What Is A Living Trust & How It Works

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Clint Coons Esq. | Real Estate Asset Protection

Күн бұрын

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What is a living trust, and how does it work? Clint Coons, Esq. will be going over the various factors that make up a living trust and its function in estate planning. We'll also discuss the advantages and disadvantages of a living trust, and provide examples of how a living trust might be used.
"Why do I need a living trust?" 0:14
Living trusts are simple yet complicated pieces of paper that many find themselves stumbling over. A living trust is a legal document that allows you to transfer ownership of your property to yourself as a trustee. This means that instead of directly owning your assets, they’re held by an entity that legally belongs to you but can’t be easily accessed by creditors or others who might claim ownership.
If you're interested in learning more about living trusts, be sure to watch this video until the end! We'll explain everything you need to know about this vital estate planning tool and answer any questions you have about this type of trust.
Did you enjoy the video? Those who benefit from this form of content should definitely consider subscribing to the channel. We appreciate everyone who takes the time to watch our content and make up our community.
Anyone who has questions about what we go over in the video or would like to learn more about estate planning, be sure to check out our website. We’re here to help you with any questions or concerns you have regarding the subject matter we covered in this video.
Thank you, and good luck with your living trusts!
Show Notes:
0:00 Intro
0:12 Why Do You Need A Living Trust?
4:20 How Does a Living Trust Work?
7:30 Assets with Example
9:46 Successor Trustees
13:01 Outro
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ABOUT CLINT COONS
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.
#livingtrust #clintcoons

Пікірлер: 77

@ClintCoons 6 ай бұрын

Hey, are you interested in diving deeper into this topic or chatting with an expert? Feel free to schedule a call here 👉aba.link/3pb

@xephael3485 Жыл бұрын

Irrevocable Trust version of this would also be appreciated. Probate process does not have to be expensive.

@ALLWORKNOPLAYnetwork Жыл бұрын

some of the best help on KZfaq.

@sponacq 6 ай бұрын

Dear Clint:: Not only do you clearly have a massive expertise in trust law, you make it extremely simple and interesting. I would love to be a client. I'm into the film industry, real estate, art distribution. I've also got an expensive French wife (!). Thanks for the great vids!

@MrRain-hk4zi 7 ай бұрын

Thank you Clint, appreciate the info. Learning all I can as my aging father asked me to put something together and be the executor. Sounds like the Revocable Trust is the way to go!

@organizer14 10 ай бұрын

Thank you for your awesome leadership setting up Anderson Advisors with amazing educational opportunities and awesome contributions to the real estate community! 🎉

@ClintCoons 10 ай бұрын

wow thanks for the compliment

@seanmclaughlin7415 Жыл бұрын

These guides are huge tools for us. If you would also due guides for Land Trusts, LLC’s etc. would be great. Thank you for your time and knowledge, it is truly appreciated. Thank you!

@ClintCoons Жыл бұрын

Have you searched my channel for these topics. Let me know if you think I should go deeper on anything you find. Thanks for watching and commenting.

@seanmclaughlin7415 Жыл бұрын

@@ClintCoons I have not done an actual search. Sometimes these channels get so big that searching for exactly what you are looking for can be time consuming. For land trusts (if you have not already) it would be nice to know if you prefer each property in its own LLC, if you prefer each asset having its own trust, or can you putt all the separate LLC’s into one trust. Also, wasn’t quite agreeing with you on the management LLC and running all your LLC’s through that Management LLC. Kind of the same idea that with all of your eggs in one basket, if someone was going after your assets they have access to all of your assets in thE Management LLC.

@ebhoehl363 10 ай бұрын

Fantastic video. Does this advice work in Louisiana?

@shmokenjoe 11 ай бұрын

appreciate u

@organizer14 9 ай бұрын

Very valuable and very useful and practical information. Many thanks!

@ClintCoons 9 ай бұрын

👍

@organizer14 9 ай бұрын

@@ClintCoons Congratulations on the amazing company and educational program you have built with Toby and many other partners and outstanding professionals! It is a huge achievement to provide needed practical and useful info for people trying to help provide housing and real estate spaces to stabilize their life and to pay bills. You and your team have made it affordable to learn and get educated to avoid mistakes. On behalf of your many clients, platinum members and your KZfaq fans, we want you to know how grateful we are for your hard work, innovation and generosity in making available terrific family education related to real estate! Many thanks and May you and yours be abundantly blessed! Message from your fans in Wash DC!

@bhupendrathakkar2228 8 ай бұрын

Very valuable and useful information. Bank account and stock market account has beneficiary. Do we still need to transfer those types of assets to living trust and why?

@bhupendrathakkar2228 8 ай бұрын

Does living trust document needs lawyer’s signature on it or notary public signature?

@bhupendrathakkar2228 8 ай бұрын

How is auto insurance rates our policy if we put car in living trust?

@a_anonymous_m Жыл бұрын

Thank you sir 👍

@ClintCoons Жыл бұрын

Most welcome

@dman10000000 Жыл бұрын

Thanks so much for this video, this one is just as helpful as all your others. One question...can you transfer your LLC to a revocable trust by way of an assignment?

@ClintCoons Жыл бұрын

Yes you can!

@parasportz 11 ай бұрын

Thank you for this information. I'm currently heading down this rabbit hole for reasons you mention. Is this information for the USA only or worldwide? I'm not in the USA.

@ClintCoons 11 ай бұрын

@MariaMedeiros-lt9uw 6 ай бұрын

Thank you !Wow much you chage?

@mike2959 3 ай бұрын

A revocable trust doesn’t protect you from creditors. Some irrevocable trust can…and even then it depends on the state.

@peterchirico2153 Жыл бұрын

Hi Clint Thank you for this information. I am wondering if doing this affects your tax returns in any way ? Would you have to change your name on a tax return to the trusts name ? For example if you sell your house and receive a Capital Gain exclusion what would happen ? Best regards

@ClintCoons Жыл бұрын

It does not

@nidasalvador9705 Жыл бұрын

Thank u

@ClintCoons Жыл бұрын

Welcome

@derrickcarter6968 Жыл бұрын

Clint great insight I have an older brother who’s married and currently owns his primary residence and and also owns a second property from his wife’s Mother estate 🏡 that they have a home equity loan against. This was done by he and his wife to buy out her two sisters. My question is he wants to transfer the title of his primary residence to a living trust or a land trust which would be better for him (Pennsylvania) thanks 😊

@ClintCoons Жыл бұрын

Living trust and you must make sure the living trust has the appropriate drafting to avoid the county sticking him with transfer taxes.

@organizer14 9 ай бұрын

Can some happen to create the same name? If grantor name is on trust is that anywhere public like as percent of a LLC. Real estate property?

@ClintCoons 9 ай бұрын

Title to assets are taken in the name of the trustee. The trustee information is public.

@anndipietro1868 10 ай бұрын

Thanks so much for this. I've had questions for quite some time. What happens to the tax basis of property that you put in a trust. In a will, my heirs will have a basis of value on the date of my death. What is the basis of an asset in a trust when I die?

@ClintCoons 10 ай бұрын

On the date of your passing the tax basis is increased to the FMV.

@anndipietro1868 10 ай бұрын

@@ClintCoons Thank you.!

@organizer14 10 ай бұрын

Any disadvantage not to put your personal name on the living trust? How will bank know it is your living trust ? Example: instead of Clint living trust of date, can it be awesome educator living trust of (date)

@ClintCoons 10 ай бұрын

No disadvantage other than anonymity.

@em1ownerify 6 ай бұрын

My grandparents had a living trust Just me and my mom and beneficiaries. Don’t see anything about selling the home or anything We want to live in the house Together. Why wouldn’t we be able to?

@ClintCoons 6 ай бұрын

It would depend on the terms of the trust. If the trust does not require the immediate distribution of the asset then there is no reason why you couldn't keep it in the name of the trust.

@sinmayp 4 ай бұрын

Does a trust provide asset protection in the event of a divorce? (Like LLCs?)

@ClintCoons 4 ай бұрын

Neither provide AP in the event of a divorce but if you set them up before you get married you could have protection from a future divorce.

@organizer14 9 ай бұрын

How would bank or others know the person is the same as the black box trust or whatever name you create?

@ClintCoons 9 ай бұрын

By reviewing the trust agreement.

@lkm5462 Жыл бұрын

What about liability of the trust ? How do you protect the trust?

@ClintCoons Жыл бұрын

You don't but you protect the assets you are placing into the trust.

@karimnasser9226 3 ай бұрын

If I add a bank account (checking/savings/CD) in a trust, can I withdraw money from it, pay bills, re-invest, as I normally would? Thanks

@ClintCoons 3 ай бұрын

Yes you can

@claymeinke5722 Жыл бұрын

Clint have you ever herd of a business trust, it`s being sold as better than an LLC for small business. Just curious.

@ClintCoons Жыл бұрын

The promoter is probably referring to a statutory trust. Statutory trusts offer excellent protection from inside creditors but do not provide charging order protections for personal creditors.

@melhoresprodutos8899 Жыл бұрын

Clint, why the South Dakota Trust is SO popular is U.S. and what do you think the Make Trust There?🤔

@ClintCoons Жыл бұрын

South Dakota is popular for its asset protection benefits. Think of it like an offshore trust but your assets remain in the US. The drawback is, you must use a SD trustee and the assets must be located in SD. This can be problematic for real estate investors but not insurmountable.

@melhoresprodutos8899 Жыл бұрын

@@ClintCoons Thank You and Have a Nice Sunday💫👌

@mikeshaw4610 9 ай бұрын

At what dollar level does probate kick in. I was thinking it is normally above a couple million.

@ClintCoons 9 ай бұрын

The federal estate tax kicks in at 12.9 mm per person and will remain at that level until 2026 when it will go back to 5mm or so. The other side of the coin is the state where you pass away. Many states have their own much lower limit.

@cxg174 7 ай бұрын

We just lost someone who had about 130,000 in assets and it has to go through probate and also gets taxed for the state. Probate is the legal process and it costs. Taxing is the state's way of taking a share when you lose someone. It is awful.

@jamesn4727 10 ай бұрын

My wife passed away but my house is titled in both of our names. Can I form a trust as the survivor, or do I need to have the house title changed to my name only, before I can make the house part of the trust?

@ClintCoons 10 ай бұрын

You can form a trust now and then clear title to the property to transfer into the trust. If you live in a community property state it is fairly simple.

@lordsonic4567 Жыл бұрын

Whats the price for a Living Trust?

@ClintCoons Жыл бұрын

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

@hk247 5 ай бұрын

We are told that a judge can force to revoke an irrevocable trust. Where is the asset protection? Thanks

@ClintCoons 5 ай бұрын

A judge can do anything and that is why you can appeal bad decisions. Also ask yourself would you feel more comfortable without any protection or protection that a judge might undo.

@danielrodriguez-qv2je 9 ай бұрын

I have irrevocable trust can i add an amendment?

@ClintCoons 9 ай бұрын

Yes you can

@seanmclaughlin7415 Жыл бұрын

I am from Ohio. A lawyer told my brother he does not need a trust because he dies not have $5million in assets. And if him and his wife designate exactly who gets what and what goes where, it is not needed. What do you think?

@ClintCoons Жыл бұрын

I think the lawyer is hoping to pick up a probate fee when they pass away.

@z00ropa 4 ай бұрын

What happens if you get some medical condition and the bills just racking up? Would a Trust protect assets from being seized to cover medical debt? My wife always says that if she got cancer, or something, we get divorced an put everything in my name so we don't lose the house and other assets.

@ClintCoons 4 ай бұрын

A trust would not but an LLC would.

@lisaschuster686 2 ай бұрын

You wouldn’t recommend something if there was no money in it for you. How much does it cost to set up a trust, buddy?

@ClintCoons 2 ай бұрын

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

@jancruz9932 6 ай бұрын

😂

@melhoresprodutos8899 Жыл бұрын

More One Great Video how ALWAYS. Personally I like the Separate L.T in Personal Assets and Commercial Assets, I.E. in your example for the RENTAL is Separate the Personal is Very Clever Strategy because avoid the one Trustee make the Wrong decision why do not have the Correct know in this area.

@ClintCoons Жыл бұрын

Well said!

@jancruz9932 6 ай бұрын

This is mrs. Cruz I like join your living trust class