As another Lame Cherry exclusive in matter anti matter.
Being poor with great expectations I have watched the millionaires I know in Brier with puzzlement in trying to comprehend what they are up to with all their money. I get a plat of the Brier from several companies and in it, it shows the vast lands these people own and a name started popping up in Living Trust. I figured it was some way to skirt taxes and keep everything they could for their kids, but never comprehended how much this was what everyone should be involved in, because I had been programmed like all of you in thinking a last will and testament is all that there was out there.
I have been educated with help in learning that there are two types of living trusts, revocable and irrevocable. The basic difference is the irrevocable protects your assets from creditors. An example would be, if you had come calamity that debt was incurred, the irrevocable would shield you. It also locks everything in, so there is a Catch in this in most people are not going to have the meteor fall and be blamed for it, but some unlucky people will, and that means a creditor could get at your funds. The reality is, with a will……..the creditor can still take all you have too.
With the positives though beyond random chance, I have below the main parts of the living trust and the main part is a will goes through probate, and if you have the big pile of cash, the lawyers get their cut. The living trust distributes what you have quickly and it is private, so there are no court records for people to snoop around in, and if someone gets left out of the will, their lawyer can snoop and challenge, but the living will, it is all sealed and only the people you want to know what is going on, know what your actions were.
I would recommend reading this site for further information as it is important, as I have a number of boomer readers, and what used to be for the uber rich, is now becoming something that normal people are setting up.
Nothing changes in your control in a living trust. As in the rich farmers here, what does change is the property, is listed as “the family name” followed by Living Trust on documents. It becomes the person and you are the person who controls everything.
For items like CD’s and accounts in a bank, beneficiaries are named and as their names are on the documents the money is transferred to them upon presentation of your certificate of death, and no death taxes are owed, as they can not be taxed on what they already own.
Meet you on the other side.
A Revocable Living Trust can help you:
Avoid the probate process, saving time, cost, and public scrutiny.
Distribute assets faster, often faster than probate.
Maintain privacy, as unlike wills, trusts are not included in public court records.
Protection during incapacity
A Revocable Living Trust also serves as a protection plan in case you become incapacitated.
Similar to a Power of Attorney, it allows a successor trustee (such as a trusted family or friend) to:
Manage your assets if you cannot.
Avoid court approval or guardianship proceedings.
Creating a Revocable Living Trust helps you protect your family, your assets, and privacy, while simplifying the estate settlement process.
I’m just trying to educate people on this, on something most people do not want to deal with and most people have no idea what to do. Rich people somehow came up with this sometime ago and now allot of people are figuring out that they can engage in the same outcome in protecting from death taxes.
I do hope to write more about estate planning, more than just the things I have warned about in maybe gold and silver are not the best places for you to park your investments, so that you can consider things and make more educated decisions
Nuff Said
agtG
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