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.

@tomstevelt9641

11 ай бұрын

Trust should have had a "poison pill" provision.

@RafaelCollazoNemis7

11 ай бұрын

@@tomstevelt9641 What is a poison pill provision?

@dtom1145

11 ай бұрын

My trust states that anyone who contests this trust gets exactly $1.

@sharedsailing4787

11 ай бұрын

​@@RafaelCollazoNemis7language stating anyone who contests the trust gets nothing.

@AmandathePandaBooks

11 ай бұрын

My dads lawyer was smart. I'm the trustee, but everything was passed out long ago. But, before anyone could get their share, they had to sign a waver, motorized it,send it back, then they got their checks. They signed there rights away which protected me. They could not challenge the will or the trust.

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!!.

@bernardwright891

10 ай бұрын

The quickest way to make your first millions is to invest directly with an expert that is trustworthy and has made a name and individual billionaires

@reason2463

10 ай бұрын

I'd say you need to find another tax guy.

@TheGreaterGrog

8 ай бұрын

That is true, estates & trusts hit max rates at around 12k of income. If the trust is allowed to distribute income to you then you could pay tax on it instead of the trust, but if the trust was intended to be a retirement fund then chances are decent that the trust does not allow that.

@Mico77777

7 ай бұрын

I’m not clear what you are trying to say. Doesn’t the money in the will and trust, come to you without a tax burden, upon the death of the trustee?

@TheGreaterGrog

7 ай бұрын

​@@Mico77777 No. First, if the trustee dies they are replaced. It is possible that the court might dissolve the trust instead of appoint another trustee though. Second, If the trust or estate had, say, 100k in taxable income because it emptied the deceased's IRA account then somebody is paying the tax on that 100k in income. If you got the 100k, then you get 100k in taxable income (less some estate deductions). If nobody got distributed the money, then the estate pays the tax and at horrible rates. But that is because IRA distributions are INCOME. If the estate had a 100k in stocks and distributed it to you, then there isn't any taxable income and you just gets stocks with a cost basis of whatever the trust or estate has for cost basis.

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.

@vogeljennifer6318

9 ай бұрын

I have found all courts are corrupt. So sorry for your experience

@jakeb3055

7 ай бұрын

Move out of state. Or to Thailand

@missgui4400

6 ай бұрын

Go to Brazil

@pinwang4625

5 ай бұрын

@@missgui4400 Brazil is a shithole.

@MrSpdy247

2 ай бұрын

This is exactly why the majority of Trusts are absolute garbage. My grandfather had his 3 properties (vacation condo in SD, commercial property with tenants $10k/month, plus his home of 60yrs) all kept “protected” in Living Revocable Trust. The City of Sac leveraged multiple judgments against him as a person, which was their first fault (and illegal), for asbestos removal done by one of his tenants hired contractors. So for something he never was responsible for, they took this once self made millionaire down to nothing but living on his social security. There is much more to the story, but basically the banks and courts can enter in the back door of these phony trusts and act as the beneficiary to claim judgments. However, with an Irrevocable Trust, there seems to be a more absolute protection of assets. I have a friend who had his entire bank account emptied because of back taxes, even the checking account associated with the Irrev Trust. However, a couple days later the entirety of that account was restored. It is highly illegal for banks or courts to violate an Irrevocable Trust. I’m still learning more and catching up with how the world actually works. Be careful out there with all the scammers!!

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!!

@Mountainman524

11 ай бұрын

Sounds like an idiot if he was smart, he would’ve enjoyed his money while he was living why give it away so stupid go buy a boat go travel go buy a condo in the Caribbean. If kids want their money they make it themselves.

@viperman8788

11 ай бұрын

My dad is also 88 years old next week and retired military. He is so paranoid that his kids might put him in a nursing home one day that he keeps everything a secret. He lives alone but my younger sister goes over to his house to clean and wash his clothes and he pays her for her help. We all have a great relationship with him but he just doesn't care that after he dies his belongings will end up going to the local govt.............

@ChillyBNance

8 ай бұрын

You Are a GOD SEND!!!! THIS IS LIFE CHANGING!!!! THANK YOU FOR THIS VALUABLE INFORMATION!!! HOW CAN YOU BE REACHED??

@catchristo9406

7 ай бұрын

​@@viperman8788maybe the younger sister can get him to write out a will. He can stipulate in the will that he does not want to be in a nursing home and write out anyone who places him there.

@GuardiansInsight

6 ай бұрын

​@@viperman8788he cares about his children so while he may not care about his death I would sit him down together with my siblings and have a talk with him. It's hard for his generation to open up about their feelings but it's a reason he feels this way. Try to get to the bottom of where this is coming from did it happen to his parents or someone close to him? Something happened in his past where he made an agreement with himself that, that situation would never happen to him. Y'all have to address his fears and reassure him that is not the case with you all. Do it before it's too late.

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.

@darrenmoore-xx5rc

2 ай бұрын

Wow that's huge, how do you make that much monthly?

@larkins-xc2uv

2 ай бұрын

Honestly speaking, I will continue to trade and stick to Kathie russell daily analysis and guides as long as it works well for me..

@greghoughtin

2 ай бұрын

Woah for real? I'm super excited. kathie russell strategy has normalized winning trades for me also. and it's a huge milestone for me looking back to how it all started

@toulahen-sd6zk

2 ай бұрын

Though i started with $15,000 CAD because it actually my first time, it was huge success and massive all i can say is that her confident in day trading is top notch.

@kevingutierrez-nc8gw

2 ай бұрын

please educate me, i am willing to make consultation to improve my situation. .

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

@Dbb27

2 ай бұрын

I have a TOD on my rentals. My ex had POD on his accounts. Our two sons went to a scheduled appointment with the bank with his death certificate and walked out with two checks. Easy peasy, no cost and no attorney involved.

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 😂.

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

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.

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

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 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!

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

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.

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 🙏🏽

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.

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.

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?

@AUstinnesc

7 ай бұрын

right! never can tell what the future holds, definitely a time to consider financial planning and not time for blames

@sheltonPston

7 ай бұрын

True, I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 due to covid-outbreak, and immediately consulted a financial planner to handle growing my finance. Long story short, I'm only 25% short of my $1m goal after a couple 100s of thousands invested so far.

@sheltonPston

7 ай бұрын

I've shuffled through a few advisors in the past, but settled with 'Nicole Desiree Simon' her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.

@Blitcliffe

7 ай бұрын

How do I find this financial counselor ?

@sheltonPston

7 ай бұрын

I've shuffled through a few advisors in the past, but settled with 'Nicole Desiree Simon' her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.

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

Very Instructive, Bravo !

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

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...

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.

@mrsericaminor

2 ай бұрын

Proverbs 13:22 “A good man leaves an inheritance to his children's children.”

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.

@scottjuarez9549

8 ай бұрын

Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge

@TariqSinghKhan

8 ай бұрын

How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?

@ERMAV

7 ай бұрын

If you’re asking these questions, DO NOT INVEST IN THE MARKETS!!! You will lose it all. Seriously don’t

@rgarri6396

7 ай бұрын

New investors, call vanguard! Keep cost down and have patience.

@user-bm3vr7td6p

7 ай бұрын

Options.

So helpful and easy to understand!

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

@roxus80

8 ай бұрын

My wife and I did our trust earlier this year with a great attorney in Ogden Utah, cost was $1600, there are no maintenance fees.

@catchristo9406

7 ай бұрын

My parents did one that was $4,000

@Newlinjim

6 ай бұрын

The cost can vary considerably depending on each persons requirements.

@cidhomerimperialpneulemen2107

3 ай бұрын

That's what I want to know, how much to set up and is there a cost for maintaining a revocable living trust. Shady.

Your Transparency is gold

Great content!! Thank you

Always speaking the truth and giving knowledge! Thnks

Excellent, excellent advice. 👍

Love this video more than I can say!

Thanks Mark!

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

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

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.

@jeremyrocks9025

Жыл бұрын

I was thinking the same thing. How much does it cost to structure my assets in this fashion with Mark Kohler's company?

@kimdagnillo8246

11 ай бұрын

@@jeremyrocks9025 probably 3000 and up

@Richard.Cabeza

10 ай бұрын

@@kimdagnillo8246 how much if using Mark Kohler's company as the Trustee?

Excellent Content 👍

Tax is pretty interesting. I'm loving it.

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

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

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

@JMadrid6

11 ай бұрын

Only taxed if it’s above the federal estate tax exemption. Otherwise, it’s passing to heirs estate tax free.

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

Thanks and Lord’s Blessings! Seth

You are appreciated!

I am most interested in the asset protection

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

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

It's time to start this process.

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.

@mettamorph4523

10 ай бұрын

Not every state allows transfer on death deed, thank goodness, because that seems ripe for stealing houses.

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.

@roxus80

7 ай бұрын

set it up before she passes. To many issues if you wait till after.

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.

Mark your speaking my language about needing a structure!

Great recap

Thank you!!

Excellent content

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.

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

Thank you!

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.

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

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.

@sincityguns3460

11 ай бұрын

No you are incorrect. Trusts are disregarded entities. They do not have any tax responsibilities. All taxes are paid by the individual once the assets / funds have been distributed. Also, a trust does much more than help avoid probate. You can dictate any direction you want in the trust. You can decide how and when the funds are distributed. As an example, if you want your kids to receive x amount when they turn 18, then x amount more once they graduate college, then x amount to purchase a house, then the balance once they are 35 as long as they don’t have any felonies, etc. You can’t do any of that if you simply name a beneficiary on your retirement/investment account.

@anitaniefeldt5656

11 ай бұрын

@@sincityguns3460 how am I incorrect?

@knpstrr

10 ай бұрын

Correct, accounts with beneficiaries don't need to be in a trust... unless you don't want that money to go to them in one lump sum

@jimflynn3819

7 ай бұрын

Correct. POD ( pay on death) or TOD (Transfer on Death) to named beneficiaries avoids probate. And payment to trusts of pretax IRAs, 401ks, trigger tax on distribution where as transfer to beneficiaries allow " stretch " taxation .

Excellent thx!

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

Thanks Mark

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

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!

@tanyav123

11 ай бұрын

Pick me ;)

@sloth6765

11 ай бұрын

Maybe get your name on a wing of the hospital?

@acesinlove2036

10 ай бұрын

❤

@shaycooper3989

9 ай бұрын

Try the Bank

@MI-6e

7 ай бұрын

I'm in kind of same boat of who do I use as trustee.

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).

@gayleneflower398

9 ай бұрын

What is the name of the book?

@Novaknet

9 ай бұрын

@@gayleneflower398great question. I'm curious as well.

@ludwig6332

8 ай бұрын

Good Point. When assets and passive revenue belong to an LLC or Trust, any payents to others, family, pay, distributions, etc will be classified as income, or gifts, or distributions depending if members or non-members. Know all the rules when intendeding to help others thru paying them monies.

@bch2275

8 ай бұрын

This is what made me come to the comments. Many resources recommend not adding retirement assets. My problem is I cannot add a tertiary beneficiary to my retirement accounts. If my primary and secondary (spouse and kids)beneficiaries die, per stripes my accounts will be distributed to people who I do not want to have it. Not sure what I can do about it.

@AK-kq6cg

7 ай бұрын

​@gayleneflower398 Estate Planning for dummies by Jordan Simon and Joseph Manshinski

Nicely presented

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

I trust myself everyday, thank you.

Thanks MK👊🏼

AMAZING CONTENT!!

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.

@MarkJKohler

Жыл бұрын

To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR if you want to get set up with one of our amazing Tax Advisors to dive further into your questions, please head to markjkohler.com/tax-advisor-network/ - thank you!

@johnhaller5851

11 ай бұрын

An account with joint tenancy with right of survivalship bypasses probate. There are dangers if the daughter decides to take all the money before death. Any creditors of the estate can go after the joint tenant for payment of the debt up to the value of the account. The real issue is if there is more than one child, that joint accounts don't work properly, unless there are multiple "equal" accounts for each child, and it's hard to keep those accurate. Stocks will still need to go through the estate. Independent administration should allow using the letters of office to sell shares.

@joeo7257

11 ай бұрын

@@johnhaller5851 Nice. thank you.

What if you have accounts with beneficiaries already declared, e.g., bank or investment accounts, that contradict what is declared in the Trust? Is there a hierarchy? Same thing if the Will and Trust conflict? And, can one have a separate trust from their spouse?

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.

@Richard.Cabeza

10 ай бұрын

You hope they won't.

@bobpadrick7718

10 ай бұрын

I regularly name a professional fiduciary I know as either the trustee or the backup successor trustee in the estate plans I prepare for my clients, for exactly the reasons you state.

@headlibrarian1996

10 ай бұрын

@@bobpadrick7718 How does a professional fiduciary get paid? A flat fee I hope, otherwise the trustee has every incentive to waste the trust's assets by arranging things so the trust doesn't close out, thus enabling ongoing fees. I have similar issues with trustees getting paid a percentage of assets. There is almost zero likelihood that what the trustee is doing merits that kind of compensation.

@victorial.4345

8 ай бұрын

@@bobpadrick7718 can you share who will be professional fiduciary in texas ? thank you

@bobpadrick7718

8 ай бұрын

First, I'm not licensed to practice law in Texas. So any response I give is not intended to be legal advice in the State of Texas. But beyond that, I'm not understanding your question. Generally, a professional fiduciary is someone who holds a license, granted by the state, to act on behalf of others in that state. You can select anyone who holds a professional fiduciary license from the State of Texas and name them as your trustee, as the executor of your will, as your agent with power of attorney or as your health care agent. I would suggest you call them first, to make sure they are accepting new business and to discuss whether there are any conditions to be met before they are willing to act on your behalf.

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.

Inheritors miss out on step-up if decedent moves assets to a trust instead of as direct beneficiary. This is a fairly big deal on taxable assets and real estate.

@TheGreaterGrog

11 ай бұрын

Depends on the type of trust. Revocable grantor trusts, no. For tax purposes they don't exist until you die, and assets in them still go through the estate estate tax (if you have enough money) Irrevocable trusts, probably. I've heard lawyers claim there are ways around it, but I've never seen it actually happen.

@Richard.Cabeza

10 ай бұрын

Are TOD and POD treated the same in this case?

How do you hide property that’s in your personal name - primary home or rentals that has to be in your or your spouse’s names unless you get an expensive commercial loan - to obtain privacy under a trust when your name is still on public records as owning the property?

@MarkJKohler

Жыл бұрын

To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR you can head to markjkohler.com/tax-advisor-network/ and get connected with one of our amazing Tax Advisors that can help you dive deeper into your questions. Thank you!

Hi Mark! Great video!! And I bought 3 of your books which are great!! Question... are you familiar with " Non-grantor Irrevocable complex discretionary spendthrift trust" ?? are they legit?? do they help reduce or eliminate Capital Gains? Thanks!!

Great information

I like this guy!

Thank you Mark. I'm doing this. Do you have offices in Southern California?

Thanks!

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.

@ivymaddison

11 ай бұрын

Travel is a small but important part of that overall puzzle. Start with an annual budget for socializing and travel - $10,000 per year is a figure I picked out of the sky - and see how you get on with that over time. Agree to remain open to further conversations about adjusting that figure upwards or downwards.

@AnkurYo

11 ай бұрын

Roughly how much you have in the 401k combined with a financial advisor’s help can help you not only grow but budget the money for your travel destinations. I and my spouse always delegate our excesses.

@benalfredo

11 ай бұрын

If I can chip in know what you are expecting from the 401k. An adviser might be able to help you visualize what role the 401k plays in your overall plan. If your husband isn’t require to take minimum distributions yet, how long will it be until he reaches that required beginning age? These are what an adviser may want to determine in order to help you plan better and what investment strategy best suits you.

@Jennapeters144

11 ай бұрын

Hiring a financial adviser means having someone look at everything from cash flow to investments and risk management to estate planning and legacy. Fixed income and treasuries may work for you while you try to figure out the next entry point for stocks

@_davidturner

11 ай бұрын

@@benalfredo The ones I find are young and I feel may not be experienced working with us. They also tend to charge as much as 1% AUM which I am not comfortable

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

@mettamorph4523

10 ай бұрын

That's a misconception. If you own a home, however modest, and people who you want to leave it to, a revocable trust will save them time and money when you pass away. Our TV culture makes trusts and wills and estates seem like rich people stuff. Every one who dies leaves an estate. Estate simply means any property of the deceased. There's personal property ( jewelry cars collectibles clothes Xboxes) and real property (houses rental properties businesses).

What state should I establish my Revokable Living Trust?

Maybe I’m missing something - it seems to make sense to hold most assets in the name of the trust, but changing the beneficiary of the IRA to a trust seems to be a bad idea from a tax standpoint given the higher tax rates on trusts. Anyone have any thoughts on this?

@TheGreaterGrog

8 ай бұрын

That depends on if the trust distributes enough money/assets to cover the IRA withdrawals or not. If the trust can distribute income, and if it does distribute that income in the year of the IRA withdrawl(s), then the beneficiaries should pay tax on it instead of the trust. But if the trust cannot distribute the income for whatever reason, gov docs or just sending checks late, then the trust pays taxes and most of it will be at the max tax rate of 35%. Executors/trustees emptying the IRA account in a single year and then failing to distribute enough money is the most common estate/trust failure I see. I normally suggest that IRA accounts have specific heirs as beneficiaries, but that can potentially be annoying if one dies before you.

How much would it cost for a simple rlt and maybe tax filing/trifecta set up for llc 2022 net 40k?

@Notme-tq4xs

Жыл бұрын

How much can they charge you before you scream? 5k ?

Great Video: Question: Do I need both a revocable trust, and an insurance trust, or can a revocable trust suffice if I make it the beneficiary of the insurance?

@MarkJKohler

Жыл бұрын

Hey Robert, to get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR you can head to markjkohler.com/tax-advisor-network/ and get connected with one of our amazing Tax Advisors that can help you dive deeper into your questions. Thank you!

How does the insurance work on properties you own? Does it turn into business insurance. Thank you

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

Dear Mr. Kohler, COULD YOU PLEASE EXPLAIN WHY THEIR IS NOT TAX RETURN ON TRUSTS (SORRY THE CAPS, BUT TO GET YOUR RESPONSE AND THANK YOU!) THIS IS MIND BLOWING! HOW ARE CAPITAL GAINS, DIVIDENDS AND INTEREST PAID? CD'S, MUNI BONDS AND OTHER INCOMES PAID? CRAZY! THANK YOU FOR YOUR TIME!

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

So the RLT… does the step up on basis apply when I pass away if everything is in A trust does the step up in value come so a trust can sell assets without capital gains?

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

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

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?

My eyes glazed over at 1:28.

Yes, but where do you find these trustees outside of your family and how expensive is that?

This doesn't protect against the Medicaid liquidation of assets. Can you convert the revocable to irrevocable?

Thanks Mark. Does a RLT create a shield of liability around all of your assets?

@MarkJKohler

Жыл бұрын

To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR you can head to markjkohler.com/tax-advisor-network/ and get connected with one of our amazing Tax Advisors that can help you dive deeper into your questions. Thank you!