I appreciate all the info. But, I just thought I'd let you know that your trust kit costs more than the attorney we were looking at hiring. It would be great if it was affordable for us common folks who don't even have 1 million in assets. lol.... I think you'd probably sell a lot more too, since your target market is common folks who are searching on the internet for alternate answers to spending thousands. Just my two cents.... Your videos are still awesome though :)
@@seatruth5737 Yes, time is money. His time is money, but so is mine. A person has to deliver enough value to justify the expense, and the time it took someone to earn the money for that expense. As a consumer, why would we pay money that our time was used to earn, just to spend even more time (which is money) learning how to do it ourselves, when we could pay less time and money to have an expert do it for us? If you like to operate that way, go for it. I prefer to work smarter, not harder.
@@powerofknowledge7771 I'm in the legal arena too. It's can be quite complicated drafting trusts. I agree with the fee that an Attorney charges. I'd say he's knowledgeable in the trust area. You're paying for time, experience and knowledge.
@@powerofknowledge7771 honestly, if you don't have enough money for your trust to be drafted, I'd reconsider getting the trust. You need asset protection. You're going to also need a financial advisor.
Hi, I am in Texas. Am I understanding this correctly, I can just make up a name and create the trust document to form a trust, and the trust name will be recognized as a legal entity by the banks, mortgage lenders, etc? Would I have to get the trust document notarized?
Yes, when you create a trust it is like you are creating another person. The living revocable trust is actually treated as you. You get to name the trust. The trust has three parts to its name: name, date, name of trustee.
(I was wrong. Trusts are notorized) Never heard you have to get a trust notorized (This is wrong, at least I TX there is notary statements and signatures). All a trust is is basically a contract between the Grantor and the beneficiary(s). So no, it doesn't have to be notorized. What is MOST important is to FUND the trust. Funding means title your assets (real property) and bank/ brokerage accounts, etc. in the name of the trust (the title you give your "trust" document) Ie. Your trust's Name, UA date of trust signing, name of trustee (and successor trustees, if you want) Could be: 4ALL2B Trust, AU May 1, 2020, Peter Pan TTEE (and successor trustees)
I want to start my own irrevocable trust, where I can transfer my shack house and set up a business Corp. It will go to my sister . I have no other family.non taxable. what information do I need to include in my trust... ?
You can just name the individual. I would put more info than just a name, maybe an address also, and relationship. The issue is taxes in the country the person lives in and also here in the US. You’ll need to check with accountant types here and in their country. Most accountants have never considered the question. If it is a lot, then check it out good. if we are talking a small amount, a quick check should do it.
@Enter This Moment estates are trust the all caps name is a trust setup for the citizen who are legally incompetent ie idiots and or infants(not being insulting this is THE REAL MEANING) whom have not properly setup themselves up to handle their own affairs which is 95percent of the population.
We have an a/b trust that is no longer applicable and are thinking the best thing for us is to restate. We have a pour over will, the power of attorney and the health care directive. Our assets have all been placed into the trust. We are thinking of purchasing a software so we can do the restatement ourselves, do you have or know of a software you would recommend? We have not distributed copies of our trust to anyone other than the declaration of trust to financial institutions. Is it possible, in your opinion, to just do a new trust without calling it a restatement and discard to original? Thank you.
You will need to do the restatement, and you will have to go back and retitle all your assets under the restated trust date. It would be 1) John Doe Trust Restated 2) September 19 2024 3) John Doe Trustee. My materials will give you the documents and information you will need to do your own restatement, if you have them.
Hello there. I am looking to set up an International unencumbered living trust with myself as grantor, or a private trust as I am an Indiegnous Sovereign, and have been told I need to get this set up for the ancestral land, and other monies coming back that was confiscated from my ancestors. Are you able to help?
My moms is 90 and owns a coop. This is her only assets besides jewelry. Has no cash for lawyer. If I do her trust after it being notarized with witnesses does it need to be submitted to NY state or just keep it for our records.
You don’t file a living revocable trust. Just keep it for your records. Thanks for the idea for a video topic by the way. See it at ruclips.net/video/q9vsebha7xg/видео.html
If you have some rental properties in one member Sole proprietorship LLC then do you just need to create assignment on that llc and say i am transferring 100% this llc interest into the living trust name the trust name, trustee and date and you are done? if you do this is you don’t have to take each property out of existing LLC and prepare a separate deed for each properties and record those properties individually under the trust name? or you have absolutely take all properties out of llc and re-record them under the trust ?
The whole LLC goes into the trust, not each property. Each property is held by the LLC and the trust is the member of the LLC. It is a little more than just assigning the LLC ownership to the trust. You need to change the LLC documents (possibly even with the state in some states) to show the trust as the member not you.
Nolo is actually a pretty good operation. My will and trust kit gives you more of a customized document. If you want, call the office 801 802 9020 and I will give you 50% off the internet deal on the will and trust kit.
The trust kit is contained in the Personal Planning section of the Accumulation and Preservation of Wealth set, together with information on how to put together a will, living will/health care directive, durable power of attorney. See www.legalees.com/products/apw-system/ for more information.
I have kits with audio instructions that help you “fill out” the trust documents. Of course, you personalize them with your personal information and then the audio instructions help you make choices to get more of a customized document. The kits can be purchased on the internet sites, but call the office, and I will give you 50% off the internet deal. 801 802 9020 on the “will and trust kit”
If I create a "Trust" and I have property tax exempt due to my VA service connection. Since the "Trust" own the property, so the "Trust" will pay the yearly tax??
For almost all cases a living revocable trust is considered “you.” To be sure, check with the VA. You may have to file a paper with the VA to tell them that the trust is a living revocable trust and really just “you.” For example, in Florida, you have to file a paper to keep the homestead exemption, and in California you have to file a paper to keep the state from upping the property tax when you transfer the property into the living revocable trust.
👍OMG you are awesome! 💞 Thank you, thank you, thank you. 🤗 You should have millions of subs & viewers but instead we have silly channels like PewDiePie & KSI that have millions of subs & viewers!! SMH! It’s a shame.
Technical video advice. Try not to shoot a video with a light source BEHIND the subject. It makes the subjecting the foreground look very dark and harder to see.
We moved things around and created a studio in another part of the office at the beginning of October 2020. All videos after that time have a different setup.
There is a trust sometimes referred to as a dynasty trust. It is allowed in a few states and is also called an asset protection trust, Alaska trust, or legacy trust. It is a form of irrevocable trust that attempts to overcome the self-settled trust rules. However, a Dynasty trust is probably just a name somebody has given their version of a trust.
@@Legaleescorp Interesting The Dynasty Trust I’m referring to has separate and unique entries on credible sites like Investopedia, Wikipedia , law firms online etc as allowing one to pass down wealth in perpetuity Thanks
The Accumulation and Preservation of Wealth set is the kit. You can see it at legalees.com/product/apw/. Call Candy in the office at 801-802-9020 and tell her I said you could get 50% off.
@Legaleescorp Hey Mr Lee, just started watching your channel, great videos, bought 3 of your books, Will love to have your kit, but will you be able to offer me similar or better discount please?
I don’t know what a “private trust” is. Trusts are generally private, in that they are not registered or made public in most cases. In fact, the standard land trust (Illinois was the first, and now about 8 states have specific laws that define what a land trust is...) is used to protect the privacy of property owner. I have a lot of issues as to how private it really is, but it is widely used and helps in some situations. There is no “privacy trust” defined in legal statutes that I am aware of, so I think it is just a term that someone is applying to a standard living revocable trust or irrevocable trust of some sort. Promoters love to give their trust a name or something that distinguishes it, but basically a trust is a trust.
A private trust is one where the beneficiaries are named in the trust. Almost all of the trusts individuals deal with are private trusts, so when you say you want to set up a private trust, that doesn’t tell me anything other than that you want to name your beneficiaries. Is it a revocable trust, irrevocable trust, simple trust, complex trust, land trust, Irrevocable Life Insurance Trust (ILIT), or what do you want to do with the trust, estate planning, asset protection, tax planning? What type of trust are you talking about. Asset protection gurus throw the term around to snow people and make people think they have something special. A public trust is one that gives the benefit of the trust to the public in general rather than a specific named set of beneficiaries.
I think he probably means, a "Foreign Trust" rather than a private trust. A foreign trust, is usually formed outside of the jurisdiction of the United States, like perhaps in New Zealand, Malaysia of Singapore.
Depending upon what type of assets you have, many bank accounts, brokerage accounts and other assets have “work arounds” to easily transfer assets upon your death. If you only have one daughter, those work arounds may solve your problems.
@@Legaleescorp only one burning don't want her mom getting it so I want to be of legal age so she can decide what she wants to do with it when I'm gone
An attorney I had 23 years ago wrote a trust for me for $1300.00, then altered it for $500 more years later. This is a sales pitch this guy is making. Might as well put stuff in people's names as beneficiaries upon death, which will save one from all of this mess.
@@Legaleescorp I always hear that somebody has to notify the "next of kin." I don't want either of my siblings finding out about my death without investigating it themselves, which they aren't likely to do.
![Stromae, Pomme - “Ma Meilleure Ennemie” (from Arcane Season 2) [Official Visualizer]](http://i.ytimg.com/vi/1F3OGIFnW1k/mqdefault.jpg)
The best attorney and teacher around.
You're absolutely brilliant! The easiest attorney I have ever heard that I could comprehend. Thank you for these.
Thank you for the clear and no-nonsense information.
I appreciate all the info. But, I just thought I'd let you know that your trust kit costs more than the attorney we were looking at hiring. It would be great if it was affordable for us common folks who don't even have 1 million in assets. lol.... I think you'd probably sell a lot more too, since your target market is common folks who are searching on the internet for alternate answers to spending thousands. Just my two cents.... Your videos are still awesome though :)
Angela Reuss You’re Absolutely Correct
Time is money and he should absolutely acquire what he's asking for. Professionalism is not cheap.
@@seatruth5737 Yes, time is money. His time is money, but so is mine. A person has to deliver enough value to justify the expense, and the time it took someone to earn the money for that expense. As a consumer, why would we pay money that our time was used to earn, just to spend even more time (which is money) learning how to do it ourselves, when we could pay less time and money to have an expert do it for us? If you like to operate that way, go for it. I prefer to work smarter, not harder.
@@powerofknowledge7771 I'm in the legal arena too. It's can be quite complicated drafting trusts. I agree with the fee that an Attorney charges. I'd say he's knowledgeable in the trust area. You're paying for time, experience and knowledge.
@@powerofknowledge7771 honestly, if you don't have enough money for your trust to be drafted, I'd reconsider getting the trust. You need asset protection. You're going to also need a financial advisor.
Isn't the New Testiment already written ?
Hi, I am in Texas. Am I understanding this correctly, I can just make up a name and create the trust document to form a trust, and the trust name will be recognized as a legal entity by the banks, mortgage lenders, etc? Would I have to get the trust document notarized?
Yes, when you create a trust it is like you are creating another person. The living revocable trust is actually treated as you. You get to name the trust. The trust has three parts to its name: name, date, name of trustee.
(I was wrong. Trusts are notorized) Never heard you have to get a trust notorized (This is wrong, at least I TX there is notary statements and signatures). All a trust is is basically a contract between the Grantor and the beneficiary(s). So no, it doesn't have to be notorized. What is MOST important is to FUND the trust. Funding means title your assets (real property) and bank/ brokerage accounts, etc. in the name of the trust (the title you give your "trust" document)
Ie. Your trust's Name, UA date of trust signing, name of trustee (and successor trustees, if you want)
Could be:
4ALL2B Trust, AU May 1, 2020, Peter Pan TTEE (and successor trustees)
I want to start my own irrevocable trust, where I can transfer my shack house and set up a business Corp. It will go to my sister . I have no other family.non taxable. what information do I need to include in my trust... ?
Great video!
Quick question, how to create a trust or a will for a beneficiary that lives abroad, and it is not a resident, neither citizen?
You can just name the individual. I would put more info than just a name, maybe an address also, and relationship. The issue is taxes in the country the person lives in and also here in the US. You’ll need to check with accountant types here and in their country. Most accountants have never considered the question. If it is a lot, then check it out good. if we are talking a small amount, a quick check should do it.
Thanks so much!!!
What about irrevocable trust? Safe?
Can I do living trust with corporate fiction name?(ALL CAPITALS) or do I do this as my living entity name?(LOWER-CASE?)
@Enter This Moment estates are trust the all caps name is a trust setup for the citizen who are legally incompetent ie idiots and or infants(not being insulting this is THE REAL MEANING) whom have not properly setup themselves up to handle their own affairs which is 95percent of the population.
Set up all caps name trust and put it on the record and express the trust with exclusive equity jurisprudence and put in newspaper for copyright
We have an a/b trust that is no longer applicable and are thinking the best thing for us is to restate. We have a pour over will, the power of attorney and the health care directive. Our assets have all been placed into the trust. We are thinking of purchasing a software so we can do the restatement ourselves, do you have or know of a software you would recommend? We have not distributed copies of our trust to anyone other than the declaration of trust to financial institutions. Is it possible, in your opinion, to just do a new trust without calling it a restatement and discard to original? Thank you.
You will need to do the restatement, and you will have to go back and retitle all your assets under the restated trust date. It would be 1) John Doe Trust Restated 2) September 19 2024 3) John Doe Trustee. My materials will give you the documents and information you will need to do your own restatement, if you have them.
@@Legaleescorp I thought the purpose of doing a restatement of a trust is to not have to retitle assets already in the trust?
Hello there. I am looking to set up an International unencumbered living trust with myself as grantor, or a private trust as I am an Indiegnous Sovereign, and have been told I need to get this set up for the ancestral land, and other monies coming back that was confiscated from my ancestors. Are you able to help?
This is probably beyond what I do. You will need a very unique attorney that understands international unencumbered living revocable trusts.
My moms is 90 and owns a coop. This is her only assets besides jewelry. Has no cash for lawyer. If I do her trust after it being notarized with witnesses does it need to be submitted to NY state or just keep it for our records.
You don’t file a living revocable trust. Just keep it for your records. Thanks for the idea for a video topic by the way. See it at ruclips.net/video/q9vsebha7xg/видео.html
If you have some rental properties in one member Sole proprietorship LLC then do you just need to create assignment on that llc and say i am transferring 100% this llc interest into the living trust name the trust name, trustee and date and you are done? if you do this is you don’t have to take each property out of existing LLC and prepare a separate deed for each properties and record those properties individually under the trust name? or you have absolutely take all properties out of llc and re-record them under the trust ?
The whole LLC goes into the trust, not each property. Each property is held by the LLC and the trust is the member of the LLC. It is a little more than just assigning the LLC ownership to the trust. You need to change the LLC documents (possibly even with the state in some states) to show the trust as the member not you.
I have purchased ingredients trust templet from office max created by NOLO is it good one?
Nolo is actually a pretty good operation. My will and trust kit gives you more of a customized document. If you want, call the office 801 802 9020 and I will give you 50% off the internet deal on the will and trust kit.
Do you no longer offer your trust kit? I didn't see it on your website.
The trust kit is contained in the Personal Planning section of the Accumulation and Preservation of Wealth set, together with information on how to put together a will, living will/health care directive, durable power of attorney. See www.legalees.com/products/apw-system/ for more information.
We also created a separate trust kit with only the trust included. See legalees.com/product/trust-kit/
Can I print it out templet from your websites and fill out the information?
And where to register after you fill out all information?
I have kits with audio instructions that help you “fill out” the trust documents. Of course, you personalize them with your personal information and then the audio instructions help you make choices to get more of a customized document. The kits can be purchased on the internet sites, but call the office, and I will give you 50% off the internet deal. 801 802 9020 on the “will and trust kit”
If I create a "Trust" and I have property tax exempt due to my VA service connection. Since the "Trust" own the property, so the "Trust" will pay the yearly tax??
For almost all cases a living revocable trust is considered “you.” To be sure, check with the VA. You may have to file a paper with the VA to tell them that the trust is a living revocable trust and really just “you.” For example, in Florida, you have to file a paper to keep the homestead exemption, and in California you have to file a paper to keep the state from upping the property tax when you transfer the property into the living revocable trust.
I was wondering the same thing
How much does someone typically charge to setup a trust?
I cover that in this video: ruclips.net/video/J4e1wmTL1sA/видео.html
👍OMG you are awesome! 💞 Thank you, thank you, thank you. 🤗 You should have millions of subs & viewers but instead we have silly channels like PewDiePie & KSI that have millions of subs & viewers!! SMH! It’s a shame.
@Enter This Moment It is a shame because people who care about wealth management are forced to take care of the buffoons.
Best kept secret!🤫
Technical video advice. Try not to shoot a video with a light source BEHIND the subject. It makes the subjecting the foreground look very dark and harder to see.
We moved things around and created a studio in another part of the office at the beginning of October 2020. All videos after that time have a different setup.
Does the kit apply to Dynasty Trusts?
There is a trust sometimes referred to as a dynasty trust. It is allowed in a few states and is also called an asset protection trust, Alaska trust, or legacy trust. It is a form of irrevocable trust that attempts to overcome the self-settled trust rules. However, a Dynasty trust is probably just a name somebody has given their version of a trust.
@@Legaleescorp Interesting
The Dynasty Trust I’m referring to has separate and unique entries on credible sites like Investopedia, Wikipedia , law firms online etc as allowing one to pass down wealth in perpetuity
Thanks
What online legal service offers the kit? I need to do a Living Trust in CA.
The Accumulation and Preservation of Wealth set is the kit. You can see it at legalees.com/product/apw/. Call Candy in the office at 801-802-9020 and tell her I said you could get 50% off.
@Legaleescorp
Hey Mr Lee, just started watching your channel, great videos, bought 3 of your books,
Will love to have your kit, but will you be able to offer me similar or better discount please?
Great info!
Thank you for confusing me more than I was before I watched you video.
What about setting up a private trust?
I don’t know what a “private trust” is. Trusts are generally private, in that they are not registered or made public in most cases. In fact, the standard land trust (Illinois was the first, and now about 8 states have specific laws that define what a land trust is...) is used to protect the privacy of property owner. I have a lot of issues as to how private it really is, but it is widely used and helps in some situations. There is no “privacy trust” defined in legal statutes that I am aware of, so I think it is just a term that someone is applying to a standard living revocable trust or irrevocable trust of some sort. Promoters love to give their trust a name or something that distinguishes it, but basically a trust is a trust.
@@Legaleescorp you don't know the difference between a Public Trust fund vs a Private Trust fund? I was hoping you could help me.
A private trust is one where the beneficiaries are named in the trust. Almost all of the trusts individuals deal with are private trusts, so when you say you want to set up a private trust, that doesn’t tell me anything other than that you want to name your beneficiaries. Is it a revocable trust, irrevocable trust, simple trust, complex trust, land trust, Irrevocable Life Insurance Trust (ILIT), or what do you want to do with the trust, estate planning, asset protection, tax planning? What type of trust are you talking about. Asset protection gurus throw the term around to snow people and make people think they have something special. A public trust is one that gives the benefit of the trust to the public in general rather than a specific named set of beneficiaries.
I think he probably means, a "Foreign Trust" rather than a private trust. A foreign trust, is usually formed outside of the jurisdiction of the United States, like perhaps in New Zealand, Malaysia of Singapore.
The Attorney Oaths is only to the public and never to the Client! Masochist Trust and Common Law trust. A foreign Trust
Come on it's hard to write you do this all day, can't be that hard now can it.
Have at it.
I'd pay an attorney if I could afford it. I don't have much but would love to leave it to my daughter
Depending upon what type of assets you have, many bank accounts, brokerage accounts and other assets have “work arounds” to easily transfer assets upon your death. If you only have one daughter, those work arounds may solve your problems.
@@Legaleescorp only one burning don't want her mom getting it so I want to be of legal age so she can decide what she wants to do with it when I'm gone
thats what i thought..the wifey has a revocable. the paper work seems to indicate probate! buncha crap!
2500.00 ?????
An attorney I had 23 years ago wrote a trust for me for $1300.00, then altered it for $500 more years later. This is a sales pitch this guy is making. Might as well put stuff in people's names as beneficiaries upon death, which will save one from all of this mess.
Are relatives notified upon a person's death or suicide? How can one avoid having them find out about one's death?
Nobody is obligated to notify anyone of a death, except the morgue has to notify social security. I don’t know how to hide a death.
@@Legaleescorp I always hear that somebody has to notify the "next of kin." I don't want either of my siblings finding out about my death without investigating it themselves, which they aren't likely to do.
Legal DOOM. I mean Zoom.
Lol legal doom hahahahaha