If You Have a Living Trust, Watch This!
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- Опубликовано: 26 апр 2020
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While most living trust informational pieces discuss the benefits of a revocable living trust, such as avoiding probate, and avoiding the court and attorney involvement of probate, this post addresses what can go wrong when a living trust is not funded correctly.
For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: go.oncehub.com/Paul8
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
I have spent thousands with attorneys for the same information you give me. THANKS
We have a Revokable Living Trust, Power of Attorney, Healthcare Proxy and Living Will. Investments are TOD to specified beneficiaries. Sentimental items are photographed and in a list for beneficiaries we would like to receive them. We sleep much better knowing everything is in order and the process will be as simple as possible for the successor trustee.
Love all your information. I am 71 and wondering when is the best time to start looking into trusts for later in life. I am healthy but that may not always be the case. Keep the videos coming. June
You are 71 and you are wondering....God have Mercy ...the time is now there is not later in life for you.
This session answered so many of my questions I was unsure about! Thank you, thank you, thank you. 😇
LindaH, Dallas, TX
Watching from Kentucky, very informative
Thank you, Paul, for your videos. Very helpful.
What do you when your mother just passed away and my sister is squatting in my mom's house the day she passed
You have so much great information, thank you so much.
Thank you for sharing your expertise and educating us on Estate Planning. Love from Texas.
Very informative and helpful, thank you very much!
Yip I'm going to have to watch this today and again tomorrow
Thank you so much for education. Witch I realy need. God Bless you.
Thank you for all the great info! Too bad that the human element is lost in these legalities. Its disgusting the way the emotionally involved executor does all of the loving, caregiving, managing and grieving, yet the absent siblings can still waltz in years later upon the parents demise, and strong arm, bully the process forward despite the executors shattered recovery, and then force liquidation and disbursements with zero knowledge, respect or regard for the carnage of the executors now accumulated losses.
I think the carrying party if the parent is in there home or maby even just in there care ,that person is entitle to 5% additional money. Check it out.
I enjoyed watching this , very informative ...
Fantastic information. Let in go new york buy you are very relevant
Thank you! Your vlogs are very informative and well presented.
First time listener. H.watts
Love all your information awesome! Nursing homes are very expensive $6000-$8000 NY$12000 if go to nursing home and all costs exceed the value of my estate after residents few years, what gone happen to me?
Thanks so much. We needed this info.
23:40 great questions
FL.HERE,GOOD JOB.
I would very much like to have help in setting up our final papers. I live in in Illinois i am 75 my wife is 83. Can you help me do this, or do I have to see a local lawyer to do this. I like how you present information you appear to point blank and direct and we both like this.
How can a living trust prevent losing home or savings when entering assisted living?
You are GREAT, marvelous information. I am old,but still working as an art restoration/repair person. I have a home and a few bank accounts. I have one heir, and named her as sole TODD on my home, POD on my bank accounts. I did a Will with a lawyer 5 years ago. I specifically excluded two estranged children. The lawyer said the Will would only be used as a back up if assets were contested. (The business located in my home, and 30:11 is so esoteric that no one else understand how to make it work. It dies with me.) if she gets the house on a TODD and the bank accounts by POD, would a Trust be necessary?
Is it better to put mineral rights in revocalbe living trust or just disignate heirs with recored mineral rights?
Do the inheritance through a revocable trust pay taxes
Very informative video. Can you explain or do a video about the rentals in LLC? How to transfer the LLC to a trust?
Great video very informative a couple of things and I don’t have a trust but I want to do one my lawyer is stubborn about it wants to keep me in the will but I think we’re going to change that. Here’s a question what about a lease vehicle does that have to be put into a trust? Also my rental properties that I own if I move them into a trust from my name how do the tenants pay their rent under the trustees name or can it still be under my name. Does that count as well with an LLC? Thank you
Awesome information ❤️❤️
Very educational!
Which would you suggest to a single person, a revocable or irrevocable trust?
I'm thinking about a CRCC type life care residence.
I understand the initial buy-in can cost between $200,000 and 650,000.
And the monthly cost ranges from $2500-8500.
My question is can you protect your assets in a trust so they cant be accessed by the management when you get to the last stage of nursing care. It is my understanding that you must spend down your assets before they give you "benevolent" care?
Hi there, do you have an office in Houston, Tx
We have a RLT and bank accout is in it, we bought some Tresury IBonds from Tresury Direct with that account. are those IBonds automattically in the trust?
Also wanted to know if I want to protect assets should I add a "asset protection trust" to my wifes (passed) grantor of a revocable living trust or is done another way ? Any example of cost ? I & wife created living trust (online) now have a lawyer to create estate charges 3% for creating estate that includes manage trust for (deed etc) . We also have a law suit that this lawyer charges 3% of as compensation for his workI, is that customary? And what is normal cost if adding asset protection trust clause ?
how does this work when the asset is a STATE certificate of live birth that is recognized as a stock certificate / property deed accumulating interest due to the state using the certificate for tax purposes and it being traded on the stock market ?
Good question
If you have an Estate that is less than the Estate Tax limitation do you still have to go through Probate? Does a will require that a court administer the distribution of assets? What if one parent dies leaving the estate to their spouse and there is only a single child in the will? How does a final will become effective? Can the lawyer that makes out the will supervise the distribution of the estate or does this require court supervision? I've never really understood the legal process.
Can a trust be appealed if someone has a legitimate claim but wasn't included in the living trust?
I have a Irevocable living trust,lost my husband. I have a ira and stocks and bonds all in the trust. I also have rental properties and a s -corp also in my trust. What am I doing wrong.
Thanks
how do you transfer the interest in your LLC to your trust?
That non-titled "stuff" is often the thing that causes the most or only conflict. Something needs to specify who gets what. Other sites say to put it in the trust. Are you saying address it in a will?
What should the beneficiaries do if the grantor’s trustee (who’s also a beneficiary) has been making the grantor (who was recently diagnosed with dementia) give her special gifts and is no longer trusted by the other beneficiaries? Should we be worried and hire a lawyer now or wait until the grantors death? Should we accept it these special gifts now or should we contest the special gifts after the grantors death?
When the grantor no longer has capacity to make decisions, consider filing for conservatorship. This done in a court proceeding.
😊
Out-of-Statd Movers stole 20+ bookboxes including Will & Trust. The lawyer decided how it shouldbe. How can I revoke them & obtain copy in case?
Iam disabled and don’t pay property taxes in the state of Alabama if I put my home in the trust will I still be able to be able to get exempt from paying the property tax since the house in in the trust
Great info! Love the humor too: "We're all going to die or so I hear" lol
Haha “Buick Grand Marquis”. Buick Grand National. Mercury Grand Marquis. Thanks for the estate planning info, though.
@Paul - Does Trust designated as beneficiary of an IRA be required to go through Probate when owner dies?
Is it advisable to have a complete list of what and who you want certain items to go to? DOES THIS HAVE TO BE NOTORIZED BESIDES THE TRUST?
It doesn’t have to be notarized.
Is it necessary to state within the Living Trust, names of individuals you do not want to benefit from the estate assets?
But does the trustee have to probate the first to validate will before trustee can start
Does a Transfer Upon Death Deed (for a home) work to avoid probate and avoid Medicaid asset recovery? As long as its filled in correctly and filed. Why would you need a trust for that?
no
Is a irrevocable living trust what an elder law attorney/lawyer drafts?
Probating 9 years here. 11 cousins are the farm heirs............ 2 have died. Still not done......... we are not happy.
Can you work with clients in TN
Would my son who has my passwords to my stock broker's account be able to withdraw money out of my account right after my death ?
How does the trust know where to access these different things left to the trust.
we have awill.we thought that was enough until we watched your video on revocable living trust. our lawyer said unless we had a significant amount of money we did not need a trust. I think he was wrong. am I right?
Are you familiar with international inheritance law.? Is living trust working in Europe on the same principles? Do I need international lawyer to set my estate planning etc
My mother set up a special need’s Trust for my brother , she named his daughter as trustee, what does the trustee need to do to continue the trust after my mother died.
Is it difficult to revoke a revocable living trust?
Will u do a Living trust from Ky? If not, do u know a go lawyer from Ky?
What if you leave a will just saying lit goes to heirs ..who are they an what do you do after their passing ? My kids left a will just saying it goes to heirs.I meet.to say their grandmother is how she left her will ..now we don't know who all it involves ..
Hope ur not a cowboys fan, thus make me find another lol, as life long Redskins fan in DC (not commanders). Like looking to you as my backup lawyer, concerning the all 3 confusion question question "one as all" wanted to clarify mom as grantor (died) & dad as executor & beneficiary should be "principle" of these also and not kids ? Thought you said kids after him should be principal before the children ?
Im a single mon with 3 kids. My youngest is a special need child and receiving SSI. I have a fully paid small home with some retirement accounts. My 2 older kids are now independent. I am worried about my special child when I die. What will you suggest that I do.
I had a trust set up. The attorney used a boilerplate “insurance” format. My understanding was this type trust was for estate purposes to put a life insurance policy in the trust to pay the estate tax bill. It does establish principle beneficiaries, trustee, successor trustee. The trust has been funded with brokerage account of stocks, ETFs and mutual funds. Will be supplemented with cash from sale of rental real estate. Should the trust be rewritten to be more specific to the holdings and purpose?
My mom setup her and husbands living trust. He passed away 10/2020 and then she passed 2/2021. I am trustee along with one of her husbands children as co-trustee. We , mom and I, never went over details. She left majority of financial things out of trust and just listing me as beneficiary . Siblings and step siblings feel I should be splitting everything amongst us all. There are 7 all together. But not sure that everything was meant to go to all 7 or if some assets were to be split with just her children.
sharing is caring. Maybe she picked you because you would do the right thing.
Share. You’ll be blessed.
thank you for this vid...being backstabbed by new wife and brother...just found out they put my dad in a home in Feb....I will be brushing up on everything and learning all I can....I was wondering if it meant puter stupid as in 'computer stupid? anyway these people Im up against are possessed by the devil and I am more interested in keeping him alive and exposing the drug that caused him dementia...the fittest man cop/ horse racer/boxer you've ever seen til 'Her' but I do a bit of law here and there including beating estee lauder and beating the covid scam....I will be finding every nook an cranny for getting her POA removed. She's a narcotic anonymous sociopathic cancer survivor.....she's got 3 dead husbands. Blocked me and thank God my half sister who plans to back me up along with other family members.
My sister is power of attorney she takes all money from family business I'm the oldest child I get nothing she has went through 200 thousand allready can anything be done
I have printed labels on a lot of pictures, etc
Typical the lawyer dodges the how must does it cost question. 😅
What about bills left behind
Should the children get
get anything if they never contact you
No
Regarding how to handle the distribution of untitled stuff (Personal property) in a Living trust.
Do a ‘Pour-over Will’ that says: everything you own (Titled or not) at the time of your death is to be placed into the Trust. Then issue an ‘Instructions to the Successor Trustee’ document to direct the distribution of these items. Make sure to make note of these documents (‘Pour-over Will’ and ‘Instructions to the Successor Trustee’ ) in the language of the Living Trust.
The above is not provided as legal advice….I am not a lawyer.
Can i set up a trust if i have a lein?
Did you find this out?
@@pattiplaster7032 yes, you can't set up a living trust with the property that has a lean, but if you have multiple properties you can set up trust for those properties, just not the property under a lean. In my case a mechanical lein.
Thank you
John Harris
my parent are passed away they live me will trust , my parent lawyer sand to me that I should receive the trust, but the other lawyer create amendment looking
How do you pull out from a living trust?
I was 7
I asked my lawyer to do a Living Trust for me, which he did. He had me put some personal items and who the respective beneficiaries are for each, right in the trust document. I said I wanted him to put my home and another piece of real estate in the trust. He said not necessary because it would be very costly and he wrote up a 'pour over' will for me and said that everything would be poured over the day I die. Which implied that it didn't have to go through probate, but now I'm hearing you say the Living Trust must be funded to work properly and anything that is probated is held up. What should I do?
Very good question and needs clarification. Please answer. 0ne should have a will along with a Trust, to accommodate items not included in the Trust. Pour over makes it easier...but it still has to go through Probate. Please correct aa needed.
Transfer real property, including timeshares, into the trust. Simplest way is to use quitclaim deeds. Otherwise, whatever is in the pour-over will go through probate. I am not an attorney, but a recent “experience” has been educational.
Can you write your own Living Trust?
What if you only have one adult child?
I have a will, and a living trust written by my lawyer 13 yrs ago. Why do I have both?, if lawyer told me , I forgot. He has died now.
Short answer... Will=Who gets assets, how split. Trust=Avoid probate (court) to easily move certain assets (house/property investments) to heirs. Have property in name of Trust (funding the Trust).
Most likely you have what is known as Pour over Will. It goes along with a trust
I won a year's supply of nothing.
Question: do banks require Roth IRA accounts to be in the individual’s name? Do Roth or IRA accounts have to be titled in individual’s name?
Yes, my parents died with just their names on them. I’m their only daughter and had the trust,but they wouldn’t let me take control without going through probate. I’m really angry with Fidelity for not asking them when they were alive.
Puter is short of computer.
I think he meant computer stupid lol
Pooter stupid means fart stupid!
Mk
COMputer stupid......
The ART OF WAR is a Jesuit playbook.
Receipt?
You never answer any questions from your subscribers.