Attorney Thomas B. Burton uses this channel to share legal information, and explain legal topics related to estate planning (wills and trusts), business law, real estate and related matters. Attorney Burton is licensed to practice in the state of Wisconsin and owns and operates Burton Law LLC. From his office in Eau Claire, Wisconsin, Attorney Burton works with clients throughout the state of Wisconsin. Attorney Burton is a graduate of the University of Wisconsin Law School, and the University of Wisconsin-Eau Claire, and in his free time enjoys golfing, tennis, traveling, and following Badger sports.
What happens if a family member that is in a living trust is the one that notarized the living trust themselves? I assume the living trust becomes invalid?
This was helpful. So a trust would help out even in moments of debilitation not just death. So would you say it has the benefits of a power of attorney form, but limited to only being active during times you can’t speak for yourself?
Guessing there is little need for a trust over a will for someone of meager net worth, right? A basic will would make sure wishes are known. Sound like I understand it correctly?
A California married couple owns a out of state Wyoming LLC (partnership per EIN application). They also own a subsidiary LLC in California with WY LLC as member to be qualified as "doing business in California". Since the CA LLC is classified as disregarded. Can they classify their WY LLC as disregarded to simplify their tax filing (to avoid partnership, 1065 &K1)
It makes sense. Thank you. You helped me understand that an LLC is an entity that holds the other businesses or services. It's sort of like an umbrella.
I am not a financial expert but I have experienced being put on my parents bank accounts before they passed. For me and my 2 other brothers it worked out very well but I can see where for others it may not. I would say it can work out well if all the affected people are in complete understanding of the “senior” person(s) desires and there must be a completely trustworthy person involved.
Wow...I thought my sister was bad! The sister is fine with keeping everyone else from inheriting or profiting. She has had more than her fair share. Get an actual offer on the property present it to the court, ask for her to be evicted!
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?
If a revocable trust is created and the grantor dies making the trust irrevocable all the beneficiaries are due distributions in time, but say one of the brokerage accounts says TOD to only two beneficiaries at say 35% and 65% for the other. Do the two beneficiaries(one is just a beneficiary and the other is both a trustee and beneficiary) receive that money outright without having to put said money into the trust account for the other beneficiaries?
A beneficiary designation is a contract between the account owner and the brokerage company, so the terms of the beneficiary designation contract would dictate where the funds go at the death of the account owner. In this hypothetical it sounds like the funds would go directly to the two beneficiaries named and not to the trust, since the trust was not named on the beneficiary designation form. Only assets titled in the trust name at death, or directed to the trust, or to the Trustee's name "as Trustee" of the trust, via beneficiary designation at death would be subject to the terms of the trust. Since the beneficiary designation did not list the trust, in this hypothetical it sounds like the funds would go directly to the two named persons. For details on your specific situation you should seek legal counsel licensed in your state.
What state are you in does this vary state to state? I’d be curious to hear your input on my personal situation to see what direction I should go in. Do you do consults like that?
We are in Wisconsin, and due to the rules governing attorneys, we can only serve clients in Wisconsin. Yes, the rules can vary state to state so you should to seek a consultation with an attorney licensed in your state. This channel is general information only, and not specific legal advice, so yes for your situation your plan to seek out a consult from an attorney licensed in your state is a good idea. Thanks and have a great day!
If you store it in a safe deposit box you would want to make sure the successor Trustee is on the access card allowing access to the safe deposit box after death. The successor trustee could also have a copy of the trust. This would make sure they have it available for reference.
Ok, I will change name, who the hell knew this was so complicated. Some articles suggested to have dba for different brands, so this made me confused. I will find a new name
Hello, generally you would not want to put retirement accounts such as a 401k into a living trust during your life for the tax reasons you mention. Instead many people use the beneficiary designation to direct the funds to a trust or to a beneficiary upon their death. This article has a good overview of this topic. www.nerdwallet.com/article/investing/estate-planning/what-not-to-put-in-a-living-trust
If my parents have a living trust in CA. and pass away, would I need a lawyer to make a distribution from the revocable trust? If so, how much would that service cost?
Hey, if all the assets are in the trust, you can avoid probate in California and administer everything via the trust. You can administer a living trust on your own, but it is often helpful to consult with an attorney about steps to take after they pass away. There is no requirement though that you use a lawyer...there are many publications and books available that outline the process and steps to take. I have heard probate is quite expensive in California so it is wise they set up a trust to avoid probate. We are not licensed in California, so if you need advice I suggest consulting with a California licensed attorney. Thanks and have a great day!
quick question I am a co owner in a 2 person LLC in PA. do we have to file for s corp selection or is it okay to default into the partnership classification
You do not have to make the S Corp election when you first form your LLC, this is something you can elect to do, but it is not required. You are correct the default tax status as a two member LLC will be taxation as a partnership, unless you elect to be taxed as a corporation. This is from the IRS: "Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation." www.irs.gov/businesses/small-businesses-self-employed/limited-liability-company-llc This article has a good overview of the advantages and disadvantages of the S Corp election, there are multiple factors to consider: www.legalzoom.com/articles/can-an-llc-be-taxed-as-an-s-corp There are increased administrative costs as an S Corp and there really is no one size fits all answer on this. The S Corp election is something you would want to discuss with your CPA/Tax professional, as it depends on your specific revenue level and expenses whether it makes sense for your situation. You could also look for some youtube videos by CPAs on this specific topic. Best of luck with your business!
Yes, they are. One additional thing to note regarding pets...Wisconsin and all 50 states now allow you to create a "pet trust" for the care of animals. This blog post also has more information neiderboucher.com/including-pets-in-wills-and-trusts/
@@BurtonLawLLC okay, are you able to answer this problem I’m having regarding them being tpp? If a tv is considered tpp than are they no different from tv’s? And if you could answer this part more specifically but if not I understand; If I’ve been given all medical records and have in text/audio that the animal is being given to me do I now own the animal regardless if their name is on its medical records? I’m on my way to micro chip them next week incase that matters I’ll read that pet trust though!
@@AnimationWizard Even though many pets and animals are like family to their human owners, for estate planning purposes pets are currently considered tangible personal property. This blog post might help you with determining what paperwork you have is relevant. We do not handle animal custody cases, litigation, etc, so for the specifics of your situation you would want to consult with an attorney licensed in your state about the specifics. www.justgreatlawyers.com/pet-paperwork Thanks and have a great day!
Considering Multi Member LLC in Texas, Please help me answer the question: We have filled and submitted SS-4 form for EIN, in section 9a. its asking for entity type, we have selection "other" as option and mentioned "Forign Owned Disregarded Entity". Did we make a mistake? Thanks!
Thanks for tuning in. I am not sure about this as we do not offer tax advice, or do tax preparation especially for foreign owned entities. There may be some CPAs or others who have covered this topic in depth on their channels. If you look at the bottom right of page 4 of the IRS instructions, www.irs.gov/pub/irs-pdf/iss4.pdf they list a variety of options for this type of situation. For questions on your specific situation I would contact/call the IRS directly with this question, since it sounds like you already submitted the form, if you need to amend or modify this answer, you could discuss with them by phone.
I want to open a non-profit to give away homes to pretty much anyone who go through my program. In order to achieve this as the entity do we buy be home only behalf of the recipient or do we purchase the home and then gift it to them via a title transfer?
I would consult with a lawyer who focuses on non profit law licensed in your state for this question and the most cost efficient way to structure these transactions. There may be specific real estate transfer fees in your state to also consider, that may make structuring the transfer one way versus the other more advisable. Best wishes for your new venture!
Hi. A lot of good info here for someone looking for advice, thank you. Canadian law may be different here. But I would think the principles of estate planning and wills are similar.
Yes, this video is applicable to estate planning topics here in Wisconsin, USA. Canadian law and the law of your specific province, may be different, so for your specific situation you would want to get advice from an attorney licensed where you live. This article appears to have a good basic overview. www.canadianlawyermag.com/practice-areas/trusts-and-estates/wills-and-estates-law-in-canada-the-basics Thanks for your kind comment and for tuning in from Canada!
Hey Thomas ! Very useful Video. I have a single member LLC in Wyoming as a non-resident Alien. My LLC was incorporated in June 2023 and I started actual operations in Jan 2024 as an Amazon FBA seller ; Could you let me know when I have to file for Federal taxes and which form I have to fill ? Will form 1120 be enough ? Do I have to file any other taxes apart from Federal tax filing ? Thanks in advance for your help !
Hey congratulations on your new business and thanks for tuning in! As for your specific questions on which forms you need to file as a non-resident Alien I am not sure, we do not give tax advice or do tax preparation. Here is a blog post I found on the topic, the information appears to be relevant, but again do your own due diligence to determine if it applies to your situation. onlinetaxman.com/foreign-owned-llc-taxation I think you should discuss the specifics of your situation with a CPA/Tax professional. This is not legal or tax advice. Thanks!
I am a Beneficiary in a Will and have been left with All Balance of Monies in the Deceased’s Bank Accounts. I am still confused as to what that means exactly.
What do you do with the presence of your own sister and brother who just died March 25,2024 . He is buried and I just got the info from the network May 5,2024 and I have witnessed the brutal force of my sister who kidnapped Mom and kept her the last 3yrs. She is not above murder I found out that our dad died in 2021/22/Nov, on December 28,2021. My mother is alive and I need to be able to find her and I don't know how My father or brother who are in the ground and I have never been able to know. Our uncle died in 2021 and at the funeral My sister called the police and told them that I was in the service with a gun and I was going to kill her. I Left before the law enforcement came to the church. The basic instruction before leaving Earth manual (BIBLE) SAYS that Perilous times will come (2tim3) I know that The ERA is Now.
It is best to type the information in on any typed Will you are creating in Wisconsin. If you use a word processing program you can type in the information you desire. The Wisconsin Basic Will, created by the legislature in the Wisconsin statutes allows you to print in certain information and sign next to your choice, but you must read the notice and instructions and follow the instructions very carefully if you choose to use that document.You can find that document in the Wisconsin statutes here docs.legis.wisconsin.gov/statutes/statutes/853.pdf#page=7 The Wisconsin Basic Will is basic and is not appropriate for all situations, so it is important to read the notice and information provided at the beginning before deciding if it appropriate for your situation. If it does not fit your needs you may want to consult with an attorney as noted in the notice. This general information and not legal advice. Hope this helps!
@@BurtonLawLLC It says on Google that a hand written will is only valid if it is executed in front of witnesses or signed in accordance with local or state domicile laws. Google is wrong a lot though. LoL
@@BurtonLawLLC Oh great🙄 Another Google article says the holographic will Must be typed & signed by yourself & 2 witness's. I constantly find contradictions on everything I Google any topic 🙄🤦
