles must be cleared. There were judgements against some properties with violations. The Executor is now filing a petition to resign as he too I'll and the lawyer was his daughter straight out of law school with no experience, has caused one of my properties out of the city to be late on paying taxes. She is not communicative at all and has not paid my inheritance tax or $58,000 in judgements . The real estate is worth 3 million Can you give me some advice as she has been incompetent in many ways. I have many tenants in properties, and I don't want lawsuits, nor malpractice with the lawyer of which has already happened. My brothers are not of sound mind so they have been staring at the wall since birth. I am the hopeful executor to come,, but need a place to start
Excellent information! I definitely need to set up a trust. I'm a dual U.S./Canada citizen. Lived and worked my whole life in the States, then retired to Canada. So, my IRAs are in the U.S., my real property is in Canada, and I have bank, investment, and stock trading accounts in both countries. Additionally, my beneficiaries are in both countries. If I don't make things as simplified as possible, my trustee/executor will curse my memory long after I'm dead and buried. LOL (P.S. My dog is a rescue from Lafayette, LA... living her best life way up here in the birthplace of all Cajuns... Acadia. 🇨🇦)
Wish I had known about all of this when my Mom got sick (dementia) It went through Probate when she passed away. My sister(executor) paid the nursing home before it went to probate. Thinking that would narrow what could be taken by them. Not true. They end up charging her another 5,000 dollars even after they had been paid. After all was said and done her children received 240 dollars each!!! Ignorance of the law doesn't help. I wish we had looked into all the options or at least seen your very informative videos Sir. I have heard horrid stories in the past about Probate and Nursing Homes. Please, if you have a sick parent with assets check out everything before you become become a victim of the system.
My sister was a nurse and she knew about nursing homes taking everything so as long as it’s been out of their names for 5 yrs nursing homes can’t touch it…that’s why my mom did a life estate which was bad in a way because she grew up in Poland as a child and Natzi Germany from age 13-18 she was afraid someone would take everything away from her. We 4 girls were her only family and she really didn’t trust us.
I’m in the middle of probate in Nc. My father got sick from COPD and died and didn’t leave a will. I didn’t realize how what I would have to go through
I'm in NC too. My father passed in '21. Before he passed he signed all of his land to my brother. He died without a will. Why would my brother need for me to sign a quitclaim deed for the land, especially if it was signed over to him? I don't understand.
I like your easygoing personality seeing all sides very clearly explaining these things my dad left a notorized grant deed with a life estate and I recorded it after I found it in his safe and there still making me have a court order for the title if you were in California I’d hire you in a heartbeat
Hello glad to hear u my situation is insane there's 3 sisters one had power of attorney dad passed then I was executor my sisters unplugged my dad and ran with everything insurances sold his house I couldn't even catch up to them they did everything without not once I never signed one paper then they bread crumbled me. I'm lost I even think this was fraud
I am in West Des Moines, Iow. I really appreciate your reenforcement of my message that people should be prepared and knowledgeable on the various estate planning documents. Understanding of probate is so helpful to lay people. Thanks.
If your state allows, set up a beneficiary for your real estate by recording a Transfer on Death Deed. No probate. None of the tax consequences of adding a person to your deed while still alive.
Nothing is frozen with a Living trust, no expensive lawyers needed for probate only needed to draw up the trust documents and you don’t need to go through a court probate and get any ruling with a judge. Everyone just has to be on the same page.
Thank you for your videos. I signed a TOD for my house and car. I also put my son as being able to access my bank account when I die as he is the executor. My retirement account has my kids as beneficiaries. I also have a will that I got online stating son as executor and everything is split evenly. I hope this covers everything. I enjoy your videos... thanks from Colorado!
@@amylee9 not sure about your state. Look online for a form in your state. You fill it out, have it notarized and mail into county clerk to have it registered. They send you back a copy and I made copies for my children.
B of A froze my dad’s account, which was held by his trust, when he passed away. They didn’t care I was trustee of the trust. They do it automatically when Social Security takes the last payment back. I had to submit an Affidavit of Small Estate to the bank. After their trust department approved it, the funds were unfrozen.
Probate allows you to bar some creditor debt, which is a tremendous relief to my clients, especially those whose parent or spouse had significant medical debt. For that, I never understood the negative stigma with attorneys outside of Texas who discourage the probate process.
Thank you for this educational video. We are a large family, my father left the only property he owned at the time of his death, a four-family house, on the Will naming the executrix, and all of his children's names on the Will. When the house is sold, the money will be divided equally among all of us. Everyone named in the Will knows this and agrees, and one sibling passed away, but his children's names are on the Will (these children live in another country). All taxes and expenses are paid for by the executrix (we all receive copies of everything she is doing). Do we still need to probate the Will? Is there anything else we should know and do before putting the house up for sale? Please get back to me as soon as you. Thanking you, in advance.
Houston TX here......funny hearing your use our Lt Gov in your scenarios. This video makes so much sense and easier to understand wills vs trusts. You must be certified in Texas doing his legal stuff.
I had to go through probate because I needed "A Letter of Appointment" as the executor of the estate, but because my dad did such a wonderful job with his will and trust, the amount in probate was very little. It was in Virginia, and I live in Florida. It was the only way I could open an estate account in Florida under my dad's name.
I just watched your video. Thank you so much for all your information. I plan to see my Real estate lawyer soon. I live in Los Angeles, I think all the rules might be different but your informations are very helpful. Thanks again.🙏
I thought that you can write a letter stating whom you want to handle all of your estate, just that you can just write a living will by stating that you donate all estate to this person. Donate is the key word, to stay out of court. Is this information wrong?
You can probably just check your State laws and get anything you write up notarized with 1-2 witnesses. You can check with a notary or your bank that notarize documents.
Only if it's very very very simple but you're very much at risk by doing it yourself w/o knowledge of the laws in your state and the policies of any banks the deceased person has.
Some states will not recognize this will unless witnessed by two people who sign. Others also want notarized. If contested would be harder to win if another had a will witnessed and notarized.
Do I need to change the ownership on my 2 homes to being retitled to be in my living trust in order for both my properties to be sold , and profits divided between my beneficiaries?
A revocable trust worked for my husband and I. He passed from cancer. He signed quick claim for our home. Within a trust is a will and a living trust. This is something to consider. I got out trust from a place that has the and paid 175 dollars for it. Everything needs to be signed by a notary. Anyway, it worked perfectly. I don’t know why this has to be so complicated.
Thank you 🙏 You are so easy to understand legal words. Englesh is my second lenguajes. I have my own Bussines and I really apréciate how simple you are to teaching difficult things for me to understand. 👍🏻 Simi Valley CA.
If you have a business, talk to your lawyer about LLC. My husband and his brother have a business and their lawyer set up an LLC and we have a Trust for our personal stuff.
I keep saying we need to do a will, but listening to you it all makes sense. I'm at a loss on how to set a trust for my handicap son to be taken care of. Could you please advise on what kind of lawyer I should be looking for? Thank you!
oh my word my sisters (3) and I are trying to figure out what to do with my moms small farmette (6 acres). your video is perfect timing..my one sister and I are stable and in good marraiges and my other 2 are not so we want to put it in my sister and my name now before she is gone..we are going to take care of her..we where thinking of making some kind of business out of it..My other 2 sisters are ok with just our names on it...we just didn't know which way to go..we want it to be a gift type right now..thank you so much for the info
In Florida, creditors have 2 years from death to claim against assets. After that, if funds not collected by creditors, family can try to claim assets.
We,meaning my husband and I have everything listed in both our names property,cars ECT so if one of us die we just drop the others name off the deed or titles. All our utilities our in both our names so if one of us pass we just drop the others name off the bill. We both have established good credit separately in our names so we can switch the utilities with no problem because we our set up.
Our kids are all grown up an out on their own. We are about half way set up with everything that we can think of to do so I just want to be sure we are on the right track?
Just discoured your and oppreciated and learned a great deal form your presentation. 76 year old husband and Wife in S C. Would like to hear discussion an Life Estate deeds Thanks, D.G..
My brother was the executor of his friend's will, and he said that probate was a complete nightmare. It all went well, but he had to file a stack of paperwork, etc. Probate, to clarify further, happens when there are assets with a title. Real Estate as mentioned, but even things like vehicles. If you are married, one of the simplest ways to avoid problems is to have these things in both people's names. The lawyer here can correct me if I'm wrong, but that should prevent all of those assets from going to probate. Everything would go to the surviving spouse. And they could keep them or distribute them according to their best judgement. And if it's a business, it can also be in the name of the spouse or a surviving business partner. So, if this scheme works for you, it's probably the easiest way to avoid probate. This might work extremely well for someone who doesn't have a lot of titled assets. Maybe a house and a couple of cars, etc.
@@jackieburch6875 "If you are married, one of the simplest ways to avoid problems is to have these things in both people's names." Read what I said one more time.
Not a lawyer....with Real Estate, house for example it depends on how the deed is noted. Joint tenants in common vs. joint tenants with right of survivorship. Right of survivorship, will pass to the next surviving owner and bypass a Will (heirs) and/or probate. Joint tenants in common can be distributed to heirs and needs to go through probate court. My mother and I owned a house together, our deed was JTWOS. This avoided probate.
@@TerryProthero The trouble with putting property and cars in spouse's name is if there is a seperation or divorce, One of the partners will demand half of the property or they will just abscond with it.
@@grandmajane2593 Yeah, that would be a possible downside. If your marriage isn't going so well, it might not be the best option. But if it is, it's a pretty simple way to go. That's the kind of thing that needs to be evaluated on a case by case basis. You need to realistically know who can be trusted and who can't be when making these plans.
I’m currently just went through probate by myself no help no lawyer my father died 4-24-21 i was appointed personal representative I haven’t seen or spoke to him since I was 19 I’m now 28 this whole process is very difficult and overwhelming how do I find out if he had a will or life insurance I didn’t find any important papers in his home I went to his credit union they said his account was empty and no safe deposit box how do I know if he had a trust? I had to pay for his cremation out of pocket can you help me find out this information?
What if you became executor by the courts for your deceased mother. Have a personal injury case which is ready to disburse funds and you have to pay inheritance taxes. Do you have to hire a lawyer? Pennsylvania
People like you is the reason I love RUclips. Thank you for helping others!
With Utube plaudits just push politically “right” agendas and see how nice they are!
My LORD, one of the BEST discussions I have listened too on basic aspects of a Trust. Most keep you confused by design; this guy was clear and to the point. How refreshing.
I never thought I’d ever understand estate planning. You are a great teacher. Thanks for sharing. I think it’s a real kindness.
I’m a temporary legal assistant turned recipient at a private law firm and this information is helping me build up my paralegal skills! Thank you so much
When I was getting my bachelor's degree in legal studies and took Probate Law, I learned a lot about putting bank accounts and car in both names to keep out of probate, as well as term life insurance. But LIVING TRUSTS were never explained as so important. Thank you!
The way that you include multiple scenarios in your videos is very helpful. Thank you, Paul.
Hello from Nashville. I've shared your site with almost 15 people. Your information is extremely important especially when you provide different scenarios . What an incredible job you do. From the bottom of my heart, THANK YOU.
Va
I'm forever grateful to find your channel. Synchronicity...my father is battling pancreatic cancer and has homes, IRAs, life Insurance the list goes on...my mother is emotionally exhausted. So I'm left to care for both and every decision making. I'm learning so much and now preparing. One thing we all cannot avoid is death and it better to be informed, and knowledgeable for our families.
You would never believe what I have been through...in the process of my parents aging problems and illness. My father in law. who was a recent widower, got involved with a crooked housekeeper who married him and wanted all he had and tried to poison him with food. While all that was going on my daughter was involved with a bad head on collision and later my husband had Parkinson and died. Believe me it pays to be learning before things start happening. So I now have a revocable trust...for my family, so learn all you can. BTW, we won over the crooked house keeper even though she had spent a lot of his money. The trust is for my daughter who has a brain injury and the other daughter will have to care for her after I die. Do like this man says and don't put so many demands in the will as things change daily. Put it in the Trust and keep it simple.
@@carolyndrummond3455 thank you! God bless you!
@@lizabethcaceres I was so sad to read about what you have been through. That is a lot for you on top of such a loss. I am so glad you were able to get prepared. These presentations are helping me as well. I do have an attorney I like and trust, and learning the language and issues here helps me to be prepared and address questions I have in the process. Blessings your way…
Hi,
My dad passed & made me his executor. Currently going thru probate now. Totally ignorant about probate court. Wish I discovered u sooner at least for the knowledge.
Thx for ur educational vids..
Nippy
My mom died on January 24, of this year. I am working with her estate attorney to wrap up her finances. Step, by step, everything is falling into place. Thank goodness she had an excellent attorney. So far, no problems or delays.
How is everything going? My mom died in January as well with no will and then my sister died in February. It's been a mess.
My brother hired a estate lawyer but has been acting really weird. Didn't tell me before he did or who he hired and he flipped out when I told him I consulted a lawyer for advice.
Just found you and I am in the process of binge watching your videos. Thank you very much for these excellent presentations----they are well thought out, easy to understand and well put together. I appreciate you taking the time to educate us!!! Thanks again.
Guess every state is different we didn't have to go threw all thT when .y mom died.
Exactly!!! He is great 👍
Thank you so much for helping a green horn like me, as I am quite tense being an executor of my sisters estate that being split with her living spouse..
@@kattiethomas4687 So much valuable knowledge presented for our benefit by a very generous attorney!
@@trudydavis61681
My paternal grandparents had a living trust, Thankfully... and when my grandma passed away it made my life a little easier. It's almost been a year but I've been able to handle most issues ok. Thank goodness for good Attorneys to help also.
After our experience handling her death and final expenses, we immediately set up our own Trust to protect our assets for our kids.
If it wasn't for my twin sister stating she wanted to be cremated and I get her ashes my niece was trying to take it from me! Even the photo albums she labeled "Lori's #1 and #2" this evil child took from me. Even the $280,000 my sister left HER children wasn't enough for the oldest child. Just small things to me had her screaming. She hit me not once but 6 times. I even shared the ashes for everyone to spread as they traveled... It wasn't enough. The amount of ugly after death is insane.
Binge watching your videos. Thank you for this valuable information 👏
You are a good person for making these videos. May God bless you!
We had a trust when my husband passed away. Amazing! I had no problem when he passed.
Thank you from Wisconsin. When our Mother died my five sibs...divided things 5 ways. SHE RAISED US RIGHT AFTER DADDY DIED. BLESSING!
My father in- law had a trust set up. He sold his home before he went into a nursing home. Divided the money for the children. No taxes for the kids. Gave everything away before his death. He died poor, as he wanted it that way. All belongings were given to the children. No fights, no arguments. Everyone was happy.
I cannot believe that it was that simple! What a smart man...
@@trudydavis6168 Well, if he goes to a nursing home within what is it, five, six years, the government will want that money back from what he gave his offspring!
I don't know how happy I would be as a Medicaid nursing home patient. Obviously, he would have had to anticipate nursing home placement and gift the majority of his assets 5 yrs in advance. Is that what happened? Where did your fil live for at least the 5 yrs after he sold his home?
@@Swedetwin Very Good questions. Btw, my neice in her fifties is in a nursing home under Medicaid and she has had excellent care....while very sick and a very heavy person.
Rare!
I just started watching you late last night 6 hours later I've just finished your last video very informative glad I found you awesome. Texas guy here.
Very informative! I definitely need to set up a trust, in-fact I remember after inheriting a bulk when my dad died in 2018 I had no clue what to do with the funds. Because generally what would come to mind is how to invest in something long term with guaranteed returns. Fast-forward to now, I did find a way to mitigate the best areas of in vestments and I’m reaping tremendous benefits.
I had a will dispute with siblings for years, as soon as it was settled I thought in vestment right away. It’s possible to achieve outstanding growth in port folio diversification in a short period of time as long as you stay consistent and do things different from the vast majority.
Yeah true! in vesting in good company stocks is a great idea and a good tra ding technique or system put in place would guarantee you many days of success.
I feel bit achieved since I started in vesting shortly before retirement, monitoring my portfolo performance which has grown exponentially to 3 million dollars, now I understand why experienced experts make enormous returns from the ever unstable mar kets.
Wow, interesting. I got a stash in cash inheritance, savings & 401k too, it’s not growing and I have fears of in-flation.
@@kristennn850 I would like to get something started with it. Do you have anyone that helps you achieve this level of success in tra des? you seem to be doing well
I wish you were in Georgia . You are so knowledgable and explain things so clearly.
Me too
Georgia doesn’t need a trust. Would like to hear him address Georgia’s requirements for avoiding probate.
What is the average price of a living revocable trust in Ky?
I just finished watching your video on probate, etc. I recently spent a few weeks researching information on Living Trusts (my wife and I are 80 years old) and have a meeting with an attorney next week to set up a Revocable Living Trust. We want to make it as easy and fast as possible for our family to dispose of our assets upon our deaths. I found your video very helpful and reassuring that we are going in the right diredtion. You did not mention that the
revocable living trust becomes an irrevocable trust upon on of our deaths.
The people go beserk when the parents die. Be sure to do the trust. Will save much fighting over will and getting a new will that other child does not know about when have dementia. Consider working way to give them as much as can before die as it lessens the fighting.
Very informative! Thank you so much! I’m new at this and I’m from California. I was so confused & overwhelmed before watching your video but now I feel more confident I understand this process a little bit better. Thank you!
Good morning, I just found this, and I want to know everything I need to know about this topic, this is so very important to know all the information available, thank you for sharing this!!
I had a Will prepared about 7 years ago and I received notice from the Law Firm 2 years ago that I may need to look at it again for any updates. I have heard about Trusts but seemed overwhelming not knowing what are the things involved in all that. So I haven’t done anything. Thank you so much for your videos. Now I have a much better idea on what questions to ask and what I would like done. Your videos are very helpful. And yes, I have subscribed!
It is taking longer and longer not only because of the courts being shut down, but because of the IRS failing to process estate returns! Our 2019 returns are still not processed as of July 2021. It is insane.
I heard The fed is defunct. We are going from Maritime law to constitutional law.
Thank you for the video
Hope the IRS doesn’t decide to audit the estate!
Been through probate where I was named executor on a relative’s will. Took 2 years in . Learning from this, all my investment and liquid asset accounts name my heirs as beneficiaries (“payable upon death”), which avoids probate for the bulk of my assets. My real estate is being put in a trust. Job done.
I’m a older man. Kinda worry about my passing and grown kids and grandkids like to know I have my Ts crossed I s dotted. Thanks for the videos.
The easiest way is to fund your going into the twilight. So buy a prepaid funeral insurance plan as up to a certain amount medicaid will allow. Get it all set up and tell people where the policy is. Pick out all the stuff, coffin, music, transport...... That will be a big help.
Also is have the cash find some way to fund them traveling to your funeral and stay at hotel. Maybe an insurance policy in one of the trusted childrens name they cash in to fund everyones trip.
Medicaid does a five year look back policy. There is a trust that protects your money. Look into it. Is a special one. So can give before five years gifts of up to 16,000 per year to person with no gift tax. Easier to give it up front unless use special trust.
The way care works seem to be best in one of those homes where you start out with an apartment and then as get worse and worse go to the more help more expensive step until in nursing home and pass. Don't make them give up their life for you. They will be happier to see you and visit you more if they do not have the burden of putting life on hold to take care of you. 40 percent of caregivers die before patient. Better to use money so they are not stuck and a prisoner taking care of elderly for how many years? sometimes twenty.
Hello, watching from California…we thank and appreciate you very much. Thank you for educating us…
Thank you! I have and continue to learn so much from you. Your explanations are easily understood. Please keep up the great work.You are helping so many of us to get through the legal messes in our lives.
My brother has been in charge of my aunts estate for 7 years. he has been working on my aunts house and basically cleaning repairing and constantly throwing trash and doing weed work. I’ve told him it needs to be rented or sold and it’s not a museum. All he does is say he works every day. He’s up at 3 o’clock in the morning, and just says he’s working a lot. There is another family members estate that he is in charge of. There is a tiny bit of land and the rest is cash. My family member just passed, and I am one of three heirs.
I don’t want to wait another eight years for anything to be done. I tried to talk to him about this and he just says he’s very busy and he might have to get attorney in all kinds of just things that don’t really have to do with anything. I just want my inheritance. I don’t wanna hurt anyone? I don’t wanna argue. Is there a limit to how long Things can be kept without distribution
2501Grace - time to contact an attorney? Or the judge in charge of probate?
@@2501Grace If the Aunt has passed 7 years ago, why on earth are the rest of you waiting??? 🤔 You can take him into court, they have court facilitators to help you fill out that paperwork work, for goodness sake. Also, if he rented it out all of you would have to pay income tax on that rental, so just take him to court they again have freeeeeee COURT FACILITATORS ATTORNEYS up in all court houses to help for FREE! I wouldn't be paying out of pocket to an ATTORNEY!!! 🤔🤦🏾♀️
You are doing a great job explaining. I appreciate this so much!
A new subscriber now. Thank you for your generosity for giving all these detailed informations. Hello from New York! God bless you.
Excellent information. Will have to go over my legal documents to make sure I have the Trust Documents you mentioned with my attorney here in Cape Coral, Florida. I am keeping your video to share with my adult children also. Thank you. Barbara L
Just settled my dad's estate through probate here in SC. Left it all to me and it was fairly easy. No lawyers involved at all.
The judges assistant told me that the judge takes a very dim view with credit card companies (dad owed a lot). They helped us quite a bit even through covid, etc.. CC companies got zilch..
I'm from Illinois. I really do appreciate what you're doing here. I'm so interested in the difference between a standalone wheel and a trust. One thing I do wish you were able to do is to guide me or is it us into finding an excellent lawyer to construct the trust for us. Thank you for your service it's truly appreciated.
In MA...listening to as many videos of yours that I can find. It often takes a number of listenings to let the info sink in but that is ok. None of this is anything I deal with day to day! Thank you!
From Atlanta and I thank you for this informative video. I never understood the value of trusts and living wills and after watching numerous videos, I feel a bit informed and comfortable to make certain decisions.
Thank you so much. I live in NJ and my older brother died as a result of the Vietnam war so I am the only heir and now I will set up my living trust with an attorney with some knowledge. 🤝
I had no real knowledge of wills etc Thanks to your program I can begin to prepare myself for my final decisions. I shall always be looking out for your program
From Ohio, so happy I found you.
God bless you for helping especially seniors !
This presentation was "super" and very well expressed. Thanks Evelyn Kennedy - Groton,CT
The bank holding the estate can waive probate if there is enough documented proof that the executors or beneficiaries are directly related to the deceased. What if there is only one surviving heir with no dependants? Love your videos by the way.
Thanks for letting people what needs to be done.
Hello from Texas,just found you,&LEARNING ALOT DO THANK YOU!!
Thank you for providing all this important information.
Good morning you're the best, we tried this with a Plain English Estate Planner, and it avoid probate alright but cost 50% in litigation after he promised peace of mind, delivered mistakes, and refused to help.
You have been such a wonderful asset of knowledge.to me and my husband. Thank you so much.
Your kind of every where and nowhere try to keep a chain of thought process it more helpful. Thank you.
I'm from Delaware ,and your video's have been invaluable to me ! Just wanted to say THANK YOU !!!! (Subbed after 1st video ! )
So many questions now even more. What happens to the living trust if in joint trust and one of us passes away? Do all the other beneficiaries and trustees stay the same, till i pss or my husband?
Thank you so much for taking the time to explain this in layman's terms. Very helpful!
Hello My dad left a will with an assigned Executor, whom was a lawyer friend for years. This Executor Was sick with MS The judge appointed him .
It has been a year since my dad's death and I have no paperwork except for some. There are 3 beneficiaries which is me and 2 brothers my brothers are not of sound mind , and can not make decision...On top of that my dad's estate has 23 properties of which are divided into apartments. So we are talking about me managing tenants, repairs and maintenance such as grass cutting and trash removal. There are also real estate property management handling rental monies, and they are all insured. The estate pulls in about $9000-12000 a month.
My brothers ( beneficiaries) will not sign nothing, as in the will we are granted one third each of the estate residual. In the will, it also states to sell all properties or beneficiary can keep prope red ty of sme one third value.
Now in order to sell the titles must be cleared. There were judgements against some properties with violations. The Executor is now filing a petition to resign as he too I'll and the lawyer was his daughter straight out of law school with no experience, has caused one of my properties out of the city to be late on paying taxes. She is not communicative at all and has not paid my inheritance tax or $58,000 in judgements . The real estate is worth
3 million
Can you give me some advice as she has been incompetent in many ways. I have many tenants in properties, and I don't want lawsuits, nor malpractice with the lawyer of which has already happened.
My brothers are not of sound mind so they have been staring at the wall since birth.
I am the hopeful executor to come,, but need a place to start
I can leave my email and I am from Philadelphia, pa
Excellent information! I definitely need to set up a trust. I'm a dual U.S./Canada citizen. Lived and worked my whole life in the States, then retired to Canada. So, my IRAs are in the U.S., my real property is in Canada, and I have bank, investment, and stock trading accounts in both countries. Additionally, my beneficiaries are in both countries. If I don't make things as simplified as possible, my trustee/executor will curse my memory long after I'm dead and buried. LOL (P.S. My dog is a rescue from Lafayette, LA... living her best life way up here in the birthplace of all Cajuns... Acadia. 🇨🇦)
Give it to The charities your kids and sister don't need it
Wish I had known about all of this when my Mom got sick (dementia) It went through Probate when she passed away. My sister(executor) paid the nursing home before it went to probate. Thinking that would narrow what could be taken by them. Not true. They end up charging her another 5,000 dollars even after they had been paid. After all was said and done her children received 240 dollars each!!! Ignorance of the law doesn't help. I wish we had looked into all the options or at least seen your very informative videos Sir. I have heard horrid stories in the past about Probate and Nursing Homes. Please, if you have a sick parent with assets check out everything before you become become a victim of the system.
My sister was a nurse and she knew about nursing homes taking everything so as long as it’s been out of their names for 5 yrs nursing homes can’t touch it…that’s why my mom did a life estate which was bad in a way because she grew up in Poland as a child and Natzi Germany from age 13-18 she was afraid someone would take everything away from her. We 4 girls were her only family and she really didn’t trust us.
That is horrible as a R.N. don't know how the nursing home could get more after they were paid
@@loumarlin3040 ,
How did the nursing home take more after they were paid? Something is amiss here.
Amen
Great job Sir, we appreciate your sharing this important information.
I’m in the middle of probate in Nc. My father got sick from COPD and died and didn’t leave a will. I didn’t realize how what I would have to go through
I'm in NC too. My father passed in '21. Before he passed he signed all of his land to my brother. He died without a will. Why would my brother need for me to sign a quitclaim deed for the land, especially if it was signed over to him? I don't understand.
@@borostergirl60 - he wants you to sign over whatever claim you might have on the land. Don't sign it, talk to someone (a lawyer, or legal aide).
I like your easygoing personality seeing all sides very clearly explaining these things my dad left a notorized grant deed with a life estate and I recorded it after I found it in his safe and there still making me have a court order for the title if you were in California I’d hire you in a heartbeat
My brother died in December and probate was just signed off June 1. Omg! Costly and additional heartache
Hello glad to hear u my situation is insane there's 3 sisters one had power of attorney dad passed then I was executor my sisters unplugged my dad and ran with everything insurances sold his house I couldn't even catch up to them they did everything without not once I never signed one paper then they bread crumbled me. I'm lost I even think this was fraud
I am in West Des Moines, Iow. I really appreciate your reenforcement of my message that people should be prepared and knowledgeable on the various estate planning documents. Understanding of probate is so helpful to lay people. Thanks.
Live in Louisiana and need to begin this process. Intend to make appointment with your office.
Hello from New Mexico. Thank you for your valuable and helpful info!
I am from PA & the house trailer is in NJ - thank you for sharing these videos!
If your state allows, set up a beneficiary for your real estate by recording a Transfer on Death Deed. No probate. None of the tax consequences of adding a person to your deed while still alive.
I'm in Oregon... not sure what are our laws are here. I want to see if your website has what you listed above, Great information!! Thank you!
Nothing is frozen with a Living trust, no expensive lawyers needed for probate only needed to draw up the trust documents and you don’t need to go through a court probate and get any ruling with a judge. Everyone just has to be on the same page.
How much does this cost
How much does it cost how much does it cost
@@yvonneperalta335 Get a free consultation with an attorney.
Do your own research
Jeeeez
Thank you for your videos. I signed a TOD for my house and car. I also put my son as being able to access my bank account when I die as he is the executor. My retirement account has my kids as beneficiaries. I also have a will that I got online stating son as executor and everything is split evenly. I hope this covers everything.
I enjoy your videos... thanks from Colorado!
How do you do a TOD for a house title? Thanks
@@amylee9 not sure about your state. Look online for a form in your state. You fill it out, have it notarized and mail into county clerk to have it registered. They send you back a copy and I made copies for my children.
@@Cindy-ez7ix thanks. Will look at that
B of A froze my dad’s account, which was held by his trust, when he passed away. They didn’t care I was trustee of the trust. They do it automatically when Social Security takes the last payment back. I had to submit an Affidavit of Small Estate to the bank. After their trust department approved it, the funds were unfrozen.
Probate allows you to bar some creditor debt, which is a tremendous relief to my clients, especially those whose parent or spouse had significant medical debt. For that, I never understood the negative stigma with attorneys outside of Texas who discourage the probate process.
Probate isn't free either so you have court fees and lawyer fees to do any type of probate. Trusts will not have that expense and delays.
Kingston, Jamaica . I understand the processes and procedures, thanks for sharing.
I’m Louisiana , learned a couple things today thank you
Like your presentation❤ Very informative and practical for everyone and every family. Thank you very much!
Thank you for this educational video.
We are a large family, my father left the only property he owned at the time of his death, a four-family house, on the Will naming the executrix, and all of his children's names on the Will. When the house is sold, the money will be divided equally among all of us. Everyone named in the Will knows this and agrees, and one sibling passed away, but his children's names are on the Will (these children live in another country). All taxes and expenses are paid for by the executrix (we all receive copies of everything she is doing). Do we still need to probate the Will? Is there anything else we should know and do before putting the house up for sale? Please get back to me as soon as you. Thanking you, in advance.
Houston TX here......funny hearing your use our Lt Gov in your scenarios. This video makes so much sense and easier to understand wills vs trusts. You must be certified in Texas doing his legal stuff.
I had to go through probate because I needed "A Letter of Appointment" as the executor of the estate, but because my dad did such a wonderful job with his will and trust, the amount in probate was very little. It was in Virginia, and I live in Florida. It was the only way I could open an estate account in Florida under my dad's name.
Docinaplane, i’m in va n going through this process… any help would be appreciated :)
@@qt5160 You have my sympathies. Just follow the rules in the supplied paperwork they provide you.
Greetings from California. Thank you for a clear explanation on estate planning.
Great video.
I just watched your video. Thank you so much for all your information. I plan to see my Real estate lawyer soon. I live in Los Angeles, I think all the rules might be different but your informations are very helpful. Thanks again.🙏
Dan from Michigan 3:00 A.M. great information - Thank You
Thank you for taking time to share such important information.
From Canada - Learning important info regardless of being in another country. Thank you!
I thought that you can write a letter stating whom you want to handle all of your estate, just that you can just write a living will by stating that you donate all estate to this person. Donate is the key word, to stay out of court.
Is this information wrong?
You can probably just check your State laws and get anything you write up notarized with 1-2 witnesses. You can check with a notary or your bank that notarize documents.
Only if it's very very very simple but you're very much at risk by doing it yourself w/o knowledge of the laws in your state and the policies of any banks the deceased person has.
Some states will not recognize this will unless witnessed by two people who sign. Others also want notarized. If contested would be harder to win if another had a will witnessed and notarized.
We have created a Family trust. Just checking with your video if we have missed any segment you mentioned. I am glad I found your Channel.
thanks so much for giving your time and knowledge to us - really helpful information
Do I need to change the ownership on my 2 homes to being retitled to be in my living trust in order for both my properties to be sold , and profits divided between my beneficiaries?
A revocable trust worked for my husband and I. He passed from cancer. He signed quick claim for our home. Within a trust is a will and a living trust. This is something to consider. I got out trust from a place that has the and paid 175 dollars for it. Everything needs to be signed by a notary. Anyway, it worked perfectly. I don’t know why this has to be so complicated.
Some people have twenty people waiting to get something and two million in assets. Causes lots of problems.
“Quit Claim.” Quick Claim?
Thank you 🙏
You are so easy to understand legal words. Englesh is my second lenguajes. I have my own Bussines and I really apréciate how simple you are to teaching difficult things for me to understand. 👍🏻 Simi Valley CA.
If you have a business, talk to your lawyer about LLC. My husband and his brother have a business and their lawyer set up an LLC and we have a Trust for our personal stuff.
You came into my life at the right time. Thank You!!!!
I keep saying we need to do a will, but listening to you it all makes sense.
I'm at a loss on how to set a trust for my handicap son to be taken care of.
Could you please advise on what kind of lawyer I should be looking for?
Thank you!
oh my word my sisters (3) and I are trying to figure out what to do with my moms small farmette (6 acres). your video is perfect timing..my one sister and I are stable and in good marraiges and my other 2 are not so we want to put it in my sister and my name now before she is gone..we are going to take care of her..we where thinking of making some kind of business out of it..My other 2 sisters are ok with just our names on it...we just didn't know which way to go..we want it to be a gift type right now..thank you so much for the info
Good luck with the "farmette" RW!
Great idea, family business.....family banking
I believe a gift so to speak is only $15,000 so that would only mean the property could be worth only $30,000........
In Alabama my dad died there was 3 of us there was 3 CDs my brother got 2 and my sister got 1 they took everything out of the safety deposit boxes
Such great info. Keep doing this!!
Super valuable info.
Hello from Texas… thanks so much for explaining a difficult situation.
In Florida, creditors have 2 years from death to claim against assets. After that, if funds not collected by creditors, family can try to claim assets.
We,meaning my husband and I have everything listed in both our names property,cars ECT so if one of us die we just drop the others name off the deed or titles. All our utilities our in both our names so if one of us pass we just drop the others name off the bill. We both have established good credit separately in our names so we can switch the utilities with no problem because we our set up.
Our kids are all grown up an out on their own. We are about half way set up with everything that we can think of to do so I just want to be sure we are on the right track?
My parents still live in Louisiana and getting old so thanks Paul for enlightening me.
Just discoured your and oppreciated and learned a great deal form your presentation. 76 year old husband and Wife in S C.
Would like to hear discussion an Life Estate deeds
Thanks,
D.G..
My brother was the executor of his friend's will, and he said that probate was a complete nightmare. It all went well, but he had to file a stack of paperwork, etc. Probate, to clarify further, happens when there are assets with a title. Real Estate as mentioned, but even things like vehicles. If you are married, one of the simplest ways to avoid problems is to have these things in both people's names. The lawyer here can correct me if I'm wrong, but that should prevent all of those assets from going to probate. Everything would go to the surviving spouse. And they could keep them or distribute them according to their best judgement. And if it's a business, it can also be in the name of the spouse or a surviving business partner. So, if this scheme works for you, it's probably the easiest way to avoid probate. This might work extremely well for someone who doesn't have a lot of titled assets. Maybe a house and a couple of cars, etc.
Not true if both names are not on the home then it goes to living heirs and not the surviving spouse we just found this out in North Carolina
@@jackieburch6875
"If you are married, one of the simplest ways to avoid problems is to have these things in both people's names."
Read what I said one more time.
Not a lawyer....with Real Estate, house for example it depends on how the deed is noted. Joint tenants in common vs. joint tenants with right of survivorship. Right of survivorship, will pass to the next surviving owner and bypass a Will (heirs) and/or probate. Joint tenants in common can be distributed to heirs and needs to go through probate court. My mother and I owned a house together, our deed was JTWOS. This avoided probate.
@@TerryProthero The trouble with putting property and cars in spouse's name is if there is a seperation or divorce, One of the partners will demand half of the property or they will just abscond with it.
@@grandmajane2593
Yeah, that would be a possible downside. If your marriage isn't going so well, it might not be the best option. But if it is, it's a pretty simple way to go. That's the kind of thing that needs to be evaluated on a case by case basis. You need to realistically know who can be trusted and who can't be when making these plans.
I’m currently just went through probate by myself no help no lawyer my father died 4-24-21 i was appointed personal representative I haven’t seen or spoke to him since I was 19 I’m now 28 this whole process is very difficult and overwhelming how do I find out if he had a will or life insurance I didn’t find any important papers in his home I went to his credit union they said his account was empty and no safe deposit box how do I know if he had a trust? I had to pay for his cremation out of pocket can you help me find out this information?
Thank you so informative I'm setting up my Trust. Can you recommend a good Lawyer A proud New Yorker. Stay safe and thanks again.
I’m new to this. Thank you for all the great information! Keep it coming please!
What if you became executor by the courts for your deceased mother. Have a personal injury case which is ready to disburse funds and you have to pay inheritance taxes. Do you have to hire a lawyer? Pennsylvania
Hi from Melissa in Cal. How easy is it to add additional property to existing trust?