The Benefits of a Living Trust: Living Trust 101
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- čas přidán 16. 11. 2023
- Setting Up a Living Trust (Estate Planning Basics)
Setting up a living trust and essential estate planning documents everyone should have.
Complete Will and Trust Package available in all 50 states.
Our Firm website: www.martinsenwealth.com
Office: (480) 550-6556
Interested in the Complete Will & Trust package? Schedule a 15 minute meeting to begin the process. Here is the link www.martinsenwealth.com/schedule-a-meeting/
We did a Revocable Living Trust..best thing we ever did...all is according our wishes..
I’m 51 and I can’t thank you enough for sharing this info!!! My dad just passed so I am just now learning all about this!!
Great job showing the importance of estate planning documents. Why so many people just don't take the time to learn what you eloquently explained is beyond me? My wife and I have created all the documents you explained and are happy to know our wishes will be honored. Thanks for sharing your knowledge.
I will answer that question: BECAUSE SOME OF US HAVE NO CLUE OF THE PROCESS UNTIL WE HAVE A DEATH IN THE FAMILY! THAT is what happened to ME!
One thing that stood out to me was that some people want nothing to do with you while you're alive but show up when you die to take everything you owned.
Thanks for the great summary explaining the importance of this subject and related documents. This will be shared with family and friends.
Loved this video. The examples were a great addition to
Great job- explaining. Thank you and good package
What a great video!!! Thank you so much!!! ❤
This is good advice for sure.
fantastic!
This was very informative. I am trying to decide how to get thing together for myself. When my parents died they had everything in order. Going thru Family situation where land as big as Football field and Uncle had a will and his step kids who he did not adopt are wanting a piece of the pie. This is why I an deciding on a Trust.
My friend is going thru something similar!
Met with a lawyer last week to update wills and create a trust
I subscribe !!!
Damn Right !!!
If you have more than $100,000 in assets, a trust is a good idea to have. If you own real estate especially in California, it would be crazy not to have a trust…unless you love to donate to the state.
I was thinking about a video will that explain what I want all the asset to go, will that work as a living or trust will?
Very informative - thank you. This might be a dumb question: The completed package you offer, is that a couples fee or per person fee?
Thank you! Per married couple or per individual if not married.
I haven't funded my RLT yet, but I did create it. Can I amend the name? For privacy reasons, can I change it to something random like "The Coffee Table Trust?" Does it HAVE to also have the word "Living" in the title?
The reason is that Estate Planning is expensive $5K+ and the regular person doesn’t have that money.
True we. Can not afford it
You can create a will free or near free online. Then get it notarized by any notary and have a witness sign in front of the notary.
So if a living trust was made pre-divorce, and that ex-spouse didn’t get remarried, I’m wondering if it still stands? I’m also wondering if Cher was able to collect on Sonny’s estate? Was her unpaid alimony/child support paid out to her? I’ll Google it too. Thank you for this video.
If your marrital status has changed then it would be time to update/modify your trust. In the end I do not believe the Cher recieved any of his estate. Sonny's estate was only about $2 million compared to Cher's which was over $300 million at the time.
@@FinancialFastLane That’s interesting since child support is a legal mandate to pay. I’m surprised that the courts did not honor a previous courts judgment on that unless he didn’t still owe the bill, which he probably did. Someone’s wealth shouldn’t be a factor in whether they’re owed that or not.
@@theraptureisnearbelieveinj448 True! I don't think her wealth was a factor at all but I though it was interesting.
@@FinancialFastLane - such a petty move by Cher.
My husband and I have been living apart for 3 years. We don’t have plans to divorce but also no plans to live together. I want to do a trust for my children and myself. How do I address the spouse problem in the trust?
You really should consult with an estate planning attorney in your local area.
Probably get divorced. But barring that, just say that you acknowledge that you have a husband, but that you are elected to leave him nothing.
Hi as some veteran do not pay for property taxes, nor some plates and tags. would these veteran still about to fall under the no property taxes radar if their house is in a living trust?
Yes...
The package that you provide for 600$ then has to go to an attorney? If so what should I/we expect to pay the attorney I assume there will be filing fees.
The $600 is the attorney's fee. Schedule an appointment with an advisor at my office to discuss. www.martinsenwealth.com/
It would be helpful if you or your staff could post the actual web link to the Complete Will and Trust Package. Perhaps I missed it but I looked all over the Martinsen website and did not find it.
Interested in the Complete Will & Trust package? Schedule a 15 minute meeting to begin the process. Here is the link www.martinsenwealth.com/schedule-a-meeting/
Hi complete Will &trust package if will transfer to 4 people the price will be the same or will be the same like you described $600.00 Thank you please let me know
You have have as many beneficiaries as you want.
If I were to place my home in a trust, would it lose my Homestead Tax Exemption?
The impact of placing your home in a trust on your eligibility for a Homestead Tax Exemption can vary depending on your specific circumstances and the laws in your jurisdiction. Homestead tax exemptions are designed to provide property tax relief to homeowners who use their property as their primary residence, and the rules can differ from one place to another.
In some cases, placing your home in a revocable living trust may not affect your eligibility for a homestead tax exemption because you still maintain control and use of the property as your primary residence. However, it's essential to consult with a qualified attorney or tax professional who is knowledgeable about the laws and regulations in your specific area. They can provide you with advice tailored to your situation and ensure that you comply with all local and state regulations when setting up a trust for your home.
Keep in mind that laws related to property taxes and exemptions can change over time, so it's crucial to stay updated on the rules and regulations in your jurisdiction to make informed decisions about your property and taxes.
@@FinancialFastLaneThank you.
Is a Living Trust also good for a Foreign National that own a property in USA? can he pass it to his kids?
Probably but it depends. You would want to get legal advice directly from an attorney.
Question, Doesa Living Trust end when one of the persons on the Living Trust dies?
No it does not
around 9:50 mark you said LIVING WILL two times when the rest of the video and title is LIVING TRUST. Are they the same or you misspoke? Thanks
They are two different things and both important tools of estate planning.
Are there fees for updates to the will or trust?
Usually yes. But may be worth it if say you got a divorce and no longer wish your spouse to handle your assets.
At 9:48, you mentioned a "living will." What is a living will, or did you mean living trust?
They are different. You should have a Will along with your trust.
So your fee is not included-the trust is separate?
The trust is included. It has a a complete package.
What’s the link to the $600 trust package?
Here you go: www.martinsenwealth.com/schedule-a-meeting/
They starved Terri to death.
Avoid anything to do with lawyers..the worst kind of criminals.