Family Trusts Explained | What Is It & How Do They Work?
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- Опубликовано: 21 июл 2024
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In this video, we're going to cover the basics of a Family Trust as well as a few ways you can leverage family trusts for tax and non-tax benefits.
A family trust is a structure that facilitates the distribution of wealth to the beneficiaries named in the trust. Typically, your children, grandchildren, spouses are named as beneficiaries.
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Did I answer all your questions regarding Family Trusts? Feel free to leave a comment below or contact me directly - info in the description. Thanks for watching!
Yes you did answer the important questions 👌🏾
Can u open a family investment trust at 20 yrs old
Yes you provided some essential answers. Unfortunately I'm dealing with an Absolute self serving Untrust-worthy "Trustee" My father made a 3 part Family Trust Each Benificuary held singularly. Documents have been Complete Re-writtiem now Exact Opposite of my Father's desires. I have been kept 100% in dark. Held back from multiple court proceedings Ive Never felt SO Lost. Small Town none have been willing to Help me Right this Disgrace. Any suggestions ??
@@prodbycjaay9685Yes, reach out to us for more info: www.parrbusinesslaw.com/contact
@@laurayongblod120Sorry to hear! Contact us at www.parrbusinesslaw.com/contact for more information
Good that such videos exist
Glad you liked it!
Thank You For This Information 💚💚💚💚🦅🦅🦅🦅
You're welcome, glad you liked it!
Wow just this one video has explained something l have wanted to know and do for my estate in Ghana. Thanks for the info, l can now just send your video to a lawyer in Ghana and tell them l want what is in this video done for me. Cheers
Thanks for this video, Steve
Your videos are soo helpful!
Very valuable information explained well
Great video. One can't expect all (or even most) of the caveats to be touched upon in such a brief video; however, it's important to note that creditor and divorce protection is only applicable is the trust is not being created in anticipation of a known claim by a creditor (or a pending divorce). Obvious enough to lawyers, but not the general public that bases most of their knowledge about asset protection on movies like The Firm 🙄🤦
That's correct Tomas and an important point - there are stiff penalties for people who seek to avoid existing creditors or the consequences of an anticipated divorce by restructuring how they own their assets.
Here’s a caveat our greedy sibling used it to put us on the street so our kids get the Fiduciary Security Legals and Fiduciary Support Paralegals NICER forgery Proof arbiter validation certification administration global registration to avoid the crime and hold them together.
love you video! Very educational. Thank you!
Glad you enjoyed it!
you might consider addressing issues on the end of the beneficiaries
Thanks Neil - that's an excellent idea!
Keep it up Steve!
Appreciate it!
is familt trust should be in the banks?
Hey steve ,do we have trustees which can take care of digotal assets like crypto currencies shares ,token or securities ..i will be greatful hearing crom u ..thanxk
Yes, trustees can manage cryptocurrencies.
Contact us at www.parrbusinesslaw.com/contact for more information!
How does one set up a family trust for a disabled relative when there is no relative or friend young enough to serve as trustee? I have issues with relegating decisions pertaining to my estate and wellbeing of my relative to complete strangers.
You should discuss this with an attorney. For argument's sake, if you have no relative or friend young enough to serve as a trustee, perhaps you've answered your own question (tough as it may be to accept). That is, you might need to look to a trust company that specializes in what you are looking for to serve as trustee. Also, what you need might actually be a special needs trust, especially if medicaid benefits are at play. Again, a sit-down with the right attorney is your best (if not your only) bet at this point. Good luck.
Tomas put it well - please contact a knowledgable lawyer in your area. Trusts for disabled persons is a very specialized area of planning and the consequences of handling it poorly are disastrous. Good luck
Should the privately held Corp be formed prior to forming the trust ?
Classic lawyer answer for you I'm afraid: it depends!
I want to build a investment account with different people as share holders and give them a account to put money in to and buy shares which they must hold for 10, 15, or 20 years before selling. what should I do
Get professional advice from a lawyer and tax advisor who has relevant experience setting up what you're contemplating.
How does one find out if a trust was left to for you ?
My grandma left me everything of hers and of her husbands will .
I never was notified and have never received anything from either estate.
She passed away in 1996
You'll want to engage an estate litigator in your jurisdiction to assist you. Contact us at www.parrbusinesslaw.com/contact for more information!
I have a family trust but I need to put my Ford Motor Co shares which are currently under my name only. I want to add these shares account to my family trust. How do I start that process?
All your trade account Ford, or trade or Chas Schwab & change the name of account to the trust name for ownership.
@@traceydailey3254 agreed... Just call your brokerage and ask how to go about doing what you need. They should be able to walk you through it with no problems.
Talk with your advisors (lawyer/accountant) and get tax advice on the transaction. For more information, contact us here: www.parrbusinesslaw.com/contact
When you say accountant, I am assuming tax accountant correct?
Correct, an accountant or tax lawyer who has familiarity with taxation structures
family trust or special needs trust? we have a special needs child, and a NT child. should we have one of each?
Depends on your specific circumstances, impossible to answer here. Contact us at www.parrbusinesslaw.com/contact for more information
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So you are saying that it mainly relates to high income earners?
No. It relates to those that want ensure that certain assets are managed a certain way upon their death. You don't need to be a high income earner to have one or several assets that you'd like to be maintained a certain way after you've kicked the bucket.
@@tomasgonzalez4819 how does one go about setting one up ?
@@psycheadfuzzfreak830 Depending on the level of complexity, the answer - I hate to have to say - is to reach out to an attorney. For example, a medicaid trust or special needs trust (or even certain land trusts) are not at all DIY endeavors. However, a simple revocable living trust - depending on its use - _might_ be within the abilities of a DIYer - albeit, a rather sophisticated one. That said, let's be clear, what makes a trust a _family_ trust instead of a _[fill in the blank]_ trust has to do primarily (but not only) with (a) the trust's revocability, (b) who the trustee is, and (c) the trustee's powers. Steve mentions that a family trust is also known as an inter vivos trust. I would argue against that. An inter vivos (or living) trust is nothing more than a trust (regardless of use, by the way) that is created by the settlor/grantor during his life, i.e., while he's alive; hence the name "inter vivos" i.e., Latin for "while living". That's all that means. It can be revocable or irrevocable; it can be for land or a business venture or for your family's use, as Steve points out; it can be for a family member with special needs; etc. In other words, it can be _for anything,_ including but by no means limited to a family trust. Here's my take: If the person can't afford to have an attorney do it, the person should not do it at all. There are tremendous legal consequences for creating a trust the wrong way. I'm in Florida, and I can sell you that a trust (here) will run you from as low as $2,000 to as high as $10,000. Most, however, will run you $3k-$4k. The main cost factor being complexity and specialty. For example, if you want a medicaid trust or special needs trust, that will get you very close to the $10k figure. However, if you want a run-of-the-mill living trust, then you should not have a hard time finding one for as low as $2k. I hope that was helpful. I'm sorry I couldn't be more specific about the nuts and bolts of creating a trust.
@@tomasgonzalez4819 so if ur broke ur fucked 😂😂👍🏼
@@psycheadfuzzfreak830 Correction: If the person is broke, he's not applicable to this discussion. This is because, by virtue of being "broke," he has no assets that would benefit from a trust. (He's also not a target for lawsuits or estate tax issues either.) So, no, the broke person is not f-. The trust is just not applicable to him... yet. Hopefully, the person will improve his financial standing, upon which the trust may then play a part.
I have a wife, but can I put my girlfriend in the family trust instead?
A family trust means that it all goes to a hospital or a college and the kids get squat after getting taxed on an emergency fund.
Can I start a trust with 100k?
You can start a trust with $1. However, the compliance costs of establishing and maintaining a trust can be significant, and so it generally doesn't make sense to create trusts unless they are managing significant assets and there is a strong purpose for the trust. Recently, the CRA in Canada decided that all trusts, including bare trusts, need to file annual T3 trust returns, which creates an ongoing and annual compliance obligation. This can be expensive. As a result, many trustees in Canada decided to windup their trusts rather than pay all the extra fees to their accountants and lawyers.
Please help me
Hi there, please fill out this form and we will reach out to you: www.parrbusinesslaw.com/contact
Get rid of the background music, its very distracting and makes your video hard to listen to
Y
Need bitcoin in family trust
Thanks for the tip!
Sounds Like Crimes
Thanks for this video, Steve