What Is A Living Trust & How It Works

[@ClintCoons]

Hey, are you interested in diving deeper into this topic or chatting with an expert? Feel free to schedule a call here 👉aba.link/3pb

[@PeterRaiblais]

Why didn’t our estate planner tell us up front it was easy to forge and cost 50% in Litigation instead of 10% in Probate or 5% in Prebate?

[@ConcernCitizen-w1y]

You're an excellent teacher for an estate plan but we clients are waking up to the reality we need the complete administration. To avoid the Trust crime, like NICER and Probate offer because Trust Litigation cost us a Quarter, 25 % to 50% in litigation billable hours. Compared to NICER's Grantors Prebate Nickel or Grantees Probate Dime, and it includes a 33-year reformed forgery proof Latin Law Permission Trust Crime Interdiction Administration.

[@xephael3485]

Irrevocable Trust version of this would also be appreciated. Probate process does not have to be expensive.

[@seanmclaughlin7415]

These guides are huge tools for us. If you would also due guides for Land Trusts, LLC’s etc. would be great. Thank you for your time and knowledge, it is truly appreciated. Thank you!

[@ClintCoons]

Have you searched my channel for these topics. Let me know if you think I should go deeper on anything you find. Thanks for watching and commenting.

[@seanmclaughlin7415]

@@ClintCoons I have not done an actual search. Sometimes these channels get so big that searching for exactly what you are looking for can be time consuming. For land trusts (if you have not already) it would be nice to know if you prefer each property in its own LLC, if you prefer each asset having its own trust, or can you putt all the separate LLC’s into one trust. Also, wasn’t quite agreeing with you on the management LLC and running all your LLC’s through that Management LLC. Kind of the same idea that with all of your eggs in one basket, if someone was going after your assets they have access to all of your assets in thE Management LLC.

[@organizer14]

Can some happen to create the same name? If grantor name is on trust is that anywhere public like as percent of a LLC. Real estate property?

[@ClintCoons]

Title to assets are taken in the name of the trustee. The trustee information is public.

[@sponacq]

Dear Clint:: Not only do you clearly have a massive expertise in trust law, you make it extremely simple and interesting. I would love to be a client. I'm into the film industry, real estate, art distribution. I've also got an expensive French wife (!). Thanks for the great vids!

[@amneziak]

Guess where I'm going to be living if my kids are living in the Bahamas? *KNOCK KNOCK!!!*

[@organizer14]

Very valuable and very useful and practical information. Many thanks!

[@ClintCoons]

👍

[@organizer14]

@@ClintCoons Congratulations on the amazing company and educational program you have built with Toby and many other partners and outstanding professionals! It is a huge achievement to provide needed practical and useful info for people trying to help provide housing and real estate spaces to stabilize their life and to pay bills. You and your team have made it affordable to learn and get educated to avoid mistakes. On behalf of your many clients, platinum members and your KZbin fans, we want you to know how grateful we are for your hard work, innovation and generosity in making available terrific family education related to real estate! Many thanks and May you and yours be abundantly blessed! Message from your fans in Wash DC!

[@bhupendrathakkar2228]

Very valuable and useful information. Bank account and stock market account has beneficiary. Do we still need to transfer those types of assets to living trust and why?

[@bhupendrathakkar2228]

Does living trust document needs lawyer’s signature on it or notary public signature?

[@bhupendrathakkar2228]

How is auto insurance rates our policy if we put car in living 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?

[@ClintCoons]

Just bring in your existing trust and explain what changes you would like made

[@em1ownerify]

My grandparents had a living trust Just me and my mom and beneficiaries. Don’t see anything about selling the home or anything We want to live in the house Together. Why wouldn’t we be able to?

[@ClintCoons]

It would depend on the terms of the trust. If the trust does not require the immediate distribution of the asset then there is no reason why you couldn't keep it in the name of the trust.

[@organizer14]

Thank you for your awesome leadership setting up Anderson Advisors with amazing educational opportunities and awesome contributions to the real estate community! 🎉

[@ClintCoons]

wow thanks for the compliment

[@Oldmadman-z3s]

Could you please explain the many one-star complaints if Anderson Advisors are excellent Leaders?

[@mikeshaw4610]

At what dollar level does probate kick in. I was thinking it is normally above a couple million.

[@ClintCoons]

The federal estate tax kicks in at 12.9 mm per person and will remain at that level until 2026 when it will go back to 5mm or so. The other side of the coin is the state where you pass away. Many states have their own much lower limit.

[@dman10000000]

Thanks so much for this video, this one is just as helpful as all your others. One question...can you transfer your LLC to a revocable trust by way of an assignment?

[@ClintCoons]

Yes you can!

[@sinmayp]

Does a trust provide asset protection in the event of a divorce? (Like LLCs?)

[@ClintCoons]

Neither provide AP in the event of a divorce but if you set them up before you get married you could have protection from a future divorce.

[@lisaschuster686]

You wouldn’t recommend something if there was no money in it for you. How much does it cost to set up a trust, buddy?

[@ClintCoons]

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

[@taborm7210]

Lawyers are lawyers to make money just like any other profession lol

[@ConcernCitizen-w1y]

Our parents estate cost a million because our parents hired an estate planner with easy to forge dipocunents, instead of an administration Lawyer with NICER forgery proof Latin Law Permission Trust crime interdiction recorded, monitored. validated, checked for Trust fraud, and certified administration documents.

[@FisherMan-g2z]

​@@ConcernCitizen-w1yWe are on the same page our greedy trustee changed the document in the last few days costing our parents estate 50%in Litigation and the Estate Planner who promised peace of mind ran like a chicken!

[@organizer14]

Any disadvantage not to put your personal name on the living trust? How will bank know it is your living trust ? Example: instead of Clint living trust of date, can it be awesome educator living trust of (date)

[@ClintCoons]

No disadvantage other than anonymity.

[@parasportz]

Thank you for this information. I'm currently heading down this rabbit hole for reasons you mention. Is this information for the USA only or worldwide? I'm not in the USA.

[@ClintCoons]

US

[@organizer14]

How would bank or others know the person is the same as the black box trust or whatever name you create?

[@ClintCoons]

By reviewing the trust agreement.

[@alpinewhite]

We have Prop 13 in California. After the grantor's death, is there a way to delay ownership transfer of real estate until the Benefeciary is ready to sell the inherited property? This way, property taxes can be minimized until the transfer happens. Then, once the transfer happens, an immediate sale of the property will also minimize capital gains.

[@ClintCoons]

Yes, through a living trust, but it won't change how Prop 13 affects inherited property.

[@alpinewhite]

I found this online. I think this is what you're alluding to: Parent-to-child exclusion: Prop 13 allows a child to inherit a parent's primary residence without reassessing the tax base. This means that the child can keep the parent's tax value of the home, even if the current market value is higher. To receive this benefit, the child must file a parent-to-child exclusion form.

[@MrRain-hk4zi]

Thank you Clint, appreciate the info. Learning all I can as my aging father asked me to put something together and be the executor. Sounds like the Revocable Trust is the way to go!

[@peterchirico2153]

Hi Clint Thank you for this information. I am wondering if doing this affects your tax returns in any way ? Would you have to change your name on a tax return to the trusts name ? For example if you sell your house and receive a Capital Gain exclusion what would happen ? Best regards

[@ClintCoons]

It does not

[@billy33365]

Great advice, thanks bro thumbs up

[@karimnasser9226]

If I add a bank account (checking/savings/CD) in a trust, can I withdraw money from it, pay bills, re-invest, as I normally would? Thanks

[@ClintCoons]

Yes you can

[@lkm5462]

What about liability of the trust ? How do you protect the trust?

[@ClintCoons]

You don't but you protect the assets you are placing into the trust.

[@ebhoehl363]

Fantastic video. Does this advice work in Louisiana?

[@MariaMedeiros-lt9uw]

Thank you !Wow much you chage?

[@jamesn4727]

My wife passed away but my house is titled in both of our names. Can I form a trust as the survivor, or do I need to have the house title changed to my name only, before I can make the house part of the trust?

[@ClintCoons]

You can form a trust now and then clear title to the property to transfer into the trust. If you live in a community property state it is fairly simple.

[@hk247]

We are told that a judge can force to revoke an irrevocable trust. Where is the asset protection? Thanks

[@ClintCoons]

A judge can do anything and that is why you can appeal bad decisions. Also ask yourself would you feel more comfortable without any protection or protection that a judge might undo.

[@danielrodriguez-qv2je]

I have irrevocable trust can i add an amendment?

[@ClintCoons]

Yes you can

[@anndipietro1868]

Thanks so much for this. I've had questions for quite some time. What happens to the tax basis of property that you put in a trust. In a will, my heirs will have a basis of value on the date of my death. What is the basis of an asset in a trust when I die?

[@ClintCoons]

On the date of your passing the tax basis is increased to the FMV.

[@anndipietro1868]

@@ClintCoons Thank you.!

[@seanmclaughlin7415]

I am from Ohio. A lawyer told my brother he does not need a trust because he dies not have $5million in assets. And if him and his wife designate exactly who gets what and what goes where, it is not needed. What do you think?

[@ClintCoons]

I think the lawyer is hoping to pick up a probate fee when they pass away.

[@derrickcarter6968]

Clint great insight I have an older brother who’s married and currently owns his primary residence and and also owns a second property from his wife’s Mother estate 🏡 that they have a home equity loan against. This was done by he and his wife to buy out her two sisters. My question is he wants to transfer the title of his primary residence to a living trust or a land trust which would be better for him (Pennsylvania) thanks 😊

[@ClintCoons]

Living trust and you must make sure the living trust has the appropriate drafting to avoid the county sticking him with transfer taxes.

[@claymeinke5722]

Clint have you ever herd of a business trust, it`s being sold as better than an LLC for small business. Just curious.

[@ClintCoons]

The promoter is probably referring to a statutory trust. Statutory trusts offer excellent protection from inside creditors but do not provide charging order protections for personal creditors.

[@mike2959]

A revocable trust doesn’t protect you from creditors. Some irrevocable trust can…and even then it depends on the state.

[@shmokenjoe]

appreciate u

[@jancruz9932]

😂

[@ALLWORKNOPLAYnetwork]

some of the best help on KZbin.

[@melhoresprodutos8899]

Clint, why the South Dakota Trust is SO popular is U.S. and what do you think the Make Trust There?🤔

[@ClintCoons]

South Dakota is popular for its asset protection benefits. Think of it like an offshore trust but your assets remain in the US. The drawback is, you must use a SD trustee and the assets must be located in SD. This can be problematic for real estate investors but not insurmountable.

[@melhoresprodutos8899]

@@ClintCoons Thank You and Have a Nice Sunday💫👌

[@lordsonic4567]

Whats the price for a Living Trust?

[@ClintCoons]

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

[@a_anonymous_m]

Thank you sir 👍

[@ClintCoons]

Most welcome

[@nidasalvador9705]

Thank u

[@ClintCoons]

Welcome

[@z00ropa]

What happens if you get some medical condition and the bills just racking up? Would a Trust protect assets from being seized to cover medical debt? My wife always says that if she got cancer, or something, we get divorced an put everything in my name so we don't lose the house and other assets.

[@ClintCoons]

A trust would not but an LLC would.

[@Oldmadman-z3s]

@@ClintCoons Baloney an LLC opens the door to anonymity thieves and the Toby Mathis Trustee switch is unethically hiding from widows and orphans and running from injured parties.

[@melhoresprodutos8899]

More One Great Video how ALWAYS. Personally I like the Separate L.T in Personal Assets and Commercial Assets, I.E. in your example for the RENTAL is Separate the Personal is Very Clever Strategy because avoid the one Trustee make the Wrong decision why do not have the Correct know in this area.

[@ClintCoons]

Well said!

[@jancruz9932]

This is mrs. Cruz I like join your living trust class