Estate Planning Series Pt 3: Funding & Maintaining your Revocable Trust

[@Marysiewert]

hmm thanks boys

[@michaelblazin4093]

If you have property in another state, you likely need to use an attorney from that state to handle the warranty deed for that state. Have that lawyer work with your estate lawyer. I found the other county needed a special certificate of trust that had the property described in that document. It is a pain, but the only thing worse than probate is out of state probate. Also tell your homeowner insurance about the title change. It has to add the Trust on the insurance policy. That change will also likely trigger a discussion about the size of your umbrella policy. As stated, the trust set up should trigger a lot of work after signing to make it work. Your lawyer’s work is done. You now have a lot to do.

[@eddbodnar1]

I definitely thought names as trustees didnt need to be added into country record (similar to how one might transfer a rental property over to a LLC). Certainly would be nice if there was a way to do that with the trust for homestead.

[@dansby7965]

Does ROTH have to be distributed within 10 years as 401K, SEP, traditional IRA?

[@michaelblazin4093]

Yes. Since Roth is not taxable, you can keep the Roth un distributed for full ten years, and the distribute it to a taxable account in the trust. Taxes on earnings after distribution to the trust have to be paid by the trust or distributed to a beneficiary that will hopefully pay at a lower marginal rate (than 35+ %). This keeps the principal behind the trust wall. Non Roth deferred tax accounts can go to the trust, but you must distribute funds over the ten years. You can choose at what rate and whether the trust or beneficiary pays the tax on distribution. The problem is, to avoid the high tax rate of a trust, the distribution must leave the trust. That means eventually the entire amount of non-Roth tax deferred accounts within 10 years leave the creditor protection of the irrevocable trust. Also, you must notify the plan that manages any deferred account owned by a trust (after death of grantor) of the person that is the ultimate beneficiary. Failure to do do so by October after grantor’s death automatically triggers a five year schedule. With that notification, the trust acquires pass through status and gets the added five years. A big To Do item for the Trustee. To my knowledge, though the beneficiary may have special SECURE Act status, e.g., age within 10 years of grantor and avoiding 10 year rule, the Trust CANNOT use that status. In that case, you may want to leave a portion to the beneficiary directly. The SECURE Act requires detailed discussion after owner’s death to determine what entity(ies) receive the inherited account, how, when,and to whom the distributions go, and who pays the taxes at what rate.

[@t.rinity.]

Can sole proprietorships use Azibo(zibo)?

[@lindatarter9651]

What about a timeshare

[@backwoodsgeorgiagirl5594]

If you inherit an inheritance and the executor of the inheritance you inherited hates you and claims the original inheritor owed a sum near equal to the inheritance but never presented within the 90 days can she take it out of your portion. My mother in law died then 1 year later my husband died but his mom's estate had not been paid. So it goes to me and like magic all the sudden my husband owned for a loan. They never made a claim to his estate and the time for that has passed.

[@munix9351]

Wow. Humans never surprise me😂😂😂 I

[@backwoodsgeorgiagirl5594]

@@munix9351 after a 22 year marriage I thought of them as family heartbreaking to find the moment he died they never thought of me as anything

[@munix9351]

@@backwoodsgeorgiagirl5594 my dad told me that before. The in law relationship is just one group of people using the other. It always revolves around money. Once the head of the money tree passes away everything reveals itself. Its unfortunate. Money rules the hearts of individuals .

[@backwoodsgeorgiagirl5594]

What's funny is I was not going to take the money but since I spent all life insurance money on attorneys bc they went after my home I feel it's the least they could do. I've never seen such an unashamed display of greed in my life

[@munix9351]

@@backwoodsgeorgiagirl5594 after your home😪😪😪 I don't have nothing to say. I'm never shocked by humans. Never!!!!!!! Hope you still have the zeal to make more money and have the life you want. Never give up