Being the oldest (and most responsible) child, I was the trustee of my parent's trust. This was not acceptable to my miserable, self-absorbed sister, who accused me of fraud and elder-abuse. 5 years later, the assets were distributed as I would have done, equally among the children. Only I was stuck with $100k in legal fees. Even a trust cannot protect you from miscreant siblings or other family members who are willing to destroy the family for a buck.

My Dad left me a trust as a retirement fund. The only way he could do it is by putting another relative in charge of it,(who did it for free) or the lawyers would have used up all the money long before I retired. Next problem, I see, the highest tax rate there is. I never made enough money to put me into the tax bracket that my trust was in. I think the >30% tax bracket kicked in at around $10k of income!!.

My father, dec. 88 yrs old, ret. Col, us army, was super smart. He put my name on the checking, and money market accounts, made me successor trustee as well as his legal signer and caregiver even tho he was not bedridden or wheelchair bound. Then, when he passed, everyone who wanted their checks had to sign away their rights! A waver stating they cannot challenge he will or he trust!! Yay!!

Thank you for giving us this advice for FREE!!! Omg years ago you would have to pay a financial advisor to give you this advice and still not as detailed. Thank you! Im 42 and i think about this all the time bc none if my family is going to "handle" anything i worked hard to attain. We all know the vultures in the family 😂.

My dad had a revolkable trust. I was trustee. His wife, not my mom, took me through the court system with it. She didn't think she got enough. Even though trust stated if anyone takes it to court they get nothing. The corrupt courts put a judgement against me. I ended up doing jail time for not honoring the courts. I honored the trust. They still have a judgement against me including many years of interest. Info the trust was finale and stated so in the filed taxes before the judgement came out. How is this even possible??? My dad died in 2004 and the cops and courts continue to attack me. I refuse to consent to anything the broke system wants.

The best thing about a trust, it makes the lawyer lots of money! POD, TOD, wills and simple trust will do.

Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 17k in last month 2024.

This was so easy to understand and I feel like this is one of the financial road maps I should have been taught in high school. Thanks for sharing this!

Great seeing you at the Limitless conference Mark! Thank you for all that you do!

Fantastic video! Thank you for making this info understandable 👍🏼

Love this guy ... Humor and KNOWLEDGE all in the same video. His private tax service is expensive though. This was one of Mark's BEST Videos... I watch them all. He is True and Honest.

Eccl 2:18 I came to hate all that I had worked so hard for under the sun, because I must leave it behind for the man coming after me. 19 And who knows whether he will be wise or foolish? Yet he will take control over all the things I spent great effort and wisdom to acquire under the sun. This too is futility. 20 So I began to despair in my heart over all the hard work at which I had toiled under the sun. 21 For a man may work hard, guided by wisdom and knowledge and skill, but he must hand over his portion to a man who did not work for it. This too is futility and a great tragedy.

Great job clear and concise! I am Thankful for your time Mark. Been watching you for over 5 years at least. It is time to stop suffering from analysis paralysis! I am running for Mayor for the City of Portland, Oregon and I deserve to share this knowledge with all the students in my city as their Mayor to instill the reality of Generational Wealth!

Garn-St Germain Depository Institutions Act of 1982 (12 US Code, Section 1701j-3) is what allows you to put your home into your trust without triggering the due on sale clause, not state or county exemptions. Otherwise, solid info.

Had a trust established today (took several months due to delays on my part), but it’s finally done and ready to see what’s next to get the trifecta established.

Man what a great freaking video. Mark you found yourself another subscriber.

Very Instructive, Bravo !

This video, my now new friend, is great. I learned so much. Thanks

I'll be setting up an irrevocable trust soon after setting up an llc through a lawyer then onto a cpa to deposit a bit of money into a secure bank. Don't know much about trusts, cpa's, llc's however I pray I get through the process fully covered and secured.

So helpful and easy to understand!

Great content!! Thank you

Thanks Mark!

Excellent, excellent advice. 👍

This guy is such a great speaker. Not only knowledgeable. Very eloquent. Subbed

Excellent Content 👍

Your Transparency is gold

Great info thank you for sharing I will be starting my trust asap!

This was my first visit back to your channel in many months, as after feeling lost in deep soul search of concern for this very topic - The clouds finally parted - and at long last I saw a ray of hope & reached a moment of clarity... As I uttered the words... "Mark J. Kohler" ... And as I arrived at your channel, to see this very video pinned to the top of your page, I knew my prayers had been answered... 😢,,,, And as I viewed and the clarity ensued, the floodgates of emotion burst as I heard you say... "special needs"... and a flood of tears purged me of a hundred fears,.. as I now know my son will be okay 💔 Thank you so much for doing what you do! I'll be in touch soon! As soon as the funds arrive! I now have zero doubt that they are on their way...

Love this video more than I can say!

Thank you!!

Something not mentioned is what’s the average cost to setup and maintain a trust? This information should be in the video

Tax is pretty interesting. I'm loving it.

100% Mark, that was abso perfect. Thank you! ❤❤

I just want you to know that the last couple mins in this video made me hit the Subscribe button. That comparison to putting new wine into old wine skins is exactly what our pastor preached on last week, and hearing you say it here was a confirmation that I am on the right track to building my legacy & my wealth. 🙌🏽 Thank you so much for your generous sharing of knowledge... It has been HUGELY helpful and I can't wait to learn more from you & K.D.! God bless 🙏🏽

Thanks and Lord’s Blessings! Seth

Always speaking the truth and giving knowledge! Thnks

You are appreciated!

It's time to start this process.

Wow, what a fabulous explanation to what and what not to do. 👏👏👏

I have my estate down to very little. My kids are co owners of my money accounts and most of what I own is junk and I got no land. Got a will but only have the two heirs so should not be too hard. Most of what I own is cash and like I said the kids are co owners.

Thank you!

THANK YOU THANK YOU THANK YOU! You are GOD SEND!🙏🏽

I am most interested in the asset protection

I blame the Fed for global economic crisis, they can print credit as long as someone will borrow it into existence, but production cannot be printed. Right or wrong?

Great recap

One of my coworker's wife's mother had a trust. One of the sons was the backup trustee. After the son missed one filling date, the other rotten son filed to replace the other son as the trustee. Lawsuits abounded, but the bad son's attorney was friends with the judge. It took a couple of years to resolve the lawsuits, with much of the trust assets frittered away on attorney fees. The son who missed a filing date had comingled his mother's assets with his, by building a house on his mother's property. This raised the value of the mother's property, even though the son paid for the house. I'm not saying that a will would have solved these issues, just that a trust is not as bullet-proof as this video implies. Someone needs to watch over the trust, especially if the original trustee starts being less mentally aware. The bad son tried to say he lived with his mother and deserved some of the assets for taking care of her. The other children said he might have done it for at most small amount of time. You might think an appeals court would see through the chummy judge, but they are surprisingly expensive. The replacement trustee was also expensive, with little incentive to end the lawsuits, as their income would then stop. All in all, if you expect trouble, a one and done trust is probably insufficient.

Excellent thx!

fantastic content - basically what i paid my CPA thousands a year to teach me!

Thanks Mark

Excellent content

Great work Mark! Scooby snacks for you. My allegiance is to Liberty, the Repubic and Democracy.

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

Mark your speaking my language about needing a structure!

The irs changed the rules on trusts for taxes… claiming that they weren’t part of the estate tax (on death) so the assets in the trust need to be taxed before it can be claimed by your heirs.. Look into it and use that information to assess what you want to do with your assets

Nicely presented

Thank you. I look forward to one day being able to afford to work with your company to set up all of my stuff. 😊 I follow and subscribe to your channel, as it helps me to gain knowledge. But i feel more confident having you and your team help me set up my protections when the time is right.

Thanks MK👊🏼

Great information

Mark, I'd like to see you address how to save tax in retirement with rental/business losses or other ideas. For example, what if I buy rentals with distributions which on paper may not make money; or start a business; or go into farming. Thanks

Adding beneficiaries directly to your investment accounts avoids probate. You don’t need a trust to do this. Also naming a trust as a beneficiary can actually be worse for your loved ones in retirement account since regular people get better tax treatment.

I like that idea that every dollar earned allows the trustee to withdraw 1 dollar from the trust. If your funds are not large enough, you could also do this- for every dollar spent on income tax, they can withdrawal a dollar. You essentially set it up so they can work free of governmental restriction until your money dries up. If they earn a dollar, they get a dollar and the gov doesn't get a slice of that pie. I'm definitely a fan of some type of "no free rides" payout that incentivises a positive work ethic.

My late husband and I had a trust-when he died 9 years ago I had to re-do the trust and my will and choose a trustee and a successor trustee. My trustee died in 2018 and the successor trustee was diagnosed with a terminal illness a yer ago. NOW I must find a new trustee and new successor trustee!

There is cost and some inconvenience with a trust. Is there a net worth where you think it becomes more valuable than hassel?

AMAZING CONTENT!!

Thanks!

I read a very reputable book that says you should never put your IRAs in a Revocable Living Trust. Keep IRAs separate and ensure you name a Beneficiary (or Beneficiaries) in your IRAs. My understanding is that by keeping the IRAs separate and out of the trust, they can be rolled over to the beneficiary tax free (taxed only until distributions are taken). If you put the IRAs in the trust, they become taxable when they are distributed to the beneficiary (cannot roll-over).

I like this guy!

You can also do a transfer on death deed for your house, vehicles, and bank accounts to avoid probate. *Even though I am a licensed attorney in Indiana, this is only general information.and does not constitute legal advice. You should consult with a licensed attorney in your state.

Many states are not making it so that even trusts can be taken leaving the family with nothing. Do keep up with the new laws.

I trust myself everyday, thank you.

I revoked my contract with the collections agency that serves the interest of the United States Corporation, a foreign entity, separate from the Republic of the United States of America. I am not beholden to foreign entities, and informed them of the clerical error made signing that first 1040 form, due to a misunderstanding of the wordage. Idc if they approve or deny it, any further attempts at private property aquisition will be seen as strong armed robbery and responded to as such. I am not a slave and will not live as one for warring criminal banking cartels. Y'all do whatever, I'm a live or die Free. 📜🇺🇸🦅

Govt telling the 87,000 new irs we are going after trusts but must change law first

Mark explains RLT, a complex topic in easily understandable language.

Overall, good advice. Perhaps a bit overkill if you have a simple estate, but when my mother passes, I'm going to set up a revocable trust to simplify the assets I'll have to manage when I'm gone and completely avoid probate. FYI, in my area, probate is no biggie for small estates, but a trust makes it simpler.

We don’t have a mortgage, husband is now retired and wants to travel. We don’t splurge or anything like that. Inflation has hit hard and we want to relocate while growing his 401k which is minus 2 M atm. I'm cautious than ever with rising costs. What is your opinion? Happy to discuss.

Great video. Is there a video about the difference between Revocable vs Irrevocable - pros and cons? Thank in Advance.

In Malaysia,Trust is a new thing.Hope you can teach me how to open their mind to Get into Trust.Thanks Sir.

I get it now. You rock! AAA+

Overall, one of the better videos on trusts. As an estate planning attorney, there are certain points made that I would disagree with. However, a good explanation on the whole. One big point I must comment on is "privacy." You mention the trust _owning_ things. Technically, trusts don't own anything. It is the trustee that owns the property and holds it "in trust." You never mention how privacy is achieved. The trust is not what creates the privacy. It's the type of trustee that accomplishes that. If I am my own trustee, as is rather common, then I think we can all agree that there's is no privacy. As the property would remain in my name. However, if the trustee is a LLC properly established with privacy in mind in jurisdictions like DE, NV, and WY, then yes. Moreover, privacy is misleading as it will shield you from the public record, but not a deposition in aid of executing a judgment against you. In the latter, any beneficial interests you have would need to be disclosed.

Depends on scenario relative to children, existing businesses and investments, etc. Consult with a lawyer.

The most important thing to keep in mind about trusts and estates is that if you expect your beneficiaries to devolve into lawsuits, or if the estate/trust is complicated, don't appoint one of them as trustee or executor. That will just make things worse. Get a 3rd party. Could be a bank, a lawyer, a CPA. It will be more expensive than shoving that work off on one of your relatives, but if the lawsuits start flying then having somebody who knows what they are doing from the start is critical. I've seen several big disasters happen because the initial person did some stupid things that are relatively minor, get removed, and this usually adds years to the duration of the estate or trust. I've also seen the trustee/executor just abuse the trust/estate, and while that 3rd party is going to bill you they won't, for a specific real world examples, take the whole assets of the trust and build themselves a million dollar house or completely fail to file required tax returns.

Thanks

Great paper example

plus i believe u can require your kids to successfully complete financial education arranged by trustee thru wealth mgt team prior to any distributions

Great video, i was told 3k for a trust in Maryland. Still learning.

My eyes glazed over at 1:28.

Closer to heaven on the golf course 😂

I have also been a lawyer and CPA (for 50 years) and I absolutely do not agree that every American needs or should have a trust.

Really is a shame how Attorneys have destroyed the legal system. Used to be word of mouth was fine. Then we had to have a will. Now it's probates, trustee's, power of attorneys, each taking their part of the pie. Hell, death used to desolve contracts but now it's a burden on the grieving family. All of it is sickening.

When my father died and left his money in the hands of a corporate trustee… wow how evil they are! They took every opportunity to take from us and when we wanted out it was a long and frustrating process. They created conflicts of interest and made many mistakes in their greed, so they let it go but to get out of it all we had to sign a state,ent that we wouldn’t talk about what happened, or they can sue US. LOL this system is designed to screw people.

A TRUST is a must. Especially if your sister is theif.

This sounds like something for people that already have either alot of money, or are currently making alot of money.

like the new wine skins analogy, thanks Mark. I already have a Trust, and have been in the middle of figuring out the whole LLC thing. One mistake is after listening to this video, I should've used a different name for my trust instead of my first and last name of me and my wife.

Putting retirement accounts, such as 401K, IRA under RLT is a bad idea. You will face immediate distributions upon death. On the other hand, regular beneficiaries will have much more time to enjoy tax deferred benefit.

Rad. Thanks.

I'm on SSI my income is $914.00 , I am only getting $70.00 a month in EBT as they made a Mistake They and there is NO Human to talk to I Have an SNT to Keep my benefits and they do not understand what that Means My Home is in a depleting trust . I had in 19 of the 20 Quarters needed so did not qualify for SSDI , Missed it by that Much . I have an SNT a Trust to Supplant that the Corpus is about to be Exhausted from because I had to buy three froths of my food when I am supposed to get the full $200.00 . It takes a minimum of $1800.00 a Month to Live at my House . I became disabled in 07 , Dad passed in 13 leaving me a Duplex and Money for the bills , Well the Property tax increased , So did the Water , The food , etc . I will be forced to Try going back to Work with 50 percent Kidney function and Type 2 Diabetes in about a Year , If I can not get Healthy enough to Work I'll Loose $400.000 in Property , House Lot , Car and my Stuff . I just Dropped my Landline as it was $67.00 a Month . My SSI is $914.00 the Bank takes $2.00 for a Paper Statement each Month . All the Household Bills just went up 45% , My EBT is Only $70.00 when it should be $200.00 but there is No Human caseworker to speak with and even if you get a person they don't Understand What an SNT is and that the House is in there and that is to Protect the benefits . It is frustrating as I only have a year if Corpus left in my SNT , then I will have to somehow Pay to show the Ending of that trust and the Transfer of Deed and Title of the House , Car and all Household bills . I see a future of No Gas . I'll be selling everything I own to pay the bills for however long I can keep the Car or have a Yard Sale and I am too weak to do the sales so I'll have to find a couple of people to help , the whole thing is sad as I should be a few years from retirement and instead I'll be slipping into Homelessness .

Not everyone needs a revocable living trust. Definitely works well for a lot of people.

This is a great video. I already have a trust. I have a friend with a net worth of Millions of dollars. According to him, his lawyer told him that a will is all he needs. He, "just put his daughter's name on his accounts." You did a great job of outlining the proper path, please describe what happens if the will is contested? How do property taxes and utilities get paid? When can a family member move in? When can the house and real property be distributed? I expect a dog fight because of the lack of planning.

RLTs are a nightmare. Invariably the survivors have insufficiently low character to act as trustee. This takes literally decades to unwind. Highly recommend using a GOOD trust company to be trustee.

An RLT sound interesting but the most common problem I have seen is with the liquidation and/or distribution of physical assets. With a will, the Executor decides those issues. How it is done with an RLT? So, you have an RLT (that includes your house) that is set to distribute 50/50 to your 2 children and you die. Who is responsible for selling the house?