I have a mentally ill aunt. My grandmother passed away and left 50,000 dollars to her. The lawyers burned through her money in a short amount of time. There's fees for multiple transactions of repeat filing of paperwork. Large fees with other law offices names on them. It is a complete mess. The billing statements have unidentified fees for large amounts. There are multiple complaints in regards to this firm for improper management of accounts, clerical mistakes that have cost clients money. Her account has been emptied by the lawyers and their fees. I feel like they created reasons to file paperwork so they could attach fees for payment. We cannot afford a lawyer to look into this, so my mentally ill aunt is now left with nothing.
Jonah Marquis your grandmother left the money by will or revocable living trust? If it’s in the will, it had to go through probate court, that’s when the court fees and lawyer fees accumulated. If it’s in a revocable living trust, it doesn’t go to probate.
That's sad. Hell is waiting for people who are just in the business to scam people. There's a difference between helping others and just those who are looking to help themselves and get over.
Great information! So, The best Trust would be Let’s say set up by a parent For their child. This way The parents or the child’s creditors Could get at the $$$ Is this generally correct? Thank you!
@LegaLees Can I own 100% of a trust and make it a member on all of my LLC(s) so it is not a pass-through entity. Have a holding company own the LLCs so that If I get sued my companies are protected? Would it save me on personal tax?
What if you leave a property to your kids and then they invite you to live with them? It's theirs, but I would be a guest. Would that be a self-settled?
Me me me!!! I love it! Quick question if I’m a beneficiary of a home and would like to convert it into a historical item because it actually is my papa built it and it’s gorgeous. How would I do it?
But what if it's something like a house that I want to pass to my young children? I still benefit by getting to live in that house right? Have access to it, make all durations, expand on it, everything.
It is not your house when it goes into an irrevocable trust. If you use it, it will be included in your estate. You could reserve a life estate, and that has a value. I don’t see much use putting it into an irrevocable trust now. just do a living revocable trust and pass it to the kids when you die, then it is still your residence and you get the tax benefits.
I am so glad to find your channel. Your presentation is much better than everyone else. I am 64 and have a good health. I want to setup a trust. My question is if I setup an irrevocable trust can I still able to use money, sell my stocks or sale my property if I wanted to? Really liked your channel 👍
For estate planning purposes, you will use a living revocable trust. I don’t know why you would want an irrevocable trust. It is used for estate tax planning. If you don’t have over $12 million, you don’t need it for estate tax purposes. If you do have over $12, then just listen to me for the overview and get yourself some high priced good legal and accounting services. No--if it is in an irrevocable trust, you can’t spend the money and property, because it then belongs to the beneficiaries.
@@Legaleescorp If I'm engaged, and I'm looking to protect the growth of stocks, a house I'm paying mortgage on, can I protect it using a living trust if for some unlikely change she wanted to divorce me? She's cool with a prenup as well, but I'm thinking both is best.. I'd also like to protect grown/dividends/compound interest on existing 401k, which I know can't go into a trust but my taxable brokerage accounts can
@@Legaleescorp knowing my husband will remarry statistically within 24 mo of my passing....I would like an irrevocable trust to protect the assets IE house from the new possible wife or ex wife. However I plan to be around for a while and might sell move whatever. Can a living revocable be used while I'm here and a irrevocable be set up automatically upon my death? 🤔
It depends on what you are protecting, but an LLC is the most flexible asset protection tool we have. You wouldn’t put a personal residence in an LLC, but rental units, businesses, etc are possible assets that an LLC works well for.
Liberty Aid Academy channel and website tells you the complete opposite and explains in detail why. Lawyers are not needed with irrevocable trust thats one of many reasons they would want to stir anyone away.
very informative but my mind is not there...I am so very, very sad and upset that Mum/Dad has gone. My ultimate wish was to see Mum again...I was so extremely happy yesterday when I saw Pappa Rotti. Gave me hope. I actually had a shower at 3am in the morning, chose a nice skirt to wear, painted my face with makeup because I really thought I was Mum/Dad would *POP* up. I'm so gutted.
Can I roll over all or a portion of my 401k to fund my irrevocable trust with a spend thrift clause? I would also add my home and other assets. I am looking for Medicaid protection so if I am put into a nursing home they can not take a majority of my assets. I live in Washington state, 65 years old, and in good health. Thanks.
You can move money into the irrevocable trust, but it would be a taxable distribution from your 401(k). When you move assets into an irrevocable trust, you have to realize that you are giving those assets to someone else. You cannot be the beneficiary unless it is an “asset protection trust” established in a state that has specific laws for that kind of irrevocable trust. There are a dozen or so states with those laws. You have to give up all ownership and interest in the property to have it be protected from Medicaid. That has to be done 5 years before the rest home is entered. Are you sure you want to qualify for Medicaid and end up in that sort of a rest home?
Sir, it depends on your goals. For instance extreme poverty in a place like Mumbai. You want to create a financial trust to give control a group of the urban poor leverage, but do so in a way where others can't get to the financial resource, set up a trust. Now I am not an expert in any of this stuff, but setting up thousands of local community development corporations, and setting up local neighborhood councils as trustees is a way to fight both poverty and in country corruption at the same time. If my goal is to tackle extreme poverty then this kind of trust seems appealing. Then again I don't know what the laws are in places like India, or in other places.
How about an irrevocable trust with a legal entity such as a charitable organization as the beneficiary where by the grantor is an employee and manager of the organization.
@@Legaleescorp The main purpose of LLC is to be a company and generate income. Will any judge agree when no income is generated for a company that does not serve the purpose it is supposed to. Asset protection is side benefit, but not the reason to open a company. I am open to feedback....
Wow. There's a LOT I don't understand. My mother, who died at 100 in September of 2020, had an irrevocable trust for 25 or 30 years. The investments in the trust earned income for the trust and my mother was in control of it, for her personal use, until the time of her death. There was nothing illegal about it. A few months ago we finished distributing her trust assets between my brother and me. Is this something that was legal then but has become illegal/improper? We did this to protect assets from having to be spent down as a result of assisted living/nursing home costs. As it turned out, she was able to pay her way straight through to the end without having to invoke the trust's protection. Are there different rules in different states? She lived her whole life in New Hampshire.
There is nothing illegal about having the trust, and it probably avoided probate and distributed assets well. It probably wouldn’t have protected her assets against Medicaid or creditors if they had come after her. Nobody would have gone to jail or anything, but the intended asset protection wouldn’t have been there if someone really challenged it.
Hi: I thought you said that irrevocable trust the grantor gave away the asset permanently and cannot be the beneficiary, or you named cannot be self serving / ? cheating how is she able to use personally ?@@Legaleescorp
Ok Lee, so the word is to set the irrevocable trust in a foreign country Belize, Nevis, Cooks Island... their foreign law does not need to comply with US law. What's your take on that?
Have fun. here a lot of cases you can find on the internet of people in the early 2000s and even in the past couple of years having trusts in the cook islands an other places. The people say that the US laws can’t force the trustee to send the asset ownership back to the US. The judge in the US says, “I don’t give a damn, you bring them back.” The person says no, and the judge orders them to jail. They ultimately bring the assets back and give them to the court.
@@Legaleescorp But the debtor can say "I placed the request and tried but the trustee is not releasing due to local laws". That is complying to the judge's demand to bring but just not effective. Sounds clean to me. Let someone go after the foreign trustee now.
@@sred5856 Exactly. Not to mention,... if it is an IRREVOCABLE trust,... they are no longer MY assets. How am I to direct or give anyone assets I do not own??? I'm pretty sure that is called THEFT and you can go to jail for it!😂🤣😂🤣😂🤣😂🤣
@@Legaleescorp So a US person can not own a common law trust in united States of America ( not US of District of Columbia) or other common law jurisdictions ? Ok. Can the americans not be us citizens and if so how?
I am not good at annuities. It depends on how they take the money out for her. Is it the interest coming out first (probably is) then it would probably be taxable. You put an after tax dollar in the plan, so if you are taking those dollars out, there shouldn’t be a tax.
I'm in Ohio where a self-settled trust is allowed. You have mentioned that assets in self-settled trust will be protected from creditors if remains in trust at least 5 years. However, at the end you sad that Irrevocable Trust is not the way to protect assets. Would you please clarify whether or not the self-settled trust in Ohio, where a GRANTOR and BENEFICIARY are the same person, will be protected from creditors. Thanks for help in advance.
Ohio’s asset protection trust laws are considered some of the best. Each state is a little different. The laws are all designed so you can’t protect assets from creditors that already have a claim against you or may have a claim based on acts you did before the trust is established. Of course the trust has to be an irrevocable trust A person or bank in Ohio has to be the trustee. You cannot be the trustee. You have to sign an affidavit saying you are not going to be insolvent after you transfer assets into the trust. There is only an 18 month waiting period for the “lock down” of assets to take effect. There are about 20 states that have asset protection trust or legacy trust or personal property asset protection trusts, and you’ll just have to check to see what the rules are for the state where you want to establish your trust. Utah only required a 90 day lock down period if you publish in newspapers to smoke out creditors. That is the shortest period. 5 years is not uncommon.
How do you think the 1% wealthy protect themselves? Irrevocable trust is used. Designed by the lawmakers irrevocable trust prevent assets from being exposed to lawsuits, divorce, and creditor delinquency.
You can’t set up what is called a “self-settled trust”. The wealth set up the trusts, move assets into the trust, and they are not the beneficiaries. They are giving the money away, and it is protected. Some states have an “asset protection trust” that will allow you get the benefit of an irrevocable trust, but generally you can’t get a benefit.
Lots of words in that title. You will have to file a tax return each year. (non grantor trust) If you try and accumulate income (complex trust), you will pay a hell of a tax. The spendthrift will protect the trust assets from the creditors of the beneficiaries. You will need to give up control for estate tax purposes, if that is of concern. You can’t benefit or it will be a self-settled trust which is frowned upon. I would use an LLC today and skip the trust. Much easier and better in many respects.
I just bought a home. It will be a year on 01/07/23. My Fiancé has 3 older boys and I have 1. The home is in both of our names. What would be the next plan of action that you would recommend as we are first time home buyers?
You need to do some estate planning in order to figure out what happens to the house when one of both of you die. Use a living revocable trust to get where you want to go.
My father set up a life insurance irrevocable trust for me 20 years ago. The life insurance term ended and he did not replace it with another. Is this trust irrelevant because there is nothing funding it? Should I keep the trust bank account open? He is 77 and the life insurance is too expensive.
Take all the assets out of the trust, and then file a final tax return. It should have an EIN, so it needs to have a final tax return filed. The trust will just go away.
The DST has some asset protection aspects, but it is more like a land trust, particularly in some states like California. It is a good tool, but you have to have a Delaware trustee and it isn’t recognized as an asset protection trust in many states.
If you have set up an Irrevocable trust and transferred all your real estate to this trust, and you are receiving rental payments from the property, would this be considered “benefiting from assets?”
Unless this is a state authorized “asset protection trust” you can’t have an irrevocable trust that you get the benefit of. That would be a self settled trust.
I think that’s for people already in a nursing home and expected to die in a year or so. It offsets nursing home care costs and then the remainder goes to beneficiaries.
What if I want to protect the asset till my retirement only. So, not self settling and protected until retirement, then self settling and not protected by then? To be honest with you, i maybe not even need it in retirement but would like the option for it, because you never know, right?
The standard irrevocable trust won’t work, because you have to permanently give the asset away, not just until you retire. The self-settled trust won’t work. If the asset is a retirement plan, it is protected under ERISA. I don’t know what to tell you. It depends somewhat on what the asset is.
The trust document should address what happens to a beneficiary’s interest in the trust after he or she dies. It will often go to the beneficiary’s children.
The DOJ filed a suit against my deceased brother's estate, is it possible for them to penetrate his trust with a default or other wise even though it became irrevocable after his death? Please Advise
The concept of “penetrating” or “piercing” really doesn’t apply to trusts like it does to corporations or LLCs. The trust became irrevocable when he died, but it is still liable to his creditors, aka DOJ. I think they can get at the trust funds. There are lots of factors, and I don’t know what the nature of their claim is, so don’t bank on my answer.
there are two trustees me and my sister (who live out of state) i have been living in the house with my dad untill his death does she have the right as trustee since she is out of state?
@@Legaleescorp Do you have a Cashapp? Also thanks a bunch do you have a legal opinion about it? Lastly when you express that collections are not able to go after an Irrevocable trust that is without a charging order correct?
The creditor can go after any money in an irrevocable trust only if there is a distribution made from the trust. If the money stays in the trust then it would be protected.
LegaLees Okay. Correct me if wrong, but in any case in which a creditor “goes after any moneys” distributed from the Irrevocable Trust to one of the Beneficiaries or The Beneficiary, in actuality the creditor is then going after the debtor entity or ‘legal name’ transcribed in ALL CAPITAL LETTERS directly, or even an LLC’s revenue/gross income
When a grantor dies in an irrevocable trust, would any liability on the grantor -- when he/she was alive -- trickle to the trust and its asset? Assuming the trustee and beneficiary are correctly setup with different people here. Would the trust assets be at risk? Thx
In an irrevocable trust set up right and maintained so it would be outside the grantor’s estate should totally protect the assets of the trust from any liabilities the grantor may have. Of course, the whole thing could be undone if it violated fraudulent conveyance laws and that sort of thing.
😂😂😂 I set up a Pure Common-Law Contract Trust (as opposed to a statutory trust) out of the way of illegitimate and de facto government and their agencies' scrutiny LOLOLOL 🎯😭😂💀
Source: upcouncil.com I have NO affiliation.just did a web search. Might help for those who are wondering. Common Law Trusts The specific rules and regulations of a common law depend on the state. For example, the state of Delaware has ever-changing regulations regarding common law trusts. Common law trusts are used when a statutory trust does not make sense because of state regulations or tax concerns. For this reason, it is sometimes referred to as a pass-through trust agreement. Common law trusts are regulated by the state's law jurisdiction. Setting up a common law trust requires the following steps: Request an ID through World Service Authority. This process allows you to separate the common law trust from your individual social security number. You can also create an affidavit of Identification to avoid using a state or federal ID when opening a business bank account. Choose a co-trustee. Your co-trustee should be a person that you can trust as they will be an administrator to the trust. Purchase a P.O. box. This allows you to protect your anonymity because you can list this as your trust address. Create important business documents. You will need to create the necessary business documents including company bylaws and articles of incorporation. Choose a settlor/grantor. Request that the settlor/grantor offer a piece of property into the trust. Request an EIN number for the trust. This is for tax purposes. Open a bank account in the trust name. It is best to create a non-interest banking account that is private. It might be helpful to first open a personal account and then a trust account. All trust holders should be listed on the bank account. Register your trust documents with the Secretary of State. This is optional but may be helpful. Common Law Trusts Vs Statutory Trust Common law trust and statutory trusts have different requirements for filing and operating. Common law trusts are created without public officials. The individuals of the trust are eligible to legally sue, or be sued, for violating the terms of the common law trust. However, they must do so in their own name. A statutory trust, on the other hand, is considered to be a juridical category. It is separated from the trusts parties and a legal lawsuit can be initiated in its name. The statutory trust is often regarded as a type of business organization. Statutory trusts must follow these regulations: Listed rules are binding and cannot be overruled in the business documents. A statutory trust cannot have a donative purpose. There must be an entire document on trusts in the articles of incorporation. There must be a charging order provision included. Dissolution and conversion requirements must be included in the documents. Any relationship between the common law and statutory trust entities must be clearly listed.
For asset protection I would use an LLC. Unless you use one of the asset protection trust authorized in some state, you have to give up the asset to get it into the trust and not have the trust considered a “self-settled” trust.
Hi Fred. Did they have the IRS back in your day? Yes, that would be considered a grantor trust. Most all the estate planning trusts are self-settled grantor trusts. BUT they are revocable. The rub comes when you do a self-settled trust that is irrevocable and you want the benefit of the trust assets but want the assets in the trust outside of your creditor’s reach.
@@Legaleescorp : I thought the IRS always considered anything in a grantor trust the property of the grantor, irrevocable or not...If you have control of the assets before and after creation of the trust, they considered it yours. Kinda like an single entity LLC (my opinion, of course).
Lee, I appreciate your frank approach. Here’re my questions: can a grantor choose a trustee who is also a beneficiary (such as a child), and can that grantor after giving away the property (home) to the trust remain a resident?
The answers to your questions depend upon what type of trust you have. Assuming it is a standard living revocable trust, the trustee can be a beneficiary. Usually you are the grantor and the trustee and the kid is a successor trustee. You can continue to occupy the home as a beneficiary of the trust. In fact, you need to continue to occupy the home to avoid triggering the due on sale clause.
@@Legaleescorp Thank you, Lee. Thankfully, the property is owned with no debt and title in hand. I ask these questions, in part, because I am assisting my parents as they think through estate planning. While mom wants to hand over everything to my oversight, dad is not ready to give over total control. Would coaching him to set up a revocable trust for now be the right path? Can there be joint trustees, my father and I, so we share responsibility for his finances while he is alive? If so, how does the language parse in the trust docs?
Usually the grantor is the trustee in a living revocable trust. The grantor is the trustee and the beneficiary, so of course the assets of the trust (house) will be used for your benefit. A child is often named as the successor trustee and is also a beneficiary with his or her siblings. The child can act as trustee and at the same time be a beneficiary.
@@Legaleescorp I think the question should be can the parents live in the home if the home gets put into a irrevocable trust? @Charles Johnson. Revocable trust don't do much other than helping you avoid probate after death. Check out to see if your state allows transfer of death title on property. This is just putting a beneficiary on the home, so should not need to go through probate as long as your parents put beneficiaries on all asset accounts. You can do this by having them go to the county courthouse. If you are trying to avoid a all assets going to a nursing home is putting in a irrevocable trust this is why this is a good question. My suggestion is putting a transfer death for now and at the first sign of either one of your parents going to a nursing home is getting a estate planner to help with the spend down and your dad will be more willing at that point.
I need to know why, after my parents did a revocable trust why do I have to pay another attorney to dispense it? The original attorney was disbarred several years after the trust was “built” so I can’t go to him.
There are rules against what is called a self settled trust, or a trust that is irrevocable that you still benefit from. Generally, the spouse is independent in common law states and the same as you in community states. Generally, the spouse is not a good beneficiary for an irrevocable trust you want out of the reach of your creditors. If you file jointly, there is no tax effect.
I am sorry. Anyone who knows 300 lawyers deserves a memorial. The stand trust used to shield assets from Medicaid isn’t what you would term a self-settled trust. Unless the state has a specific law for self-settled trusts, usually know as asset protection trusts, legacy trusts, Alaskan trusts, or the like, self-settled trusts usually aren’t recognized by the state courts. The are basically against public policy.
@@Legaleescorp knowing 300 lawyers is called being part of different national organizations so no memorial needed. We will disagree on this basically due to definitions and training it seems. So, not going to argue but will keep helping people get on Mediciad and protect their assets lol. Good luck to you and your videos.
Question: if my revocable living trust, upon my death, creates an irrevevocable trust for my half of marital property and separate property, this testamentary trust now provides asset protection for my beneficiaries, correct? Also, at first, I thought I needed a QTIP trust but my atty told me all I need is a regular irrevocable trust for asset protection post mortem and keeping separate/my half marital property in my bloodline if my spouse remarries. I’m well below 1 BEA, therefore tax efficiency is not the motivation, simply future creditor protection.
Special needs trusts are generally irrevocable trusts and do provide some asset protection. The beneficiary doesn’t have any right to the funds of the trust, so their creditors, including the government, doesn’t have any claim to the assets.
Why can't you give the assets (Trust) to your great grand children, and set it up where you manage the assets, your children become managers, your grand children become managers of the trust before your great grand children inherit the trust, but you ate paid a managerial fee for maintaining the assets within the trust.
In an irrevocable trust the grantor is giving up all ownership when they transfer an asset to the trust. The grantor is giving the asset to the beneficiaries. Since the grantor is giving up ownership it isn’t considered theirs any more and the asset is gone. HOWEVER, the asset must be put in the trust 5 years before the grantor sets foot in the rest home. Very unlikely to happen, because the grantor can’t live without the asset most likely for the last five years, and who knows when the five year clock starts.
The concept of an irrevocable trust is you are giving the property to the beneficiaries, and giving up control and benefit of it for yourself. You are literally giving the property to the beneficiaries. There are laws that say that you can’t create an irrevocable trust and have yourself be the beneficiary. The catch with the resthome and Medicaid is you have to make the transfer over 5 years before anyone sets foot in the rest home. If you try and move assets within the five year period, Medicaid penalizes you and you won’t qualify for an even longer period of time. So it is almost impossible to qualify for Medicaid unless you really have always been poor.
Big brother and his clowns are always lurking. I like to think property is safe in a irrevocable trust. With a pour over will only allowing beneficiary’s to sell in order to buy another piece of property
Generally you can’t be the beneficiary of the irrevocable trust. You run into “self settled trust rules” If you want to give up the property to someone else, it will have asset protection for the new beneficiaries. It is protected from your creditors, because it isn’t yours any more. You gave away the property given to the trust.
You give the problem with that type of trust to protect assets. What is the best alternative just say for a house only to children. Just one simple asset.
@@2660mh LLC can be done. Just mention it to the estate planning attorney to weigh against alternatives. Five states use a ladybird deed and that might be a less costly alternative.
To set up a trust in Virginia from the lawyers I have talked to just to protect a house is way over our budget.Put a house in LCC to leave to child or grandkids never hear of it? If you 65 you still want control of whatever you do if any reason that would change. A will only protects a house from probate but it seems the cheapest way to go?
@@LastTrump7 A will is extremely important in naming your executor, power of attorney, health care surrogate, and a living will document. If you are incapacitated, your poa can create a trust with your assets for your benefit, and hopefully you won’t need Medicaid for 5 years. Better safe than sorry if you care about your legacy, which I do very much.
So what your solution ? Revocable is not good, and irrevocable it's not good. What's the solution ! I'll rather give my assets to my beneficiary then to you ! :)
@@Legaleescorp Ahh that's why all the billionaires has Trusts ! I'm being sarcastic here ! I will use and administrate a common law irrevocable Trust any day of the week over anything else !
Sure....He is only seeming to talk about domestic trusts. I wouldn't trust the state/federal government with not being greedy and finding a way to get them. That's why your trust and trustee should be offshore.
Have at it. Just know that the regulations on nonprofit religious organizations come from hell (the government), and religions are in no way protected from liabilities.
@@Legaleescorp but the person who needs the assets protected would be protected because anything that's targeted at that person would not be collectible because that person's money would be all put into the non-profit religious organization!!? the religious organization that that person would head would pay for living expenses housing vehicle services for that head of the religious organization that put all his/her money into it
I think the courts would see it as a sham. As far as exempt from tax that’s a whole other deal. An organization for the benefit of one person wouldn’t qualify.
@@ericeandco there's no limit on how many members have to be in your religion! Look at Pat Robertson, look at all these temples mosques churches they're headed by one person and all the benefits go to that one person have you not seen Christian ministers flying in private jets that they own in the fleet of Lamborghinis Jaja
The trust document should address what happens to a beneficiary’s interest in the trust after he or she dies. It will often go to the beneficiary’s children.
I have a mentally ill aunt. My grandmother passed away and left 50,000 dollars to her.
The lawyers burned through her money in a short amount of time. There's fees for multiple transactions of repeat filing of paperwork.
Large fees with other law offices names on them. It is a complete mess. The billing statements have unidentified fees for large amounts.
There are multiple complaints in regards to this firm for improper management of accounts, clerical mistakes that have cost clients money.
Her account has been emptied by the lawyers and their fees. I feel like they created reasons to file paperwork so they could attach fees for payment.
We cannot afford a lawyer to look into this, so my mentally ill aunt is now left with nothing.
Jonah Marquis your grandmother left the money by will or revocable living trust? If it’s in the will, it had to go through probate court, that’s when the court fees and lawyer fees accumulated. If it’s in a revocable living trust, it doesn’t go to probate.
That's sad. Hell is waiting for people who are just in the business to scam people. There's a difference between helping others and just those who are looking to help themselves and get over.
The hyenas at work. Stay away from them. Doctors and lawyers.
Great information!
So,
The best Trust would be
Let’s say set up by a parent
For their child.
This way
The parents or the child’s creditors
Could get at the $$$
Is this generally correct?
Thank you!
That is basically correct. Remember, the parent is making a gift to the child through the trust and you need to comply with the Crummey rules.
Thank you!
@LegaLees Can I own 100% of a trust and make it a member on all of my LLC(s) so it is not a pass-through entity. Have a holding company own the LLCs so that If I get sued my companies are protected? Would it save me on personal tax?
send me your email and I'll be able to answer your question.
GREAT EXPLANATION!
Thank you for sharing.
Very thoughtful and detailed.
Glad you enjoyed it!
What if you leave a property to your kids and then they invite you to live with them? It's theirs, but I would be a guest. Would that be a self-settled?
If the children own the property, you have transferred it, and it is theirs. No trust is involved, so it is not self settled.
@@Legaleescorp perfect, thank you.
Me me me!!! I love it! Quick question if I’m a beneficiary of a home and would like to convert it into a historical item because it actually is my papa built it and it’s gorgeous. How would I do it?
But what if it's something like a house that I want to pass to my young children? I still benefit by getting to live in that house right? Have access to it, make all durations, expand on it, everything.
It is not your house when it goes into an irrevocable trust. If you use it, it will be included in your estate. You could reserve a life estate, and that has a value. I don’t see much use putting it into an irrevocable trust now. just do a living revocable trust and pass it to the kids when you die, then it is still your residence and you get the tax benefits.
What about the Bohemian trust with a Nevis LLC
I am so glad to find your channel. Your presentation is much better than everyone else. I am 64 and have a good health. I want to setup a trust. My question is if I setup an irrevocable trust can I still able to use money, sell my stocks or sale my property if I wanted to?
Really liked your channel 👍
For estate planning purposes, you will use a living revocable trust. I don’t know why you would want an irrevocable trust. It is used for estate tax planning. If you don’t have over $12 million, you don’t need it for estate tax purposes. If you do have over $12, then just listen to me for the overview and get yourself some high priced good legal and accounting services. No--if it is in an irrevocable trust, you can’t spend the money and property, because it then belongs to the beneficiaries.
@@Legaleescorp thank you for your time. I understand now !!
@@Legaleescorp If I'm engaged, and I'm looking to protect the growth of stocks, a house I'm paying mortgage on, can I protect it using a living trust if for some unlikely change she wanted to divorce me? She's cool with a prenup as well, but I'm thinking both is best.. I'd also like to protect grown/dividends/compound interest on existing 401k, which I know can't go into a trust but my taxable brokerage accounts can
@@Legaleescorp knowing my husband will remarry statistically within 24 mo of my passing....I would like an irrevocable trust to protect the assets IE house from the new possible wife or ex wife.
However I plan to be around for a while and might sell move whatever. Can a living revocable be used while I'm here and a irrevocable be set up automatically upon my death?
🤔
Ok so what do you suggest for asset protection then
It depends on what you are protecting, but an LLC is the most flexible asset protection tool we have. You wouldn’t put a personal residence in an LLC, but rental units, businesses, etc are possible assets that an LLC works well for.
Liberty Aid Academy channel and website tells you the complete opposite and explains in detail why. Lawyers are not needed with irrevocable trust thats one of many reasons they would want to stir anyone away.
very informative but my mind is not there...I am so very, very sad and upset that Mum/Dad has gone. My ultimate wish was to see Mum again...I was so extremely happy yesterday when I saw Pappa Rotti. Gave me hope. I actually had a shower at 3am in the morning, chose a nice skirt to wear, painted my face with makeup because I really thought I was Mum/Dad would *POP* up. I'm so gutted.
Can I roll over all or a portion of my 401k to fund my irrevocable trust with a spend thrift clause? I would also add my home and other assets. I am looking for Medicaid protection so if I am put into a nursing home they can not take a majority of my assets. I live in Washington state, 65 years old, and in good health. Thanks.
You can move money into the irrevocable trust, but it would be a taxable distribution from your 401(k). When you move assets into an irrevocable trust, you have to realize that you are giving those assets to someone else. You cannot be the beneficiary unless it is an “asset protection trust” established in a state that has specific laws for that kind of irrevocable trust. There are a dozen or so states with those laws. You have to give up all ownership and interest in the property to have it be protected from Medicaid. That has to be done 5 years before the rest home is entered. Are you sure you want to qualify for Medicaid and end up in that sort of a rest home?
Sir, it depends on your goals. For instance extreme poverty in a place like Mumbai. You want to create a financial trust to give control a group of the urban poor leverage, but do so in a way where others can't get to the financial resource, set up a trust. Now I am not an expert in any of this stuff, but setting up thousands of local community development corporations, and setting up local neighborhood councils as trustees is a way to fight both poverty and in country corruption at the same time. If my goal is to tackle extreme poverty then this kind of trust seems appealing. Then again I don't know what the laws are in places like India, or in other places.
You need the golden egg laying goose alive to enjoy the golden eggs. Thats what irrevocable trust does.
How about an irrevocable trust with a legal entity such as a charitable organization as the beneficiary where by the grantor is an employee and manager of the organization.
If you want to give to charity, sure. But be sure you want those assets to be given to them, because that is what you will have done.
Can you clarify the couple of seconds "Give them to me - forget about Irrevocable stuff". So, how can you help better in asset protection.....
I would use an LLC today for almost all asset protection considerations.
@@Legaleescorp The main purpose of LLC is to be a company and generate income. Will any judge agree when no income is generated for a company that does not serve the purpose it is supposed to. Asset protection is side benefit, but not the reason to open a company. I am open to feedback....
Telling the judge you are opening LLC or moving assets offshore, so that you can protect your assets... a guaranteed to lose all your assets
Wow. There's a LOT I don't understand. My mother, who died at 100 in September of 2020, had an irrevocable trust for 25 or 30 years. The investments in the trust earned income for the trust and my mother was in control of it, for her personal use, until the time of her death. There was nothing illegal about it. A few months ago we finished distributing her trust assets between my brother and me. Is this something that was legal then but has become illegal/improper? We did this to protect assets from having to be spent down as a result of assisted living/nursing home costs. As it turned out, she was able to pay her way straight through to the end without having to invoke the trust's protection. Are there different rules in different states? She lived her whole life in New Hampshire.
There is nothing illegal about having the trust, and it probably avoided probate and distributed assets well. It probably wouldn’t have protected her assets against Medicaid or creditors if they had come after her. Nobody would have gone to jail or anything, but the intended asset protection wouldn’t have been there if someone really challenged it.
Hi: I thought you said that irrevocable trust the grantor gave away the asset permanently and cannot be the beneficiary, or you named cannot be self serving / ? cheating
how is she able to use personally ?@@Legaleescorp
Ok Lee, so the word is to set the irrevocable trust in a foreign country Belize, Nevis, Cooks Island... their foreign law does not need to comply with US law. What's your take on that?
Have fun. here a lot of cases you can find on the internet of people in the early 2000s and even in the past couple of years having trusts in the cook islands an other places. The people say that the US laws can’t force the trustee to send the asset ownership back to the US. The judge in the US says, “I don’t give a damn, you bring them back.” The person says no, and the judge orders them to jail. They ultimately bring the assets back and give them to the court.
@@Legaleescorp But the debtor can say "I placed the request and tried but the trustee is not releasing due to local laws". That is complying to the judge's demand to bring but just not effective. Sounds clean to me. Let someone go after the foreign trustee now.
@@sred5856 Exactly. Not to mention,... if it is an IRREVOCABLE trust,... they are no longer MY assets. How am I to direct or give anyone assets I do not own???
I'm pretty sure that is called THEFT and you can go to jail for it!😂🤣😂🤣😂🤣😂🤣
@@Legaleescorp So a US person can not own a common law trust in united States of America ( not US of District of Columbia) or other common law jurisdictions ? Ok. Can the americans not be us citizens and if so how?
my mother wants to move some money from her annuity, and we are worried about the income tax implications, can you advise ?
I am not good at annuities. It depends on how they take the money out for her. Is it the interest coming out first (probably is) then it would probably be taxable. You put an after tax dollar in the plan, so if you are taking those dollars out, there shouldn’t be a tax.
I'm in Ohio where a self-settled trust is allowed. You have mentioned that assets in self-settled trust will be protected from creditors if remains in trust at least 5 years. However, at the end you sad that Irrevocable Trust is not the way to protect assets. Would you please clarify whether or not the self-settled trust in Ohio, where a GRANTOR and BENEFICIARY are the same person, will be protected from creditors. Thanks for help in advance.
Ohio’s asset protection trust laws are considered some of the best. Each state is a little different. The laws are all designed so you can’t protect assets from creditors that already have a claim against you or may have a claim based on acts you did before the trust is established. Of course the trust has to be an irrevocable trust A person or bank in Ohio has to be the trustee. You cannot be the trustee. You have to sign an affidavit saying you are not going to be insolvent after you transfer assets into the trust. There is only an 18 month waiting period for the “lock down” of assets to take effect. There are about 20 states that have asset protection trust or legacy trust or personal property asset protection trusts, and you’ll just have to check to see what the rules are for the state where you want to establish your trust. Utah only required a 90 day lock down period if you publish in newspapers to smoke out creditors. That is the shortest period. 5 years is not uncommon.
How do you think the 1% wealthy protect themselves? Irrevocable trust is used. Designed by the lawmakers irrevocable trust prevent assets from being exposed to lawsuits, divorce, and creditor delinquency.
You can’t set up what is called a “self-settled trust”. The wealth set up the trusts, move assets into the trust, and they are not the beneficiaries. They are giving the money away, and it is protected. Some states have an “asset protection trust” that will allow you get the benefit of an irrevocable trust, but generally you can’t get a benefit.
What if both my brother and I are successful, and we create irrevocable trusts for the other's benefit?
Thats dumb thats not how it works. Only religious practices get to walk around the rules
That sounds like a good plan to me. It’s perfectly legal. It will cost several thousand dollars in legal fees however.
I think I chose the right video to watch. God forbid something should happen to me, I don’t want my loved ones stressing. Thanks for the information.
You're welcome
What about a Non-Grantor Irrevocable Complex Discretionary SpendThrift Trust?
Lots of words in that title. You will have to file a tax return each year. (non grantor trust) If you try and accumulate income (complex trust), you will pay a hell of a tax. The spendthrift will protect the trust assets from the creditors of the beneficiaries. You will need to give up control for estate tax purposes, if that is of concern. You can’t benefit or it will be a self-settled trust which is frowned upon. I would use an LLC today and skip the trust. Much easier and better in many respects.
I just bought a home. It will be a year on 01/07/23. My Fiancé has 3 older boys and I have 1. The home is in both of our names. What would be the next plan of action that you would recommend as we are first time home buyers?
You need to do some estate planning in order to figure out what happens to the house when one of both of you die. Use a living revocable trust to get where you want to go.
My father set up a life insurance irrevocable trust for me 20 years ago. The life insurance term ended and he did not replace it with another. Is this trust irrelevant because there is nothing funding it? Should I keep the trust bank account open? He is 77 and the life insurance is too expensive.
Take all the assets out of the trust, and then file a final tax return. It should have an EIN, so it needs to have a final tax return filed. The trust will just go away.
Hello Attorney,
How about a Delaware Statutory Trust? Is it good for asset protection?
The DST has some asset protection aspects, but it is more like a land trust, particularly in some states like California. It is a good tool, but you have to have a Delaware trustee and it isn’t recognized as an asset protection trust in many states.
@@Legaleescorp what about a Massachusetts trust?
irrevocable trust and your trustees can be out of state.
If you have set up an Irrevocable trust and transferred all your real estate to this trust, and you are receiving rental payments from the property, would this be considered “benefiting from assets?”
Unless this is a state authorized “asset protection trust” you can’t have an irrevocable trust that you get the benefit of. That would be a self settled trust.
I’m giving it away to something that I control. What is wrong with that?
Sounds like you've agreed to operate as the Executive Trustee?
In my state you can receive income from an irrevocable trust. I would be real careful giving out blanket advice over legal matters like this..
I don't think that is possible.
@John D what state?
I think that’s for people already in a nursing home and expected to die in a year or so. It offsets nursing home care costs and then the remainder goes to beneficiaries.
Fair point
look up self settled spendthrift trust in South Dakota.
How long can a Trust litigation (probate) case remain in pre-trial/discovery stage?
There isn't any set period of time. I have seen probates go on for decades.
@@Legaleescorp Really? There's no danger of "taking too long" to get to trial?
What if I want to protect the asset till my retirement only. So, not self settling and protected until retirement, then self settling and not protected by then? To be honest with you, i maybe not even need it in retirement but would like the option for it, because you never know, right?
The standard irrevocable trust won’t work, because you have to permanently give the asset away, not just until you retire. The self-settled trust won’t work. If the asset is a retirement plan, it is protected under ERISA. I don’t know what to tell you. It depends somewhat on what the asset is.
Does an beneficiary controlled trust (via inheritance) offer divorce protections better than a regular inheritance?
With a spendthrift provision in the trust, it would give better protection, but either way, inheritances usually are not included in divorce assets.
What if the beneficiary died first under irrevocable trust? What should I do?
The trust document should address what happens to a beneficiary’s interest in the trust after he or she dies. It will often go to the beneficiary’s children.
How do you keep your money safe from bank failure ?
Don’t use banks. Hard to do. Check out your bank. TheStreet.com has a rating system.
The DOJ filed a suit against my deceased brother's estate, is it
possible for them to penetrate his trust with a default or other
wise even though it became irrevocable after his death? Please
Advise
The concept of “penetrating” or “piercing” really doesn’t apply to trusts like it does to corporations or LLCs. The trust became irrevocable when he died, but it is still liable to his creditors, aka DOJ. I think they can get at the trust funds. There are lots of factors, and I don’t know what the nature of their claim is, so don’t bank on my answer.
there are two trustees me and my sister (who live out of state) i have been living in the house with my dad untill his death does she have the right as trustee since she is out of state?
My Friend Mr Phillips are these your legal opinions or personal opinions?
Personal opinions.
@@Legaleescorp Do you have a Cashapp? Also thanks a bunch do you have a legal opinion about it? Lastly when you express that collections are not able to go after an Irrevocable trust that is without a charging order correct?
The creditor can go after any money in an irrevocable trust only if there is a distribution made from the trust. If the money stays in the trust then it would be protected.
@@Legaleescorp A distribution made meaning disbursements to the beneficiaries?
LegaLees Okay. Correct me if wrong, but in any case in which a creditor “goes after any moneys” distributed from the Irrevocable Trust to one of the Beneficiaries or The Beneficiary, in actuality the creditor is then going after the debtor entity or ‘legal name’ transcribed in ALL CAPITAL LETTERS directly, or even an LLC’s revenue/gross income
When a grantor dies in an irrevocable trust, would any liability on the grantor -- when he/she was alive -- trickle to the trust and its asset? Assuming the trustee and beneficiary are correctly setup with different people here. Would the trust assets be at risk? Thx
In an irrevocable trust set up right and maintained so it would be outside the grantor’s estate should totally protect the assets of the trust from any liabilities the grantor may have. Of course, the whole thing could be undone if it violated fraudulent conveyance laws and that sort of thing.
😂😂😂 I set up a Pure Common-Law Contract Trust (as opposed to a statutory trust) out of the way of illegitimate and de facto government and their agencies' scrutiny LOLOLOL 🎯😭😂💀
S Johnson explain
Please explain!
I'm waiting on this explanation also
Source: upcouncil.com
I have NO affiliation.just did a web search. Might help for those who are wondering.
Common Law Trusts
The specific rules and regulations of a common law depend on the state. For example, the state of Delaware has ever-changing regulations regarding common law trusts.
Common law trusts are used when a statutory trust does not make sense because of state regulations or tax concerns. For this reason, it is sometimes referred to as a pass-through trust agreement. Common law trusts are regulated by the state's law jurisdiction.
Setting up a common law trust requires the following steps:
Request an ID through World Service Authority. This process allows you to separate the common law trust from your individual social security number. You can also create an affidavit of Identification to avoid using a state or federal ID when opening a business bank account.
Choose a co-trustee. Your co-trustee should be a person that you can trust as they will be an administrator to the trust.
Purchase a P.O. box. This allows you to protect your anonymity because you can list this as your trust address.
Create important business documents. You will need to create the necessary business documents including company bylaws and articles of incorporation.
Choose a settlor/grantor. Request that the settlor/grantor offer a piece of property into the trust.
Request an EIN number for the trust. This is for tax purposes.
Open a bank account in the trust name. It is best to create a non-interest banking account that is private. It might be helpful to first open a personal account and then a trust account. All trust holders should be listed on the bank account.
Register your trust documents with the Secretary of State. This is optional but may be helpful.
Common Law Trusts Vs Statutory Trust
Common law trust and statutory trusts have different requirements for filing and operating. Common law trusts are created without public officials. The individuals of the trust are eligible to legally sue, or be sued, for violating the terms of the common law trust. However, they must do so in their own name.
A statutory trust, on the other hand, is considered to be a juridical category. It is separated from the trusts parties and a legal lawsuit can be initiated in its name.
The statutory trust is often regarded as a type of business organization. Statutory trusts must follow these regulations:
Listed rules are binding and cannot be overruled in the business documents.
A statutory trust cannot have a donative purpose.
There must be an entire document on trusts in the articles of incorporation.
There must be a charging order provision included.
Dissolution and conversion requirements must be included in the documents.
Any relationship between the common law and statutory trust entities must be clearly listed.
@@joycehunt5866 Thank you for sharing Joyce!
Why not do a common law irrevocable trust?
For asset protection I would use an LLC. Unless you use one of the asset protection trust authorized in some state, you have to give up the asset to get it into the trust and not have the trust considered a “self-settled” trust.
Well what about a Foreign Grantors TRUST!!!
Excellent video. Thank you
You are welcome
Love you videos and your humor Lee! Thanks for the information you share. Rod in SC
Thanks
Self settled? Isn't that what the IRS considers a grantor type trust?
Hi Fred. Did they have the IRS back in your day? Yes, that would be considered a grantor trust. Most all the estate planning trusts are self-settled grantor trusts. BUT they are revocable. The rub comes when you do a self-settled trust that is irrevocable and you want the benefit of the trust assets but want the assets in the trust outside of your creditor’s reach.
@@Legaleescorp : I thought the IRS always considered anything in a grantor trust the property of the grantor, irrevocable or not...If you have control of the assets before and after creation of the trust, they considered it yours. Kinda like an single entity LLC (my opinion, of course).
What about offshore trust?
See my video on Offshore Trusts at ruclips.net/video/RcTzJljDgfk/видео.html
Trustee can sell. Friend, grantor , than gives back to you as a trustee. You can be a beneficiary if not alone . Has to be more than you.
Please give me the documentation that states what you are saying, The 41th Vice President stated that you must own nothing and control everything.
Absolutely 💯
Lee, I appreciate your frank approach. Here’re my questions: can a grantor choose a trustee who is also a beneficiary (such as a child), and can that grantor after giving away the property (home) to the trust remain a resident?
The answers to your questions depend upon what type of trust you have. Assuming it is a standard living revocable trust, the trustee can be a beneficiary. Usually you are the grantor and the trustee and the kid is a successor trustee. You can continue to occupy the home as a beneficiary of the trust. In fact, you need to continue to occupy the home to avoid triggering the due on sale clause.
@@Legaleescorp Thank you, Lee. Thankfully, the property is owned with no debt and title in hand. I ask these questions, in part, because I am assisting my parents as they think through estate planning. While mom wants to hand over everything to my oversight, dad is not ready to give over total control. Would coaching him to set up a revocable trust for now be the right path? Can there be joint trustees, my father and I, so we share responsibility for his finances while he is alive? If so, how does the language parse in the trust docs?
Usually the grantor is the trustee in a living revocable trust. The grantor is the trustee and the beneficiary, so of course the assets of the trust (house) will be used for your benefit. A child is often named as the successor trustee and is also a beneficiary with his or her siblings. The child can act as trustee and at the same time be a beneficiary.
@@Legaleescorp I think the question should be can the parents live in the home if the home gets put into a irrevocable trust? @Charles Johnson. Revocable trust don't do much other than helping you avoid probate after death. Check out to see if your state allows transfer of death title on property. This is just putting a beneficiary on the home, so should not need to go through probate as long as your parents put beneficiaries on all asset accounts. You can do this by having them go to the county courthouse. If you are trying to avoid a all assets going to a nursing home is putting in a irrevocable trust this is why this is a good question. My suggestion is putting a transfer death for now and at the first sign of either one of your parents going to a nursing home is getting a estate planner to help with the spend down and your dad will be more willing at that point.
Thanks for your clear presentation!
I need to know why, after my parents did a revocable trust why do I have to pay another attorney to dispense it? The original attorney was disbarred several years after the trust was “built” so I can’t go to him.
The attorney is demanding $2200 to even LOOK at the trust.
You shouldn’t need to get another attorney involved. I will look at it for you for a tenth what you are being sold.
I would go to liberty aid academy channel you may get a more clear answer. Jack does live videos every monday and wednesday
Can you make your spouse the beneficiary of an irrevocable trust; thus, still slightly benefiting from assets given away to him or her?
There are rules against what is called a self settled trust, or a trust that is irrevocable that you still benefit from. Generally, the spouse is independent in common law states and the same as you in community states. Generally, the spouse is not a good beneficiary for an irrevocable trust you want out of the reach of your creditors. If you file jointly, there is no tax effect.
Hilarious and great video! Once again we have all these jokers out there selling asset protection w irrevocable trusts and everyone taking the bait.
Lawyers use irrevocable trusts for their wife and children all the time.
Self settled trusts are not illegal. I know about 300l awyers that use them daily to help people get on Medicaid.
I am sorry. Anyone who knows 300 lawyers deserves a memorial. The stand trust used to shield assets from Medicaid isn’t what you would term a self-settled trust. Unless the state has a specific law for self-settled trusts, usually know as asset protection trusts, legacy trusts, Alaskan trusts, or the like, self-settled trusts usually aren’t recognized by the state courts. The are basically against public policy.
@@Legaleescorp knowing 300 lawyers is called being part of different national organizations so no memorial needed.
We will disagree on this basically due to definitions and training it seems. So, not going to argue but will keep helping people get on Mediciad and protect their assets lol. Good luck to you and your videos.
Self settled Trust.
Question: if my revocable living trust, upon my death, creates an irrevevocable trust for my half of marital property and separate property, this testamentary trust now provides asset protection for my beneficiaries, correct? Also, at first, I thought I needed a QTIP trust but my atty told me all I need is a regular irrevocable trust for asset protection post mortem and keeping separate/my half marital property in my bloodline if my spouse remarries. I’m well below 1 BEA, therefore tax efficiency is not the motivation, simply future creditor protection.
Can you do asset protection under a 3rd party special needs trust?
Special needs trusts are generally irrevocable trusts and do provide some asset protection. The beneficiary doesn’t have any right to the funds of the trust, so their creditors, including the government, doesn’t have any claim to the assets.
Lol...EXTREMELY SMART n funny too🤣
Why can't you give the assets (Trust) to your great grand children, and set it up where you manage the assets, your children become managers, your grand children become managers of the trust before your great grand children inherit the trust, but you ate paid a managerial fee for maintaining the assets within the trust.
How does an irrevocable trust protect assets from nursing homes outrageous costs/Medicaid?
In an irrevocable trust the grantor is giving up all ownership when they transfer an asset to the trust. The grantor is giving the asset to the beneficiaries. Since the grantor is giving up ownership it isn’t considered theirs any more and the asset is gone. HOWEVER, the asset must be put in the trust 5 years before the grantor sets foot in the rest home. Very unlikely to happen, because the grantor can’t live without the asset most likely for the last five years, and who knows when the five year clock starts.
The concept of an irrevocable trust is you are giving the property to the beneficiaries, and giving up control and benefit of it for yourself. You are literally giving the property to the beneficiaries. There are laws that say that you can’t create an irrevocable trust and have yourself be the beneficiary. The catch with the resthome and Medicaid is you have to make the transfer over 5 years before anyone sets foot in the rest home. If you try and move assets within the five year period, Medicaid penalizes you and you won’t qualify for an even longer period of time. So it is almost impossible to qualify for Medicaid unless you really have always been poor.
KYLE WILLIAM RUSSELL II TRUST.
Kyle-William:Russell II Trustee.
Not really cheating. It can be accomplished. You can still benefit from an irrevocable trust. I'll be doing that soon.
You can certainly use an irrevocable trust, but for most cases today, I think the LLC fits better into what people want to accomplish.
Locking assets in the state
"Give'em to me" yeah, I don't think so!
Yeah, what was that!? That comment confused me. The guy lost all credibility at that point.
Somebody might want to go back in time and tell the Kennedy’s about this during the chapaquiddick incident... oh wait
Yeah, Ask those fake Creditors for Validation and they are "gone" without any trust... ;)
yup
508 trust
pearls among swine
Big brother and his clowns are always lurking. I like to think property is safe in a irrevocable trust. With a pour over will only allowing beneficiary’s to sell in order to buy another piece of property
Cheating?
Thw nerve of those devils!
Revocable trust you in control. No asset protection. Irrevocable trust You give up control. Asset is transferred to your kids or relative.
Useless because you didn't tell us what to do to protect 🤔🎵🤔
So buy gold with the money, and bury the gold somewhere. Got it!🤣
Who has to know your revocable trust exist?
Generally you can’t be the beneficiary of the irrevocable trust. You run into “self settled trust rules” If you want to give up the property to someone else, it will have asset protection for the new beneficiaries. It is protected from your creditors, because it isn’t yours any more. You gave away the property given to the trust.
Clearly he has no idea.
You give the problem with that type of trust to protect assets. What is the best alternative just say for a house only to children. Just one simple asset.
You can put a house a boat a car a anything in a trust. Just get a courtesy consult with an estate planning attorney.
How about an LLC to own the house?
@@2660mh LLC can be done. Just mention it to the estate planning attorney to weigh against alternatives. Five states use a ladybird deed and that might be a less costly alternative.
To set up a trust in Virginia from the lawyers I have talked to just to protect a house is way over our budget.Put a house in LCC to leave to child or grandkids never hear of it? If you 65 you still want control of whatever you do if any reason that would change. A will only protects a house from probate but it seems the cheapest way to go?
@@LastTrump7 A will is extremely important in naming your executor, power of attorney, health care surrogate, and a living will document. If you are incapacitated, your poa can create a trust with your assets for your benefit, and hopefully you won’t need Medicaid for 5 years. Better safe than sorry if you care about your legacy, which I do very much.
This is so confusing. The system is made as such to take our money.
This is a good RUclips. 😂
Not really lol
So what your solution ? Revocable is not good, and irrevocable it's not good. What's the solution ! I'll rather give my assets to my beneficiary then to you ! :)
For asset protection, the LLC is the best. Not trusts.
@@Legaleescorp Ahh that's why all the billionaires has Trusts ! I'm being sarcastic here ! I will use and administrate a common law irrevocable Trust any day of the week over anything else !
You’re funny.
Sure....He is only seeming to talk about domestic trusts. I wouldn't trust the state/federal government with not being greedy and finding a way to get them. That's why your trust and trustee should be offshore.
ruclips.net/video/RcTzJljDgfk/видео.html is about Offshore Trusts
B
Thats hilarious!
Your thinking like a “DEBTOR”
Why not make a religious organization and put it into that wouldn't that be tax exempt and protected 🤗🙏
Have at it. Just know that the regulations on nonprofit religious organizations come from hell (the government), and religions are in no way protected from liabilities.
@@Legaleescorp but the person who needs the assets protected would be protected because anything that's targeted at that person would not be collectible because that person's money would be all put into the non-profit religious organization!!? the religious organization that that person would head would pay for living expenses housing vehicle services for that head of the religious organization that put all his/her money into it
I think the courts would see it as a sham. As far as exempt from tax that’s a whole other deal. An organization for the benefit of one person wouldn’t qualify.
@@ericeandco there's no limit on how many members have to be in your religion! Look at Pat Robertson, look at all these temples mosques churches they're headed by one person and all the benefits go to that one person have you not seen Christian ministers flying in private jets that they own in the fleet of Lamborghinis Jaja
Just get creative, there is more than one way to skin a cat correctly. Do uour homework guys.
I think your opinion is just that an opinion and you are with the MAN. I think it’s disgusting.
Lol
Cringe 😬
You are creepy lee
I need to contact you
Call our office at 801-802-9020 or email info@legalees.com
What if the beneficiary died first under irrevocable trust? What should I do?
The trust document should address what happens to a beneficiary’s interest in the trust after he or she dies. It will often go to the beneficiary’s children.