Since the estate plan is only 5% of the work please add Empire College Fiduciary Security Allied Legal Professional to add the 95% work to add the successor client heir grantee beneficiaries to ownership titles and perform the work. To stop the Trust thieves crawling out of the woodwork with inheritance hijackers and Trust Thieves unwanted estate plan Trust nightmare.
Simply establish ALL your bank accounts and ALL your brokerage accounts as P.O.D. or T.O.D. and this will greatly reduce the 'need' the vast majority of people having a Trust. (Not all, but the vast majority)
I don't have a will or a trust. All my portfolio assets have beneficiary designations. I understand that there may be a problem if I am incapacitated and still alive. In which case, the assets may not be transferred while still alive.
I heard people said you need a trust instead of will to avoid probate on the primary home/condo. Is it true? In that case, don't most people need a trust?
Very helpful to know all of this! What about real estate? My mother lives with me and the home that I own, and if something happens to me I wouldn't want her to have to move out immediately because I currently I'm paying a mortgage. My life insurance will cover the mortgage amount don't know if my credit union would allow her to stay here or not since she doesn't own the home
Savannah I need to know a lot more about you and your mother? Your age and net worth? Mothers age and net worth? Do you have children or other heirs beside your mother? You could make your mother the beneficiary? Hans "John" Scheil Certified Financial Planner™ Cardinal Advisors 2530 Meridian Parkway, Suite 100 Durham NC 27713 P: 919-535-8261 C: 919-714-3397 www.CardinalGuide.com Hans@CardinalGuide.com
Best advice on RU-vid in my opinion. And I listen to more than my fair share of investment, social security and tax planning vlogs. Your knowledge on the subjects you speak about makes me feel confident that your advice would benefit anyone that needs to contract you for financial planing help. Really enjoying your work. Thank you
we took John and Tom's advice on Trusts. We hadn't had our wills updated in 35 years. After discussing all options with them we worked with a lawyer to update our wills and a few other documents and feel confident our estate will transfer smoothly to our 2 girls. All without the 1,000's quoted by others to set up a trust. Thanks guys
The Trust Mill Trust statement you made is so right on. They don’t talk to you even in their office about whether you really do need one. What about the E-trust developed and is totally controlled by the client with a very small annual fee?
My mother in-law set up a special needs trust for my wife's youngest brother. He has health issues and receives medicaid & SSDI. My wife is the trustee of the trust. Every year my wife has to file taxes (federal & state) on the gains of the trust. If my mother in-law didn't set this trust up my brother in-law would probably have blown through the money in no time. Great topic. I find all your videos very informative.
Thank you for a very timely explanation of what a trust "is". I've encouraged my parents to buy some Savings Bonds ($10K each per calendar year), and I had thought they needed to be in their revocable living trust, where their bank accounts are. It turns out that the trust itself is limited to $10K per year... but they can individually buy $10K each per year in their own names, and hold them outside the trust. Probate can still be avoided, as Savings Bonds can have beneficiaries designated. As you said, assets that can have a beneficiary or "POD" don't need to be in the trust for probate avoidance.
