I feel like I know more about trusts than the vast majority of non trust attorneys from watching your videos. My wife and I are currently working with an attorney to set one up for our estate. Thank you so much for the valuable information.
Needed to update my 1991 Louisiana Will so I purchased your Estate Planning in LA 3rd edition 2013. Lots of good information. Although I only have basic property (house, car, personal items, savings/checking accounts), I decided to create a RLT mostly to minimize court time and legal expenses of a LA succession. I also purchased the 2018 4th edition for any changes in estate laws (doesn't appear to be much). After viewing this video, I believe I feel I have to revisit my decision..
For what it's worth, I find your videos well worth the time to view and have, with great pleasure, shared my enthusiasm with my children and associates. Bravo for your efforts and bravo for our compassion and charitable giving to others.
I feel certain that anyone could qualify as an estate planning attorney after watching all of your videos. lol Thank you for always explaining lofty concepts of law in real-life scenarios that can be understood. As an attorney in the estate planning field, I listen to these as refreshers on how to explain things in terms my clients will understand. Thanks for making these accessible!! April I have considered running your channel in a loop for those in my waiting room. haha
Paul, love your videos and always give a thumbs up! I may have missed some but have only found one on irrevocable living trust. I live in GA and mine is actually titled to avoid nursing home cost. Any other information you could provide to appropriately avoid losing smaller estates to nursing home cost or appropriately avoiding taxes with irrevocable trust would be interesting.
Can you simply designate beneficiaries to all your bank accounts, IRAs and 401Ks and file a TODD (I live in CA) to your property to avoid Living Trust and Probate all together if those assets are all you have?
I was wondering the same thing. My dad is open to just titling everything in my name or his and my name then I can disperse as he wishes. I am a co-owner on his accounts already and have been for years. Have you found out anything since posting this comment? Thanks! My dad is also in CA. Thinking of TODD's as well.
Yes, You can set up , "payment upon death, at your bank. You name a beneficiary/ beneficiaries, at your bank, and when you die, they take your death certificate to the bank, and the bank will give the beneficiaries the funds, in the way, you set it up. It can also be done,with stocks, iras, etc. Almost all lawyers will strongly discourage it.
Yeah up front it cost more than doing nothing. But when needed during life in an incapacitation event it can save entire asset classes from unscrupulous guardians.
Establishing ALL your bank accounts and ALL your brokerage accounts with a P.O.D or T.O.D. registration will reduce the 'need' for trusts for the vast majority of the population (the less than 5%ers)
I was wondering the same thing. My dad is open to just titling everything in my name or his and my name then I can disperse as he wishes. I am a co-owner on his accounts already and have been for years. Have you found out anything more to add after posting this comment? Thanks! My dad is also in CA. Thinking of TODD's as well.
In my opinion, it is a mistake to co-own anything with your intended beneficiaries because your beneficiaries will lose the step-up in basis for potentially all the capital gain and may trigger gift tax if the amount is significant. . Please be very careful!
Thanks! Trying to swim through the sea of information. Would like to avoid probate but still fulfill his wishes without a bunch of legal nonsense. @@andytan9238
Thanks David for replying! I called the banks and asked them and they said with Joint ownership I have the same rights as dad. Perhaps I need to ask them what happens if dad passes. @@davidwalker2781
I feel like I know more about trusts than the vast majority of non trust attorneys from watching your videos. My wife and I are currently working with an attorney to set one up for our estate. Thank you so much for the valuable information.
Needed to update my 1991 Louisiana Will so I purchased your Estate Planning in LA 3rd edition 2013. Lots of good information. Although I only have basic property (house, car, personal items, savings/checking accounts), I decided to create a RLT mostly to minimize court time and legal expenses of a LA succession. I also purchased the 2018 4th edition for any changes in estate laws (doesn't appear to be much). After viewing this video, I believe I feel I have to revisit my decision..
For what it's worth, I find your videos well worth the time to view and have, with great pleasure, shared my enthusiasm with my children and associates. Bravo for your efforts and bravo for our compassion and charitable giving to others.
Thank you. I do enjoy watching your videos. Informative.
Needed a refresher on this subject, thanks so much , Paul!
Great information,
Thank you!
I have been watching your videos, it's super helpful, and I'd recommend to everyone I know to watch! Thank you!
Thanks, Mr. Paul
I feel certain that anyone could qualify as an estate planning attorney after watching all of your videos. lol Thank you for always explaining lofty concepts of law in real-life scenarios that can be understood. As an attorney in the estate planning field, I listen to these as refreshers on how to explain things in terms my clients will understand. Thanks for making these accessible!! April I have considered running your channel in a loop for those in my waiting room. haha
Good advice. Helpful
Love your channel.
Paul, love your videos and always give a thumbs up! I may have missed some but have only found one on irrevocable living trust. I live in GA and mine is actually titled to avoid nursing home cost. Any other information you could provide to appropriately avoid losing smaller estates to nursing home cost or appropriately avoiding taxes with irrevocable trust would be interesting.
I will get a trust...love your information on it. Gracias
Thanks Lulu! 👍
Thoughts about only putting rental properties into a Rev trust. Any insight regarding this appreciated
Can you simply designate beneficiaries to all your bank accounts, IRAs and 401Ks and file a TODD (I live in CA) to your property to avoid Living Trust and Probate all together if those assets are all you have?
I was wondering the same thing. My dad is open to just titling everything in my name or his and my name then I can disperse as he wishes. I am a co-owner on his accounts already and have been for years. Have you found out anything since posting this comment? Thanks! My dad is also in CA. Thinking of TODD's as well.
Yes, You can set up , "payment upon death, at your bank. You name a beneficiary/ beneficiaries, at your bank, and when you die, they take your death certificate to the bank, and the bank will give the beneficiaries the funds, in the way, you set it up. It can also be done,with stocks, iras, etc. Almost all lawyers will strongly discourage it.
@@Dee-nm5voWhy?
@@earthangel6858 ?? Why What?
This is about beneficiary czcams.com/video/kpKt7l8AOHY/video.htmlsi=HC8RCZCJFmiOYwih
Yeah up front it cost more than doing nothing. But when needed during life in an incapacitation event it can save entire asset classes from unscrupulous guardians.
Establishing ALL your bank accounts and ALL your brokerage accounts with a P.O.D or T.O.D. registration will reduce the 'need' for trusts for the vast majority of the population (the less than 5%ers)
I was wondering the same thing. My dad is open to just titling everything in my name or his and my name then I can disperse as he wishes. I am a co-owner on his accounts already and have been for years. Have you found out anything more to add after posting this comment? Thanks! My dad is also in CA. Thinking of TODD's as well.
In my opinion, it is a mistake to co-own anything with your intended beneficiaries because your beneficiaries will lose the step-up in basis for potentially all the capital gain and may trigger gift tax if the amount is significant. . Please be very careful!
Thanks! Trying to swim through the sea of information. Would like to avoid probate but still fulfill his wishes without a bunch of legal nonsense. @@andytan9238
T.O.D. and P.O.D. are not and do not mean "co-owned".
Thanks David for replying! I called the banks and asked them and they said with Joint ownership I have the same rights as dad. Perhaps I need to ask them what happens if dad passes. @@davidwalker2781
Please get to the point 👉.
Nonsense bs.