5 Assets That SHOULD Never Go Into A Living Trust

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Clint Coons Esq. | Real Estate Asset Protection

Күн бұрын

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In this video, I'm breaking down the types of assets you should NOT put into your living trust and why.
While many videos discuss how to fund your trust, few address which assets should stay out of it.
💰 Let's discuss annuities, IRAs, and 401(k)s. These assets are essentially trust agreements themselves and should remain outside of your living trust. Attempting to transfer them into your trust could trigger unintended tax consequences or jeopardize their special tax treatment.
By understanding which assets belong in your trust and which don't, you can ensure your estate planning strategy is both effective and efficient.
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Show Notes:
0:00 Intro
0:32 Vehicles
3:01 Annuities, IRAs & 401(k)
5:48 Life Insurance
7:10 Outro
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Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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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.
#legacyplanning #estateplanning #livingtrust #assetprotection

Пікірлер: 281

@ClintCoons 2 ай бұрын

Have questions about setting up your trust? Sign up for a free consultation TODAY! aba.link/zev

@lucyv4416 2 ай бұрын

1. Vehicle 2. Annuity (Ira,401k, etc.) 3. Life insurance

@integr8er66 Ай бұрын

Nope, 401K needs to name the trust as beneficiary because all of the 401Ks I see now require an SSN for a beneficiary and they have no right to keep my children's SSN in their records which will certainly be hacked at some point. So if I name my trust then I don't put my children in harms way. Their SSN is not mine to go handing out to people

@larrykruck8047 Ай бұрын

@@integr8er66 now your kids will not get 10 years to cash out, as a trust must cash them out in 5 years whereas a person gets 10 years.

@mfamily3301 Ай бұрын

@@integr8er66 same here not putting my kids ss ou there

@marshallwise1763 Ай бұрын

What about the living benefits from annuities and life insurance if you become incapacitated??

@hornbaker Ай бұрын

Make the trust the beneficiary so you specify distributions in one place. At death, your trustee can choose to a) cash them out (taxable event for pre-tax funds) and manage the cash under the trust instructions (such as delaying distribution), or b) step out of the middle and direct the institution to payout directly to the beneficiaries, enabling them to receive it in an Inherited IRA and withdraw it over 10 years. Only reason not to do this is if your estate would exceed the tax exempt limits.

@kauaikit 2 ай бұрын

Personally… on vehicles, I change the titles to add a T.O.D.’s (transfer on death). Simple & does not require signature of beneficiary. 😅

@davidhargrove1648 25 күн бұрын

Yes this is a very simple way to transfer vehicles and was suggested by our estate planner but it’s not available in all states. We have vehicles in Wash DC and also West Virginia. West Virginia does not have TOD so we are just going to sign over the truck ahead of time. Dad not driving it much anymore anyhow.

@kauaikit 25 күн бұрын

@@davidhargrove1648 -Ok.....I'm in Cali.. :-)

@organizer14 2 ай бұрын

Really great points! Very useful to know! Thank you so much for your valuable education!!!

@melangreathouse2209 2 ай бұрын

Clint, this was absolutely stellar advice. And you’re right! Few financial advisors are talking about this. Thank You!!!

@taniahummelgard2290 2 ай бұрын

Can’t emphasize enough how important this is.

@alangalermo 2 ай бұрын

Make copies of your house keys or properties and give it to your beneficiaries that you picked. Let them take everything that belongs to your family when you and your spouse passed away. They don't need to know what you owned, it would be less headaches and will saves the beneficiaries tons of money. You can still have a living trust for the house be smart you worked hard for your stuff, keep it to your family. That is my own opinion and good luck.

@integr8er66 Ай бұрын

Yep, Guns especially. The Govt doesn't need to know what you have, and they can't trace personal items. Anything with a public record though is a different story

@alangalermo Ай бұрын

@@cmf6081 You need to read what I have said, "MY OWN OPINION" So who is more ashamed. You are Ha ha ha ha

@DimndSLM Ай бұрын

@@alangalermoyes! That.🥴

@integr8er66 Ай бұрын

@@cmf6081 While it may not be legal it would be near impossible to prove. My trust does not have any record of my personal untitled property. Cars boats homes real estate outstanding, everything else you would have to prove wasn't given to me by the decedent before death.

@karlabritfeld7104 Ай бұрын

Family will only want money.

@terryparish7133 2 ай бұрын

Your spot on with the annuity and vehicles great information!

@acamposjr06 Ай бұрын

*you’re

@Starfish2145 2 ай бұрын

In Arizona, you can file get a form from the DMV that immediately transfers the vehicle to your beneficiary upon your death. Attach that form to the title and keep it in your safe deposit box.

@chrishaddad5362 2 ай бұрын

Arizona really is a great state.

@loydacoulombe1397 2 ай бұрын

I had no idea.. Thank you

@robinteters5168 2 ай бұрын

You can in Oklahoma too.

@katsiduzynski488 2 ай бұрын

Unfortunately few banks have safe deposit boxes, you're better off having a fireproof strong box on your property in an easily accessible place.

@karlabritfeld7104 Ай бұрын

You should either not have a car when you are old or lease one so it can just go back to the dealer upon your death

@robertkerby2581 2 ай бұрын

Great advice, especially since my wife and I are having a living Trust set up on our behalfs.

@sw4841 2 ай бұрын

Great advice!!

@bassboy8910 Ай бұрын

I’m saving this post! Great info! ❤

@ClintCoons Ай бұрын

Thanks

@alanaldpal950 2 ай бұрын

Good video and advice; However, I suspect the number 1 thing is to know the laws in your state

@DimndSLM Ай бұрын

Wise advice

@jeanettecook1088 2 ай бұрын

It's no joke to us.... we have mules, and a trust! Nice video, thank you. 🎉

@kamakaziozzie3038 Ай бұрын

That’s great! I’d love to have mule or a horse.

@marlenygonzalez6286 Ай бұрын

@@kamakaziozzie3038what about my ( chihuahua dog)😂😂😂😂

@HB-yq8gy 2 ай бұрын

We live in NJ probate is very fast and efficient here some estate planning lawyers offer free dinners and fearmonger probate and taxes. After more research, we found out the opposite. This was after spending $2500 for a living trust that was complicated 30 pages. The attorney's name/firm was on almost every page. So we opted for a simple "The disclaimer trust in my last will and testament"

@mlamesq8 2 ай бұрын

FYI New Jersey no longer has estate taxes. Just figure out what to do with your federal estate tax exposure. Oh, and you’re welcome, now you don’t have to move to Florida.

@monapar2706 Ай бұрын

Thank you great advice

@RosieBaseball 2 ай бұрын

The car was a key takeaway for me. Thank you for the advice.

@ClintCoons 2 ай бұрын

Glad it was helpful!

@sweetsuccesstrading5097 Ай бұрын

I Just found your KZfaq channel with searching for asset protection. The First one I saw before this, was one from 3 years ago, with putting your Vehicle in a Trust to protect it from Judgments, etc.

@ClintCoons Ай бұрын

That is a personal property trust not a living trust.

@marialourdesbaniqued5923 2 ай бұрын

Thank you!

@clewis4826 2 ай бұрын

Thanks!

@ClintCoons 2 ай бұрын

Thank you for the super thanks!

@anthonyrose6686 2 ай бұрын

Very good advice who knew

@kamakaziozzie3038 Ай бұрын

Thank you for the info 🙏 My wife and I own three properties and finally realized we probably need a Trust🙄 This was a good primer before we go to a lawyer

@ClintCoons Ай бұрын

If you would like a FREE 30-minute consultation to discuss the living trust, you can request one here - aba.link/clintss

@kimberlindy 2 ай бұрын

Our X-attorney had us chasing our tails when we tried to put a new car in our living trust at the dealership who was like what in the what?!? We just met with a new local atty last week who said you don't do that and gave the same reasons you did. Shelled out so much $$ on wrong and bad advise from our X-lawwyer and honestly have heard so much wrong and bad advise from other well credentialed experts I trust no one now no matter what their credentials or how confident they are and its exhausting.

@ClintCoons 2 ай бұрын

That is frustrating for sure.

@angeldee7287 2 ай бұрын

Exactly. Do your own research and talk with different attys, financial advisors, and investors prior to setting up that living trust. This video is informative, thank you.

@YeshuaKingMessiah Ай бұрын

Yeahhhhh car salesmen are extremely unsophisticated Aka ignorant They know what they need to get that car sold and with as much extra they can get put into it as possible That’s it Outside status quo--total blank stares is all ur getting

@factchecker1980 20 күн бұрын

In Nevada, you can file a Transfer Upon Death to avoid probate. Thecsame goes forcyour vehicles. Add beneficiaries to all of your bank and retirement accounts and you will avoid probate without a costly trust.

@thedufloth 2 ай бұрын

What about when you have assets outside of the country? You could make a video about it. Thanks

@ClintCoons 2 ай бұрын

Noted

@co5626 2 ай бұрын

Agree; I am in the same situation and would benefit from some guidance on this topic.

@FollowThe-Money 2 ай бұрын

Was thinking the same thing!

@HeresMyView Ай бұрын

Assets owned outside US does not fall under US jurisdiction. It is common sense. It is like saying Japan can tax US citizens if a Japanese owns assets (homes, business,etc) in US.

@karlabritfeld7104 Ай бұрын

Ridiculous question.

@ClayJitsu 2 ай бұрын

love it, great info!

@anjiviolin 2 ай бұрын

Agreed! 😊

@billrook6165 12 күн бұрын

A much simpler way to transfer vehicles, upon your death, is to list their name on the title's owner line as a "TOD" (Transfer On Death) addition. Your license office can change this for you. If you're buying a new or used vehicle, do this at that time, and save your survivors a hassle.

@thomascabral8443 24 күн бұрын

good tips,,,

@ClintCoons 23 күн бұрын

Many many thanks

@susan7775 Ай бұрын

I live in Washington; when my dad and years later my brother died, their vehicles were easily transferred to others, relatives or not

@billm4544 2 ай бұрын

In NC my mom’s car was NOT in the trust and it had to go through probate to get it into my name. What a pain.

@mistylarosa9821 2 ай бұрын

The car title can name a beneficiary

@Seasidesalesfl123 2 ай бұрын

In Florida if beneficiary of the vehicle is not spouse or children vehicle has to go thru probate. Just went thru it for a friend’s estate.

@carolinenachtrab4357 2 ай бұрын

@mistylarosa9821 Yup - their name at TOD (TIME OF DEATH), should be on the title

@integr8er66 Ай бұрын

@@carolinenachtrab4357TOD means Transfer on death, not time of death

@YeshuaKingMessiah Ай бұрын

I think NY too I was widow n it was immediate becuz of that My car will be junk tho, no one want it! My late husband’s was too. I gave it to the shop who had been fixing it HA. One more item off my list so it was worth it-no driving age kids at the time or they mayyyyy have wanted it tho. So then I woulda “sold it” to them for $50 after titling it in my name. Still only wait 6wks compared to 2-3 yrs probate.

@brendahallmcdonald1292 2 ай бұрын

Probate can let your beneficiaries get the free stepped up value for real estate as of d/o/d and avoid tons of capital gains taxes. Know your state. There are no estate taxes in TN. The costs attendant to preparing and funding living trusts can be far more expensive than the cost of probate. Figure out what you are trying to accomplish. A trust is not always the most advantageous method of transferring wealth.

@karlabritfeld7104 Ай бұрын

If your family is getting the bulk of your estate there is no reason not to pay taxes on it other than pure greed.

@hornbaker 23 күн бұрын

It takes minutes at the bank to transfer an account to a successor trustee. It takes months to 2 years to activate and then close out a probate. Both get the stepped up tax basis. The choice is yours.

@kaythegardener Ай бұрын

Things to keep outside the trust -- depends if you have a spouse or adult children or minor grandchildren 1) titled vehicles, eg autos, boats, etc, passes on death to beneficiary with death certificate outside of probate; 2, 3, 4) annuity types of accounts -- eg IRAs, 401ks, normal annuities, with trust as beneficiary or beneficiary of IRAs & 401ks. Look at specific provisions with a tax advisor!! 5) life insurance -- passes outside of probate directly to the beneficiaries;

@octonoozle 2 ай бұрын

But what about Trust Doesn't Rust. Sometimes you definitely want the vehicle to go to Michael Knight.

@maryollinger429 Ай бұрын

The video I heard stopped at annuities.

@RonsterK 2 ай бұрын

Naming your trust as beneficiary of your IRA could create an immediate taxable event. Better to name natural persons to preserve option to extend tax deferred status of the assets.

@integr8er66 Ай бұрын

Ya but the damn Investment companies require an SSN to name a beneficiary, and they have no right to ask, and Heck my kids SSN is not mine to hand out, so only option I found was to name the trust as beneficiary

@Methodical2 23 күн бұрын

How? Can you elaborate? The would "could" also means it could not. Please elaborate on how it could trigger a taxable event? Thanks.

@fillythrees3341 11 сағат бұрын

IRAs are NOT tax deferred to the beneficiary and the beneficiary must make 100% withdrawal of those IRA funds within 10 years. Those withdrawals ARE TAXABLE INCOME to the beneficiary, however, they can set up their own IRA and fund up to the maximum annual IRA contribution with those inherited IRA funds to offset some or all of the tax liability from the inherited IRA withdrawal.

@WaitSpecific Ай бұрын

Newly divorced (42yrs) - trying to learn. So what’s left? Ur primary house? What about a rent house?Regular bank accts? I have POD on all cash accts. What “should” be included? It a trust cheaper than probate & inheritance property values?

@ClintCoons Ай бұрын

Your home, rentals (these should go into an LLC, and the LLC is held by your living trust), personal bank accounts, brokerage accounts, and business interests are the top that come to mind.

@WaitSpecific Ай бұрын

@@ClintCoons thanks !

@lv4077 2 ай бұрын

I don’t have to worry about that living trust stuff, I started with nothing and I have most of it left so I don’t have to bother with some of these legal details.

@escalade8759 2 ай бұрын

🤣🤣🤣

@thefix2573 3 күн бұрын

Same boat, but I don't want my kids in it. No one in my family has ever had Life Insurance. They think it's a scam, I say Social Security is the Scam. I even have tried to pay for the policy for two of my relatives but they said no. I wanted to put the Beneficiary as a Trust so our Descendants could pay for College or down payment on a house etc. I'm going to do it for them, I don't have much and won't live long on SS and Medicare. I own some property with a doublewide on it I'll put in there and my life Ins should help pay the taxes etc. At least they can start out with a basic place to live, more than I had.

@Greeneggsandham123 2 ай бұрын

Most stuff has beneficiary directions. Investments stocks, retirements, bank accounts. Since they already have those, they don’t go into trust? Does that just leave your house in a trust?,

@Mtsayhello 2 ай бұрын

Change title to join tenancy will do

@MarkSpohr 2 ай бұрын

California has a mandatory fee (statutory fee that goes to lawyers) on assets that go to probate. A vehicle will be charged at 4% of the value.

@likethesky 2 ай бұрын

Not if it’s less than ~ $180k in value. Sure, if you own a $1 million Lamborghini, you might want to put it in a trust, but if your cars, household belongings, etc are less than $180k (it adjusts up for inflation in California each year), you don’t need to put them in your trust. Real estate, yes for sure!

@MarkSpohr 2 ай бұрын

@@likethesky Thank you

@cindypappas253 Ай бұрын

BMV has transfer upon death forms.

@eds7626 2 ай бұрын

How do you set up a trust if both parents died but prefers the minor children to be raised with relatives overseas instead? The successor trustee is not the guardian. Is that possible?

@ClintCoons 2 ай бұрын

Great question, I recommend you request a free 45-minute consultation so we can provide the best answer for your unique situation. aba.link/zev

@rayzimmerman2242 Ай бұрын

Creating a will, naming beneficiaries on accounts, and use of transfer on death much cleaner and protect the heirs from filing probate. My friends who were sold on trusts 20 years ago are all dismantling the trust and converting to wills. Trust does not protect inherited assets from medicare death tax or inheritence tax

@Methodical2 23 күн бұрын

But the wills will surely place those assets in the courts palms where everybody has their hands out before the beneficiaries sees a dime maybe a year or so later. I guess it depends how relevant the assets are.

@renomartinez27 12 күн бұрын

Thr purpose of putting a vehicle into a trust, is so you do not have to insure or register it because you will now be traveling in private

@lesliefranklin1870 2 ай бұрын

I've heard some people say not to put your checking account into a living trust, but I've never heard the reasoning. Any comment on this?

@lizettemima 2 ай бұрын

I think it may be because you can list a beneficiary on your bank account.

@Starfish2145 2 ай бұрын

I wouldn’t ….just name a beneficiary or executor

@anncochenour9920 Ай бұрын

Have a separate bank account in the name of the trust. If your house is in the trust and it’s sold the proceeds will be payable to the trust

@cbbcbb6803 2 ай бұрын

Can a LLC be the beneficiary of an insurance and other assets?

@ClintCoons Ай бұрын

Yes if the issuer is willing to name it.

@walther9161 2 ай бұрын

I see a lot of people talking LLCs and aren’t there massive new regulations on LLCs? I’d think you’re trading one paper chase for another.

@candecarro Ай бұрын

Question: should the following be titles in the name of the living trust? 1. Brokerage accounts 2. Alternative investments such as DSTs, LLCs. 3. Bank accounts

@ClintCoons Ай бұрын

Yes to 2 and 3. Your brokerage account should be in an LLC and the LLC should be owned by your living trust.

@Methodical2 23 күн бұрын

@@ClintCoons Why?

@judithcosta3302 Ай бұрын

What about insurance for your home? Is it an issue to obtain as it is now owned by the trust?

@ClintCoons Ай бұрын

Not at all

@thefix2573 3 күн бұрын

Auto Ins is looking at the person, more than the item. The car moves, like a gun, depends on WHO has control of it. Even if you're driving drunk, you are covered. Home ins looks at the item more than the person. The house sits still, the bad actions of the owner/occupier can be called "non covered incident" or Negligent.

@GPHTX 2 ай бұрын

New sub thx

@KarenAnn7511 21 күн бұрын

Can you put your residence in your trust if there’s a mortgage and home equity loan on it?

@ClintCoons 21 күн бұрын

Yes you can

@maryollinger429 2 ай бұрын

The title says 5 assets that should not be included. But you only named three.

@xavierkoolat6926 Ай бұрын

I think it's as follows: 1. 0:32 Vehicles 2. 3:01 Annuities, 3. . . . IRAs, & 4. . . . 401(k) 5. 5:48 Life Insurance Annuities, IRAs, & 401(k) are from 3:01 to 5:48 .

@jaimedpcaus1 2 ай бұрын

Can a limited g trust be changed later in life?

@likethesky 2 ай бұрын

A living trust can be modified at any time by the original grantors (you, who set it up), that’s because it’s a revocable (living) trust. So yes, it can change later in life or at anytime you need it to if your circumstances have changed. You should always get an attorney to change it however, it’s not really a DIY kind of thing.

@lindasarooei7230 Ай бұрын

Hi, thank you for doing this video, how can I get in touch with you, please?

@ClintCoons Ай бұрын

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

@afg-media 18 күн бұрын

I set up my life insurance to go into my living trust, as primary and my child as secondary. The trust was based on if I passed while my kid was a minor, they would get paid out the interest only. (except for emergencies based on the trust administrator) at 18 they would get 10% and it then reverted to interest only for 19 and 20. at 21 they got 15% of the remainder, again reverting to interest only for year 22-24... and at 25 they received everything. the reason it was set up like this was to allow them to blow all the money at 18.. get an idea on that, a second chance at 21 to make good or bad choices. and at 25.. hope they learned enough if they made mistakes at 18 and 21.

@ClintCoons 18 күн бұрын

Good plan

@eastwestpicayune8200 18 күн бұрын

My understanding is that retirement accounts i.e. IRA or 401K shouldn't have the trust as a beneficiary. Tax consequences is much higher.

@michaelvanhorn643 15 күн бұрын

Thanks for a good video. Do you have any information in another video perhaps where you discuss the differences in taxes paid by beneficiaries of an IRA who are the secondary beneficiaries and receive the funds directly compared to the taxes paid by them if they receive the money from a trust that is designated as the secondary beneficiary? My understanding is that the taxes are much higher in the second scenario.

@ClintCoons 14 күн бұрын

Yes they can be depending on how the trust is set up.

@JaredShapiro 14 күн бұрын

You mentioned incorporating your revocable land trust. Let's say the property is in Florida. Are you referring to transferring the grantor's beneficial interest of the revocable land trust to the FL LLC? If so, would you then make the WY LLC the FL LLC member and then make the WY LLC member a living trust to avoid probate from all assets owned by the WY LLC?

@ClintCoons 14 күн бұрын

Yes that is correct.

@JaredShapiro 14 күн бұрын

Thank you.

@JaredShapiro 14 күн бұрын

Can you please clarify these last questions below? While I understand reassigning the revocable land trust's beneficial interest from an individual to an LLC provides asset protection from the original individual / beneficiary from potentially losing his/her personal assets (outside the trust) in the event the revocable land trust is sued because the land trust is revocable; couldn't a creditor unwind the revocable land trust that's held in the LLC and seize any assets/property within the LLC AND any assets/property held within the revocable land trust itself even if the land trust is presently owned by a business entity --- an LLC? I'm also assuming because the beneficiary has an equitable interest in the trust, it's the beneficiary that owns the land trust and is the liable party--- not the trustee, although the trustee has legal title to the trust and merely manages it according to the terms outlined within the revocable land trust agreement. In other words, the trustee is not the owner of the trust --- the beneficiary is, and, subsequently, it's the beneficiary that's liable whether that's an individual or an LLC. So, I guess my whole conclusive question revolves around the fact that if the land trust is sued, the LLC beneficiary (the new owner of the land trust) will only lose what the LLC owns, which includes the land trust itself and what ever else is inside that land trust. But the fact that the original beneficiary no longer personally owns the trust (via a transfer of beneficial interest to the LLC before a lawsuit was initiated), the original individual / beneficiary's PERSONAL assets are not at risk. Am I understanding this correctly from an asset protection standpoint?

@rickphillips381 Ай бұрын

What about a paid off timeshare?

@ClintCoons 23 күн бұрын

The TS is a liability and you may want to keep it outside

@nevastrong2850 24 күн бұрын

Our R.T. Includes a pour-over will to capture anything not covered specifically in the R.T. assisting in avoiding probate. 🤔 anyone else?

@NWO-v1c Күн бұрын

OK, I can understand not placing a vehicle in a trust. However, would you place a vehicle in an LLC?

@ClintCoons 22 сағат бұрын

If it is used for business or it is a show/classic car that has an investment aspect to it.

@jonathanthink5830 2 ай бұрын

Do not put your bank accounts in the Living Trust. You could easily assign beneficiaries. There are also some complications with using trust for bank accounts. Some banks treat a trust as a "business entity", and you will get less interest. There is also no need to put timeshares in a trust if they are not already in there. It is a hassle and costs money.

@integr8er66 Ай бұрын

My bank accts are in my trust, its not a problem at all, I just have to sign TTEE, to show I am the trustee. I have CDs in my trust as well, no problem there. Why would you let something as large as you bank acct go through probate?

@jonathanthink5830 Ай бұрын

@@integr8er66 I believe the bank account beneficiaries have higher priority than the will. It is extremely important to assign beneficiaries in your bank accounts. I don't think it is a "problem" to use trust for bank accounts. It is just a hassle and unnecessary.

@hornbaker Ай бұрын

I’ve got a bunch of different accounts - why would I want to have to update all of them separately? Easier for the trust to own the accounts and then say in one place “12% goes to Fred, 17% goes to Sally, etc.” If you had only one beneficiary, you *could* add direct beneficiaries to all your accounts, home, vehicles - if your state allows this (not all do for cars and homes). But anything that can’t have a TOD specified would be forced through probate.

@karlabritfeld7104 Ай бұрын

What interest??

@hornbaker 23 күн бұрын

@dr.aliadixonnursepractitio6473 TOD is fine if you will only ever have one primary beneficiary. Though have you considered the need for a successor? If she has kids, should they be the successors instead of her husband? Joint tenancy title is a hack solution for inheritance, and a very bad idea for several reasons - for starters, you are tied to her financial fate. Any legal judgements against her, a divorce, sudden medical bills, etc. threaten your assets. But also because when you die your daughter loses the benefit of a step-up in basis for tax purposes. For the small cost of setting up a trust and the effort of signing ", Trustee" after your name, you become protected from these Joint Tenancy problems. And going beyond a basic trust, you can create one that defines irrevocable sub-trusts for the beneficiaries, protecting them from having inheritance seized by creditors or a divorce. You can make your daughter a co-trustee in your lifetime without her losing any benefits, and this is convenient to start transitioning control. You can cut corners and use workarounds, but guaranteed the money saved will be a drop in the bucket compared to the consequences later.

@miketheyunggod2534 2 ай бұрын

Everything my mother owns is in her living trust. Everything goes to me.

@candecarro Ай бұрын

I have mine set up like that, too!

@robertcussen8039 2 ай бұрын

Would you put a vehicle in a trust in order to prevent Capital Gain and Inheritance Tax? Or Or would it be better to put these into a Family LLC President proposed 2025 Inheritance tax rate on top of Capital Gains which is nearly 40% and that's not including state death tax either.

@LazyGrayF0x 2 ай бұрын

Sign the title and put it in the safe but don’t date it or list odometer. Your survivor can claim it as a gift and register in own name, unless you’re not talking normal car. If it’s an appreciating exotic collectible, then I would put it in the trust.

@jannibal9273 2 ай бұрын

Oh come on. Do you know what the amount of money is that can be passed in an Estate free of Inheritance Tax? 99.9% of all Americans will NEVER pay a Federal Inheritance Tax because we don't have Estates worth millions of dollars. If you live in a state that has an inheritance tax, check your state laws. Generally, they are in sync with Federal law, but not always.

@robertcussen8039 2 ай бұрын

@@jannibal9273 That's why the President working on double taxing it in 2025. Inheritance tax and Capital Gains with both applying to anything left outside a trust, supposedly.

@stevesugulas9941 2 ай бұрын

@@LazyGrayF0x If I may, signature dies on title same moment said person passes over.

@LazyGrayF0x 2 ай бұрын

@@stevesugulas9941 its where not dated but signed title is useful.

@vickileadbetter5574 Ай бұрын

Can't you just set up your house with a TOD and bank accounts POD's? Or do they have to be in the Trust?

@ClintCoons 23 күн бұрын

You could, but if your child was going through a divorce or lawsuit, then the asset will be subject to attachment because it automatically passes to the beneficiary.

@robreese1373 Ай бұрын

But if you have a Living Trust you don't have to go a Probate anyway,and why did you mentioned it in this video that if a person pass away the beneficiaries have to trough Probate sir? Pls reply

@ClintCoons Ай бұрын

That is correct.

@davesguitars7787 2 ай бұрын

Your instructions about motor vehicle transfer are NOT accurate for all states. For instance, In New York only 1 vehicle can be transferred to an immediate relative. In addition, vehicles that are owned jointly can be passed to the survivor. Unfortunately, the rest will go through probate, unless they are in a trust. However, that is not ideal either, as it will be difficult, or very expensive to obtain insurance in NYS.

@kdjones5149 Ай бұрын

What about placing IRAs in trusts so that nursing homes do not have access to these funds? We will be living off of SS and annuities. We will not need the money in our IRAs and have about $800k in Roth and $1.4M in traditional IRAs. Our parents are or were in nursing homes before their deaths. I would hate for a nursing home to rifle through our assets if we end up in a nursing home. My wife and I are 66 & 67 respectively.

@ClintCoons Ай бұрын

Are you looking to move assets to qualify for Medicaid?

@AscDrew Ай бұрын

@@ClintCoonssounds like it. What’s your suggestion there?

@hornbaker Ай бұрын

Generally, your assets need to be in an irrevocable trust (not a living trust) for 5 years to shield them from Medicaid look-back. I don’t believe an irrevocable trust can own an IRA, so you may need to cash it out to move the funds (a taxable event, usually). Also, know that if assets like IRA or annuity are in one spouse’s name and they require long-term care / Medicaid, the other spouse is exposed because their name is not on the account. You need to balance your retirement accounts to prevent this.

@HeresMyView Ай бұрын

Yes, Irrevocable Trust cannot own an IRA bcos the IRA has a named beneficiary in the IRA acct. The beneficiary overrides the Trust.

@karlabritfeld7104 Ай бұрын

I hear you!! I'm 67

@tomekaridley6371 Ай бұрын

How will this all work out in California under Newsome?

@ClintCoons Ай бұрын

No idea. He will probably confiscate everything you have to redistribute. 🙄

@elenataylor4611 24 күн бұрын

He is going to replace Biden for the presidential bid. Pray for God's mercy on America.

@harold415 Ай бұрын

How about a house? How does that work?

@ClintCoons Ай бұрын

Your house will be held in your living trust.

@samkeino6810 2 ай бұрын

A major “hole” in virtually all videos about “hiding” assets from litigants in a dispute. All they need to do is ask and you MUST reveal all your assets,

@joesmith6357 2 ай бұрын

Lie like biden

@Philomath9ether 2 ай бұрын

Should art be included in a trust?

@ClintCoons 2 ай бұрын

Yes but art is personal property and does not require changing a title.

@teresarodriguez4848 2 ай бұрын

I was told all liquid assets automatically pour over into the trust. Bank accounts insurance 401 all have a beneficiary listed.

@SeanJohns-ze8ie 28 күн бұрын

You need to be careful about what you put into a living trust. Certain assets can cause problems if included.

@redstingraycorvette Ай бұрын

Unfortunately, nothing was mentioned about a home or vacation property

@ClintCoons Ай бұрын

Those go in your living trust

@marshafrost1488 Ай бұрын

What about an irrevocable trust?

@dianecarlson2918 Ай бұрын

NO. You can never make changes to an irrevocable trust

@aonforme3349 9 күн бұрын

@@dianecarlson2918Sort of correct. However, you can draw up a new RLT that will replace the old one.

@icedteamama176 Күн бұрын

So confused…how many types of trust are there? Thanks

@ClintCoons 22 сағат бұрын

Lots. Keeps attorneys employed.

@shawnm5692 2 ай бұрын

some people use a trust for vehicles to prevent others from finessing the car from your possession (getting a duplicate title under their name, etc). you still advise against it?

@ClintCoons 2 ай бұрын

Not at all. Using a personal property trust for vehicles is a great way to address what you describe.

@jstohlman 2 ай бұрын

Where do you state who should inherit your car? In your will? Can anyone with the death certificate transfer title without any other documentation?

@raiden031 2 ай бұрын

I had to pay $20 to MVA (in MD) to put a beneficiary on my vehicle

@ClintCoons Ай бұрын

Yes or in your living trust.

@karlabritfeld7104 Ай бұрын

What's an old car worth anyway? Couple of thousand dollars. Junk.

@karlabritfeld7104 Ай бұрын

Most old cars are crap. Who cares?

@karlabritfeld7104 Ай бұрын

@@raiden031did that break the bank?

@ismaelhall3990 2 ай бұрын

smart

@nancykramer7700 2 ай бұрын

What happens if you have a collection of antique vehicles?

@ClintCoons 2 ай бұрын

I would place them in an LLC and put the LLC into the trust.

@nancykramer7700 2 ай бұрын

@@ClintCoons Thanks for the info. Are there any tax consequences from puting the cars in an LLC? What state are you in?

@evenbiggeral5089 2 ай бұрын

@@nancykramer7700 when this happened to me, I did a Quit Claim to avoid tax consequences.

@thefix2573 3 күн бұрын

If I put a home real estate in a Irrevocable Trust for my kids (to protect it from any litigation in the future) could I before I die, or they after I die, change it to a Living Trust or liquidate? I worked so hard to pay it off and want them to have a head start in life with a place to live, but I know life changes, taxes go up and we can't predict the future for someone. I may need to liquidate it if I got cancer or something but want to protect it for now.

@ClintCoons 22 сағат бұрын

Once it is in an irrevocable trust you can not convert it to a revocable. The irrevocable trust will lock down the assets. If you would like a FREE 30-minute consultation, you can request one here - aba.link/clintss

@ClintCoons 22 сағат бұрын

An irrevocable trust can not be converted to a revocable. If you want to protect the assets and ensure it passes to your children consider using an LLC with a living trust. If you would like a FREE 30-minute consultation, you can request one here - aba.link/clintss

@thefix2573 21 сағат бұрын

@@ClintCoons Thank you for the response. I might do that. Didn't realize the LLC provided some separation.

@karlenefuller8895 2 ай бұрын

Guess what! If you are listed secondary on a retirement account, you have to go through probate, if the primary beneficiary is deceased.

@karlabritfeld7104 Ай бұрын

So? And?

@Methodical2 23 күн бұрын

@@karlabritfeld7104 What if they are all the primary (i.e. 1/3 each)?

@kimberiysmarketstrategy 5 күн бұрын

What about mobile homes for disabled person being passed to another disabled person

@ClintCoons 22 сағат бұрын

I would place that asset into the living trust.

@qreyes143 2 ай бұрын

My aunt from Los Angeles who is single and has no children for some reason forgot to fund the trust. The primary asset would be her house. We were advised that the only recourse is probate. she has 2 living sisters still but the rest are neices,nephews and grandchildren. wh

@Starfish2145 2 ай бұрын

I am not an attorney, but if her house is paid off she should be able to quit claim the house into her trust. She just needs to go to a title company.

@kathyholt3516 2 ай бұрын

If you have a retirement & brokerage account & want to designate to a charity along with your car to charity, should these be put into a revocable living trust?

@davidw2739 2 ай бұрын

@@kathyholt3516I want to know this too. I have charities that I want to continue to support after my death.

@windyshores 2 ай бұрын

@@Starfish2145 you are correct

@karlabritfeld7104 Ай бұрын

Yeah so it's probate. What's your rush? Are you in a hurry for her to die?

@thedadyouneverhadchannel3544 19 күн бұрын

I only heard 3 not 5. 🤔

@JS-ii4xr 2 күн бұрын

My dad gave his share of the grandpa estate trust to my brother., us other 4 get nothing. Then my mom and dad have their entire farm, house, land and equipment to my brother in an irrevocable trust. . Us 4 get Knick knacks if we want.

@MooseBme 2 ай бұрын

!(: THANKS ;)!

@cristinacarrasco5457 2 ай бұрын

❤

@tonynes3577 22 күн бұрын

Unbelievably complicated. Sell everything before you die.

@user-jv1cl2fs6m 13 күн бұрын

That's what my Dad just did

@lovematters7122 12 күн бұрын

How will you know when you will die?

@PH-dm8ew 2 ай бұрын

Why not just set 401k's with beneficiary forms and leave out of trust all together?

@pmroveda 2 ай бұрын

That’s what I did

@wellington422 2 ай бұрын

Put a TOD (transfer on death) on your non-IRA accounts. Name your beneficiaries. This will avoid probate. Check rules in your state.❤

@dmustakasjr 2 ай бұрын

One possible reason is that the plans and terms of your trust won’t be enforced. If you wanted to transfer an account immediately on death, that’s fine. If you had guardians or other considerations say for small children you might want the trust and those trustees to manage the estate in a very specific way.

@Methodical2 23 күн бұрын

If you are confident the beneficiary is good with money and paying the taxes no problem, but if they are not you may want to control how they get the money so it last. Talking about adult kids.

@pmroveda 23 күн бұрын

@@wellington422 TOD not used in NJ, checked with my lawyer

@BuckshotGeorge755 Ай бұрын

Ok Clint???? So what do i put in a trust???? After all that, I have a half pencil, 2 socks, 3 underwears and a rock? Can you make a video explaining then what a trust is for???

@ClintCoons Ай бұрын

The trust will hold your real estate and bank accounts and will serve as the beneficiary of assets like life insurance, etc. The purpose of the trust is to avoid probate.

@TheRealTommyBear33 2 ай бұрын

fomr this sounds like only real estate would go into a trust? maybe stocks outside of 401k and roth otherwise everything he listed wouldnt go into it?

@ClintCoons 2 ай бұрын

Your real estate should be in an LLC and the LLC should be in the trust. Your residence should be in the name of your trust. Bank accounts etc, out side of retirement plans should be in the name of your trust.

@Methodical2 23 күн бұрын

@@ClintCoons Why an LLC? assuming to limit liability. I see you make this statement quite often but don't say why. Thanks...

@ClintCoons 22 күн бұрын

@@Methodical2 Correct - asset protection and to make a cleaner estate distribution. Its easier to transfer an LLC versus real estate to your beneficiaries.

@Methodical2 22 күн бұрын

@@ClintCoons Good to know. I will research LLCs. Why is it easier? Do you have a video on this?

@marccaraska8684 Ай бұрын

Why make the Trust the beneficiary of the 401(k)? If congress reduces the unified credit back to $1mil, you have just ballooned the Trust and may incur estate tax. The beneficiaries of the 401(k) should be the Trust beneficiaries, bypassing the Trust.

@ClintCoons Ай бұрын

Yes, but if you want to control the disposition of the assets to your children, you should consider a trust. If you are okay with an outright distribution, you can name them individually.

@Methodical2 23 күн бұрын

@@ClintCoons Agree. Everyone's situation is different. I have a son who can't keep 2 nickels in his pocket.

@pcmom465 2 ай бұрын

Can you make your trust the beneficiary of your pension?

@ClintCoons Ай бұрын

Yes if you have the proper pension provisions in your trust.

@Methodical2 23 күн бұрын

Is that allowed by the company? I thought a beneficiary had to be a spouse. This may be a better question for the company.

@ClintCoons 22 күн бұрын

@@Methodical2 Typically it is your spouse followed by your children or living trust.

@Methodical2 22 күн бұрын

@@ClintCoons I guest the question is a little vague. I should’ve asked if the question is for the left over money contributed to the pension plan during the working years remaining after death or is it for the spouse to receive monthly pension payments after death. I assume now, based on your response, it’s the money contributed to the plan that remains after death, correct. If so, then that makes sense if you want to put some control on how roll out the remaining funds to the beneficiaries, especially if they aren’t good with their finances.

@broncojg Ай бұрын

Disagree on not naming your RLT as the beneficiary of your life insurance.

@bobbissell2910 2 ай бұрын

Not everything is pod

@asrc2005 2 ай бұрын

Real Estate can be TOD. Transfer on Death. An easy way to avoid probate on RE.

@likethesky 2 ай бұрын

@@asrc2005depends on the state. Some do not allow TOD (transfer on death), and some might recommend you list as joint ownership with rights of survivorship (which means no step up in basis). As a result I highly recommend you discuss with a good CPA or tax expert as well as attorney. You want to be sure you’re preserving the step up in basis to potentially avoid a lot of capital gains taxes for your heirs.

@libertyjustice2703 Ай бұрын

I'll worry about having a trust when I win the lottery.

@dataatqcontinuumdejavu9954 Ай бұрын

real estate, especially your Homestead, should not be placed into a living trust, with few exceptions. ?

@ClintCoons Ай бұрын

You can provided you make the proper reservations in the transfer deed.

@jonmeek3879 Ай бұрын

I’m sorry I don’t agree with any of this based on my own experience with trusts

@markscholz1219 2 ай бұрын

Title = 5 things. Video = 3 things?

@Maownvisa 2 ай бұрын

This video contradicts some of the others! You specifically spoke about putting the assets in the living trust. Now your saying they can’t find out who! That’s the purpose! ! And also Trust don’t go to jail! This has me questioning a few things. Spread fear to the people when people have been getting away since the beginning of times with practically murder for having a trust!

@acarr5972 2 ай бұрын

No, he didn’t. He said to put them in a personal trust. He did not use the word “living trust“. Operating a vehicle is prone to get you sued. You don’t want that in a living trust because then they can take everything inside the trust. Makes sense? So you put it in a separate trust by itself.