Hi Clint @ClintCoons! We are building a house in a place in TX which is a club and the land will not belong to us per se. It's an undivided interest. There are shares to the club and the lots (one per share) are registered with the boundaries listed as geographic coordinates. We pay a yearly fee and the club pays the land taxes. How do people go about that transfer if there's no need for title insurance, or is there? Is a warranty deed still needed? Also, I read that many insurance companies don't want to insure homes in a trust. What's your experience been? Thanks for your time.
My husband and I set up a living trust a few years ago. It’s a great way to avoid probate and ensure that our assets are distributed according to our wishes. It also gives us more control over who gets what and when.
That’s smart. I’ve been meaning to do the same, but I’m not entirely sure how to go about it. I know a trust can be beneficial, but it feels a bit overwhelming. What’s the process like?
That’s exactly why we decided to work with a financial advisor. We were in the same boat, not knowing what the best option was, and our advisor really helped us figure out the right approach. He walked us through the pros and cons of each type of trust and helped us set everything up properly.
I’m with you on that. I’ve been putting this off for too long. I think it’s time to get some professional advice and make sure everything’s in order. Better to do it now than leave it until it’s too late.
If you have real estate in a trust and don't want it liquidated after your dead, just do a transfer of deed on death. An ongoing property in a trust prevents yearly tax deductions if it's rented for income, a trust pays the highest tax rate no matter the level of income, and a property can not be sold to a beneficiary outright unless you sue your own trust to remove it from the trust. Unless you have multi millions of real estate and in the highest tax bracket anyway, it isn't worth it. Especially if you want your family to enjoy the property for years to come.
Hello! Just by chance came across video and thoroughly enjoyed it an now subscribed. I did have one question that maybe you could expand on. Situation: Family member placed two properties into a trust (not family), could that trust be revoked (by owner/mortgagee) so that a family member could buy the properties cash. Essentially "cutting out" the trustee.
1st, thank you for the information...very informative as usual. 1-you mentioned that you keep yourself listed as a member when transferring ownership of a LLC to the trust. Could you also have a single-member WY LLC, single-member being the trust, and keeping yourself as the manager of the LLC? Or is keeping yourself as a member essentially the same? 2-can you explain (high level) the downsides of putting your primary residence into the living trust? Thanks in advance👍🏾
Question. In process right now. If someone inherited an apartment building as a family member with no will and there is another sibling 2/3 vs 1/3 shares, and the family member wants to keep the building with shares going to two children also, how would that be done? One of the children is also the personal representative of the estate. Let's say mother 25%, son 25%, daughter 25% and then 25% for her adopted sibling who is only a part of it for legal reasons. A buyout would be ideal but if the money isn't on hand what would you do? Thanks.
hi, thanks for your helpful video.If I only want to change the TRUST name, and I Have the word document from the lawyer who made our trust,can I just edit the TRUST name, print it out, sign them and change all the assets to that new revocation trust name?I don't see why I need to hire a lawyer to just get this simple step done. Thank you for your advice.
How about taxes in the future if one takes a property out of the trust to sell it or use it personally. A local MN attorney on here says that in MN there are tax considerations and a step up in basis that gets lost. I'm having a hard time confirming if that is true.
Yes, but why would you want to do that and lose the asset protection of the LLC? Second, some states may assess a transfer tax from an LLC to its members.
If you would like a FREE 30-minute consultation, you can request one here - aba.link/clintss or you can send me an email at ccoons@andersonadvisors.com, and I will have someone contact you.
What would show up in the land records with respect to who the property was redeeded to? This information is still in public view and people can figure out who the property owner might be, unless it says something like ABC Trust Smalltown Delaware dropping the trustee name like in Clint C. of ABC Trust Smalltown Delaware.
Whatever you choose to put in the deed will show up. Some investors will serve as their own trustee and omit the trustee name on the deed. This can work, but it is risky because you may cloud the title, and this would hold up a future sale. It is best to use a nominee trustee.
Can you transfer a deed of a house that the mortgage is in only one of the trustee's name on the trust but not both? Have two houses, each is deeded in only one name (including the mortgage) but the trust has both trustees listed. Want to transfer both houses to the trust.
Yes, you can transfer the property into your living trust if both of you are listed in the trust as the beneficiaries and trustees. I would transfer it under one trustee's name (the property owner) , even though both of you were listed as co-trustees. Keep in mind that I am making some assumptions here about how you're living. Trust is set up so you should reach out for a consultation so we can help guide you on this set up.
Yes. He can schedule a FREE 30-minute consultation here - aba.link/clintss or he can send me an email at ccoons@andersonadvisors.com, and I will have someone reach out to discuss.
Instead of creating an LLC treated as a partnership for tax purposes, if u wanted to avoid making the LLC file a tax return, couldn’t u make an trust with TWO TRUSTEES and the make the disregarded LLC be owned by the trust with TWO trustees? Would the income up to each of them 50/50 like a partnership?
@@ClintCoons but the objective is have a two people own the trust and collect money 50/50 but without needing to file a partnership tax return. Can I do that?
If you were buying a new personal residence, would you sign as trustee of a land trust, or put it into your living trust? If you put into your living trust, how would you hide that fact on paperwork if your living trust has your name on the trust?
I would put the residence under a personal residence, trust for anonymity purposes, and have my living trust set up as the beneficiary of the personal residence trust.
Tried getting in touch with this guy once, and the person tried to sell me a trust without any information, wanted 6k and couldn't answer any questions.
Which one of my staff members did you speak with? If you email me, I can look into your conversation and set up another call for you with a different advisor.
Would you like to learn more about transferring assets into a trust and talk to someone? Schedule a free consultation here: aba.link/ofv
Hi Clint @ClintCoons! We are building a house in a place in TX which is a club and the land will not belong to us per se. It's an undivided interest. There are shares to the club and the lots (one per share) are registered with the boundaries listed as geographic coordinates. We pay a yearly fee and the club pays the land taxes. How do people go about that transfer if there's no need for title insurance, or is there? Is a warranty deed still needed? Also, I read that many insurance companies don't want to insure homes in a trust. What's your experience been? Thanks for your time.
My husband and I set up a living trust a few years ago. It’s a great way to avoid probate and ensure that our assets are distributed according to our wishes. It also gives us more control over who gets what and when.
That’s smart. I’ve been meaning to do the same, but I’m not entirely sure how to go about it. I know a trust can be beneficial, but it feels a bit overwhelming. What’s the process like?
That’s exactly why we decided to work with a financial advisor. We were in the same boat, not knowing what the best option was, and our advisor really helped us figure out the right approach. He walked us through the pros and cons of each type of trust and helped us set everything up properly.
His advice has been invaluable in making sure everything is legally sound and tax-efficient.
I’m with you on that. I’ve been putting this off for too long. I think it’s time to get some professional advice and make sure everything’s in order. Better to do it now than leave it until it’s too late.
If you have real estate in a trust and don't want it liquidated after your dead, just do a transfer of deed on death. An ongoing property in a trust prevents yearly tax deductions if it's rented for income, a trust pays the highest tax rate no matter the level of income, and a property can not be sold to a beneficiary outright unless you sue your own trust to remove it from the trust. Unless you have multi millions of real estate and in the highest tax bracket anyway, it isn't worth it. Especially if you want your family to enjoy the property for years to come.
Hello! Just by chance came across video and thoroughly enjoyed it an now subscribed. I did have one question that maybe you could expand on. Situation: Family member placed two properties into a trust (not family), could that trust be revoked (by owner/mortgagee) so that a family member could buy the properties cash. Essentially "cutting out" the trustee.
1st, thank you for the information...very informative as usual.
1-you mentioned that you keep yourself listed as a member when transferring ownership of a LLC to the trust. Could you also have a single-member WY LLC, single-member being the trust, and keeping yourself as the manager of the LLC? Or is keeping yourself as a member essentially the same?
2-can you explain (high level) the downsides of putting your primary residence into the living trust?
Thanks in advance👍🏾
Yes you will assign your membership interest in the Wyoming LLC to your living trust.
can you do a video on accumulated earnings tax and personal holding company tax in a c-corp?
Hi Clint, when doing the assignment of interest, do you have to record it/notarize somewhere?
I prefer to send it via DocuSign.
@@ClintCoons We did ours on paper. We have uploaded it to the box at the Anderson portal. Do we need to do anything else? Haven't notarized.
@@sachastayswi No the only notary is the deed. The upload has a time stamp if anyone questions when it was prepared.
@@ClintCoons Wonderful thank you!
Question. In process right now. If someone inherited an apartment building as a family member with no will and there is another sibling 2/3 vs 1/3 shares, and the family member wants to keep the building with shares going to two children also, how would that be done? One of the children is also the personal representative of the estate. Let's say mother 25%, son 25%, daughter 25% and then 25% for her adopted sibling who is only a part of it for legal reasons. A buyout would be ideal but if the money isn't on hand what would you do? Thanks.
Consider obtaining a loan from a bank to buyout the other parties or purchase on an installment sale.
hi, thanks for your helpful video.If I only want to change the TRUST name, and I Have the word document from the lawyer who made our trust,can I just edit the TRUST name, print it out, sign them and change all the assets to that new revocation trust name?I don't see why I need to hire a lawyer to just get this simple step done. Thank you for your advice.
You need to restate the trust. I would not attempt this without legal support to avoid clouding title to your assets.
What are the tax consequences if a living trust is the beneficiary of a liquid asset ( stock, bank savings account , CD ----- ) ?
Zero
How about taxes in the future if one takes a property out of the trust to sell it or use it personally. A local MN attorney on here says that in MN there are tax considerations and a step up in basis that gets lost. I'm having a hard time confirming if that is true.
All appreciated property receive a step up in basis when the owner passes, and it is not relevant if the asset is in a trust or held personally.
Could I dissolve my LLC on my rental property, and then move the property into a living trust?
Yes, but why would you want to do that and lose the asset protection of the LLC? Second, some states may assess a transfer tax from an LLC to its members.
Is personal prop memo the same concept as a pour over will? Thx
No, it is different. The PPM is referenced in your living trust, and its function is to distribute personal assets.
What kind of Trust would you put productive Mineral Rights? I have some oil producing land in OK.
I would place them in an LLC.
Can I still add money to my stock accounts if they are in a wyoming llc?I am a LEO so lots of liability.Thanks for the video.
Absolutely. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/clintss
Can you give us a ballpark figure of the initial cost to set up this type of LT? thanks.
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/clintss or you can send me an email at ccoons@andersonadvisors.com, and I will have someone contact you.
What would show up in the land records with respect to who the property was redeeded to? This information is still in public view and people can figure out who the property owner might be, unless it says something like ABC Trust Smalltown Delaware dropping the trustee name like in Clint C. of ABC Trust Smalltown Delaware.
Whatever you choose to put in the deed will show up. Some investors will serve as their own trustee and omit the trustee name on the deed. This can work, but it is risky because you may cloud the title, and this would hold up a future sale. It is best to use a nominee trustee.
Hi Clint. I live in CA. I already have a Trust setup but I want to rename it and amend it. Can you help me with that?
Hello, I recommend you reach out to my team. We can assist you with this. aba.link/ofv
Can you transfer a deed of a house that the mortgage is in only one of the trustee's name on the trust but not both? Have two houses, each is deeded in only one name (including the mortgage) but the trust has both trustees listed. Want to transfer both houses to the trust.
Yes, you can transfer the property into your living trust if both of you are listed in the trust as the beneficiaries and trustees. I would transfer it under one trustee's name (the property owner) , even though both of you were listed as co-trustees. Keep in mind that I am making some assumptions here about how you're living. Trust is set up so you should reach out for a consultation so we can help guide you on this set up.
My old friend (80+) in Santa Clara, California, need to setup his living trust.
How can he get your help?
Yes. He can schedule a FREE 30-minute consultation here
- aba.link/clintss or he can send me an email at ccoons@andersonadvisors.com, and I will have someone reach out to discuss.
Does it cost money to open a living trust account and assign a trustee therein? How is the property hidden from public view?
Yes it does cost $$ to set up a living trust.
It depends on the lawyer's experience and brand name.
Most likely, it will cost between $3,000-$10,000.
Instead of creating an LLC treated as a partnership for tax purposes, if u wanted to avoid making the LLC file a tax return, couldn’t u make an trust with TWO TRUSTEES and the make the disregarded LLC be owned by the trust with TWO trustees?
Would the income up to each of them 50/50 like a partnership?
You would set it up with 100% held by one trustee of the living trust.
@@ClintCoons but the objective is have a two people own the trust and collect money 50/50 but without needing to file a partnership tax return. Can I do that?
If you were buying a new personal residence, would you sign as trustee of a land trust, or put it into your living trust? If you put into your living trust, how would you hide that fact on paperwork if your living trust has your name on the trust?
I would put the residence under a personal residence, trust for anonymity purposes, and have my living trust set up as the beneficiary of the personal residence trust.
@@ClintCoons Thank You!
Are there taxes on the items that are transferred to a trust for moving them out of my name to the trust?
No. The trust is a revocable grantor trust.
@@ClintCoons thanks
Tried getting in touch with this guy once, and the person tried to sell me a trust without any information, wanted 6k and couldn't answer any questions.
Which one of my staff members did you speak with? If you email me, I can look into your conversation and set up another call for you with a different advisor.
complicated and costly ?????
It does not have to be. Also, consider the cost of going through probate relative to setting up a plan to avoid it.