Bypass Probate: Use Beneficiary Designations Instead
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Probate is awful. It's slow. It's expensive. It's open to challenges. Let's talk about how to get your assets to your beneficiaries quickly and correctly.
Questions? Email us at Hans@CardinalGuide.com, call us at (919) 535-8261, or visit our website at CardinalGuide.com.
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Пікірлер: 19
Heard fine with earbuds on my smart phone, otherwise difficult to hear. Good informative video
2nd mention of this issue. You REALLY need to turn the volume up on the microphone when recording. Thanks
Agree with other need to be a little louder on the mic.. That being said GREAT VID.
Thanks for sharing this information. If a person’s not assets are their 401K and life insurance, can one bypass probate by naming the beneficiaries on those without putting them in a trust?
@CardinalAdvisors
2 жыл бұрын
Most financial accounts have TOD (transfer on death) that works like a beneficiary. You have to ask for it because it’s more paperwork for the institution.
I have beneficiary designations, both primary and secondary designations, for my portfolio assets in order to avoid probate. I have heard that the only weakness of this method is that in case of incapacity, for example, the owner is in a coma, the assets would not pass on to the beneficiaries but would be frozen in the accounts. I wonder if there is a method for avoiding this contingency. Thank you.
@charlesromney
4 ай бұрын
Power of attorney
What about using an LLC as opposed to a trust? It is less expensive, what are the downsides?
@CardinalAdvisors
2 жыл бұрын
Steve I’m not an attorney so my opinion is that of a CFP. Trusts are what my education has taught me to use to have control over money beyond my lifetime. With a trust, you have trustees who manage the assets and have discretion to dole out money to beneficiaries. The beneficiaries receive the income and assets but don’t control the money. With an LLC or any Corp, you have only shareholders or owners after your lifetime. Thanks Hans
If you ToD a stock account to your child, does the step-up basis take effect?
@CardinalAdvisors
2 жыл бұрын
The step up in basis happens when you die. It is then realized when your child later sells the stock. Thanks Hans
If you name your trust as the beneficiary of your retirement accounts would that not bypass probate?
@CardinalAdvisors
2 жыл бұрын
Any beneficiary payment will bypass probate including a trust. A trust is not a person so the trust will have to pay taxes on money at high tax rates.
There's just mumbling with this video. I thought you had resolved your sound problems. Really would appreciate it if you would re-record this one because it is very relevant to me personally.
@CardinalAdvisors
2 жыл бұрын
Hi Larry I just listened to it on my IPhone and it sounded fine. Can you try another device? If you send me your email privately, I’ll send you both copies. We have 2 cameras and 2 microphones going for all videos. Hans@CardinalGuide.com Thanks
@larrymelman
2 жыл бұрын
@@CardinalAdvisors Hans, on my computer I literally cannot turn up the sound enough to hear anything more than a faint mumble. On KZread on my TV, I have to turn up the volume to 85/100 before I can hear anything (so I will watch it there). On my Android phone, again I have to turn up the sound level way way above what is normal for other videos. Clearly you did something different on this one but I have no idea what.
@fij7963
2 жыл бұрын
On my computer, I usually turn on the CC - closed captioning when some of Hans's video sound get muffled like this. Informative video btw, thanks.
@larrymelman
2 жыл бұрын
@@fij7963 Thanks. Glad to know that it is not just me.