Many assets ought to be titled in the name of the living trust. These include bank accounts, non-qualified [not IRA/401(k)] investment accounts, real estate, LLC and partnership interests, etc. On the other hand, IRAs, 401(k)s, life insurance, and annuities typically pass by beneficiary designation. (special circumstances might change this) A contingent beneficiary is a “second in line” person or trust that receives the account on the death of the owner if the primary beneficiary is deceased.
@@CunninghamLegal I think ConnieDellobuono's idea to add the NICER Interdiction Living Trust as a contingent grantee is a great idea to handle unforeseen circumstances.
Very informative- question: my wife and I each have separate Treasury Direct accounts to buy I-Bonds annually. Will you please comment on the pros and cons of funding our living trust with these accounts? It’s complicated for several reasons, including the annual purchase limits of I-Bonds per person.
I-Bonds can be tricky because of the annual purchase limit. Some coupes buy them separately so you can buy twice as much. If the assets are outside of the trust when a person dies, a probate may be required. We would be happy to review your mater on an individual basis.
Generally, we don't see this. The owner of the asset must fund a trust either individually or the Agent under a Durable Power of Attorney might be able to do so provided the DPA and Trust permit it. *this is not legal advice, this is information only*
I live in Florida and my mom who is 84 years old lives in Sacramento. Would it be possible to set up her estate plan without me planning too many trips to CA?
We have offices throughout California, and we offer in-person, phone, and Zoom appointments. Many of our clients prefer to come into the office and have us conference in loved ones from other states. We would welcome the opportunity to help you with you mother's estate planning needs. If you are not already represented, you can contact us at: www.cunninghamlegal.com/california-law-offices/contact/
Thanks for subbing! Most of our content is about an hour because we go very in depth, but thank you for the feedback. Here are some of our shorter videos: ruclips.net/video/8-x1xDiqRWQ/видео.html ruclips.net/video/BAiQ_-Ng1LU/видео.html ruclips.net/video/WFP6LXtbEvw/видео.html ruclips.net/video/Lh9OgTgmEr4/видео.html ruclips.net/video/ttaypDcsH0o/видео.html
Excellent presentation of critical information. I am in the process of completing my trust at this very moment.
Wonderful! I'm glad it was helpful.
I love this video, its allowing me to understand real life examples in taking my CLU (Chartered Life Underwriter)Designation
I'm really glad you found it useful, thank you!
Add the trust as contingent beneficiary in all your investments accounts
Many assets ought to be titled in the name of the living trust. These include bank accounts, non-qualified [not IRA/401(k)] investment accounts, real estate, LLC and partnership interests, etc.
On the other hand, IRAs, 401(k)s, life insurance, and annuities typically pass by beneficiary designation. (special circumstances might change this)
A contingent beneficiary is a “second in line” person or trust that receives the account on the death of the owner if the primary beneficiary is deceased.
@@CunninghamLegal I think ConnieDellobuono's idea to add the NICER Interdiction Living Trust as a contingent grantee is a great idea to handle unforeseen circumstances.
thanks
You're welcome!
Very informative- question: my wife and I each have separate Treasury Direct accounts to buy I-Bonds annually. Will you please comment on the pros and cons of funding our living trust with these accounts? It’s complicated for several reasons, including the annual purchase limits of I-Bonds per person.
I-Bonds can be tricky because of the annual purchase limit. Some coupes buy them separately so you can buy twice as much. If the assets are outside of the trust when a person dies, a probate may be required. We would be happy to review your mater on an individual basis.
Can a successor trustee fund the trust
Generally, we don't see this. The owner of the asset must fund a trust either individually or the Agent under a Durable Power of Attorney might be able to do so provided the DPA and Trust permit it. *this is not legal advice, this is information only*
I live in Florida and my mom who is 84 years old lives in Sacramento. Would it be possible to set up her estate plan without me planning too many trips to CA?
We have offices throughout California, and we offer in-person, phone, and Zoom appointments. Many of our clients prefer to come into the office and have us conference in loved ones from other states. We would welcome the opportunity to help you with you mother's estate planning needs. If you are not already represented, you can contact us at: www.cunninghamlegal.com/california-law-offices/contact/
Hi i enjoy your videos. Thank you. Ive subscribed. Theyre a little too long
Thanks for subbing! Most of our content is about an hour because we go very in depth, but thank you for the feedback. Here are some of our shorter videos:
ruclips.net/video/8-x1xDiqRWQ/видео.html
ruclips.net/video/BAiQ_-Ng1LU/видео.html
ruclips.net/video/WFP6LXtbEvw/видео.html
ruclips.net/video/Lh9OgTgmEr4/видео.html
ruclips.net/video/ttaypDcsH0o/видео.html
What happens if you overfund an ILIT?
By overfunding, do you mean not all money is going into a life insurance policy? Or if the life policy becomes a Modified Endowment Contract?
Can send me Savey Estate Planning