What Assets Should Stay Out of Your Trust? - Weekly Video (HG)

[@louisahernandez]

I’ve been thinking about setting up a trust for my family, but I’m confused about which assets should stay out of it. I don’t want to make any costly mistakes

[@Johnwhite-c3n]

A common mistake is including retirement accounts like 401(k)s or IRAs in your trust. If you do, it can trigger a massive tax bill because those accounts have specific rules for beneficiaries. It’s better to designate beneficiaries directly through the account itself.

[@CaptReed]

Yes, retirement accounts are tricky. Another thing to avoid is putting jointly owned property in a trust. If it’s already set to transfer automatically to the co-owner when you pass, adding it to a trust can create unnecessary legal issues.

[@Robby767]

Agreed, I had the an issues until I consulted a CFA with years of experience in portfolio management and trust planning. He’s helped me avoid mistakes and improved my investments significantly-my portfolio grew by over $4.5m in just a few years. He offers free consultations, which is a great way to get started.

[@Adam-dm8wg]

Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help

[@Robby767]

My CFA, Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.

[@LiamOlivia-4]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...

[@LiamOlivia-4]

@LeilaniClaire That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@FlorentGulliver]

@LeilaniClaire The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@LiamOlivia-4]

@LeilaniClaire I will give this a look, thanks a bunch for sharing.

[@legacyplanninglawgroup5897]

Please call the office and we'd be glad to speak with you. An Estate Planning advisor will be able to speak with you personally.

[@Marcus-s3l3h]

Can you send me info as well? ​@LeilaniClaire

[@JaniceHylton]

Thank you so much for this info. Can you please tuen the music d9wnnfor next video. It was so hard to jesr you, and I need this info.

[@wcasox]

Yes good advice, but background music too loud

[@poolmilethirty2859]

Agree, background music not needed.

[@snowballleeblue8497]

Cannot turn up the volume to hear him over the music, bc the music is constantly in competition with his voice. Very difficult to hear. Maybe bc I’m a lit hard of hearing, i thought it was me

[@josephinebardot8403]

Great video! You highlighted key points that no one else mentioned. Thank you!

[@legacyplanninglawgroup5897]

Thank you so much for watching! We've heard you about the background music, and we've endeavored to correct that in our newer videos!

[@Dbb27]

Your comments are full of scammers. Are you not monitoring this? But good video.

[@CJohnson-lk9cq]

Thank you!!

[@legacyplanninglawgroup5897]

@@Dbb27 This has become aware to our team recently. We plan on going through the comments as soon as possible.

[@Dbb27]

@@legacyplanninglawgroup5897 glad to hear. These scammers create a lot of work. I often post that I used their recommended advisor and lost over half a million dollars. She was good at first and then I lost everything! 🤭🧚‍♀️😊

[@JoyKennedyHughes]

Excellent information. Thanks so much!

[@gr8ride411]

Very useful information 👍🏽Thank you!

[@bluenetmarketing]

Great information, but PLEASE delete the background "music noise." It detracts greatly from your content and makes it impossible to hear everything you are saying. Most youtubers have long since deleted any background "music noise" from their videos for just this reason. It was a fad at one time, but almost nobody does it anymore.

[@jerrys5946]

Yes. Those of us with hearing loss find it especially annoying.

[@icc64]

​@@jerrys5946all of us interested in this subject

[@aquaviz4854]

So agree

[@hiramWillem-o5d]

He' Actually GUILTY And Then Which would Allegedly Hold Your Philosophical View Flawed (Causality)

[@suew4609]

Yes, it’s pretty loud.

[@FRANKLIN-nu6wo]

Thanks Bill for your insight!

[@jolynbranch1211]

Thanks, Bill!

[@Scott-sm9nm]

Real valuable information in a short amount of time. It was, however, unclear what type of trust it was (irrevocable, ?) or maybe it doesn't matter?

[@russellgray3303]

Thank you for the video!!! We learn a lot from you! Thank you!

[@rafaelsegovia2730]

I just suscribe! Im learning so much from you! Thank you so much!

[@michaelsmith-rh4yt]

Get rid of the music

[@FrankJohnson-hu9bh]

at least it is background music, and also has no wierd volume changes.

[@shabazan]

Downvoting

[@TheChancesmom]

Amen

[@edmor1086]

Agree

[@hartzogLovesScience]

Learn to tune it out. It is, after all, on a loop.

[@tscoff]

Thank you. This is very useful information!

[@zackblessing1017]

A great day and a better world!

[@omeirrivers4868]

What about precious metals?

[@legacyplanninglawgroup5897]

Yes, precious metals can be funded to a trust, as any kind of tangible personal property can.

[@ginabrown3901]

Do you give trust advise for just Florida residents OR any state resident??

[@davideckberg-p7l]

What about Alaska?

[@go.gators]

There's a liberty Aid academy channel that talks about Florida.

[@Scottweeier846]

All the best and good video. In my opinion it is still a good time to invest in different stocks like gold, silver and digital currencies. This is one of the most important skills to learn and everyone should invest instead of saving. Some may agree, some may disagree. My big compliments to Natalie Rose Strayer for improving my portfolio!!....

[@carolynvo7802]

The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.

[@DaveCulbertson]

Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's

[@Rodriguezpaul-9]

This sounds so good and I would like to be a party to it, is there any way I can speak with her?

[@AmandaBrookes0908]

After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery Glory to God shalom.

[@Scottweeier846]

She's always active on Whats~App...

[@hartzogLovesScience]

Thanks for the advice. I didn’t think about using a trust as a beneficiary

[@SheriChase]

"Background music" is so over rated. It's not necessary. I was getting a headache trying to hear you. It's worse when trying to wear headphones or speeding up a video. It's awful. Loved this video but would be better without the distracting, annoying "music".

[@karenswanson118]

Totally agree with the music comment

[@smiley8881239]

I agree!!

[@joereyes5621]

Move on…

[@longgone2023]

Yes I hate that noise clutter

[@danbutler3757]

Very good insight, Thank you! I have multiple pieces of real estate title and various grantor trusts for privacy and protection. This has worked very well in the past. In fact saved me over $550,000 on one DEQ lawsuit. How can I make sure that each of the properties comes back to my estate and my errors, but I am putting my personal trust together?? I have subscribed to your channel and have shared it with quite a few friends who are in real estate. Many thanks

[@elijahliam4999]

hi, thanks for your helpful video.If I only want to change the TRUST name, and I Have the word document from the lawyer who made our trust,can I just edit the TRUST name, print it out, sign them and change all the assets to that new revocation trust name?I don't see why I need to hire a lawyer to just get this simple step done. Thank you for your advice.

[@barrykelly2722]

Put home in trust, check...... But when i turn 65, my county will begin to waive the property tax. Will this be possible if the trust ownes it?

[@seven1378]

I’ll listen when the background noise is gone

[@paulkoza8652]

I agree about the music, but the guy is spot on with his advice. I had a great elder law attorney in JAX and she was very specific and thorough about what assets should and should not be placed in a trust. Don't cut your nose off to spite your face. Listen to the entire video.

[@marcymartin9315]

Thanks. Really helpful.

[@fiftyoneandsomechange]

Great information. I'm in law school now and want to be an estate attorney.

[@davideckberg-p7l]

How will you learn to try a case?

[@fiftyoneandsomechange]

@@davideckberg-p7l I have an internship with an estate attorney next year.

[@elizabethdominguez8817]

In NY you can only transfer a vehicle worth up to $25,000 upon death. Otherwise it must go through probate. So in the case of a car worth $80,000, should I put it in a trust?

[@johng4093]

Can you put the background music in a trust and designate someone you don't like as the beneficiary?

[@susandermond9254]

😂

[@user-ix3zx8gu3t]

does this apply to having other family members' Trusts listed as beneficiaries on IRAs, etc.??

[@SherryXShi]

what is the probate difference between CA and TX?

[@hoosiermama3001]

Such good advice presented in an easily understood manner. Thank you!

[@frankmoran7714]

Great info!

[@vincentbugalia3858]

How much does it cost to set up a revocable trust?

[@BulentKizilaslan]

I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life

[@inicMich-rc5wo]

You're right, with my current crpyto portfolio made from my investments with my personal financial advisor Stacey Macken , I totally agree with you

[@ivar766]

YES! that's exactly her name (Stacey Macken) I watched her interview on CNN News and so many people recommended highly about her and her trading skills, she's an expert and I'm just starting with her....From Brisbane Australia

[@arktom7335]

Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life

[@lea5898]

Retirement took a toll on my finances, but with my involvement in the digital market, 27thousand weekly returns has been life changing.

[@raphfelimax2713]

Investing has proven to be an incredibly beneficial decision. My cryptocurrency profits continue to play a substantial role in growing my overall wealth, reducing my reliance on my salary

[@j.andrewk.327]

But if one has a "special needs trust" the trustee and not the beneficiary has control over asset allocation. What do you advise in that circumstance?

[@dajonczy427]

What about collector cars?

[@ipeteagles]

educational thanks

[@CaseyEff]

What will the digital dollar do to family trust accounts ?

[@robs9610]

Love the video, do you have any Michigan trust attorney recommendations??

[@Aijemcire99]

Did I understand correctly? I should list the trust as a secondary beneficiary on my bank and brokrage accounts? Why does maintaining the account jointly owned offer the most protection? I was thinking of doing it this way, but I wanted to be sure.

[@legacyplanninglawgroup5897]

If you live in Florida we'd be happy to speak with you. (904)-880-5554 If not, please reach out to an #EstatePlanninglawyer in your state.

[@oldmanx1234]

really interested in this but the background music muffles everything.

[@chemistrypodcasts]

Wait. I'm confused. How does having the joint account remain outside of the trust protect it? Let's say I have a car accident and it's my fault. The plaintiff's attorney comes after the joint account whether it's in the trust or outside of the trust. What am I missing?

[@eastwestpicayune8200]

Did I understand you correctly that to designate a trust as a beneficiary of an IRA? That is a no no according to a financial consultant. A trust is taxed at a higher level instead of ordinary income. Please clarify if I am wrong.

[@smolville]

What if the trust company pays the car or house insurance for the heir?

[@andrewlayton9760]

If so structured, the Trust can pay ordinary expenses for the beneficiary. Typically, the Trust generates income and distributes that to the beneficiaries.

[@smolville]

Count Olaf trust company

[@westhighlands522]

I thought it was in my head! Lol. Good advice though. I will be setting a trust up soon and this gives some knowledge going in to it.

[@prelitigation1]

Could you, being a Texas attorney set up a trust a trust for a client in California ?

[@suew4609]

I believe you’d need an Enrolled Agent who can work across states, rather than a lawyer. I know that’s what we had in CA because we had property to sell in AZ.

[@Redwood4040]

I am at the beginning of my "investment journey", planning to put $400K into dividend stocks so that I will be making up to 25% per year in dividends. Any advice?

[@WestonScally7614]

Look up dividend aristocrats. Pick six to ten from that list. Those companies have a track record of 25+ years of paying dividends. Also, its advisable you work with a financial advisor to help set up a well-structured portfolio.

[@FelineAirstrip]

There are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience

[@SaintYvess]

Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.

[@sting_grayl]

Please can you leave the info of your lnvestment advsor here? I’m in dire need for one

[@SaintYvess]

*Jennifer Leigh Hickman* She's been able to gain some reputation with over a decade of experience, so it shouldn't be a hassle to find basic information on the web.

[@danamyrocket]

How many cases are there where an individual actually incurs a financial penalty from an automobile accident? I’ve heard the risk mentioned over the years, but never heard actual data on frequency or severity. I’m really curious about this.

[@davideckberg-p7l]

Are your laws in North Dakota the same as the laws in Arizona?

[@pankajpatel4434]

Do you advise us to put the Trust as beneficiary for the Roth IRA account? I thought it was not advisable! Please clarify 🙏Thanks

[@Itsme-jv4cd]

So if you list your child as a beneficiary on a 401k or IRA and not put that in the Trust will it have to go through probate?

[@davidmengle8269]

So the only thing I should put in the trust before I die is property?

[@thuyyuen2897]

Should rental properties be In trust? Or in an LLC and that LLC in trust?

[@clamk77]

I have the same question. I hope he will address it.

[@mariatorres9789]

Depends. Is that rental in CA? I think LLC are exempt from that new AB1482 law?

[@kim.in.nature.]

Can Nursing homes or long term care facilities come after a trust owned by an adult child, that their parent is in?

[@Aortadetroit]

absolutely unless an irrevocable trust.

[@shelleycharlesworth5177]

The attorney who created my revocable living trust years ago is older than I am and his office is a long drive from my home. I will call him Andy. I am thinking of up-dating my trust & will. If I find a new trust attorney near me-what next? I have a copy of the trust which I last updated in 2014. Do I just give him that copy and tell him what changes I want made? Do I have to contact my present attorney-"Andy"? Or does the NEW attorney do that? Or is that even necessary?

[@legacyplanninglawgroup5897]

Thanks for reaching out to us, ma'am! You have a few options to go with! You can either contact Andy (original attorney) or you can secure a new attorney to do a Trust Review. It's not necessary to include the original attorney since you have a copy of the Trust.

[@GeorgeDozier-m6h]

Very good 👍🏿

[@ted9703]

I this a class room or a dance hall with loud music?

[@legacyplanninglawgroup5897]

Feel free to re-watch the video on mute with the captions provided by our team.

[@eugenefernandez4377]

How much do you charge to do a trust and a land trust?

[@nononsense7655]

Great video! Does each state have different laws or naw?

[@suew4609]

Yes. That’s one thing I do know!

[@donc2018]

Good video, thank you. Why (at around 3:30 time stamp) would it not be protective to put the joint bank account inside the trust while both spouses are alive?

[@TheKoolAuntie]

Because bank accounts have designated beneficiaries that are accessible upon death of a spouse or joint account holder. So does IRAs and 401Ks. The more you put in a trust the more expensive the legal fees are. The house(s) can also be left out by using a Lady Bird Deed or a Transfer on Death Deed. Only 5 states allow LBD and the rest allow TODD.

[@Belenshares]

For a jointly held bank account, it it better to add the trust as a beneficiary or add the children directly as beneficiaries? Or does it not matter if it is a straightforward trust that goes to the kids anyway?

[@legacyplanninglawgroup5897]

If you're in the state of Florida please give us a call we'll be more then happy to discuss this matter with you!

[@Tasteprettyllc]

Can you give me some valuable information? Specially, with my life insurance policy, I think I should set up a trust and make it the trustee

[@MikeyB_1972]

Can you make the trust the beneficiary of your retirement accounts? Or keeping beneficiaries as your children, there is no tax implications with respect to the transfer after time of death? Something along the lines of they have 10 years to withdrawal all the money or something like that?

[@repriser9876]

Trust tax rate? When it's taken out?

[@AutumnGold0706]

So you need a trust with things you own and a will with money distribution . Why can't everything be put into one legal document because two sounds confusing. At least that is what I understand to do but now am confused.

[@rosenuptiale]

Music so loud and disturbing must be very very soft in background or without is better so we can focus with you

[@legacyplanninglawgroup5897]

Thank you for your feed back! We have heard this before and have taken it in to account! There will be no more music come back on Friday for the updated video!

[@jerrymattson9773]

We placed a timeshare, one week, into revocable trust. After listening to this video, don’t think it should be in trust?

[@duggydugg3937]

sep trust for veh ?

[@Cat-S53]

Thanks for interesting info. But please turn music down on next video. I am trying to listen what you say.

[@victoriaquezada]

If the bank accounts have beneficiaries , the bank accounts do not have to be put into a trust--- correct?

[@mettamorph4523]

POD or TOD do not need to be in a trust.

[@kortyEdna825]

The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?

[@Justinmeyer1000]

I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent. Put money aside for the times when the market really starts to bounce back.

[@carssimplified2195]

45% of Americans do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… Going from $50k to $600k in my portfolio is surreal all thanks to insights from my financial advisor.

[@PatrickFitzgerald-cx6io]

Your adviser must be really good, I hope it's okay to inquire if you're still collaborating with the same adviser and how I can get in touch with them?

[@carssimplified2195]

She goes by ‘’Aileen Gertrude Tippy’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did

[@PatrickFitzgerald-cx6io]

Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.

[@ginger6582]

Some attorneys want to force you to put things in your trust. I wanted my house in a trust. The attorney wants all your asset information which is not necessary. Bank accounts can have POD 's on them. Still keeps them from going into probate.

[@breal7277]

I have no real estate, I have a CD account (along with savings and checking). The CD account has a POD, does that mean that I don't need a living trust? for that? I also have stock, do I need a living trust for that?

[@Dbb27]

My ex used a POD for his bank accounts. It wasn’t seamless. My sons made an appointment and just walked in to the bank with his death certificate. Walked out with a check.

[@ginger6582]

@@breal7277 Where I live the CD only needs the death certificate and identification. Some states may vary. Don't know about the stocks.

[@TimeIdle]

401K and IRA not okay to move to Trust, but I'm assuming that Roth IRA is okay?

[@legacyplanninglawgroup5897]

it depends on the specific language in the trust

[@randymuller8728]

What if the trust firm goes out of business

[@jdgolf499]

Why is there a difference with the IRA / 401k taxes if it is put into the trust at death, or before? It will still be distributed from the trust to the eventual beneficiary.

[@pamelasherring1476]

Because when ira and 401 k are transferred to the trust they must be liquidated/ sold first. That means you have to pay taxes on the entire amount which would put you in a higher tax bracket as opposed to getting distributions in smaller amounts over a period of 10 years as beneficiaries.

[@jiayufu6082]

Investment account has beneficiaries.

[@patriciajump9511]

I can't listen. Can you remove the music?

[@poochicuddle]

Heyyy. ​ @legacyplanninglawgroup5897 Please address our asset protection option(s) for 1st scenario 3:01 to 3:21 ;both spouses live. Thanks.

[@danny1682]

Hello Bill, is it possible to give each child money to invest which I would leave to the child upon my death ? Also do their spouses have a right to claim half the money in case of a Divorce. Single parent.

[@Den-nu6pv]

Of shore trust is the only way to keep a trust safe from someone trying to sue you.

[@cacinaz8802]

I have an single member (me) LLC that has a brokerage investment account. My wife is the primary beneficiary should I die. Should I make our AB trust the contingent beneficiary?

[@renesteitz8613]

If someone dies and theyre married but have some credit card debt, is there any way they can make the spouse pay for this debt, even if they're not on the cards? Asking for a friend.

[@Ghostdogsurvivalist]

Yes. There are lots of variables but the creditors are entitled to seek satisfaction from the estate of the deceased. It could also be no, if the deceased had no discernible assets.

[@robertjohnson4401]

You recommend to not put retirement assets in a trust. I assume this is referring to an irrevocable trust? What is the distinction between putting the retirement account in the trust or setting the beneficiary of the retirement account to the trust? Maybe you are referring to an irrevocable trust when you state do not put retirement assets in trust? My understanding with a revocable living trust is no asset is actually in the trust, the trust is set to be the beneficiary. Is it recommended for a revocable living trust to have the beneficiary of the retirement assets go to the trust?

[@RG-hf4et]

The music is distracting.

[@JohnnyJohns-eb9qb]

Exception: your only heir is qualified as a "special needs" person. Then create the trust as a 'special needs trust' and put the IRA or other retirement funds into it. The tax rate is then only applied to the earnings from those funds, not the full amount of the funds.

[@keningilbert]

You never stated how to protect your car if not in trust and you are sued? It’s my understanding that there’s a huge difference between a revocable an irrevocable trust, so why didn’t you mention them? For instance, I was told that the only way to keep a retirement type of home from your assets is an irrevocable trust.

[@ChloeCarter-kd7gz]

With around $250k to invest, what's your advice on entering the market? I'm considering replicating the strategies of experts instead of investing independently to avoid both financial losses and emotional stress. What are your thoughts on this approach?

[@LeahLewis-ny9iu]

Consider diversifying your portfolio with a mix of stocks and stable assets. Seeking professional advice now could provide valuable insights and strategies to navigate market uncertainties and protect your investments.

[@MelissaHobbs-qm8wi]

This is an insightful perspective to consider.

[@AshleyKeith-vw7ws]

Agreed, my portfolio is well matched for every market season, yielding 60% from early last year till date. I and my advisor are working on a 7-figure ballpark.

[@WhitneyRoss-dj4rf]

Your financial advisor must be really good, Wehrine. I hope it's okay to inquire if you're still working with the same advisor and how can I get in touch with them?

[@AshleyKeith-vw7ws]

@@WhitneyRoss-dj4rf That would be Desiree Ruth Hoffman.

[@angelaasadi9283]

Stop the music! It’s makes it difficult to listen.

[@davidd5712]

Last time I checked money is an asset

[@duggydugg3937]

no veh good point

[@danacarlson5730]

Assets to not put in the trust

[@danacarlson5730]

Ooops. Sorry.

[@roslynhancock1652]

music is too intrusive and unnecessary. I made a print-out of advice .

[@suew4609]

There is a lot of SPAM, financial advisors looking to make money, on your comment section. Any time one person says how well their portfolio is doing, and another asks, so who do you use, then the former gives a name, it’s spam!

[@legacyplanninglawgroup5897]

Thank you for your feedback! Our team will look through and weed out the SPAM. Again, Thank you!

[@Cat-hk4de]

Please redo this video without the music!

[@marik08]

background music is distracting. There should be no music accompanying instructional videos.

[@jeanettebonf631]

I’m looking for a lawyer

[@notmeee7302]

So I guess it would have been good if you told us what actually goes into a trust if none of the valuable assets we have going to the trust. And if you don't put your trust in your actual name. Those assets are protected from being sued

[@richricogranada9647]

My 83 yo serious date, with adult children, is selling his house to move into my house, and I’m in my mid 60’s with no children. How can I protect my house from his offsprings in when he passes away?

[@legacyplanninglawgroup5897]

The best way to ensure his wishes are carried out is to have him visit an estate planning attorney and have his desires cemented in a trust. That being said, it isn't immediately clear why his children would have any claim over your home.

[@kevinhoffman8214]

they would only have a claim if your married or his name is on the deed

[@priestesslucy]

​@@kevinhoffman8214common law marriage is a thing

[@mettamorph4523]

What about the common law marriage states?