1) Expensive paperwork, 2) refinancing recommend taking out of trust then out back in, 3) no asset protection, 4) property tax reassessment? Hardly done anymore, 5) no estate tax benefit, 6) potential loss of homestead (nowadays not an issue…?), 7) amendments cause more documentation. Thanks. A few of these you point out are not an issue so they aren’t disadvantages. Another couple are true of non-trusts as well. So overall I only see #1, #2, and #7 costs to have attorney create addendum as disadvantages. However, avoiding probate makes creating one a good idea. The fees vary greatly on hiring trust attorney so shop around to get a good price with a good recommendation.
Wow you know your stuff! Get NICER FED's Permission Ledger Title Holding Trust and Schedule C Counterfeit Free LLC. Should Anderson Advisor's chosen to accept joining RUclips Trust Lawyers adding the Estate Plan to the Latin Law Crime Interdiction Administration. With Police and NICER FED's 837PC Citizens on call to arrest Trusted Advisor warned, Permission Ledger Tracked, and Allied Legal Professional Trust Guardian exposed financial elder abusing domestic terrorists. Costing a Prebate Nickel to spare our Kids a Probate Dime or Litigation Quarter.
Thanks Ronica for briefing the lesson but I still confuse on the estate tax benefit ; how can it be listed as both a pro and a con? #3)no asset protection from who ? from creditor ?
Thanks for your summary. I am not sure if my knowledge is correct. I believe that Transfer on Death is probably better for people with simple assets and relationships. It is cost effective because people can easily do it themselves.
You make some really valid points! I agree, a lot of these are either outdated concerns or apply to non-trust situations too. The cost and extra paperwork (#1, #2, and #7) can definitely be drawbacks, but like you said, avoiding probate is a big benefit that makes it worth considering. Shopping around for a good attorney is key! Thanks for sharing your perspective!
This video is super interesting! Really sheds light on some important things to consider before putting your home in a living trust. Definitely gave me some new perspective!
Thanks for the lesson but I still confuse on the estate tax benefit ; how can it be listed as both a pro and a con? #3)no asset protection from who ? from creditor ?
I'm in the process of creating a Living Trust and will probably put my home into that Living Trust. The question I have is what if one of my beneficiaries runs into trouble - could anyone come after their portion of the house? I was always under the assumptions that complete asset protection would be an Irrevocable Trust, not a Living Trust. Is there any specific verbiage that I could include to further protect their interests?
If the lone reason for setting up a trust is to avoid probate on real property, another option is that many states will allow the establishing of a Transfer on Death (TOD) deed. You as the property owner will still retain full ownership and control of the property, but will have named beneficiaries to whom the property will pass upon your death. Your beneficiaries will receive the tax benefit of a stepped up cost basis when the property transfers. Much less complicated, and just as important, a lot less expensive than setting up a Trust.
@@jeffbrown7246 Nope. Transfer on death deeds do not go to court. They are used because they are outside of probate. One simply walks the death certificate into the county with proper ID and the title is passed to the heir(s). Transfer on death is that simple but not all states have it as an option. For most people a trust is totally unnecessary. They are also referred to as a revocable life estate and a ladybird deed.
@ You need an attorney. The county won’t prepare legal documents for you. Once done it’s filed through the courts then sent to your county appraiser and they change the deed. It shouldn’t cost more than about $400. In some states it’s a revocable life estate. You can change who the heir(s) are if you choose to by refiling your paperwork. You never want anything that says irrevocable because then you can’t change it.
In johnston county NC, the property values are being reassessed right now for a new tax rate to go into effect Jan 2025. What exactly do you mean by assessing property taxes? Is it one in the same? You mentioned that is is not popular, but I think it is done in every county and state. Please explain.
Thank you! Peep. Inter Vivos = In between the Living Revocable = can be amended Mortgage= Mort = Death /Dead Gage = Pledge. This is business between the living (Inter-vivos Revocable trust) and business between the dead (Mort-gages). Let the dead deal with the dead, us living will continue doing business in between the living. In order to work with or even communicate with these "person's" whom are Juridical or Artificial and this not real or living; is that the living need a being that can connect between both, that's our Artificial person with a Bank account (Social Security Account) attached to the Birth Certificate and Official Identification. The revocable living trust must be explicitly stated that way it is prima facie that you (Grantor/Trustee/Beneficiary) are managing the trust in the living realm, not just the dead realm. Thank you for this video!
Pour over wills in a living trust with assets over 50000 need to go through probate in some states. Is that true in Wisconsin? Would a TOD deed for your house and vehicles be a way to avoid the probate issue?
Yes, I am going though probate for my Dad's house (in Wi) right now, the probate clerk told me that if he would have set up a transfer on death, I would not have needed to go though probate.
There is this neat website called 'Google.' And according to this website... "An Estate Planning Attorney typically prepares a living trust after reviewing the grantor's assets and goals. The grantor, also known as the trustor or settler, is the person who creates the trust."
We paid $1,000 for an exclusive trust lawyer. We interviewed many specialist lawyers that were 2 to 3 times the price. Worth it to hire a lawyer at a fair price.
That's a great question. For a more personalized answer, I suggest scheduling a free 45-minute consultation with my team. We’ll provide advice tailored to your specific situation. Visit: aba.link/bb3
Does the name of the trust need to be on the title on the statutory warranty deed or quitclaim deed? I was told that it needed to be to avoid probate. Is that true. There is another con when it comes to living trusts that are titled in the trustees name which is the way it's done in Washington State. If you have to evict somebody and you know how to do it cama they make contest that you cannot represent yourself pro se in the eviction proceedings. If that happens how can you get around taking the property out of trust by recording a new quitclaim deed to yourself going through the eviction process and then having to record it back into the trust name? Kind of like you do when you're getting a mortgage. LOL is there anywhere around this? Giving the judge a written statement that you do actually owned the property and you are a possessory agent?
This is what everyone recommends but I see my friend whose mom and had a trust set up still going through lawyers, etc after 8 months, it still isnt settled. This is with no family disputes or anything. If we give our son our house now, the matter is settled. If we become incapacitated our house will not be lost to medical fees, which can definitely be done if the house is only in a trust.
If you give your son your house now you are setting yourself up for some possible tax issues. You need to speak to a CPA before you do this. You can do a revocable life estate or a transfer on death deed. Most States allow these deeds. You pass, your son takes the death certificate in to the county clerk or appraiser where you live and the deed is transferred to him without going through the courts. If you give it to him now his basis is what you paid for it when you bought it. So when he sells he is taxed on the profits less what you paid. If he lives in it for two of the prior three years he can have some homestead protection.
Can I put my home into a irrevocable trust when the mortgage is in my deceased husbands name? I am on title/deed but not on mortgage. How expensive is the legal fees to do this?
Not sure about LLC's but putting children's names on the deed of your home will remove their step up in basis. Which could be huge capital gains implications. Example. If you bought your home for $100k and it's now worth $700k If you put your children's name on the deed, then if they go to sell, they pay capital gains on $600k (because it's as if they purchased the home at $100k) When the home is passed to the children when you die, they get a step up in basis. On the date of your death, the house will be assessed at FMV (fair market value) Let's say it's $700k So if they go to sell the house, they pay capital gains on the difference between $700k and the sales price. I am not sure what putting it in an LLC would accomplish. (nor how that works) But if it's like putting their names on the deed, be mindful of them losing the step up in basis
@@TheK9ShepherdThank you I tried explaining this to many of my friends wanting to do that, and have done that! And not knowing all that details, because many will not investigate nothing, nor ask QUESTIONS! They just add those kids names on deeds, not even realizing those property taxes as well, once they're gone. So again THANK YOUUUU!
My relative had property and a trust. They did not go down to the title company and put the property in a trust. They died, and now I need to have a Heggstad Petition drafted. Do you draft those types of documents? (California)
NEVER have a Living trust if there is any chance you go bankrupt due to health issues. NH law is so vague, unless the term revokable is on your title and deed, they will cancel your homestead rights. We lost our home as trustee sold it. 😢 Nh says a living trust is not always a revokable trust in NH. I does hurt your homestead!!!! TITLE XLIX 480:9, HOMESTEADS, CHAPTER 480:9, THE HOMESTEAD RIGHT
For property taxes in CA yes, the house WILL be reassessed (prop 19) This is different from the FMV assessment for step up in basis. Now, the two might end up being the same amount.
Question: if a primary residence, rentals/investment properties, that were in husband's name only, get placed into a living trust whose beneficiaries are a child and the wife who was never on the deeds and never a co-owner or any property, would that kick in the stepped up cost basis upon the husband passing away and avoid capital gains tax beyond the no tax on the first $500K of capital gains per couple? Would that not be be even better than the 50% step up in case both husband and wife were on the deeds? Is that not a significant advantage of a living trust?
If the husband's name is the only one on the deed, when the house is passed down to the wife then she will get the step up in basis (that's one of the huge benefits of passing down real estate upon death). To get the $250k real estate exemption (for capital gains) when you sell, I believe you have to live in the house for 1 year. Even if you lived there for x number of years while the husband was alive. I say this because my wife and I live with her mother (mother is only named on the deed) When the mother dies and passes the house down to my wife, even though we've lived in the house for 10 years, we don't get the $500k real estate exemption (capital gains exemption) until we've lived there for 1 year after death. I "think" that's the case but double check with a tax advisor.
Most of these things being listed aren't really disadvantages...they're just things that are not relevant. Ex. Property taxes. If you don't get a living trust and keep your house in your name, you owe property taxes. If you get a living trust, you still owe property taxes. So the living trust is irrelevant to whether or not you owe property taxes.
@@ricric8348 If you think his title is stupid, just say that, instead of beating around the bush and pretending to be confused. I know what you meant. And you know what he meant. So I guess you're just tryna be cheeky. :p Cheers!
Hello, you can access your complimentary Infinity Book here inf.link/6ab9bc. Additionally, we offer a free workshop that covers tax and asset protection strategies; you can learn more about it here aba.link/rr7.
Not a good idea for a number of reasons. The most important thing is that you will lose control over your property. If your state allows it, you will be better off establishing a TOD deed for the property.
Would you agree Retired Parents need NICER FEDS Forgery Proof Title Holding Trust with the Latin Law Crime Interdiction Administration? To avoid Financial Elder Abusing Domestic Terrorist with a Crime Free Inheritance Transfer Plan. Justin Zaragoza moved into a Widows home on No. Walnut Street in Woodland, vandalized and destroyed everything she owned, claims a Federal Judge is going to give it to him it because he's a better housekeeper. If she had Trusted Advisors and Allied Legal Professional Trust Guardians, they would arrest him.
Would you like to learn more about living trusts? Schedule a free consultation here: aba.link/bb3
1) Expensive paperwork, 2) refinancing recommend taking out of trust then out back in, 3) no asset protection, 4) property tax reassessment? Hardly done anymore, 5) no estate tax benefit, 6) potential loss of homestead (nowadays not an issue…?), 7) amendments cause more documentation. Thanks. A few of these you point out are not an issue so they aren’t disadvantages. Another couple are true of non-trusts as well. So overall I only see #1, #2, and #7 costs to have attorney create addendum as disadvantages. However, avoiding probate makes creating one a good idea. The fees vary greatly on hiring trust attorney so shop around to get a good price with a good recommendation.
Wow you know your stuff! Get NICER FED's Permission Ledger Title Holding Trust and Schedule C Counterfeit Free LLC. Should Anderson Advisor's chosen to accept joining RUclips Trust Lawyers adding the Estate Plan to the Latin Law Crime Interdiction Administration. With Police and NICER FED's 837PC Citizens on call to arrest Trusted Advisor warned, Permission Ledger Tracked, and Allied Legal Professional Trust Guardian exposed financial elder abusing domestic terrorists. Costing a Prebate Nickel to spare our Kids a Probate Dime or Litigation Quarter.
Thanks Ronica for briefing the lesson but I still confuse on the estate tax benefit ; how can it be listed as both a pro and a con?
#3)no asset protection from who ? from creditor ?
Thanks for your summary. I am not sure if my knowledge is correct. I believe that Transfer on Death is probably better for people with simple assets and relationships. It is cost effective because people can easily do it themselves.
You make some really valid points! I agree, a lot of these are either outdated concerns or apply to non-trust situations too. The cost and extra paperwork (#1, #2, and #7) can definitely be drawbacks, but like you said, avoiding probate is a big benefit that makes it worth considering. Shopping around for a good attorney is key! Thanks for sharing your perspective!
I'm not completely sure, but I think in my county trusts can't get the homestead exemption.
It is great to have someone sharing his knowledge about living trust. I am learning.
FYI this is just the first step in a complete administration.
A gold mine of knowledge in this video. Short and to the point. Thanks!
This is so helpful. Is there a video like this for land trusts?
Informative, illuminating and well presented. Thanks you.
This video is super interesting! Really sheds light on some important things to consider before putting your home in a living trust. Definitely gave me some new perspective!
Job well done, "Thank you"
I used a transfer on death deed
Thank you, very informative. Recently moved to Las Vegas and would like to get our living trust reviewed.
Glad you enjoyed the video. I recommend you schedule a free consultation here: aba.link/bb3
Thanks for the lesson but I still confuse on the estate tax benefit ; how can it be listed as both a pro and a con?
#3)no asset protection from who ? from creditor ?
I'm in the process of creating a Living Trust and will probably put my home into that Living Trust. The question I have is what if one of my beneficiaries runs into trouble - could anyone come after their portion of the house? I was always under the assumptions that complete asset protection would be an Irrevocable Trust, not a Living Trust. Is there any specific verbiage that I could include to further protect their interests?
Awesome details Toby!!!
If the lone reason for setting up a trust is to avoid probate on real property, another option is that many states will allow the establishing of a Transfer on Death (TOD) deed. You as the property owner will still retain full ownership and control of the property, but will have named beneficiaries to whom the property will pass upon your death. Your beneficiaries will receive the tax benefit of a stepped up cost basis when the property transfers. Much less complicated, and just as important, a lot less expensive than setting up a Trust.
I have transfer on death deed on my properties.
But may have to go to court unlike a trust
@@jeffbrown7246 Nope. Transfer on death deeds do not go to court. They are used because they are outside of probate. One simply walks the death certificate into the county with proper ID and the title is passed to the heir(s). Transfer on death is that simple but not all states have it as an option. For most people a trust is totally unnecessary.
They are also referred to as a revocable life estate and a ladybird deed.
Who sets up a Transfer on Death deed? Does it have to be an attorney or is this something through the county?
@
You need an attorney. The county won’t prepare legal documents for you. Once done it’s filed through the courts then sent to your county appraiser and they change the deed. It shouldn’t cost more than about $400. In some states it’s a revocable life estate. You can change who the heir(s) are if you choose to by refiling your paperwork. You never want anything that says irrevocable because then you can’t change it.
Great video, I thank you
In johnston county NC, the property values are being reassessed right now for a new tax rate to go into effect Jan 2025. What exactly do you mean by assessing property taxes? Is it one in the same? You mentioned that is is not popular, but I think it is done in every county and state. Please explain.
Thank you!
Peep.
Inter Vivos = In between the Living
Revocable = can be amended
Mortgage=
Mort = Death /Dead
Gage = Pledge.
This is business between the living (Inter-vivos Revocable trust) and business between the dead (Mort-gages).
Let the dead deal with the dead, us living will continue doing business in between the living.
In order to work with or even communicate with these "person's" whom are Juridical or Artificial and this not real or living; is that the living need a being that can connect between both, that's our Artificial person with a Bank account (Social Security Account) attached to the Birth Certificate and Official Identification.
The revocable living trust must be explicitly stated that way it is prima facie that you (Grantor/Trustee/Beneficiary) are managing the trust in the living realm, not just the dead realm.
Thank you for this video!
Singapore 🇸🇬 had estate duty taxes but no inheritance tax
Pour over wills in a living trust with assets over 50000 need to go through probate in some states. Is that true in Wisconsin? Would a TOD deed for your house and vehicles be a way to avoid the probate issue?
Someone commented TOD works.
Yes, I am going though probate for my Dad's house (in Wi) right now, the probate clerk told me that if he would have set up a transfer on death, I would not have needed to go though probate.
Who prepares a Living Trust? Do I have to hire a Lawyer todo it or I can prepare it?
Hello, we can assist you creating a living trust. Sign up for a free consultation to learn more. aba.link/bb3
There is this neat website called 'Google.' And according to this website... "An Estate Planning Attorney typically prepares a living trust after reviewing the grantor's assets and goals. The grantor, also known as the trustor or settler, is the person who creates the trust."
We paid $1,000 for an exclusive trust lawyer. We interviewed many specialist lawyers that were 2 to 3 times the price. Worth it to hire a lawyer at a fair price.
There's a video by tree of life law firm that tells you how to make your own trust.
also, if there is a mortgage, can it be put in the trust? I learned that ONLY the portion of the house that is paid for can be put in trust.
That's a great question. For a more personalized answer, I suggest scheduling a free 45-minute consultation with my team. We’ll provide advice tailored to your specific situation. Visit: aba.link/bb3
Con: In case of sale, capital gains tax exemption loss?
Finish the presentation, then maybe it will be clearer to understand
@@NanetteCuauhtli-bb9gi I did. What are you referring to?
Does the name of the trust need to be on the title on the statutory warranty deed or quitclaim deed? I was told that it needed to be to avoid probate. Is that true. There is another con when it comes to living trusts that are titled in the trustees name which is the way it's done in Washington State. If you have to evict somebody and you know how to do it cama they make contest that you cannot represent yourself pro se in the eviction proceedings. If that happens how can you get around taking the property out of trust by recording a new quitclaim deed to yourself going through the eviction process and then having to record it back into the trust name? Kind of like you do when you're getting a mortgage. LOL is there anywhere around this? Giving the judge a written statement that you do actually owned the property and you are a possessory agent?
i wish to set up an appointment
Schedule a free consultation here: aba.link/bb3
Do you have a video explaining trusts and rental properties? 1031 exchanges? Also evictions? Can an owner do an eviction if the home is in a trust?
Hi, check out this video ruclips.net/video/DmF5Qv8GVnY/видео.htmlsi=NnEnW7cm5zv-F86z
This is what everyone recommends but I see my friend whose mom and had a trust set up still going through lawyers, etc after 8 months, it still isnt settled. This is with no family disputes or anything. If we give our son our house now, the matter is settled. If we become incapacitated our house will not be lost to medical fees, which can definitely be done if the house is only in a trust.
If you give your son your house now you are setting yourself up for some possible tax issues. You need to speak to a CPA before you do this. You can do a revocable life estate or a transfer on death deed. Most States allow these deeds. You pass, your son takes the death certificate in to the county clerk or appraiser where you live and the deed is transferred to him without going through the courts. If you give it to him now his basis is what you paid for it when you bought it. So when he sells he is taxed on the profits less what you paid. If he lives in it for two of the prior three years he can have some homestead protection.
Who can I appoint as the Director of the trust
Can I put my home into a irrevocable trust when the mortgage is in my deceased husbands name? I am on title/deed but not on mortgage. How expensive is the legal fees to do this?
How about putting your property in LLC with your children’s name on the LLC
Not sure about LLC's but putting children's names on the deed of your home will remove their step up in basis. Which could be huge capital gains implications. Example. If you bought your home for $100k and it's now worth $700k If you put your children's name on the deed, then if they go to sell, they pay capital gains on $600k (because it's as if they purchased the home at $100k) When the home is passed to the children when you die, they get a step up in basis. On the date of your death, the house will be assessed at FMV (fair market value) Let's say it's $700k So if they go to sell the house, they pay capital gains on the difference between $700k and the sales price.
I am not sure what putting it in an LLC would accomplish. (nor how that works) But if it's like putting their names on the deed, be mindful of them losing the step up in basis
@@TheK9ShepherdThank you I tried explaining this to many of my friends wanting to do that, and have done that! And not knowing all that details, because many will not investigate nothing, nor ask QUESTIONS! They just add those kids names on deeds, not even realizing those property taxes as well, once they're gone. So again THANK YOUUUU!
This video should be titled: 10 Advantages of putting your home in a living trust”.
If you do not have anything, you do not need a living trust.
I said this because someone commented, NO to this.
Common sense,you have nothing to will!
Is necessary to have home or not because with the inflation time
💜💜💜
So what’s the best way to put your home under?!
Death brings out the worst in some people.
My relative had property and a trust. They did not go down to the title company and put the property in a trust. They died, and now I need to have a Heggstad Petition drafted. Do you draft those types of documents? (California)
So if I do a land and living trust plus if needed to restate/amend trust, is it better to use online notary or a physical notary (in person)?
Wow. I just learned about blended families. Great to know.
How would the exemption on property tax capital gains work (Canada) in a trust? Would it be sheltered?
Another lawyer here on youtube states that you can create your own Living Trust WITHOUT going through an attorney. Is this a lie?
I have learn something 🙏
NEVER have a Living trust if there is any chance you go bankrupt due to health issues. NH law is so vague, unless the term revokable is on your title and deed, they will cancel your homestead rights. We lost our home as trustee sold it. 😢 Nh says a living trust is not always a revokable trust in NH. I does hurt your homestead!!!! TITLE XLIX 480:9, HOMESTEADS, CHAPTER 480:9, THE HOMESTEAD RIGHT
San Bernardino county will try to reassess.
For property taxes in CA yes, the house WILL be reassessed (prop 19) This is different from the FMV assessment for step up in basis. Now, the two might end up being the same amount.
Question: if a primary residence, rentals/investment properties, that were in husband's name only, get placed into a living trust whose beneficiaries are a child and the wife who was never on the deeds and never a co-owner or any property, would that kick in the stepped up cost basis upon the husband passing away and avoid capital gains tax beyond the no tax on the first $500K of capital gains per couple? Would that not be be even better than the 50% step up in case both husband and wife were on the deeds? Is that not a significant advantage of a living trust?
If the husband's name is the only one on the deed, when the house is passed down to the wife then she will get the step up in basis (that's one of the huge benefits of passing down real estate upon death). To get the $250k real estate exemption (for capital gains) when you sell, I believe you have to live in the house for 1 year. Even if you lived there for x number of years while the husband was alive. I say this because my wife and I live with her mother (mother is only named on the deed) When the mother dies and passes the house down to my wife, even though we've lived in the house for 10 years, we don't get the $500k real estate exemption (capital gains exemption) until we've lived there for 1 year after death. I "think" that's the case but double check with a tax advisor.
Cons: no asset protection- not 100% true (not a Lawyer). -If your car is loaned out and in a trust you cannot be sued in case of an accident.
Land trust
Schedule a free consultation here: aba.link/bb3
Most of these things being listed aren't really disadvantages...they're just things that are not relevant. Ex. Property taxes. If you don't get a living trust and keep your house in your name, you owe property taxes. If you get a living trust, you still owe property taxes. So the living trust is irrelevant to whether or not you owe property taxes.
Absolute my case after 50 years old is too late to buy house yes 25 years rental is not good idea
I liked Anna Nicole Smith, hell with the kids!😊
Confusing, disadvanges that have Cons?
The cons are the disadvantages.
@gc-l.a.6024 of course, but the two columns are unclear
@@ricric8348 They're literally labeled "Pros" and "Cons." If that is unclear to you, then this video may be a bit above your level.
@@DukeRellington why list a con a disadvantage??? Isn't it inherently so?
@@ricric8348 If you think his title is stupid, just say that, instead of beating around the bush and pretending to be confused. I know what you meant. And you know what he meant. So I guess you're just tryna be cheeky. :p Cheers!
“Free book”
Hello, you can access your complimentary Infinity Book here inf.link/6ab9bc. Additionally, we offer a free workshop that covers tax and asset protection strategies; you can learn more about it here aba.link/rr7.
Can't I just put the house in the kids name now to avoid all this.
Not a good idea for a number of reasons. The most important thing is that you will lose control over your property. If your state allows it, you will be better off establishing a TOD deed for the property.
No, they'll have tax consequences.
there is NO TAX RETURN while you are alive??
This is too much details I Like to no everyone have house go same way
Most people do not need a living trust, especially young people and married couples
Would you agree Retired Parents need NICER FEDS Forgery Proof Title Holding Trust with the Latin Law Crime Interdiction Administration? To avoid Financial Elder Abusing Domestic Terrorist with a Crime Free Inheritance Transfer Plan. Justin Zaragoza moved into a Widows home on No. Walnut Street in Woodland, vandalized and destroyed everything she owned, claims a Federal Judge is going to give it to him it because he's a better housekeeper. If she had Trusted Advisors and Allied Legal Professional Trust Guardians, they would arrest him.
Tell that to the families stuck in probate court.
Completely disagree
Apparently, TheSmartLawyer hasn't done their due diligence on Trust/Probate🤔
Great content. Please share contact info: John Anderson. Thanks!
Contact John
👉 estateplanning@andersonadvisors.com