Is There a Yearly Fee for a Trust? | Attorney Answers Question

Attorney Thomas B. Burton answers the following question: Is There a Yearly Fee for a Trust?
In the realm of estate planning, a trust is a powerful tool that offers control over asset distribution, with types such as revocable and irrevocable living trusts being popular choices. A key question often asked is, "Is there a yearly fee for a trust?" The answer often varies due to various needs and requirements leading towards a bit of confusion!
Attorney burton in this latest video from his Question & Answer series where he addresses important real estate issues and questions from the general people, discusses what a trust is and how much might one cost you in detail!
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[@lynnschmidt8421]

I had a irrevocable trust it ended. Every May he would take a $5000.00 fee. From May to may. He only served 4 months of that year. Can I get the 8 months he did not serve back. It's my money? I'm the only beneficiary?

[@JFCotman]

Yea but I don’t want my social on that Trust fund. It’s not in keeping with the spirit of this endeavor and doesn’t feel safe. Employer Identification Numbers [EINs] for Trusts are free here in VA I’d imagine it’s no different elsewhere Sam loves to let you pay taxes

[@melhoresprodutos8899]

Hi Thomas, Good Video here. Well, I like know if I Buy the LAND and Put this Property in the LAND TRUST i will is Exempt the Fill the B.O.I of FINCEN because this Register do Not Need in the Register the States?..Then with this LAND TRUST I can ask EIN for this TRUST and then open Bank Account in the Name the Trust and when I Sell this Land only have the Pay the TAX for IRS in Name the TRUST ok? My doubt is how thr TRUST is Taxed? Thanks for your Vídeo and your Time.and have a Great 2024