Spectacular delivery, sir! What an entirely succinct but equally adequate synopsis of perhaps the single most relevant and typically overlooked subject of estate planning. Bra-freakin-vo! Here, Hear!
Omg I’ve never heard anything presented so simply before thank you! I clicked on this vid because In the thumbnail you just look like you knew what you were talking about lol
Lee , you have an uncanning ability to put so much information in 8:26 . Well done 👍🏼, and my deepest condolences to you and your family . May Kristie r i p ☮️
Great info Lee! Thanks for sharing! What type of deed do you recommend to put the house into the trust? Warranty or quitclaim? Thanks in advance for the answer.
Because the transfer from you to your living revocable trust (basically, from you to you), a quit claim deed is sufficient. The warranties are still attached to you. If the deed is from you to an LLC or some other entity, then use a warranty deed to transfer the warranties to the “new owner” which isn’t you.
Thank you Lee. What happens if the deceased (say a childless, spouseless Aunt) dies without putting her house in her trust (still in her name), where the will does not specify who gets the house? The Will gives all personal property to Party A (who is also the Trustee), but is silent about the house. The Will then says that all residue for the estate is devised to the Trustee "under the Revocable Trust Agreement to be administered in accordance with the terms of the Trust Agreement." But since the house was never funded in the trust, and thus cannot be devised to the Trustee to be administered in the trust, does the Deceased die INTESTATE as to the house. This will have a huge impact on beneficiaries of the house.
The house would be included under the will as an asset of the deceased. I assume the will is a “pour over will.” That means any property of the decedent (real or personal) will be moved through probate if necessary (that would be required for a piece of real property) and then transferred to the trust for distribution under the terms of the trust. I would suspect there is a provision in the will that addresses the decedent’s property other than just personal property.
If your starting from scratch do you setup a trust then buy a LLC with your trust? Im only seeing videos on transferring your llc into a trust. Is this the only way? Thanks in advance and love your videos.
You can set up an LLC using your trust as the owner. Then the trust is the owner of the LLC from the beginning. The trust would be the member and you would be the registered agent and manager.
I have POD to my trust for my bank accounts. And trust as beneficiary for all other financial assets. Transfer deed for my house to trust. I’m confused if simply changing beneficiary to my trust is considered funded and safe from probate. Enjoying this series!
You will transfer the entire account to the Trust. Just have the brokerage firm change the name on the brokerage account. The name of the trust, date, and trustee’s name all have to be on the account. It doesn’t matter what assets are held in the account.
About 1/3 of the lawyers do a separate trust for each (mom and dad), and about 2/3 do a joint trust for mom and dad. There are advantages and disadvantages to both systems. It's really a toss up. The advantages for separate trusts are some asset protection in common law states, because the assets are separated into two pockets, and the assets of the person's trust who dies first get locked into an irrevocable trust, or they can be paid over to the surviving spouse and that wouldn't happen.
Hi. you mentioned oil and gas shares. How does a person buy shares of oil or gas?how does a person buy mineral rights with a property?How does someone find out who owns the mineral rights for land?
I have a irrevocable trust with my 4 parcels placed listed in my schedule A but the Tax Appraisal won't grant me full ownership. Plus I have a non profit organization which is mentioned in their tax codes as a exemption.
I understand that I would have to sign over my house that I live in to the trust. Right now I do not have to pay property tax because I am disabled in Alabama. But what happens if I put my house into the trust? Now the trust owns the house not me, so do I now loose the property tax disabilty tax break because the trust is not disabled?
You are going to have to do a little digging at the county and whoever waives the taxes for you. The general rule (it is really a pretty hard and fast rule) is that the living revocable trust is you and it will not change things for taxes and everything else. The living revocable trust is a “disregarded entity” and should just be ignored by everyone. But, I haven’t specifically dealt with your problem, so run it up the flagpole and see what happens before you make the actual transfer. It shouldn’t affect your taxes or the waiver, so if someone says it does, dig deeper.
How does moving a house into a trust affect the existing mortgage. Can the bank call your loan due if you move into a trust? And what happens if you want to refinance, do you have to transfer the house back into your name out of the trust if you want to refinance?
Moving a house into a living revocable trust is a specific exception to the due on sale clause in the Garn-St. Germain Act. The mortgage company can’t call the loan if the criteria are met.
I just had a Revocable Trust done in Michigan and my Lawyer said my Vehicles , Bank Accounts, and Brokerage Accounts could just have the Trust listed as the Beneficiaries, is that correct or do I need to put all into the Trust ??
I don’t know how you list a beneficiary for a car or a brokerage account. You can have pay on death or transfer on death “beneficiaries” for a bank account. You need to make your assets owned by the trust. You are being set up by the lawyer for a failure and future probate.
The bank has nothing to do with transferring a property into the trust. Just establish a trust, then make a deed from yourself to the trust transferring the property. You will go down to the bank and move your bank account into the ownership of the trust. That has nothing to do with moving the home property into the trust, which should be done separately.
Hello, Can you use an assignment to transfer real estate, brokerage accounts and LLCs to your irrevocable trust without changing the deed at the courthouse?
In theory you could use an assignment to transfer property to a trust. But likely the title company, brokerage, and others won’t “honor” or recognize the assignment without a court order.
If the trust is revocable, you should be able to revoke it. The trust document itself should tell you the steps you need to follow in order to revoke it.
The trustee endorses the check. The trustee is listed on the bank account. The writers of the check will see the endorsement. Or some banks will let you just write “for deposit only” on the check with no endorsement. The trust really won’t shield you from all anonymity problems.
15-12-2021. Long storie short, my dad set up a living trust for all of us, l lost All known law firm name, my sister opened her trust back in mid1978, but was disinherted form it by dad, and she want tell us who or were it is.No luck in 2 yaers of hunting, got any ideas???
No real ideas. If you can’t find a trust, there must not be one, as far as the law is concerned. Is the bank account in the trust, you could get name date and trustee possibly.
If there are multiple trustees then the titles should reflect the multiple trustees. So the title or signature card or other “asset document” should read: Name of trust, Date of trust, John and mary doe trustees.
Hey Lee can you make a video on annuities? What are they?. Someone told me that if you lend like 100k to an insurance company for 15 years, then after the 15th year the insurance company pays you 100k for life.
WATCHOUT ON ANNUITIES!THEY could probably take it all if you die one minute before the 15 years is up!Afterall they are an insurance product.my aunt invested 107k...all loose money she had into an annuity.before the 5 years was up,she stupidly asked that it be paid out in 120 monthlys.NOBODY WARNED HER THAT THE RULES WERE BROKEN.she had a surrender fee of 21,567 buxAND THEY PAID HER 735 TIMES 120 MONTHS.NOBODY WARNED HER
I subscribed right away to this channel i dont want to miss anything this man has to say to help us l will contact him as am ready to go! Thank you sir!
Yes. The lease could be assigned to the trust, thereby “giving” it to the trust. The trust could be the lessor if it is set up through the trust. I will keep the lease “clean” when you die. Have the lessee start making out checks to the trust and let them know it has been assigned, then nothing will change when you die.
Water shares are something that will have to be probated. Currency isn’t an asset that has to be probated, because you don’t have to sign your name to transfer it to me. Whoever has the currency is the owner.
This channel is so underrated
Let’s help him get more exposure
Welcome back. This series is some of the best estate planning videos on youtube.
Spectacular delivery, sir! What an entirely succinct but equally adequate synopsis of perhaps the single most relevant and typically overlooked subject of estate planning.
Bra-freakin-vo!
Here, Hear!
Omg I’ve never heard anything presented so simply before thank you! I clicked on this vid because In the thumbnail you just look like you knew what you were talking about lol
Lee , you have an uncanning ability to put so much information in 8:26 . Well done 👍🏼, and my deepest condolences to you and your family . May Kristie r i p ☮️
Thank you.
Thank you for such a great info, many years ago I bought your legal kit, unfortunately I lost it, I'm glad for your youtube videos.
Call into our office at 801-802-9020 and we can probably get you a new copy.
Great info Lee! Thanks for sharing!
What type of deed do you recommend to put the house into the trust? Warranty or quitclaim?
Thanks in advance for the answer.
Because the transfer from you to your living revocable trust (basically, from you to you), a quit claim deed is sufficient. The warranties are still attached to you. If the deed is from you to an LLC or some other entity, then use a warranty deed to transfer the warranties to the “new owner” which isn’t you.
Great presentation without all the nonsense gibberish!!
Thank you Lee. What happens if the deceased (say a childless, spouseless Aunt) dies without putting her house in her trust (still in her name), where the will does not specify who gets the house? The Will gives all personal property to Party A (who is also the Trustee), but is silent about the house. The Will then says that all residue for the estate is devised to the Trustee "under the Revocable Trust Agreement to be administered in accordance with the terms of the Trust Agreement."
But since the house was never funded in the trust, and thus cannot be devised to the Trustee to be administered in the trust, does the Deceased die INTESTATE as to the house. This will have a huge impact on beneficiaries of the house.
The house would be included under the will as an asset of the deceased. I assume the will is a “pour over will.” That means any property of the decedent (real or personal) will be moved through probate if necessary (that would be required for a piece of real property) and then transferred to the trust for distribution under the terms of the trust. I would suspect there is a provision in the will that addresses the decedent’s property other than just personal property.
If your starting from scratch do you setup a trust then buy a LLC with your trust? Im only seeing videos on transferring your llc into a trust. Is this the only way? Thanks in advance and love your videos.
You can set up an LLC using your trust as the owner. Then the trust is the owner of the LLC from the beginning. The trust would be the member and you would be the registered agent and manager.
I have POD to my trust for my bank accounts. And trust as beneficiary for all other financial assets. Transfer deed for my house to trust. I’m confused if simply changing beneficiary to my trust is considered funded and safe from probate. Enjoying this series!
How do I put an investment account into a trust that has mutual funds and other stocks etc...?
You will transfer the entire account to the Trust. Just have the brokerage firm change the name on the brokerage account. The name of the trust, date, and trustee’s name all have to be on the account. It doesn’t matter what assets are held in the account.
@@Legaleescorp Thank you.
Is there any advantage of having 2 separate trusts such as one for each parent?
About 1/3 of the lawyers do a separate trust for each (mom and dad), and about 2/3 do a joint trust for mom and dad. There are advantages and disadvantages to both systems. It's really a toss up. The advantages for separate trusts are some asset protection in common law states, because the assets are separated into two pockets, and the assets of the person's trust who dies first get locked into an irrevocable trust, or they can be paid over to the surviving spouse and that wouldn't happen.
Hi. you mentioned oil and gas shares. How does a person buy shares of oil or gas?how does a person buy mineral rights with a property?How does someone find out who owns the mineral rights for land?
I have a irrevocable trust with my 4 parcels placed listed in my schedule A but the Tax Appraisal won't grant me full ownership. Plus I have a non profit organization which is mentioned in their tax codes as a exemption.
I understand that I would have to sign over my house that I live in to the trust. Right now I do not have to pay property tax because I am disabled in Alabama. But what happens if I put my house into the trust? Now the trust owns the house not me, so do I now loose the property tax disabilty tax break because the trust is not disabled?
You are going to have to do a little digging at the county and whoever waives the taxes for you. The general rule (it is really a pretty hard and fast rule) is that the living revocable trust is you and it will not change things for taxes and everything else. The living revocable trust is a “disregarded entity” and should just be ignored by everyone. But, I haven’t specifically dealt with your problem, so run it up the flagpole and see what happens before you make the actual transfer. It shouldn’t affect your taxes or the waiver, so if someone says it does, dig deeper.
How does moving a house into a trust affect the existing mortgage. Can the bank call your loan due if you move into a trust? And what happens if you want to refinance, do you have to transfer the house back into your name out of the trust if you want to refinance?
Moving a house into a living revocable trust is a specific exception to the due on sale clause in the Garn-St. Germain Act. The mortgage company can’t call the loan if the criteria are met.
Hello! I love all of your videos!!
I just had a Revocable Trust done in Michigan and my Lawyer said my Vehicles , Bank Accounts, and Brokerage Accounts could just have the Trust listed as the Beneficiaries,
is that correct or do I need to put all into the Trust ??
I don’t know how you list a beneficiary for a car or a brokerage account. You can have pay on death or transfer on death “beneficiaries” for a bank account. You need to make your assets owned by the trust. You are being set up by the lawyer for a failure and future probate.
Are you saying I must go to the bank and set up a trust in my name, and put the deed of the house into it, if I own the house.
The bank has nothing to do with transferring a property into the trust. Just establish a trust, then make a deed from yourself to the trust transferring the property. You will go down to the bank and move your bank account into the ownership of the trust. That has nothing to do with moving the home property into the trust, which should be done separately.
Hello, Can you use an assignment to transfer real estate, brokerage accounts and LLCs to your irrevocable trust without changing the deed at the courthouse?
In theory you could use an assignment to transfer property to a trust. But likely the title company, brokerage, and others won’t “honor” or recognize the assignment without a court order.
@@Legaleescorp , the properties are mortgage free so does that make it easier to be official?
Is it possible to revoke a revocable living trust?
If the trust is revocable, you should be able to revoke it. The trust document itself should tell you the steps you need to follow in order to revoke it.
Could I fund my trust with a privately held promissory note?
Yes, you can have a promissory note paid to your living revocable trust. That way there won’t be any disruption at your death.
@@Legaleescorp will the bank credit the worth of the note to my bank account? Or would I need a trust brokerage account for that?
How do I make deposits into my trust owned bank account and still maintain anonymity?
The trustee endorses the check. The trustee is listed on the bank account. The writers of the check will see the endorsement. Or some banks will let you just write “for deposit only” on the check with no endorsement. The trust really won’t shield you from all anonymity problems.
15-12-2021. Long storie short, my dad set up a living trust for all of us, l lost All known law firm name, my sister opened her trust back in mid1978, but was disinherted form it by dad, and she want tell us who or were it is.No luck in 2 yaers of hunting, got any ideas???
No real ideas. If you can’t find a trust, there must not be one, as far as the law is concerned. Is the bank account in the trust, you could get name date and trustee possibly.
How about a irrevocable trust funding? Thank you
Good idea. We will work on that.
What if there are multiple Trustees????
If there are multiple trustees then the titles should reflect the multiple trustees. So the title or signature card or other “asset document” should read: Name of trust, Date of trust, John and mary doe trustees.
Hey Lee can you make a video on annuities? What are they?. Someone told me that if you lend like 100k to an insurance company for 15 years, then after the 15th year the insurance company pays you 100k for life.
WATCHOUT ON ANNUITIES!THEY could probably take it all if you die one minute before the 15 years is up!Afterall they are an insurance product.my aunt invested 107k...all loose money she had into an annuity.before the 5 years was up,she stupidly asked that it be paid out in 120 monthlys.NOBODY WARNED HER THAT THE RULES WERE BROKEN.she had a surrender fee of 21,567 buxAND THEY PAID HER 735 TIMES 120 MONTHS.NOBODY WARNED HER
I subscribed right away to this channel i dont want to miss anything this man has to say to help us l will contact him as am ready to go! Thank you sir!
Thanks, great Information🙂🌈🌸
What about irrevocable trusts? Do they work the same way?
The funding is the same process, BUT BUT, there is a tax consequence to the irrevocable trust funding, where there isn’t to a living revocable trust.
@@Legaleescorp Tax consequence - how?
Yes how?
Gift tax ?
Thank you so much!
can I put an apartment lease in a trust
Yes. The lease could be assigned to the trust, thereby “giving” it to the trust. The trust could be the lessor if it is set up through the trust. I will keep the lease “clean” when you die. Have the lessee start making out checks to the trust and let them know it has been assigned, then nothing will change when you die.
Retitle period
Thank you so much lee!!!
How can I get ahold of you.
Call our office at 801-802-9020 or email info@legalees.com
Thank you
water shares? CURRENCY
Water shares are something that will have to be probated. Currency isn’t an asset that has to be probated, because you don’t have to sign your name to transfer it to me. Whoever has the currency is the owner.
Is there a way to fund cryptocurrency into the trust?
In theory the trust could own the crypto account. The problem is the brokerages require all the accounts to be in a person’s name.
Subscribed
ah i don't want to own anything. owner is the trustee. trustee pays.