Why Every American Needs A Trust in 2023
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- Опубликовано: 15 июн 2023
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Being the oldest (and most responsible) child, I was the trustee of my parent's trust. This was not acceptable to my miserable, self-absorbed sister, who accused me of fraud and elder-abuse. 5 years later, the assets were distributed as I would have done, equally among the children. Only I was stuck with $100k in legal fees. Even a trust cannot protect you from miscreant siblings or other family members who are willing to destroy the family for a buck.
Trust should have had a "poison pill" provision.
@@tomstevelt9641 What is a poison pill provision?
My trust states that anyone who contests this trust gets exactly $1.
@@RafaelCollazoNemis7language stating anyone who contests the trust gets nothing.
My dads lawyer was smart. I'm the trustee, but everything was passed out long ago. But, before anyone could get their share, they had to sign a waver, motorized it,send it back, then they got their checks. They signed there rights away which protected me. They could not challenge the will or the trust.
My Dad left me a trust as a retirement fund. The only way he could do it is by putting another relative in charge of it,(who did it for free) or the lawyers would have used up all the money long before I retired. Next problem, I see, the highest tax rate there is. I never made enough money to put me into the tax bracket that my trust was in. I think the >30% tax bracket kicked in at around $10k of income!!.
The quickest way to make your first millions is to invest directly with an expert that is trustworthy and has made a name and individual billionaires
I'd say you need to find another tax guy.
That is true, estates & trusts hit max rates at around 12k of income. If the trust is allowed to distribute income to you then you could pay tax on it instead of the trust, but if the trust was intended to be a retirement fund then chances are decent that the trust does not allow that.
I’m not clear what you are trying to say. Doesn’t the money in the will and trust, come to you without a tax burden, upon the death of the trustee?
@@Mico77777 No. First, if the trustee dies they are replaced. It is possible that the court might dissolve the trust instead of appoint another trustee though. Second, If the trust or estate had, say, 100k in taxable income because it emptied the deceased's IRA account then somebody is paying the tax on that 100k in income. If you got the 100k, then you get 100k in taxable income (less some estate deductions). If nobody got distributed the money, then the estate pays the tax and at horrible rates. But that is because IRA distributions are INCOME. If the estate had a 100k in stocks and distributed it to you, then there isn't any taxable income and you just gets stocks with a cost basis of whatever the trust or estate has for cost basis.
My father, dec. 88 yrs old, ret. Col, us army, was super smart. He put my name on the checking, and money market accounts, made me successor trustee as well as his legal signer and caregiver even tho he was not bedridden or wheelchair bound. Then, when he passed, everyone who wanted their checks had to sign away their rights! A waver stating they cannot challenge he will or he trust!! Yay!!
Sounds like an idiot if he was smart, he would’ve enjoyed his money while he was living why give it away so stupid go buy a boat go travel go buy a condo in the Caribbean. If kids want their money they make it themselves.
My dad is also 88 years old next week and retired military. He is so paranoid that his kids might put him in a nursing home one day that he keeps everything a secret. He lives alone but my younger sister goes over to his house to clean and wash his clothes and he pays her for her help. We all have a great relationship with him but he just doesn't care that after he dies his belongings will end up going to the local govt.............
You Are a GOD SEND!!!! THIS IS LIFE CHANGING!!!! THANK YOU FOR THIS VALUABLE INFORMATION!!! HOW CAN YOU BE REACHED??
@@viperman8788maybe the younger sister can get him to write out a will. He can stipulate in the will that he does not want to be in a nursing home and write out anyone who places him there.
@@viperman8788he cares about his children so while he may not care about his death I would sit him down together with my siblings and have a talk with him. It's hard for his generation to open up about their feelings but it's a reason he feels this way. Try to get to the bottom of where this is coming from did it happen to his parents or someone close to him? Something happened in his past where he made an agreement with himself that, that situation would never happen to him. Y'all have to address his fears and reassure him that is not the case with you all. Do it before it's too late.
My dad had a revolkable trust. I was trustee. His wife, not my mom, took me through the court system with it. She didn't think she got enough. Even though trust stated if anyone takes it to court they get nothing. The corrupt courts put a judgement against me. I ended up doing jail time for not honoring the courts. I honored the trust. They still have a judgement against me including many years of interest. Info the trust was finale and stated so in the filed taxes before the judgement came out. How is this even possible??? My dad died in 2004 and the cops and courts continue to attack me. I refuse to consent to anything the broke system wants.
I have found all courts are corrupt. So sorry for your experience
Move out of state. Or to Thailand
Go to Brazil
@@missgui4400 Brazil is a shithole.
This is exactly why the majority of Trusts are absolute garbage. My grandfather had his 3 properties (vacation condo in SD, commercial property with tenants $10k/month, plus his home of 60yrs) all kept “protected” in Living Revocable Trust. The City of Sac leveraged multiple judgments against him as a person, which was their first fault (and illegal), for asbestos removal done by one of his tenants hired contractors. So for something he never was responsible for, they took this once self made millionaire down to nothing but living on his social security. There is much more to the story, but basically the banks and courts can enter in the back door of these phony trusts and act as the beneficiary to claim judgments. However, with an Irrevocable Trust, there seems to be a more absolute protection of assets. I have a friend who had his entire bank account emptied because of back taxes, even the checking account associated with the Irrev Trust. However, a couple days later the entirety of that account was restored. It is highly illegal for banks or courts to violate an Irrevocable Trust. I’m still learning more and catching up with how the world actually works. Be careful out there with all the scammers!!
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 17k in last month 2024.
Wow that's huge, how do you make that
much monthly?
Honestly speaking, I will continue to trade and stick to Kathie russell daily analysis and guides as long as it works well for me..
Woah for real? I'm super excited. kathie russell strategy has normalized winning trades for me also. and it's a huge milestone for me looking back to how it all started
Though i started with $15,000 CAD because it actually my first time, it was huge success and massive all i can say is that her confident in day trading is top notch.
please educate me, i am willing to make consultation to improve my situation.
.
The best thing about a trust, it makes the lawyer lots of money! POD, TOD, wills and simple trust will do.
I have a TOD on my rentals. My ex had POD on his accounts. Our two sons went to a scheduled appointment with the bank with his death certificate and walked out with two checks. Easy peasy, no cost and no attorney involved.
Thank you for giving us this advice for FREE!!! Omg years ago you would have to pay a financial advisor to give you this advice and still not as detailed. Thank you! Im 42 and i think about this all the time bc none if my family is going to "handle" anything i worked hard to attain. We all know the vultures in the family 😂.
This was so easy to understand and I feel like this is one of the financial road maps I should have been taught in high school. Thanks for sharing this!
Love this guy ... Humor and KNOWLEDGE all in the same video. His private tax service is expensive though. This was one of Mark's BEST Videos... I watch them all. He is True and Honest.
Great job clear and concise!
I am
Thankful for your time Mark. Been watching you for over 5 years at least. It is time to stop suffering from analysis paralysis! I am running for Mayor for the City of Portland, Oregon and I deserve to share this knowledge with all the students in my city as their Mayor to instill the reality of Generational Wealth!
Eccl 2:18 I came to hate all that I had worked so hard for under the sun, because I must leave it behind for the man coming after me. 19 And who knows whether he will be wise or foolish? Yet he will take control over all the things I spent great effort and wisdom to acquire under the sun. This too is futility. 20 So I began to despair in my heart over all the hard work at which I had toiled under the sun. 21 For a man may work hard, guided by wisdom and knowledge and skill, but he must hand over his portion to a man who did not work for it. This too is futility and a great tragedy.
Proverbs 13:22 “A good man leaves an inheritance to his children's children.”
Great seeing you at the Limitless conference Mark! Thank you for all that you do!
Fantastic video! Thank you for making this info understandable 👍🏼
Man what a great freaking video. Mark you found yourself another subscriber.
Had a trust established today (took several months due to delays on my part), but it’s finally done and ready to see what’s next to get the trifecta established.
Garn-St Germain Depository Institutions Act of 1982 (12 US Code, Section 1701j-3) is what allows you to put your home into your trust without triggering the due on sale clause, not state or county exemptions. Otherwise, solid info.
I'll be setting up an irrevocable trust soon after setting up an llc through a lawyer then onto a cpa to deposit a bit of money into a secure bank. Don't know much about trusts, cpa's, llc's however I pray I get through the process fully covered and secured.
This video, my now new friend, is great. I learned so much. Thanks
Very Instructive, Bravo !
I just want you to know that the last couple mins in this video made me hit the Subscribe button. That comparison to putting new wine into old wine skins is exactly what our pastor preached on last week, and hearing you say it here was a confirmation that I am on the right track to building my legacy & my wealth. 🙌🏽 Thank you so much for your generous sharing of knowledge... It has been HUGELY helpful and I can't wait to learn more from you & K.D.! God bless 🙏🏽
I blame the Fed for global economic crisis, they can print credit as long as someone will borrow it into existence, but production cannot be printed. Right or wrong?
right! never can tell what the future holds, definitely a time to consider financial planning and not time for blames
True, I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 due to covid-outbreak, and immediately consulted a financial planner to handle growing my finance. Long story short, I'm only 25% short of my $1m goal after a couple 100s of thousands invested so far.
I've shuffled through a few advisors in the past, but settled with 'Nicole Desiree Simon' her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
How do I find this financial counselor ?
I've shuffled through a few advisors in the past, but settled with 'Nicole Desiree Simon' her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
Great content!! Thank you
Thanks Mark!
So helpful and easy to understand!
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
If you’re asking these questions, DO NOT INVEST IN THE MARKETS!!! You will lose it all. Seriously don’t
New investors, call vanguard! Keep cost down and have patience.
Options.
Excellent, excellent advice. 👍
Something not mentioned is what’s the average cost to setup and maintain a trust? This information should be in the video
My wife and I did our trust earlier this year with a great attorney in Ogden Utah, cost was $1600, there are no maintenance fees.
My parents did one that was $4,000
The cost can vary considerably depending on each persons requirements.
That's what I want to know, how much to set up and is there a cost for maintaining a revocable living trust. Shady.
Excellent Content 👍
This was my first visit back to your channel in many months, as after feeling lost in deep soul search of concern for this very topic - The clouds finally parted - and at long last I saw a ray of hope & reached a moment of clarity... As I uttered the words... "Mark J. Kohler" ... And as I arrived at your channel, to see this very video pinned to the top of your page, I knew my prayers had been answered... 😢,,,, And as I viewed and the clarity ensued, the floodgates of emotion burst as I heard you say... "special needs"... and a flood of tears purged me of a hundred fears,.. as I now know my son will be okay 💔
Thank you so much for doing what you do!
I'll be in touch soon! As soon as the funds arrive!
I now have zero doubt that they are on their way...
Love this video more than I can say!
This guy is such a great speaker. Not only knowledgeable. Very eloquent. Subbed
Your Transparency is gold
One of my coworker's wife's mother had a trust. One of the sons was the backup trustee. After the son missed one filling date, the other rotten son filed to replace the other son as the trustee. Lawsuits abounded, but the bad son's attorney was friends with the judge. It took a couple of years to resolve the lawsuits, with much of the trust assets frittered away on attorney fees. The son who missed a filing date had comingled his mother's assets with his, by building a house on his mother's property. This raised the value of the mother's property, even though the son paid for the house.
I'm not saying that a will would have solved these issues, just that a trust is not as bullet-proof as this video implies. Someone needs to watch over the trust, especially if the original trustee starts being less mentally aware. The bad son tried to say he lived with his mother and deserved some of the assets for taking care of her. The other children said he might have done it for at most small amount of time. You might think an appeals court would see through the chummy judge, but they are surprisingly expensive. The replacement trustee was also expensive, with little incentive to end the lawsuits, as their income would then stop. All in all, if you expect trouble, a one and done trust is probably insufficient.
Great info thank you for sharing I will be starting my trust asap!
100% Mark, that was abso perfect. Thank you! ❤❤
Thank you!!
Wow, what a fabulous explanation to what and what not to do. 👏👏👏
Tax is pretty interesting. I'm loving it.
You are appreciated!
I read a very reputable book that says you should never put your IRAs in a Revocable Living Trust. Keep IRAs separate and ensure you name a Beneficiary (or Beneficiaries) in your IRAs. My understanding is that by keeping the IRAs separate and out of the trust, they can be rolled over to the beneficiary tax free (taxed only until distributions are taken). If you put the IRAs in the trust, they become taxable when they are distributed to the beneficiary (cannot roll-over).
What is the name of the book?
@@gayleneflower398great question. I'm curious as well.
Good Point. When assets and passive revenue belong to an LLC or Trust, any payents to others, family, pay, distributions, etc will be classified as income, or gifts, or distributions depending if members or non-members. Know all the rules when intendeding to help others thru paying them monies.
This is what made me come to the comments. Many resources recommend not adding retirement assets.
My problem is I cannot add a tertiary beneficiary to my retirement accounts. If my primary and secondary (spouse and kids)beneficiaries die, per stripes my accounts will be distributed to people who I do not want to have it. Not sure what I can do about it.
@gayleneflower398 Estate Planning for dummies by Jordan Simon and Joseph Manshinski
The irs changed the rules on trusts for taxes… claiming that they weren’t part of the estate tax (on death) so the assets in the trust need to be taxed before it can be claimed by your heirs..
Look into it and use that information to assess what you want to do with your assets
Only taxed if it’s above the federal estate tax exemption. Otherwise, it’s passing to heirs estate tax free.
THANK YOU THANK YOU THANK YOU! You are GOD SEND!🙏🏽
Always speaking the truth and giving knowledge! Thnks
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
Yes true, I learnt that in 2020, when I lost almost everything. But I switched to using a financial advisor and I've been returning at least $90k every one quarter of the year so I’m sticking to investing via an Adviser.
@@hankmarks69 Could you kindly elaborate on the advisor's background and qualifications?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Vivian Carol Gioia for the last five years or so, and her returns have been pretty much amazing.
Adding beneficiaries directly to your investment accounts avoids probate. You don’t need a trust to do this. Also naming a trust as a beneficiary can actually be worse for your loved ones in retirement account since regular people get better tax treatment.
No you are incorrect. Trusts are disregarded entities. They do not have any tax responsibilities. All taxes are paid by the individual once the assets / funds have been distributed. Also, a trust does much more than help avoid probate. You can dictate any direction you want in the trust. You can decide how and when the funds are distributed. As an example, if you want your kids to receive x amount when they turn 18, then x amount more once they graduate college, then x amount to purchase a house, then the balance once they are 35 as long as they don’t have any felonies, etc. You can’t do any of that if you simply name a beneficiary on your retirement/investment account.
@@sincityguns3460 how am I incorrect?
Correct, accounts with beneficiaries don't need to be in a trust... unless you don't want that money to go to them in one lump sum
Correct. POD ( pay on death) or TOD (Transfer on Death) to named beneficiaries avoids probate. And payment to trusts of pretax IRAs, 401ks, trigger tax on distribution where as transfer to beneficiaries allow " stretch " taxation .
Thank you. I look forward to one day being able to afford to work with your company to set up all of my stuff. 😊 I follow and subscribe to your channel, as it helps me to gain knowledge. But i feel more confident having you and your team help me set up my protections when the time is right.
I was thinking the same thing. How much does it cost to structure my assets in this fashion with Mark Kohler's company?
@@jeremyrocks9025 probably 3000 and up
@@kimdagnillo8246 how much if using Mark Kohler's company as the Trustee?
I like that idea that every dollar earned allows the trustee to withdraw 1 dollar from the trust. If your funds are not large enough, you could also do this- for every dollar spent on income tax, they can withdrawal a dollar. You essentially set it up so they can work free of governmental restriction until your money dries up. If they earn a dollar, they get a dollar and the gov doesn't get a slice of that pie.
I'm definitely a fan of some type of "no free rides" payout that incentivises a positive work ethic.
You can also do a transfer on death deed for your house, vehicles, and bank accounts to avoid probate.
*Even though I am a licensed attorney in Indiana, this is only general information.and does not constitute legal advice. You should consult with a licensed attorney in your state.
Not every state allows transfer on death deed, thank goodness, because that seems ripe for stealing houses.
Thank you!
Thanks and Lord’s Blessings!
Seth
Excellent thx!
Thanks MK👊🏼
Excellent content
fantastic content - basically what i paid my CPA thousands a year to teach me!
It's time to start this process.
Thanks Mark
AMAZING CONTENT!!
Thanks!
Great recap
I am most interested in the asset protection
Great work Mark! Scooby snacks for you.
My allegiance is to Liberty, the Repubic and Democracy.
Really is a shame how Attorneys have destroyed the legal system. Used to be word of mouth was fine. Then we had to have a will. Now it's probates, trustee's, power of attorneys, each taking their part of the pie. Hell, death used to desolve contracts but now it's a burden on the grieving family. All of it is sickening.
😂. I’m laughing at how you blame attorneys when it’s family members and strangers coming in to lay claim to assets that destroyed your claims that “word of mouth” was the best thing since sliced bread.
@@ayorkii I'll explain and I'll be sure to use little words so you can understand. While you are right about greedy family members, they aren't the one's responsible for threading needles through all the little loopholes. They aren't the one's who helped create a system so complex you need hired help that can take up to a third of the estate. Family will always be family, attorney's will always be greedy. Oh, final note, families weren't the one's to re-write laws allowing creditors to come after family members for outstanding debts when death used to nullify the contract.
As for word of mouth, if you're word is worthless, how much value are you?
@@recgar are you sure your words were “little” enough for me to understand? The legal system has become increasingly complex because people keep outsmarting the system. Then they create another law to block or clarify the issue to ensure the intended results. It’s man’s tendency towards fraud and greed that creates complex laws. And “word of mouth” is nothing. Especially if you’re relying on people’s flawed memories … since you have a propensity for “little” words, I would encourage you to do some research on how easy it is to alter someone’s memory of an event after-the-fact or how every time we “remember” something…it’s slightly different.
That said, no creditor should be coming after family members for a deceased person’s debts. However, what we do usually see is creditors coming after the estate prior to distribution.
Think about this … you have a $50,000 car you sell to someone because you need that money for your retirement. You sell it to someone who makes a deal with you to pay you monthly for a year. You lose possession of the car. Your customer dies 3 months in. The customer just so happened to have $1,000,000 in their bank account. You have the legal recourse to repossess the car or have the contract paid out based on the $1,000,000 already sitting in the account. You have those choices because of the legal system. Perhaps you were an employee, or you had a contract and did work on his house. You worked … they had the money … you should get paid. It’s sheisters like yourself who just want to “nullify” work done by working class families that are the reasons we have laws to protect against these kinds of scams.
thanks to all the Lawyers that get voted into Elected positions. They are usually socio paths who prey on the vulnerable.
@@recgar
1. Idiotic comments.
2. _re-write laws allowing creditors to come after family members for outstanding debts_ Huh? This is incorrect.
3. So let me get this straight ... you want an elderly person to carry a bunch of debt then when they pass their assets go to their relatives (you in this scenario) and the creditors can go F themselves??? LOL.
Mark your speaking my language about needing a structure!
Mark, I'd like to see you address how to save tax in retirement with rental/business losses or other ideas. For example, what if I buy rentals with distributions which on paper may not make money; or start a business; or go into farming. Thanks
I watch several RUclips videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
@sojakia What is the name of your broker and how do i connect with him or her ?
@AustinWalker67 Wow that was easy, i found her website and left a message for her . i hope she reply me. thanks.
Nicely presented
Great information
My late husband and I had a trust-when he died 9 years ago I had to re-do the trust and my will and choose a trustee and a successor trustee. My trustee died in 2018 and the successor trustee was diagnosed with a terminal illness a yer ago. NOW I must find a new trustee and new successor trustee!
Pick me ;)
Maybe get your name on a wing of the hospital?
❤
Try the Bank
I'm in kind of same boat of who do I use as trustee.
I have my estate down to very little. My kids are co owners of my money accounts and most of what I own is junk and I got no land. Got a will but only have the two heirs so should not be too hard. Most of what I own is cash and like I said the kids are co owners.
There is cost and some inconvenience with a trust. Is there a net worth where you think it becomes more valuable than hassel?
I like this guy!
The most important thing to keep in mind about trusts and estates is that if you expect your beneficiaries to devolve into lawsuits, or if the estate/trust is complicated, don't appoint one of them as trustee or executor. That will just make things worse. Get a 3rd party. Could be a bank, a lawyer, a CPA. It will be more expensive than shoving that work off on one of your relatives, but if the lawsuits start flying then having somebody who knows what they are doing from the start is critical. I've seen several big disasters happen because the initial person did some stupid things that are relatively minor, get removed, and this usually adds years to the duration of the estate or trust. I've also seen the trustee/executor just abuse the trust/estate, and while that 3rd party is going to bill you they won't, for a specific real world examples, take the whole assets of the trust and build themselves a million dollar house or completely fail to file required tax returns.
You hope they won't.
I regularly name a professional fiduciary I know as either the trustee or the backup successor trustee in the estate plans I prepare for my clients, for exactly the reasons you state.
@@bobpadrick7718 How does a professional fiduciary get paid? A flat fee I hope, otherwise the trustee has every incentive to waste the trust's assets by arranging things so the trust doesn't close out, thus enabling ongoing fees. I have similar issues with trustees getting paid a percentage of assets. There is almost zero likelihood that what the trustee is doing merits that kind of compensation.
@@bobpadrick7718 can you share who will be professional fiduciary in texas ? thank you
First, I'm not licensed to practice law in Texas. So any response I give is not intended to be legal advice in the State of Texas. But beyond that, I'm not understanding your question. Generally, a professional fiduciary is someone who holds a license, granted by the state, to act on behalf of others in that state. You can select anyone who holds a professional fiduciary license from the State of Texas and name them as your trustee, as the executor of your will, as your agent with power of attorney or as your health care agent. I would suggest you call them first, to make sure they are accepting new business and to discuss whether there are any conditions to be met before they are willing to act on your behalf.
Overall, good advice. Perhaps a bit overkill if you have a simple estate, but when my mother passes, I'm going to set up a revocable trust to simplify the assets I'll have to manage when I'm gone and completely avoid probate. FYI, in my area, probate is no biggie for small estates, but a trust makes it simpler.
set it up before she passes. To many issues if you wait till after.
What state should I establish my Revokable Living Trust?
plus i believe u can require your kids to successfully complete financial education arranged by trustee thru wealth mgt team prior to any distributions
I'm on SSI my income is $914.00 , I am only getting $70.00 a month in EBT as they made a Mistake They and there is NO Human to talk to I Have an SNT to Keep my benefits and they do not understand what that Means My Home is in a depleting trust . I had in 19 of the 20 Quarters needed so did not qualify for SSDI , Missed it by that Much . I have an SNT a Trust to Supplant that the Corpus is about to be Exhausted from because I had to buy three froths of my food when I am supposed to get the full $200.00 . It takes a minimum of $1800.00 a Month to Live at my House .
I became disabled in 07 , Dad passed in 13 leaving me a Duplex and Money for the bills , Well the Property tax increased , So did the Water , The food , etc . I will be forced to Try going back to Work with 50 percent Kidney function and Type 2 Diabetes in about a Year , If I can not get Healthy enough to Work I'll Loose $400.000 in Property , House Lot , Car and my Stuff .
I just Dropped my Landline as it was $67.00 a Month . My SSI is $914.00 the Bank takes $2.00 for a Paper Statement each Month . All the Household Bills just went up 45% , My EBT is Only $70.00 when it should be $200.00 but there is No Human caseworker to speak with and even if you get a person they don't Understand What an SNT is and that the House is in there and that is to Protect the benefits . It is frustrating as I only have a year if Corpus left in my SNT , then I will have to somehow Pay to show the Ending of that trust and the Transfer of Deed and Title of the House , Car and all Household bills . I see a future of No Gas . I'll be selling everything I own to pay the bills for however long I can keep the Car or have a Yard Sale and I am too weak to do the sales so I'll have to find a couple of people to help , the whole thing is sad as I should be a few years from retirement and instead I'll be slipping into Homelessness .
Depends on scenario relative to children, existing businesses and investments, etc. Consult with a lawyer.
Mark explains RLT, a complex topic in easily understandable language.
Many states are not making it so that even trusts can be taken leaving the family with nothing. Do keep up with the new laws.
A friend faced a similar situation some years ago, even falling behind on taxes. I recall he entered the market with around $70k, and I was astonished at how his profits surged. Do you think it's a favorable time to invest?
You're correct. He was indeed working with a financial advisor. Although he had been investing on his own for a while, he didn't see substantial profits until he made the switch. His life changed dramatically in a matter of months, quite literally.
Hello, I'm currently seeking an advisor. How can I find a reliable one similar to yours?
Fascinating. I'm currently on her webpage, conducting my research. She appears to be quite skilled. I've sent her an email and scheduled a phone call.
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I trust myself everyday, thank you.
Great video. Is there a video about the difference between Revocable vs Irrevocable - pros and cons? Thank in Advance.
I revoked my contract with the collections agency that serves the interest of the United States Corporation, a foreign entity, separate from the Republic of the United States of America. I am not beholden to foreign entities, and informed them of the clerical error made signing that first 1040 form, due to a misunderstanding of the wordage. Idc if they approve or deny it, any further attempts at private property aquisition will be seen as strong armed robbery and responded to as such. I am not a slave and will not live as one for warring criminal banking cartels. Y'all do whatever, I'm a live or die Free.
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What if you have accounts with beneficiaries already declared, e.g., bank or investment accounts, that contradict what is declared in the Trust? Is there a hierarchy? Same thing if the Will and Trust conflict? And, can one have a separate trust from their spouse?
Thanks
So the RLT… does the step up on basis apply when I pass away if everything is in A trust does the step up in value come so a trust can sell assets without capital gains?
Closer to heaven on the golf course 😂
How do you hide property that’s in your personal name - primary home or rentals that has to be in your or your spouse’s names unless you get an expensive commercial loan - to obtain privacy under a trust when your name is still on public records as owning the property?
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR you can head to markjkohler.com/tax-advisor-network/ and get connected with one of our amazing Tax Advisors that can help you dive deeper into your questions. Thank you!
This doesn't protect against the Medicaid liquidation of assets. Can you convert the revocable to irrevocable?
Thank you Mark. I'm doing this. Do you have offices in Southern California?
We don’t have a mortgage, husband is now retired and wants to travel. We don’t splurge or anything like that. Inflation has hit hard and we want to relocate while growing his 401k which is minus 2 M atm. I'm cautious than ever with rising costs. What is your opinion? Happy to discuss.
Travel is a small but important part of that overall puzzle. Start with an annual budget for socializing and travel - $10,000 per year is a figure I picked out of the sky - and see how you get on with that over time. Agree to remain open to further conversations about adjusting that figure upwards or downwards.
Roughly how much you have in the 401k combined with a financial advisor’s help can help you not only grow but budget the money for your travel destinations. I and my spouse always delegate our excesses.
If I can chip in know what you are expecting from the 401k. An adviser might be able to help you visualize what role the 401k plays in your overall plan. If your husband isn’t require to take minimum distributions yet, how long will it be until he reaches that required beginning age? These are what an adviser may want to determine in order to help you plan better and what investment strategy best suits you.
Hiring a financial adviser means having someone look at everything from cash flow to investments and risk management to estate planning and legacy. Fixed income and treasuries may work for you while you try to figure out the next entry point for stocks
@@benalfredo The ones I find are young and I feel may not be experienced working with us. They also tend to charge as much as 1% AUM which I am not comfortable
Govt telling the 87,000 new irs we are going after trusts but must change law first
Maybe I’m missing something - it seems to make sense to hold most assets in the name of the trust, but changing the beneficiary of the IRA to a trust seems to be a bad idea from a tax standpoint given the higher tax rates on trusts. Anyone have any thoughts on this?
That depends on if the trust distributes enough money/assets to cover the IRA withdrawals or not. If the trust can distribute income, and if it does distribute that income in the year of the IRA withdrawl(s), then the beneficiaries should pay tax on it instead of the trust. But if the trust cannot distribute the income for whatever reason, gov docs or just sending checks late, then the trust pays taxes and most of it will be at the max tax rate of 35%. Executors/trustees emptying the IRA account in a single year and then failing to distribute enough money is the most common estate/trust failure I see. I normally suggest that IRA accounts have specific heirs as beneficiaries, but that can potentially be annoying if one dies before you.
I get it now. You rock! AAA+
This sounds like something for people that already have either alot of money, or are currently making alot of money.
That's a misconception. If you own a home, however modest, and people who you want to leave it to, a revocable trust will save them time and money when you pass away.
Our TV culture makes trusts and wills and estates seem like rich people stuff. Every one who dies leaves an estate. Estate simply means any property of the deceased. There's personal property ( jewelry cars collectibles clothes Xboxes) and real property (houses rental properties businesses).
Doesnt the "trust" take huge fees? What is your funds / equity are still growing & not very much yet?
Rad. Thanks.
RLTs are a nightmare. Invariably the survivors have insufficiently low character to act as trustee. This takes literally decades to unwind. Highly recommend using a GOOD trust company to be trustee.
Hi Mark! Great video!! And I bought 3 of your books which are great!! Question... are you familiar with " Non-grantor Irrevocable complex discretionary spendthrift trust" ?? are they legit?? do they help reduce or eliminate Capital Gains? Thanks!!
Inheritors miss out on step-up if decedent moves assets to a trust instead of as direct beneficiary. This is a fairly big deal on taxable assets and real estate.
Depends on the type of trust. Revocable grantor trusts, no. For tax purposes they don't exist until you die, and assets in them still go through the estate estate tax (if you have enough money) Irrevocable trusts, probably. I've heard lawyers claim there are ways around it, but I've never seen it actually happen.
Are TOD and POD treated the same in this case?