Why Every American Needs To Have A Trust

Toby Mathis Esq | Tax Planning & Asset Protection

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In this video, we're talking about the importance of Trusts. Trusts are one of the most important things you can have in life; discussing it with your family and friends is essential.
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🔑 Key Insight: "Let me explain why this is important." 9:03
Trusts are established to provide legal protection for the trustor's assets, ensuring they are distributed according to their wishes. They can be arranged in many ways and specify how and when the assets pass to the beneficiaries.
Trusts have various purposes, such as planning, avoiding probate, or reducing estate taxes. Whether you're well-versed in estate planning or just starting to consider your options, join us for insights that could profoundly impact your financial well-being.
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Show Notes:
0:00 Intro
0:46 3 Choices
4:35 What is a Living Trust?
9:03 Importance of Trust
13:15 Look at Estate
18:05 Outro
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#trust #estateplanning #livingtrust #will

Опубликовано:

2 июн 2024

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Комментарии : 66

@robertwolf5330 6 месяцев назад

My wife and I both had parents that had a trust set up before they passed away thank God. The process was quick and easy and we got our inheritances quickly. Sure there are some legal fees but the cost of not having one far outweighs the cost of having a trust set up with a trusted lawyer.

@TobyMathis 6 месяцев назад

Thank you for sharing your experience! It's reassuring to hear that having a trust in place made the process smooth and efficient for you and your wife. Indeed, the peace of mind and streamlined inheritance process often make the associated legal fees worthwhile.

@pacificreef6391 Месяц назад

Yes Sir, I am touched by your lectures/stories. I am an Estate Tax students, and your video put an added impact on my knowledge.

@rheatonj 5 месяцев назад

thank you very much for the helpful info.

@TobyMathis 5 месяцев назад

Glad it was helpful!

@terenceeans1577 6 месяцев назад

Thanku, Mr. Toby. Extremely educational and helpful. Helps my family out in our decision making process 😊

@TobyMathis 6 месяцев назад

Happy to help

@PardeepKumar-dw3yd 6 месяцев назад

Very valuable video, thank you Toby!

@TobyMathis 6 месяцев назад

Glad it was helpful!

@willmallory9085 6 месяцев назад

Excellent video Brother

@TobyMathis 6 месяцев назад

Many many thanks

@PeymanSultan-wn6iw 6 месяцев назад

Great video

@TobyMathis 6 месяцев назад

Glad you enjoyed it

@ELconomics101 6 месяцев назад

Let's go coach Toby with the understanding!! ...and happy holidays as well

@TobyMathis 6 месяцев назад

Same to you!

@nczhang2011 5 месяцев назад

if I put my stock brokerage account into a living trust, when I die would the base for stock be "brought" up to fair market value at that time? Thanks for all these great information.

@thePowellsUnited 6 месяцев назад

Thanks Toby, your videos are very helpful. I’m an EA and recently got life/health licensed and appointed with a reputable company with good life/annuity/pension products. I’m a big fan of living trusts and am looking to break into that market. Any advice on getting started? Common mistakes to avoid?

@Ticonderoga12 6 месяцев назад

Toby is completely right, especially if siblings that dont get along a trust is a must!!! I kno u like the rhyme lol

@TobyMathis 6 месяцев назад

I do...

@Lustifer01 6 месяцев назад

thank you once more. great info. do you folks have an office in southern California? I will be ready to set up a meeting with you folks this December.

@TobyMathis 6 месяцев назад

While we don't have a physical office in Southern California, we're still here to assist you virtually! Our team is ready to set up a free strategy session to discuss your needs and provide valuable insights. Visit aba.link/tjn to get started =)

@jasonandrewismail2029 4 месяца назад

Fantastic

@TobyMathis 4 месяца назад

Thank you so much 😀

@christie4336 Месяц назад

excellent explanation of a trust. Better then when my lawyer explained it.

@TobyMathis 27 дней назад

I'm glad you found the explanation helpful!

@nicksaylor3288 6 месяцев назад

Whats the best asset allocation for a trust designed to be available to many generations in the future? Is the s&p 500 all you need and when it inevitably has the 20% correction just deal with it. Or should it be more income dividends driven more so that appreciation?

@TobyMathis 6 месяцев назад

Great question! Achieving the optimal asset allocation for a trust with a multi-generational perspective involves careful consideration of various factors. I'd highly recommend you join our free tax and asset protection workshop to delve into this topic to have this question answered live. Visit aba.link/c4o

@vladislavkorol6033 4 месяца назад

What if something happens to the trustee I.e. dissolution of the firm, death, bankruptcy, etc? What happened to the trust?

@billstephens5472 6 месяцев назад

Hey Toby! Can I place my ca property into a trust in the state of Virginia. Thanks

@TobyMathis 6 месяцев назад

Actually yes.

@johnnyfive1412 6 месяцев назад

Does a beneficiary need to prove to the trust admin that the $$$ they need is for school or hardship? Would the trust admin dig into the beneficiary finances to see if they really need the money?

@TobyMathis 6 месяцев назад

It all depends on the provisions of the trust and who the trustee is. If the trust says to cover education expenses - they may pay things directly from the trust or reimburse your costs. They do have state laws that cover them and professional trustees have to have licensing, bonding and insurance.

@stevewalline6695 6 месяцев назад

Can a winning lottery ticket sit in a trust before turning it in.

@k.elysee6527 2 месяца назад

Can you put investment funds into a trust and real estate that you have a mortgage on?

@TobyMathis 2 месяца назад

Great question, I would set up a free consultation with my team to receive a full answer. Visit: aba.link/tjn

@bobhoran9778 6 месяцев назад

What if I’m an only child, live in another state than my Mom, and Mom’s house has a reverse mortgage? Dad has passed away. Mom who just turned 80 and is in good health, has no will, assuming, that I’m the sole direct heir.

@TobyMathis 6 месяцев назад

Price in the probate expense to change assets for mom - for a comparison of dollars and cents. For healthcare and financial matters, an 80-year-old needs to name advocates who can act on her behalf. It is not just about money. It is making sure your mom's wishes are written down and someone is designated to advocate for her be it in the bank, her doctor's office, or at the end of her life.

@bobhoran9778 6 месяцев назад

@@TobyMathis Thanks Toby for your advice. We do have two things covered. My name is on her bank accounts, and her funeral has already been pre- planned and pre-paid. Need to work on everything else.

@TheYconrad 6 месяцев назад

Why have a Will or Trust when you can have a POA in place. Have transfer of real estate in place. Have accounts jointly held with beneficiaries in place. These actions can be taken with an attorney for minimal fees.

@TobyMathis 6 месяцев назад

POA does not work post-death and does not transfer the asset. Joint accounts sound like a good idea until your child gets sued, divorced or greedy, in which case your money is gone or, if it is sizeable estate, when you realize the gift tax filing requirements and the loss of a step up in basis (oops). Paid on death can sometimes work, but only if the beneficiary survives you and there can be no control from the grave (still, better than nothing). For people who want to avoid family conflict, court and have control of their estate after they pass so it is not squandered, there are very few choices. The easiest one that works the best, in my opinion, is the living trust. That is without addressing the lifetime benefits that comes with the financial and healthcare POAs, end of life decisions, and just having a written plan so that others know your wishes.

@TheCharlesAtoz 6 месяцев назад

My Dad's estate was in probate for 2 years. Awful.

@TobyMathis 6 месяцев назад

@berniceslade9308 6 месяцев назад

15:47 My spouse died intestate. He has 6 kids ( not of our marriage ). A financial settlement will go to his estate. My state designates one third for me and two thirds for the kids. The settlement will be the only asset. He owes no one. Will probate be a difficult process. Will it be expensive and will it be a lengthy process.The children are in agreement with what they are entitled to. We live innVirginia

@Radio280 5 месяцев назад

What happens to money in a bank account 🤔 if something happens to both parties because it is a joint account . The kids cannot be written as beneficiaries on the account because they live in another country and r non US citizens. What can be done in advance 🤔? How do u do Paid on death?

@TobyMathis 5 месяцев назад

The bank account is in the trust, so the trustee would be all that changes. Depending on what the trust says as far as distributing the money, the Trustee will either continue to hold the funds in the trust name or distribute then funds in accordance with the trust. You do not need the paid on death with the trust because it does not die:-)

@christaft3506 6 месяцев назад

Where do you go to find someone you trust to get a trust

@TobyMathis 6 месяцев назад

Hi, I highly recommend you request a free 45-minute consultation to discuss the most efficient estate planning strategies for your unique situation. aba.link/tjn

@christaft3506 6 месяцев назад

@@TobyMathis iam in illinois and I want to talk to someone in preson near me. No online no one out of state..

@user-yn8ve2hl9r 5 месяцев назад

I need to setup a trust can you help

@TobyMathis 5 месяцев назад

We can definitely help you with setting up a trust! Sign up for our Free strategy session to get started. Visit: aba.link/tjn

@AverageDadSavesMoney 6 месяцев назад

To reduce the cost of a Trust, I enrolled in pre-paid legal at work for $12 a month. The coverage includes getting a Trust which was usually ~$850 around me without insurance. After the year is done, I have to option to remove pre-paid legal from my benefits.

@ArabellaPottery 6 месяцев назад

And how does it end up in front of a judge? Who told the judge?

@TobyMathis 6 месяцев назад

In probate - to transfer an asset, you need to have a court order. Just about any beneficiary can start the action.

@27blanx 6 месяцев назад

Two options; -don’t own anything -don’t let yourself die

@bryanCLXT 6 месяцев назад

dies owns debt

@jeffreyd508 5 месяцев назад

Im single, no kids. I want to setup a trust with the IRS as my beneficiary. Id be a legend when the media gets a hold of it, LOL! Direct deposit into their account monthly Sucks to earn money. Spending money, especailly money you didnt earn is fun. I dont want to have done the sucky part and let someone/anyone enjoy the fun part, especially some non-profit who will steal/misspend it. I want no one to "feel" my wealth. Giving it to the IRS assures this

@TobyMathis 5 месяцев назад

If you're genuinely interested in creating a trust structure aligned with your preferences, we'd be happy to discuss the details further. Feel free to schedule a free strategy session. Visit: aba.link/tjn

@madstarr2 6 месяцев назад

We have a Will and a LT.

@TobyMathis 6 месяцев назад

Awesome - nice to have the peace of mind?

@Altosax449 6 месяцев назад

What about when your Aunt sets up the living trust and names her niece Trustee and the niece starts, after the Aunt dies, out by open up trust bank accts and proceeds to spend $100k on herself even before everything is in place…

@youmayberight2434 6 месяцев назад

Sometimes the trustee gets more than others with additional responsibilities.

@TobyMathis 6 месяцев назад

That sounds like theft and the beneficiaries would have recourse. They can fire the niece and get the money back under most trusts. I worked in a guardianship firm where we would have to have security stay in homes of clients who passed to prevent the kids from removing valuables from the home. When people pass, sometimes their heirs misbehave.

@youmayberight2434 6 месяцев назад

@@TobyMathis I agree with you. I guess I am thinking in terms of an executor of a will as an executor can also be a beneficiary. It sounds like trustee got their cut right off the top, but one never knows unless seeing how Aunt actually worded the trust/possible will. It does sound fishy that she would pay herself first before everything else. I hope my folks get a living trust as to avoid any potential family hard feelings. It seems though a lot of families do not know until it is too late. I"m not sure about a trust, but a will can really be used to manipulate people from what I have seen. Guess it works or can work both ways in regard to greed or manipulation. If a will is already in place, is it wise to add trust or just redo everything? Thanks.

@SniperTrader2023 6 месяцев назад

Trust's are a joke! I've always heard a trust avoids all the legal fees etc. When my dad passed away (he had a trust) I spent so much money on legal fees it was pathetic. Certainly eats into anyone's inheritance....truth, fact!!! Don't believe me? Sorry been there done that, experienced it...not to mention a will is way cheaper even up front for the person deciding to get a will or a trust for their heirs.

@TobyMathis 6 месяцев назад

I am truly sorry for your loss and the conflict that occurred. Without knowing more, I simply cannot see how a trust would cause any legal fees. They just do not work that way. A will requires probate while a trust does not. The only way to end up in legal wrangling is if the trust is created and never funded and perhaps they did not pour-over will. That would be very atypical as almost all estate planners include a pour-over will with the trust to avoid this issue. Can you give me more facts about what happened?

@SniperTrader2023 6 месяцев назад

@@TobyMathis it was an 'Irrevocable trust', my sister was named the trustee. My aunt was some other named beneficiary (forgot the title but she was 'in charge' so to speak, she made sure all of my fathers final bills were paid, etc.). The lawyer involved handled all of the transferring of assets insuring they were all divided up properly (brokerage accounts, real estate, bank accounts, etc.) Assuming a lawyer wasn't required....who would have handled all the legal stuff? Maybe my family is just stupid and used a lawyer to handle everything but at the time it sure seemed like a necessity. Also, it took like a year before everything was all said and done (finalized). Personally, I can't imagine not having needed a lawyer and of course they charge by the minute, adds up quick.