Revocable Living Trust in 2021 Explained

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Revocable Living Trust trends in 2021 lean toward consumers being more aware of potential estate tax changes, as well as trends toward reducing or avoiding probate, and providing for unique assets like crypto-currency, digital assets, and social media accounts.
For prospective law firm clients who want to schedule a free 30 minute initial phone call with Paul Rabalais, go to: go.oncehub.com/Paul8
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney

Опубликовано:

14 янв 2021

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Комментарии : 139

@lorettawymbs6936 3 года назад

When my husband passed away from cancer in 2007, we had a revocable living trust. Best thing we could have done. Going to do the same thing soon as to cover my grown kids and grandkids. It only costs to file it and have it notorized. Was thankful for this trust because it did get challenged by one person and the protection was there and settled. I highly recommend this living trust.

@HB-yq8gy 2 года назад

How much did it cost to administrate the trust? I hear that a minimal $10,000? I so that's crazy.

@garysakakihara8275 2 года назад

²²22

@drewdavids6250 2 года назад

@@HB-yq8gy the thing is if you trust a lawyer to administer the trust you are missing the point of a trust. You might as well just let the government do it and have them take their share. Lawyers are people like you and unless you are illiterate you need to be age of majority And administer your own trust

@HB-yq8gy 2 года назад

@@drewdavids6250 We plan on dying close to zero anyhow so it doesn’t matter. Name beneficiaries that stays out of probate.

@drewdavids6250 2 года назад

@@HB-yq8gy it does matter and I can’t tell you why but I’ll give you a hint Trump executive order signed 12/18/2020 75 million Americans owed 29 billion and that’s not including much more held in abeyance , 1935 was when birth certificates standardized in this country and the national debt is owed to the people and by the people at the same time, I’ve said too much already

@marycole6021 3 года назад

Wish we had a Paul Rabelais in Texas. Thank you good sir for taking the time daily to impart your wisdom with the RU-vid community. I’ve been binge watching your videos so we can prepare our next steps. Many thanks!!

@ABab-jf2jb 3 года назад

Thinking the same...but in Georgia!

@jjo5375 3 года назад

I have to jump into this swamp and its making my stomach hurt! Literally! All these options upon options... Its heartbreaking to think so much can go innocently awry!

@tiredowalkin 2 года назад

I'm not a lawyer or went to law school, just a small farmer in Indiana, but this week I'm drinking my coffee and watching your videos. I have no will or trust, I inherited the family farm in the last decade and really need to get it protected. My family has the usual garden variety of concerns and issues that you mention. I want the farm to go another generation, so far its been owned and farmed by family for 207 years. My parents did have a revocable trust and it helped but not all assets were named in the trust so some went to costly probate. I did set up an LLC, but it's used only for a business account presently. Thank you and I will continue watching!

@jeanneshannon5607 Год назад

I am a farmer too. How did you go about this? I have a son who has stepped up and want to be sure I follow the same. What did you do first and how to find the right attorney. Farm transition is a big deal. Thank you

@aowales3316 3 года назад

Well trust me we watch your videos because you go straight to the point ,great explanation and cut the BS. Thanks

@lorilvr 3 года назад

Love your easy to listen to, easy to understand short videos! Thanks!

@amuseher6125 3 года назад

Very cool series. Just learned some very important facts that will help me re-evaluate my estate planning documents. Thank you.

@wbaiey0 3 года назад

Paul dropping it like its hot. Thank you dear Sir. Keep up the good work for the American people. You are truly a blessing to all of us. Thank you.

@gregparrott 3 года назад

Just found your channel and subscribed. Thanks for making the effort to produce these informative videos on a topic I'd prefer not to consider, but know I must.

@slimdawgwoof 3 года назад

Paul, thanks for what you do!

@marg22az 3 года назад

Are ate you really slim...or shady??

@lucyl1463 3 года назад

Thank you for all the videos. I have learned a lot from you!

@Coyote5555 3 года назад

How is this free content? Super informative!!

@K9Medicinals 3 года назад

Thank you so much for all your help and sharing your vast knowledge.

@toddtavares7386 3 года назад

Anonymity is a big issue in the real estate investing arena. There are a couple of states where courts can not penetrate the corporate veil or records find out the owner or ownership of a corporation or LLC. Wyoming and Delaware are two states with such protective business laws. I like the idea of watching you on the big TV morning coffee too!

@ArnoldZiffle-jw2mv 3 года назад

Sadly anonymity is big with crooked politicians & foreign investors

@MAJESTIC-SU9 Год назад

My second video of yours. My gratitude.

@rimmpodcast5004 2 года назад

Life insurance and annuities cannot be issued unless it is "an insurable interest" in place like beneficiary. Love your insights and expertise.

@md.rahamatullah5195 Год назад

This Video is very Excellent. Thanks for Video.

@cheryljohnson206 3 года назад

love your awesome videos--thank you!!!

@ABab-jf2jb 3 года назад

I followed the 2021 trend.... I subscribed to your channel. 😁

@visionlove6497 3 года назад

Thank you for this information. It was very clear.

@muralidharshamanna1453 2 года назад

Thanks Mr Paul, I am new to this channel and learnt something new.

@ninedragon4634 3 года назад

It's all good, informative and simple to understand. The only question to be asked is that what type of audience are benefit from it? How about for those who only have asset under $400k? Is it relevant to them?

@bjeromec 2 года назад

It says a lot about your content when NOBODY dislikes this video.

@kittycat6195 3 года назад

Thank you!

@gustavomcmillian7360 2 года назад

Glad to be here!

@creswhiteside3749 3 года назад

Thanks for sharing your talent.

@bamalam9622 3 года назад

Hot ticket in Louisiana: the Rabalais Estate Planning pen!

@Victoria-uq8mf 3 года назад

Lmao

@shakejones 2 года назад

great video+explanation+presentation mate! thanks for sharing! new sub 🙏🏻

@peacebewithyou247 2 года назад

Thanks for not having a bunch of annoying music in your videos!

@samuelsacks2250 3 года назад

Thanks from NYC for your wonderful content that you present so clearly with good cheer. How come it is easier to get what you say in 20 min. than what the NYC lawyer presents about the same topic taking more than one hour?

@bluegrassgal7856 3 года назад

$$$$ by the minute.

@HB-yq8gy 2 года назад

We had a revocable trust purchased in 2004 for $2700 got the free lunch. The attorney preached probate from the rooftops! I later found out that NJ probate was very efficient compared to other states. The trust was confusing 50 pages long attorney's name & firm on every other page & didn't protect assets if you need LTC. So we scraped unfunded oped for a Testamenterly trust it was easy to read & understand didn't have to change the home title into the trust

@user-is5lq2ct8x Год назад

thank you for the video good review......

@ofeliaaquino5093 3 года назад

Please help me find a good and honest lawyer to do my LIVING TRUST. THANK YOU SO MUCH.

@HB-yq8gy 2 года назад

Good luck

@Lambert7785 3 года назад

very helpful, thanks

@Silvertestrun 2 года назад

@ashakuldip1657 3 года назад

Thanks Sir!

@Victoria-uq8mf 3 года назад

Wondering if you can make notarial videos for Louisiana to be a supplement to studying for the Louisiana Notary test. I know lawyers don't have to take it.

@balvantrai692 2 года назад

very nice info in short Thank U so much

@tonynes3577 3 года назад

Pretty easy to understand. Now I just have to find someone to DO IT.

@832blitz 2 года назад

I could do it

@rustyb78 3 года назад

Paul, I’m a veteran and at some point may end up with a VA disability rating. Most states have a tax relief program for those who are 100% disabled through the VA. How does moving a house into a trust effect tax relief??

@katiemarieharrington1471 3 года назад

Great question!! Following!!

@virginiazavala8966 2 года назад

Hello, 2 questions. Is there an impact on our property taxes upon establishing a Revocable Living Trust? At what point are estate taxes impacted?

@LuC1800 3 года назад

Please give advice on rental properties and LLCs and sub s corps……

@averykempf9164 3 года назад

I have watched several of you videos, Mr. Rabelas. And, I just can't help myself, everytime you say, "Probate," I hear, "Crow bait." I thought you may find that to be humorous. :)

@JamesG1126 2 года назад

Transfer on Death deed might be a good alternative for some.

@melitravelbug 2 года назад

Hi, My mom has a Will and revocable trust. My brother is named personal representative but I am sole successor of her Trust. Who would be responsible for distribution of funds in trust? What is the difference between representative and successor?Love your videos. Very informative!

@marg22az 3 года назад

Should we redo an amended trust?

@bennguyen1313 3 года назад

If all your assets are going to *ONE* person , instead of a trust + funding trust, what if you only gave power of attorney to the person. Would transfer of ownership be just as easy.. would there be adverse tax implications (over the living trust)?

@Morningdovecamp Год назад

Thanks for the effort you put into these videos. It is really helping me and my family 😉👍

@chillevelyne8922 2 года назад

for Transfer-On-Death accounts, do you still need to re-title the accounts to your Revocable Trust?

@maryproudamerican 3 года назад

What happens if a person sets up a revocable trust for a property and then needs the money from the assest to pay for assisted living can the person still sell the property even when it was in the trust?

@TheTruthShallPrevail888 3 года назад

Where can i find out more about avoiding or reducing estate taxes with a revocable trust in place? Can revocable trusts be named something other than our legal name and how do we go about that if a trust already exists?

@katiemarieharrington1471 3 года назад

I would love the answer to this question too!

@marg22az 3 года назад

Revocable and CRT So a family trust can split into 2 after death.Crt and successor family trust carry on ? Successor for family and Co trustee with CRT unit.

@sel7666 2 года назад

Great video! If I own and live in a home one state, and majority of my money is in a different state, which state should I find an attorney to set up my trust? Also, how do I find a great local attorney who is up to date on the laws like you are? Mahalo! 🌺😊🤙

@evangelinefran-abanes3257 3 года назад

if I have a revocable living trust and I go to aNursing home does that asset of mine considered an income to disqualify on Public Aid , I don’t think so but I just want to make sure .Thank you . .

@sarahmcdonald3110 3 года назад

I was wondering if you can tell me what to do if my grandparents left a trust and the original successor trustee "retired" as a fuduciary which made me and my cousin co-successor trustee, but also remaining beneficiaries. My cousin has now been stealing from the trust as well as from my grandmother before she passed. What kind of petition can I file to get this issue taken care of by a judge or whoever will be able to distribute the asset's fairly, which was my grandparents final wishes?

@judyfasola3737 3 года назад

So Paul a will is not enough ...to leave my son my house and belongings ... please reply ....❤️

@judyfasola3737 3 года назад

I followed you on you will writing vlog and ...i thought you said that's all I needed .....Im 71 single retired on very little. SS....so I'm leaving all to my son...a revocable living trust cost 1000 to 2000 or more ....right?....help!!!!😊

@melodismith8287 3 года назад

@@judyfasola3737 ask a lawyer if Transfer on Death Deeds are applicable in your state. The law can change dramatically from state to state and writing a will from an online form may not even be sufficient. Best course of action is to talk to a lawyer in your area now. :)

@judyfasola3737 3 года назад

@@melodismith8287 thanks so much I'm in Louisiana .... Paul said this was ok'd by the state .....but now seams to have to do the next step ...your so kind ❤️

@judyfasola3737 3 года назад

Please reply ❤️

@dta97392 2 года назад

I have a question I need ANSWERED IF YOU CAN? I am the POA and trusty of my friends estate/ he had to go to a memory care facility won’t be coming home. He has a revocable trust set up/ all his assets are in there including his home/. if I sell the home and keep the money in his trust is there any tax’s that have to be paid on the sale? Even though the proceeds will be be put in the trust? The check on the sale will be made out to the trust/ thx in advance

@lourdesprudencio5647 2 года назад

Can we have an LLC with in the living estate. Revocable or irrevocable? What is better???

@marg22az 3 года назад

What is a referee when it comes to artsy and probate? How much do Atty make on executing or assassination of the uninformed? I am not?? Executor fees are what %?

@mt_gox Год назад

He also has a chain link fence out front to keep the mosquitoes out.

@phyllisgovia4253 2 года назад

If I appoint an attorney as my trustee does he have the right to invest my property or investments ? Does that need to be specified?

@loyetemple7193 2 года назад

my mother passed away on March 15th we have a revolkable trust that is in both our names and I went to the bank and now they have frozen the account and they are giving me the run-around but finally I was told that they are missing a document from their file.what can I do to help or are there people who can help. the bank is acting like I'm trying to rob them

@lourdesprudencio5647 2 года назад

What about the yearly taxes. Is it 40 percent???? How does that work????

@jt-vj4sl 2 года назад

Does the trustee(s) of Revocable Trust pay higher income tax than a person (37% regardless of income while the individual has to earn in range of $400k to to subject to that rate)?

@amyniemann9564 3 года назад

We are in the state of Florida. What is the name of the trust we need to be best protected? We have assets. We are 72 and 67 with 5 airs.

@vincentticzon9215 2 года назад

How does a living trust work if you have assets in the USA and Philippines?

@bentback1 3 года назад

I just discovered your channel and is very informative for me at 71 years old. If I get a revocable trust, can or will my checking account be a part of it?

@vernonsteinkamp1088 3 года назад

In my parents trust, they stated all bank accounts (unless it was a POD pay on death to a certain individual) and belongings are to be included into the trust assets. Hope that helps

@bones8057 3 года назад

You also don't need to go thru probate to transfer ownership

@kittycat6195 3 года назад

Does this info apply to California?

@nakiafox92 Год назад

Do I have to see a lawyer to do a revocable living trust?

@charmainefrisch310 3 года назад

My husband and I had Legacy assist us with all our legalities. Are you familiar with them and your input please

@jenniferw8963 2 года назад

Hey what do you think about making a quick small revocable living trust just for Series I Savings Bonds? So one can invest another $10k per year into it. Investing $20k per year instead of $10k? right now they are guaranteeing 7.12% interest rate for like a year :) I have heard there are boilerplate trusts out there for this specific purpose. Would be cool if you considered it and perhaps did a video on it :)

@suz0000 2 года назад

I had to revoke our newly created trust due to an (unanticipated, on my part) divorce. I no longer have any real estate, but thinking I should have a trust to avoid probate to make it easier on my sons. My question is…can I use my old trust as a guideline, revise it myself, have it notarized, & be legal? I spent so much having it created and then revoked by a lawyer, I want to avoid that again. Thanks!!

@andrenalogan1567 2 года назад

My husband and I established a living trust, one for each of us. We went to the bank to change our joint bank accounts in the name of the trust, but this could not be done because we each have our own trust and the bank accounts are joint. I don’t understand what is the point of setting up the trust, if it changes the ownership of accounts from joint to individuals.? That was not our intention. We now have two trust documents that can’t be funded without removing ownership of the bank accounts from one of us now.

@chelgerson 2 года назад

My uncle the trustee just got my qualified named beneficiary status removed from my grandmother's trust. Probate is shady. It sucks because as a pro se litigant, I have now the two options: request review or appeal.

@LisaWJohnsonfromNC 2 года назад

Right, who would have thought we'd do any such 😷

@epicurustaylor5954 3 года назад

Can you discuss the impact of moving to a new state with new laws. My mother recently passed away with a living trust. The trust document was prepared in Virginia about 10 years ago. Subsequent to that she moved to Florida. Upon her passing, a lawyer she had used when my father passed, has advised that the document is basically useless in Florida. The attorney who prepared the original trust has advised she would be happy to handle the matter at $450.00 per hour. She billed for 45 minutes to tell us that.

@buyerbware25 3 года назад

A quick online search should show you that valid out of state wills are honored as legal in Florida. Trusts might be honored in the same way; I know almost nothing about your situation, but $450 per hour? Do you have a good bank which offers trust services?

@KevinM-ov3qr 3 года назад

Paul. When you title those assets in a living trust do you need a different tax ID or can you use your social security number for ID of trust? How does that change if it’s a joint living trust?

@staceywalters1956 3 года назад

Hi- with a living trust, everything follows your social security number. If it is a joint trust, then you can use either person’s social security number. A living trust is a grantor trust. Please note, this is common knowledge under the federal laws particularly, and while I am a licensed estate planning attorney, mentored by Paul, I am only licensed in NC. I am not intending to give legal advice.

@amesornish1232 2 года назад

Thru setting up life insurance policy

@judyfasola3737 3 года назад

Paul I'm on SS very low income single 72 years old woman ... how much does this costs ... I have a will ... followed your will video ...own my house giving to my youngest son .... only have 2 ....27 years apart ...53 year old is ok and doesn't need ... I'm here in Baton Rouge ....is there some help here ....pro bono.... thanks so much .... love your info ❤️

@davidtruong8580 2 года назад

What is the average cost of revocable living trust

@dd-ow6pe Год назад

i have already formed a trust(6yrs) for property intended for my son which i paid $5000 .. i want to gift it to him directly, which was my original plan.. will my my attorney ask a fee to take it out , he already made 5k , what is typical fee approx if any? thanks.

@barbarajordan3465 3 года назад

Hi, We really appreciate your videos. We would love a video on this topic (or a comment here). If you want to put a LLC that contains rental property into your revocable living trust can you do so without retitling the property? Currently property deed is titled “The___LLC” and we would like to keep it that way. Any tips on rental properties, LLC’s and revocable living trust is really appreciated.

@jeanneshannon5607 3 года назад

He needs to answer comments. These are all good questions on our comments

@dta97392 2 года назад

@@jeanneshannon5607 does he answer questions on post we make?

@jeanneshannon5607 2 года назад

@@dta97392 no, never. I guess too busy.

@magnusnadavmjaseth2111 2 года назад

Grandmother and I, reside in Louisiana, sealing of VET Life [LASERS] insurance - employee term life and AD&-she name my dad primary beneficiary designation (100%) OR me as contingent beneficiary designation (100%). Dad is deceased 4yrs today. 1) what is it? 2) does it go through probate?

@pattycake1939 15 дней назад

Is this an old video?

@maggie-iv6ot 11 месяцев назад

Love ya dude 0:45

@yuvonneg412 Год назад

How may i get a hold of you? I have an interesting issue that i belive you and your subscribers will be VERY interesteb in.

@gkh2515 2 года назад

You're funny. I'll subscribe

@jessjessjess56 3 года назад

My husband passed away and he left assets including cars. I created a revocable living trust and I’m the trustee, i transferred all those assets to my trust so they are funded. Does that mean that those assets are now legally mine even though they were my husband?

@macduece2112 2 года назад

The gist of a Trust is to "control" not to "own."

@michellegosselin3147 3 года назад

If someone has bank accounts with a million plus, would you recommend putting it into a trust, Irrevocable or Revocable, or put TOD or beneficiary bank account? Thank you. 😊

@832blitz 2 года назад

All the above are possible and depends on what's your position is in whole.

@wandawilson4566 2 года назад

You're amazing I watch you all the time but I still can't find out a way to solve my problem it's my sister she's mean and hurtful can you a little on that please