Funding a Living Trust: 5 Ways!

Funding a Living Trust is essential- Trusts are not (in general) immediately funded when they are created! That means you need to need to put property into a trust! 👉 Book a Call at www.cunningham... for funding a living trust, putting property into a trust, or esatte planning.
If a trust is unfunded, your heirs will be going to Probate Court and your assets cannot be distributed in a timely way. Trusts are not (in general) immediately funded when they are created-usually, there’s still much more to do! You have to “fund,” or put assets into your trust as soon as possible-and make sure all the right assets have been moved into the trust. In this webinar, we will explore five different ways to fund your trust so that your assets can be properly protected and distributed efficiently according to your wishes. We will cover problems with assets outside of trusts, how to transfer different kinds of assets to your trust, and common mistakes to avoid. Whether you are just starting the estate planning process or you have an established trust that needs to be properly funded, this webinar is a must-watch!
👉 Book a Call at www.cunningham... to learn how to make a living trust, avoid California estate tax, and talk to a family trust lawyer.
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[@conniebDellobuono]

Add the trust as contingent beneficiary in all your investments accounts

[@CunninghamLegal]

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.

[@TrustGuardian]

@@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.

[@giftedsincebirth25]

I love this video, its allowing me to understand real life examples in taking my CLU (Chartered Life Underwriter)Designation

[@CunninghamLegal]

I'm really glad you found it useful, thank you!

[@PermissionTrustPioneer]

thanks

[@CunninghamLegal]

You're welcome!

[@petemichael5618]

Can a successor trustee fund the trust

[@CunninghamLegal]

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*

[@bbhillfarm]

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.

[@CunninghamLegal]

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.

[@doritochipps5285]

Hi i enjoy your videos. Thank you. Ive subscribed. Theyre a little too long

[@CunninghamLegal]

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: kzbin.info/www/bejne/bl7bYqt6ntaFjbM kzbin.info/www/bejne/eHLMgpJjg8xkgrc kzbin.info/www/bejne/jXezZ3-Oqcd4rNk kzbin.info/www/bejne/gpmcgJqKnNJ4qJY kzbin.info/www/bejne/qqXEqqN6mNh7ZtE

[@hunzybunzy808]

What happens if you overfund an ILIT?

[@CunninghamLegal]

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?