This guest is FANTASTIC! As a paralegal that is branching out to probate, I am very thankful for his easy to understand teaching style. I loved how he said "Great question" so many times. Most great teachers do that bc they realize that equipping others with knowledge is a gift. Thank you for posting this video!!
Great information for people like me that doesn’t keep up with this type of information. It’s confusing, and it’s a lot of information to keep up with, and information you need to understand, documents are also important to keep up with ugh 😑 I didn’t understand everything but it’s a start. Thank you!!
This is the best tutorial on wills/trusts I've yet to see. My wife and I enjoyed it very much. Funny you mention the "great question" being repeated many times. My wife tried counting each time it was said but gave up due to her forgetting how to use exponents.
What a great conversation! Wow! Both Gentlemen are brilliant! I cannot stop watching Erik's videos. They are exceedingly educational, yet articulated in plain English so that anyone can understand what's being said. Precious. Thank you.
He is amazing at explaining all the legal, sometimes intimidating, terms in simple & concise ways so we can understand easily. I learned so much by watching this video (3 times) on wills, living trusts, and how to prepare for my estate planning. Thank you & Jim.
I've watched many videos on this topic as I gather information before deciding what to do. This one is by far the best, most detailed and most fact-filled one I've found so far! I plan on watching it again (at least one more time!) and taking lots of notes. I plan on telling my friends about it, too!!!
48:38 really need to distinguish between traditional IRA traditional 401k vs Roth IRA Roth 401k. I'm wondering if they are a roth could the roth or roth 401k be left to trust without triggering a tax event since they are not taxed and no RMD on those. I ask because if you are married with children from previous marriage to protect all children to future inheritance.
I LOVE, LOVE, LOVE your channel. I love your topic choices, your presentation, and your “radio voice.” Your presenters know what they are talking about. They do not use a lot of fluff and speak in a manner that is easy to understand. You have great questions for them and you guide them through the topic in an easy to understand format. Thank you so much and keep up the great work!
Thank-you - I got so much value from this interview, it cleared up so many of my questions. The part about power of attorney was especially helpful, we had already been to a lawyer to draw up a will with POA, but when we said we wanted the POA to go into effect only if we were incapacitated, he told us the POA was immediate and he didn't know of any other way that it could be done. We ended up not going forward with the will just for that reason. Thank-you again!
I’m so glad I finally found a video that explains this in a way that’s much easier to understand. I have a sick brother who wants to ensure I have what I need and has asked me to handle things when he passes. I’m trying to figure out what steps I need to take before he reaches a point where he can’t make decisions. I would be incredibly grateful for any guidance you can provide. Thank you so much!
Between the Medicare videos, Jim Burch and Zacc Call - this channel has become such a comprehensive resources for all things personal finance and retirement. Thank you for this! I'm only 25, so it'll be a bit until my wife and I start getting a trust put together, but with the recent birth of our son we're starting to look at our options more seriously and I know I'll return to this video and Zacc's video on the prosperity projects multiple times over the next decades. Fantastic stuff.
This was an excellent video overview of Estate planning. Thank you SO much! My husband and I set up a trust in 2021, but I am now realizing how all of my 40year old girlfriends and their spouses know nothing about how essential this planning is for their families. Forwarding this video to all of them!
Pragmatic Clients are realizing the Plain English Lawyer's Estate Plan is missing the Latin Law complete Administration to avoid the estate plan mistakes that cost 50% of our parents estate in Billable Litigation Hours.
Unbelievable video! I can't believe how much I learned with your guest. Everyone should watch this video if they want ease of learning will needs. Thank you so very much!!
Be careful we tried this and it cost 50% in Litigation, we'll wait until the NICER approved Latin Law Allied Legal Professional Administration Lawyers install services instead of easy to forge Estate Plans.
I love your videos; I have been full time in insurance medicare and life insurance for a year and your channel is by far the most objective unbiased place to find great information! Currently do everything face to face in GA.
Having spent years DIYing the accumulation phase, I've now retired. The retirement financial planning was challenging, but I slowly figured that out. This was my first stab at learning about estate planning, and I feel I understand the big picture. I will do some more studying, but this gave me a good view of the forest. I feel ready to study the branches and leaves of the trees.
In New Jersey, probate is pretty simple. I had a living, trust attorney fearmonger probate, and taxes it cost me a couple grand. Also no trust or will protect you from Medicaid qualifications. So I dissolved the trust and got pour over will.
A relative has named me executor of her estate. Luckily she is healthy and I don’t anticipate needed to do anything for many years however I am wondering if there is anything I can do to prepare so I do a good job of carrying out her wishes when the time comes
Thank you for watching! We have an interview we are working on with Jim that is about this exact topic 🙂 hoping to have it out in the next couple weeks.
Awesome information. We’re in process of creating a revocable trust, we have one daughter. My wife wants when she passed before me, her portion (half of our assets) would be protected and goes to our daughter. My wife concerned when she passed, I may re-married and give everything to new spouse, of course I would never do that to our only daughter but my wife wants protection.
This conversation has been the best explanation of funding a Trust that I’ve heard to date! I’ve listened to it a few time now and I’m only left with one question or clarification. You explained an “Assignment of Personal Property”. Is that document the same as a pour over will in some states (like Texas) to work with the Trust or are they entirely different for catching at home assets? You discussed the pour over will but I couldn’t separate the function of the two. Thank you for sharing?
Thank you so much for watching! So glad it was helpful! The Assignment of Personal Property and the Pour-Over Will are completely separate from each other. The Assignment of Personal Property addresses “movable” assets (e.g., cars, furniture, jewelry, paintings, clothing, etc.). The Pour-Over Will governs assets that were NOT transferred to the trust (e.g., real estate, bank accounts, brokerage accounts, etc.). I hope that helps?
Bank accounts that have beneficiaries listed , life insurance with beneficiaries listed, Retirement accounts like 401ks, Roths , IRAs with beneficiaries listed do not have to go through probate nor do they need to be in a will. In some states there are dead on death paperwork you can print out and have notarized for your property if you have adult children. No living wills necessary. Living wills a great for people who have complicated finances like rental property, family business
Wow! Thank you! This is by far the MOST COMPREHENSIVE end to end explanation on Trusts, POAs and wills I've ever found. We're in the middle of funding our Trust and still we're left with unanswered what-ifs on funding to mimize taxes despite conversions with our attorney. This video answered these unresolved questions.
Thank you so much for doing this video. Such useful and valuable information. Jim is a great guest and you both are terrific together and I hope you’ll have him back on your channel in the near future.
Man, this video is SUPER informative! Thank you! I'm glad you mentioned the pour-over trust. I didn't realize the asset transfer would have to go through probate before it could be poured into the trust if they weren't already in the trust, so it is important to get most of those larger assets moved (and beneficiaries updated) as soon as possible once the trust is established.
Great guest. One question: what kind of MDs one must have in order to certify one’s incapacitation? One is the primary care doctor. How about the second doctor, in what practice?
Does setting up up Trust protect your assets if you have to go into a state-run nursing home. Also does it allow the money to go directly to your children, or do all the creditors get first shot at that money?
1. A revocable trust does NOT protect assets if they needed to go into a state-run nursing home. 2. If someone passes away with debt, that debt has to be paid back first before the money gets distributed to the beneficiaries "children".
Additional point with funding checking accounts and brokerage accounts with only POD or TOD this only takes effect on death but not incapacity so successor trustee can't seamlessly manage finances as accounts are not in trust yet. So would have to use POA which usually means more hopes depending on the financial institutions.
I was actually a durable power of attorney and a successor trustee. The successor trustee can step in in a case of incapacity, not just necessarily at the time of death. And yes, the fact that he had a trust, everything was very seamless and went very smoothly.
Video is extremely informative. I have been binging on retirement nerd videos. I watch a lot of retirement/planning videos - you folks are top shelf. Thank you!
Great content. I've done a lot of research on this subject, but I still learned a few new terms from watching this video. Thanks for putting it all together.
I have been in the capacity of a durable power of attorney and successor trustee. Everything was so smooth and easy (considering the situation) but legally very smooth, because as the trustee you can handle everything without the expense of an Attorney! The Attorney was just there for a few legal questions that I could not find answers to otherwise. But was able to save the estate quite a bit of money by not turning to him for every single answer that I could find through the register of deeds office, etc. I turned around and had my own trust drawn up so that my successor trustee will have an easy time after my death. Something to note is that a durable power of attorney dies with the person, where a successor trustee carries through after death. I was in both capacities before his death. But I would like to hear Jim's explanation of the difference of both. In case I'm misunderstanding.
Why should accounts with beneficiaries named (or TOD/POD accounts) be within the trust. Over time I change the splits beneficiaries receive as things change. Easy to bo to Fidelity account (as an example) and change to splits online - easy. By listing teh trust as beneficiary of my IRA and bank accounts how do I do the needed changes if everything goes to the trust? Did I here correctly that my executor needs to be a resident of my state(NY)? And if that is accurate does the same apply to POA? I want my son to be who is not a NY resident!
I have had a trust for the last 10 years. But all but one of my financial accounts have TOD's or POD's to my specific beneficiaries NOT to my trust. One reason for this is as you mentioned, I can change the beneficiaries or the splits free of charge without contacting an attorney to make an amendment to my original trust. Another reason is upon my death, All they have to do is present a death certificate, and the financial institution immediately writes them a cashiers check. If this money were to be payable on death to the trust, they would have to wait for all of the financial obligations to be taken care of and the time period before the trust would be distributed to them. That being said, I have left one checking account payable on death to the trust to cover those financial obligations, taxes, attorneys, IRS, etc.. because I want it to be as easy as possible on my successor trustee. For the same reason, the deed of my home is POD to my beneficiaries. because my mortgage is paid off and they can turn around and get it ready to sell without having to wait for the distribution of the trust to settle.. because there will still be maintenance going on Utilities etc. and it's just nice to let them get it sold and done
They are not within the trust. They are the second beneficiary to the trust. If your first beneficiary dies such as your husband or wife and the second beneficiary is the trust then everything will get divided exactly the way you want it.
What about property that is in an LLC? Some people are encouraged to do that so their entire estate isn't subject to lawsuits. How does that sensibility intersect with estate planning?
@grizzlya1257 The trust has what's called a pour over will. Basically, anything under your name that is not in the trust such as your bank account, your rental LLC would be wrapped into your trust and follow your instructions. Make sure that your operating agreement has a clause of your trust if no other owners are involved.
What about those of us who don't have a thousand dollars to pay for this service, who can barely pay their mortgage? How do we get a will, etc in place?
Fantastic overview on trusts. A great job done by both Jim and Erik. Wish this was done 6 months ago before I had my trust created. Otherwise, I would have used Jim to create my trust.
Can you talk about a professional wills. And what happens to a doctor’s practice if they become incapacitated or die. What happens to their clients if the information is private.
I thought that if one had a trust there were ongoing tax filing and trust filings required....but this did not get mentioned. Are there ongoing expenses to manage the trust and its' tax filings????
Great show! Possible to list what kind of things need to go into a trust? I have head retirement account like 401k doesn’t need to in a trust. What about the regular IRA accounts?
Thank you! This is so informative. My financial advisor said that in Texas I do not need to to a trust. How do I get in touch with your guest’s name or his company. I am very interested. Please. Thank you.
Thank you for replying, I got their phone number, I will be reaching out to them. I have listened to so many videos of yours this afternoon. Thank you! Thank you and May God bless you and May you continue to provide such good information, in a way that can be understood. I am sharing the video of the 7 prosperity Projects with both of my children.
Great information, but Probate can be very simple... file will, death certificate, docs with the county, and Executor(s) designated in the will are assigned by the Probate court. At that point, the Executor's signature is all that is needed for transfer (sale) of assets... the Probate Court is not involved in those transactions. Despite that, I still believe a Living Trust is right for us. I took a lot of notes!... Thanks for the information.
Do clients ever want to talk about a revocable for their home (because of mortgage) and irrevocable for the most all else (for 5 year medicaid look back protection)?
Great question! They do. While we don't handle irrevocable trusts, including Medicaid trusts, they can be a helpful tool for protecting assets from the five-year-look-back period. However, they do come with certain drawbacks. If someone is looking specifically for an irrevocable Medicaid trust, consulting with a local elder law attorney who specializes in that area is the way to go.
Great content! I definitely want to do this. I don’t quite understand the mechanism where property, retirement, brokerage, 401k accounts etc. are liquidated and paid to beneficiaries within the trust. Example: wife and I pass and our assets are equally divided to our children. Does the “living” entity simply dissolve or does it require a legal document/filing?
Happy to dive into that in more detail if you want to send an email and I'll loop Jim in! Erik@theretirementnerds.com In our case, my brother is the successor trustee, and all accounts went into the trusts bank account. He makes distributions from that account to us kids on behalf of my deceased mother. Once taxes are filed for 2024, that's where I think your question comes in of, "then what?"
Great content as always!!! Question, I already have a revocable trust which was created through Hyatt Legal plan through my previous job. I wanted to make a few changes and was wondering how I can go about doing that?
Thank you for watching! Jim's team can help or Hyatt. May warrant a call with a planner to see if it's something you can add and sign or if more is needed.
So if I complete a revocable trust and then get married. I should keep my maiden name to avoid the expense of changing the name on the trust. Is this correct. Actually, I would prefer to keep my maiden name anyway.
You can do it either way. Most financial institutions will prefer you change your name, however... if you didn't want to go through the cost of doing that... it would still work :)
There is some nuance to that. Have people as your primary beneficiaries on those, but you can put the trust as secondary or tertiary beneficiaries. Easier to have people. But, if your beneficiaries pass away first and you haven't updated beneficiaries by the time you pass, having it go to the trust is better than nothing.
This is an excellent video for the information presented. My only question is it possible to draft an estate plan for people residing in two different states, for example snowbirds? Might have to call and find out. Great video, thank you!❤
You can do it either way. If you're setting up a new bank account and you already have a trust, that's probably the easiest thing to do. If you already have a bank account and you are now setting up a trust, it's probably easiest to keep that as is and have it as a payable on death to the new trust.
Can’t you just have your bank accounts pod to your beneficiaries? I previously had a trust & the attorney said to not include bank accounts or things we had assigned beneficiaries, ie Retirement accounts etc.
Love your channel! I watch on RUclips and you never introduce your guests. Who is this Estate planner named Jim? Jim who with what company? It took me googling endlessly to find out who Zack Call was-finally found him through Call Financial because the logo was on his shirt. Thanks for all the great information.
The guest said “immediate power of attorney” and also “springing power of attorney.” He never said durable power of attorney yet that is the adjective I’ve always heard. What’s “durable” and how does it contrast with “immediate?”
Really good interview. I would have liked to learn a bit more about the tax implications of a trust, particularly in regards to retirement accounts, does the trust get use of the same distribution rules as an individual? I presume the $500k exemption for married couples on the sale of a primary residence isn't impacted by this because it is revocable?
The statement was made that the successor trustee must be at least age 18 and a resident of the USA. I live in MI and can't find the resident requirement. I did find that for California; the successor trustee must: - be 18 years of age or older, - must be a U.S. citizen, and - must be of sound mind.
I completed the questionnaire and paid $1K to them a week ago but have not heard back at all which is surprising. Not even a welcome email. Are they a legit business? I’ll give them another week before contacting them directly.
Send me an email with your name and I can track down what's going on. My email is erik@theretirementnerds.com Anyone who completes the questionnaire gets an automatic email send upon completion. Have the messages ended up in your Spam mail?
@@TheretirementnerdsAll is good at this point. My case is real. At this point I have worked with Amy at Easy Legal planning and have received the black binder that contains the final trust paperwork to be notarized.
you can control your estate easily, but it is hard to avoid tax, trust tax vs individual tax rate, tax bracket, ordinary income, capital gain, estate tax, but they don't talk about tax in whole video?
This guest is FANTASTIC! As a paralegal that is branching out to probate, I am very thankful for his easy to understand teaching style. I loved how he said "Great question" so many times. Most great teachers do that bc they realize that equipping others with knowledge is a gift. Thank you for posting this video!!
Jim is the best! Thank you so much for spending some time with us! Have a few more episodes coming soon where Jim goes into more detail. Stay tuned!
Great information for people like me that doesn’t keep up with this type of information. It’s confusing, and it’s a lot of information to keep up with, and information you need to understand, documents are also important to keep up with ugh 😑 I didn’t understand everything but it’s a start. Thank you!!
This is the best tutorial on wills/trusts I've yet to see. My wife and I enjoyed it very much. Funny you mention the "great question" being repeated many times. My wife tried counting each time it was said but gave up due to her forgetting how to use exponents.
What a great conversation! Wow! Both Gentlemen are brilliant! I cannot stop watching Erik's videos. They are exceedingly educational, yet articulated in plain English so that anyone can understand what's being said. Precious. Thank you.
Super fortunate to know Jim. He does a great job!
Jim Burch is great.he makes things very easy to understand. Thank you Mr. Burch.
Agreed! We are lucky to have him on!
This is the most detailed Estate Planning conversation I have ever heard! Excellent job.
Thank you for watching!!
Plain English Estate plans are too easy to forge without the Latin Law Permission Validation Trust Crime Interdiction Administration.
The guest is amazing. This is a Masterclass for free. I aprreciate all this information being provided.
He is amazing! So glad it was helpful!
Agreed .. very helpful and explains the words and concepts "everyone" assumes people understand
He may be amazing but we need inheritance services not an Easy to forge Estate Plan.
@@FisherMan-g2z This is kindergarten Law we need the Latin Law Crime Interdiction Administration to avoid the Trust forgers and Counterfeiters.
He is amazing at explaining all the legal, sometimes intimidating, terms in simple & concise ways so we can understand easily. I learned so much by watching this video (3 times) on wills, living trusts, and how to prepare for my estate planning.
Thank you & Jim.
Jim is the best! Thank you so much for watching!
I've watched many videos on this topic as I gather information before deciding what to do. This one is by far the best, most detailed and most fact-filled one I've found so far! I plan on watching it again (at least one more time!) and taking lots of notes. I plan on telling my friends about it, too!!!
Jim is amazing! So glad it was helpful!
This was really informative! Thank you so much for all the content included and the easy to understand explanations!
Thank you so much for watching!
Out of a dozen videos waded thru this is the best one so far on Trusts!
So glad it was helpful! Thank you for watching!
Amazing presentation,clear and concise,thank you both!
Thank you for watching!!
48:38 really need to distinguish between traditional IRA traditional 401k vs Roth IRA Roth 401k. I'm wondering if they are a roth could the roth or roth 401k be left to trust without triggering a tax event since they are not taxed and no RMD on those. I ask because if you are married with children from previous marriage to protect all children to future inheritance.
I LOVE, LOVE, LOVE your channel. I love your topic choices, your presentation, and your “radio voice.” Your presenters know what they are talking about. They do not use a lot of fluff and speak in a manner that is easy to understand. You have great questions for them and you guide them through the topic in an easy to understand format. Thank you so much and keep up the great work!
Wow! Thank you so much for tuning in and your kind words! Means a lot!
As always great host. One of the best guests I've seen. Concise, understandable, and sound guidance.
Thank you so much!
Thank-you - I got so much value from this interview, it cleared up so many of my questions. The part about power of attorney was especially helpful, we had already been to a lawyer to draw up a will with POA, but when we said we wanted the POA to go into effect only if we were incapacitated, he told us the POA was immediate and he didn't know of any other way that it could be done. We ended up not going forward with the will just for that reason. Thank-you again!
Interesting! Thank you so much for watching!
I’m so glad I finally found a video that explains this in a way that’s much easier to understand. I have a sick brother who wants to ensure I have what I need and has asked me to handle things when he passes. I’m trying to figure out what steps I need to take before he reaches a point where he can’t make decisions. I would be incredibly grateful for any guidance you can provide. Thank you so much!
Happy to help!
Easylegalplanning.com is Jim's website. He and his team can help!
Between the Medicare videos, Jim Burch and Zacc Call - this channel has become such a comprehensive resources for all things personal finance and retirement. Thank you for this! I'm only 25, so it'll be a bit until my wife and I start getting a trust put together, but with the recent birth of our son we're starting to look at our options more seriously and I know I'll return to this video and Zacc's video on the prosperity projects multiple times over the next decades. Fantastic stuff.
So glad you have found these helpful! Thank you so much for your kind words!
This was an excellent video overview of Estate planning. Thank you SO much!
My husband and I set up a trust in 2021, but I am now realizing how all of my 40year old girlfriends and their spouses know nothing about how essential this planning is for their families. Forwarding this video to all of them!
Thank you so much for watching and sharing! Jim is amazing!
Pragmatic Clients are realizing the Plain English Lawyer's Estate Plan is missing the Latin Law complete Administration to avoid the estate plan mistakes that cost 50% of our parents estate in Billable Litigation Hours.
Unbelievable video! I can't believe how much I learned with your guest. Everyone should watch this video if they want ease of learning will needs. Thank you so very much!!
Thank you for watching! Jim is great!
Be careful we tried this and it cost 50% in Litigation, we'll wait until the NICER approved Latin Law Allied Legal Professional Administration Lawyers install services instead of easy to forge Estate Plans.
I love your videos; I have been full time in insurance medicare and life insurance for a year and your channel is by far the most objective unbiased place to find great information! Currently do everything face to face in GA.
Thank you so much for watching! Im glad to hear these are helpful!
Having spent years DIYing the accumulation phase, I've now retired. The retirement financial planning was challenging, but I slowly figured that out.
This was my first stab at learning about estate planning, and I feel I understand the big picture. I will do some more studying, but this gave me a good view of the forest. I feel ready to study the branches and leaves of the trees.
Thank you for watching! Jim does a great job explaining it all.
Wow, excellent presentation. Very thorough and informative. Best ever.
Thank you for watching!
In New Jersey, probate is pretty simple. I had a living, trust attorney fearmonger probate, and taxes it cost me a couple grand. Also no trust or will protect you from Medicaid qualifications. So I dissolved the trust and got pour over will.
A relative has named me executor of her estate. Luckily she is healthy and I don’t anticipate needed to do anything for many years however I am wondering if there is anything I can do to prepare so I do a good job of carrying out her wishes when the time comes
Thank you for watching! We have an interview we are working on with Jim that is about this exact topic 🙂 hoping to have it out in the next couple weeks.
@ That’s great. I look forward to watching!
Looking to purchase a home in a couple of months so this video was very helpful and straight to the point! Thank you!
So glad it was helpful! Thank you for watching!
Awesome information. We’re in process of creating a revocable trust, we have one daughter. My wife wants when she passed before me, her portion (half of our assets) would be protected and goes to our daughter. My wife concerned when she passed, I may re-married and give everything to new spouse, of course I would never do that to our only daughter but my wife wants protection.
Thank you for watching. Definitely ways to accomplish that.
This conversation has been the best explanation of funding a Trust that I’ve heard to date! I’ve listened to it a few time now and I’m only left with one question or clarification. You explained an “Assignment of Personal Property”. Is that document the same as a pour over will in some states (like Texas) to work with the Trust or are they entirely different for catching at home assets? You discussed the pour over will but I couldn’t separate the function of the two. Thank you for sharing?
Thank you so much for watching! So glad it was helpful!
The Assignment of Personal Property and the Pour-Over Will are completely separate from each other.
The Assignment of Personal Property addresses “movable” assets (e.g., cars, furniture, jewelry, paintings, clothing, etc.).
The Pour-Over Will governs assets that were NOT transferred to the trust (e.g., real estate, bank accounts, brokerage accounts, etc.).
I hope that helps?
Bank accounts that have beneficiaries listed , life insurance with beneficiaries listed, Retirement accounts like 401ks, Roths , IRAs with beneficiaries listed do not have to go through probate nor do they need to be in a will. In some states there are dead on death paperwork you can print out and have notarized for your property if you have adult children. No living wills necessary. Living wills a great for people who have complicated finances like rental property, family business
Wow! Thank you! This is by far the MOST COMPREHENSIVE end to end explanation on Trusts, POAs and wills I've ever found. We're in the middle of funding our Trust and still we're left with unanswered what-ifs on funding to mimize taxes despite conversions with our attorney. This video answered these unresolved questions.
So glad it was helpful! Thank you so much for watching!
Thank you so much for doing this video. Such useful and valuable information. Jim is a great guest and you both are terrific together and I hope you’ll have him back on your channel in the near future.
Thank you for watching!
Jim is great! And we definitely plan on having him back!
Man, this video is SUPER informative! Thank you! I'm glad you mentioned the pour-over trust. I didn't realize the asset transfer would have to go through probate before it could be poured into the trust if they weren't already in the trust, so it is important to get most of those larger assets moved (and beneficiaries updated) as soon as possible once the trust is established.
Thank you so much for watching and spending time with us!
You mean pour-over will, which is part of the trust.
WOW! That was great! Cleared up a lot of confusion. So much to think about now,
So glad it was helpful! Jim does a great job!
Great guest. One question: what kind of MDs one must have in order to certify one’s incapacitation? One is the primary care doctor. How about the second doctor, in what practice?
Thank you so much for this video!!! This topic just came up in my family, and we are trying to learn everything we can about it.
It's so important, but often gets thrown on the backburner. Thank you foe watching!
Thanks!
Wow! Thank you so much! Means a lot! Appreciate you watching!
Does setting up up Trust protect your assets if you have to go into a state-run nursing home. Also does it allow the money to go directly to your children, or do all the creditors get first shot at that money?
1. A revocable trust does NOT protect assets if they needed to go into a state-run nursing home.
2. If someone passes away with debt, that debt has to be paid back first before the money gets distributed to the beneficiaries "children".
Additional point with funding checking accounts and brokerage accounts with only POD or TOD this only takes effect on death but not incapacity so successor trustee can't seamlessly manage finances as accounts are not in trust yet. So would have to use POA which usually means more hopes depending on the financial institutions.
I was actually a durable power of attorney and a successor trustee. The successor trustee can step in in a case of incapacity, not just necessarily at the time of death. And yes, the fact that he had a trust, everything was very seamless and went very smoothly.
Video is extremely informative. I have been binging on retirement nerd videos. I watch a lot of retirement/planning videos - you folks are top shelf. Thank you!
Appreciate you taking the time to watch!!
Great content. I've done a lot of research on this subject, but I still learned a few new terms from watching this video. Thanks for putting it all together.
Thank you so much for tuning in!
I have been in the capacity of a durable power of attorney and successor trustee. Everything was so smooth and easy (considering the situation) but legally very smooth, because as the trustee you can handle everything without the expense of an Attorney! The Attorney was just there for a few legal questions that I could not find answers to otherwise. But was able to save the estate quite a bit of money by not turning to him for every single answer that I could find through the register of deeds office, etc. I turned around and had my own trust drawn up so that my successor trustee will have an easy time after my death.
Something to note is that a durable power of attorney dies with the person, where a successor trustee carries through after death. I was in both capacities before his death. But I would like to hear Jim's explanation of the difference of both. In case I'm misunderstanding.
Why should accounts with beneficiaries named (or TOD/POD accounts) be within the trust. Over time I change the splits beneficiaries receive as things change. Easy to bo to Fidelity account (as an example) and change to splits online - easy. By listing teh trust as beneficiary of my IRA and bank accounts how do I do the needed changes if everything goes to the trust? Did I here correctly that my executor needs to be a resident of my state(NY)? And if that is accurate does the same apply to POA? I want my son to be who is not a NY resident!
I have had a trust for the last 10 years. But all but one of my financial accounts have TOD's or POD's to my specific beneficiaries NOT to my trust. One reason for this is as you mentioned, I can change the beneficiaries or the splits free of charge without contacting an attorney to make an amendment to my original trust. Another reason is upon my death, All they have to do is present a death certificate, and the financial institution immediately writes them a cashiers check. If this money were to be payable on death to the trust, they would have to wait for all of the financial obligations to be taken care of and the time period before the trust would be distributed to them. That being said, I have left one checking account payable on death to the trust to cover those financial obligations, taxes, attorneys, IRS, etc.. because I want it to be as easy as possible on my successor trustee. For the same reason, the deed of my home is POD to my beneficiaries. because my mortgage is paid off and they can turn around and get it ready to sell without having to wait for the distribution of the trust to settle.. because there will still be maintenance going on Utilities etc. and it's just nice to let them get it sold and done
@@user-mx4uv5gn4y no, he said your executor needs to be a resident of the UNITED STATES
They are not within the trust. They are the second beneficiary to the trust. If your first beneficiary dies such as your husband or wife and the second beneficiary is the trust then everything will get divided exactly the way you want it.
This was a great video. Perfect introduction for anyone looking to learn about estate planning!
Thank you! Jim does such a great job!
Great video. Super helpful. One remaining question is a trust and how to handle ownership of businesses, i.e. llc.
33:07 Can you still trade that brokerage account after the transferring to the trust.? When the brokerage account my name.
Yes, and 41:33 is where he goes over brokerage accounts a bit more.
Thank you for this valuable information. I will save it to watch again. I have some work to do on my estate!
So glad it was helpful! Thank you for watching!
Do I need to register the Trust in state of PA or have the Trust doc being notarized consider a legal doc/trust?
I thought this interaction was really good and informative. Thanks for that.
So glad it was helpful! Thank you so much for watching!
Your guest was really knowledgeable and informative. Thank you!
Jim did a great job. Thank you so much for watching!
Thank you for this information I found this extremely helpful and informative.
So glad it was helpful! Thank you for watching!
Great information. This is very helpful. Thank you so much.
What about property that is in an LLC? Some people are encouraged to do that so their entire estate isn't subject to lawsuits. How does that sensibility intersect with estate planning?
@grizzlya1257 The trust has what's called a pour over will. Basically, anything under your name that is not in the trust such as your bank account, your rental LLC would be wrapped into your trust and follow your instructions. Make sure that your operating agreement has a clause of your trust if no other owners are involved.
What about those of us who don't have a thousand dollars to pay for this service, who can barely pay their mortgage? How do we get a will, etc in place?
What about Bitcoin held in self custody? How do you avoid probate?
How about the fees/cost of Trust set up and also the cost/fee going forward once set up?
Depends on who you use.
Jim's services are less than $1,000 for the entire estate plan (all documents mentioned).
Fabulous information and presented so well! Thank you.
Thank you for tuning in!
@@Theretirementnerds Thank you for taking the time and making the effort to put this together for us!
@@petrao8669 of course!
Amazing
Thank you for watching!
Great video, so much informations I learned. Thank you
Thank you for taking the time to watch!
Verrry informative content. So much needed to hear. Single with grown child and at a tizzy tryna figure things out, this helped.😋
Jim did a great job! So glad it was helpful for you!
@@Theretirementnerds Yes!!! An excellent job!!! And you asked great questions that we all wanted to know but didnt have to ask. :)
Fantastic overview on trusts. A great job done by both Jim and Erik. Wish this was done 6 months ago before I had my trust created. Otherwise, I would have used Jim to create my trust.
Better late than never 🙂
Glad it was helpful!!
Sorry about your loss! Im 35 and cant imagine losing a parent already
Thank you 🙏
Thanks, The Retirement Nerds. Outstanding content is your forte.
Thank you David!!
@@Theretirementnerds A virtual Library of Alexandria you are, except with no interference from Pharoah.😅
Awesome episode, thank you guys so much!
Thank you for watching
Excellent
Thank you so much!
Great video! I want listen again since my did 3 months ago
Appreciate you spending time with us!
Extremely useful. Thanks for doing this.
So glad to hear that! Thank you for watching!!
No mention of disposition of dogs/pets?
My moms died while she was in hospital :(
😢
Great information.
Thank you for watching!
Can you talk about a professional wills. And what happens to a doctor’s practice if they become incapacitated or die. What happens to their clients if the information is private.
Great video. Very helpful information.
Thank you so much for watching!
I thought that if one had a trust there were ongoing tax filing and trust filings required....but this did not get mentioned. Are there ongoing expenses to manage the trust and its' tax filings????
No, there isn’t. If you create a foreign trust in a different country then you have ongoing fees
Can a trust be used as collateral?
Thank you for this amazing video. My question is what is the name of the deed for transferring real estate to trust called please
Quit Claim Deed 🙂
What are the tax implications?
Great show! Possible to list what kind of things need to go into a trust? I have head retirement account like 401k doesn’t need to in a trust. What about the regular IRA accounts?
Very helpful, thanks!
Thank you for watching!
This is great. However, I thought Life insurance wasn't taxable? How would that affect estate tax gift limit?
Some high net worth people buy life insurance to cover inheritance or estate taxes.
Thank you! This is so informative.
My financial advisor said that in Texas I do not need to to a trust.
How do I get in touch with your guest’s name or his company.
I am very interested. Please. Thank you.
Send me an email to erik@theretirementnerds.com and I'll connect you to Jim!
Thank you for replying, I got their phone number, I will be reaching out to them.
I have listened to so many videos of yours this afternoon.
Thank you! Thank you and May God bless you and May you continue to provide such good information, in a way that can be understood.
I am sharing the video of the 7 prosperity Projects with both of my children.
Great information, but Probate can be very simple... file will, death certificate, docs with the county, and Executor(s) designated in the will are assigned by the Probate court. At that point, the Executor's signature is all that is needed for transfer (sale) of assets... the Probate Court is not involved in those transactions. Despite that, I still believe a Living Trust is right for us. I took a lot of notes!... Thanks for the information.
Do clients ever want to talk about a revocable for their home (because of mortgage) and irrevocable for the most all else (for 5 year medicaid look back protection)?
Great question! They do.
While we don't handle irrevocable trusts, including Medicaid trusts, they can be a helpful tool for protecting assets from the five-year-look-back period. However, they do come with certain drawbacks. If someone is looking specifically for an irrevocable Medicaid trust, consulting with a local elder law attorney who specializes in that area is the way to go.
Great content! I definitely want to do this.
I don’t quite understand the mechanism where property, retirement, brokerage, 401k accounts etc. are liquidated and paid to beneficiaries within the trust. Example: wife and I pass and our assets are equally divided to our children. Does the “living” entity simply dissolve or does it require a legal document/filing?
Happy to dive into that in more detail if you want to send an email and I'll loop Jim in!
Erik@theretirementnerds.com
In our case, my brother is the successor trustee, and all accounts went into the trusts bank account. He makes distributions from that account to us kids on behalf of my deceased mother.
Once taxes are filed for 2024, that's where I think your question comes in of, "then what?"
@@Theretirementnerds My sincere condolences Erik🙏
Is there an audio version to your channel?
We don’t have that available at the moment. Sounds like a good project though!
It's pretty simple. If you own real estate and you have kids, you should have a revocable living trust...
Great content as always!!! Question, I already have a revocable trust which was created through Hyatt Legal plan through my previous job. I wanted to make a few changes and was wondering how I can go about doing that?
Thank you for watching! Jim's team can help or Hyatt. May warrant a call with a planner to see if it's something you can add and sign or if more is needed.
So if I complete a revocable trust and then get married. I should keep my maiden name to avoid the expense of changing the name on the trust. Is this correct. Actually, I would prefer to keep my maiden name anyway.
You can do it either way. Most financial institutions will prefer you change your name, however... if you didn't want to go through the cost of doing that... it would still work :)
Do life insurance and retirement accounts which already have assigned beneficiaries need to be in estate planning?
There is some nuance to that.
Have people as your primary beneficiaries on those, but you can put the trust as secondary or tertiary beneficiaries. Easier to have people. But, if your beneficiaries pass away first and you haven't updated beneficiaries by the time you pass, having it go to the trust is better than nothing.
This is an excellent video for the information presented. My only question is it possible to draft an estate plan for people residing in two different states, for example snowbirds? Might have to call and find out. Great video, thank you!❤
Absolutely! My email is erik@theretirementnerds.com
Happy to connect you with Jim if you'd like :)
Sharing & saving this...thanks! (To me, this guest's voice sounds similar to another of your great guests, Zacc Call.)
Haha! Very easy to listen to both of them! Thank you for watching!
How do I contact you directly?
@@mohanimaharaj702 erik@theretirementnerds.com for the one asking questions.
Jim@easylegalplanning.com for the smart one answering questions 🙂
When you open up a new bank account do you originate in living trust name rather than own name?
You can do it either way. If you're setting up a new bank account and you already have a trust, that's probably the easiest thing to do. If you already have a bank account and you are now setting up a trust, it's probably easiest to keep that as is and have it as a payable on death to the new trust.
@@Theretirementnerds Thank you very much.
Can’t you just have your bank accounts pod to your beneficiaries? I previously had a trust & the attorney said to not include bank accounts or things we had assigned beneficiaries, ie Retirement accounts etc.
I’m older, i have no family left, my trusted friends have past. Who does someone like me use as an executor?
If you have property to leave, you can name the person inheriting or entity as executor.
Does a person having a power of attorney give up taking care of their affairs? I see POA person as a helper only helping if need be or if asked.
Depends. Springing poa is only when the person becomes incapacitated. Immediate poa can take over immediately
Love your channel! I watch on RUclips and you never introduce your guests. Who is this Estate planner named Jim? Jim who with what company? It took me googling endlessly to find out who Zack Call was-finally found him through Call Financial because the logo was on his shirt. Thanks for all the great information.
Thank you for watching! We're probably a little too cautious about trying to not come off as salesy.
The guest said “immediate power of attorney” and also “springing power of attorney.” He never said durable power of attorney yet that is the adjective I’ve always heard. What’s “durable” and how does it contrast with “immediate?”
Durable power of attorney can be either a springing or immediate.
So both are types of a durable power of attorney.
Can fixed index annuity be put into trust?
@@KateWils1 same question, mine is set up with beneficiaries so was told not to, but not sure.
Awesome content …moving forward as you speak to people please use the saying “great question” less frequently..
Thank you for watching and the feedback! I guess I (Erik) just need to stop asking such great questions! 😅
Really good interview. I would have liked to learn a bit more about the tax implications of a trust, particularly in regards to retirement accounts, does the trust get use of the same distribution rules as an individual? I presume the $500k exemption for married couples on the sale of a primary residence isn't impacted by this because it is revocable?
The statement was made that the successor trustee must be at least age 18 and a resident of the USA. I live in MI and can't find the resident requirement. I did find that for California; the successor trustee must:
- be 18 years of age or older,
- must be a U.S. citizen, and
- must be of sound mind.
I completed the questionnaire and paid $1K to them a week ago but have not heard back at all which is surprising. Not even a welcome email. Are they a legit business? I’ll give them another week before contacting them directly.
Send me an email with your name and I can track down what's going on. My email is erik@theretirementnerds.com
Anyone who completes the questionnaire gets an automatic email send upon completion. Have the messages ended up in your Spam mail?
did you here back from them yet ? I was thinking about reaching out to them..
@@TheretirementnerdsHi, sorry I didn’t respond to this comment. I did not get notification of your reply. Therefore I just saw this now.
@@TheretirementnerdsAll is good at this point. My case is real. At this point I have worked with Amy at Easy Legal planning and have received the black binder that contains the final trust paperwork to be notarized.
@ Hi, I responded with a lengthy detail but it looks like the admin deleted my post. Not sure why. But thank you.
you can control your estate easily, but it is hard to avoid tax, trust tax vs individual tax rate, tax bracket, ordinary income, capital gain, estate tax, but they don't talk about tax in whole video?
Great 👍 interview, thank you 🌏🇺🇸🇵🇷
Thank you Eddie!
All of the items that apply to kids will apply to your pets yes? Not that the beneficiary is your pet, unless it should be?
You can add pets! Set aside funds to care for the pet and who would take them (individual or service)