Mark Retirement Agreement Made Easy

Mark retirement agreement

will versus trust I am so proud of you for watching this video 50% of Americans don't even have a will there's a whole industry of courts and lawyers and paralegals and messes around the country because people don't even have a will now I'm gonna explain the difference between a will and a trust when you need them how much you should be paying for it should you pay at all what can you do on your own I'm gonna break it down and keep it tight now I include an hour at least in my workshops on this topic I've got chapters and some of my books on this topic I've got webinars podcasts a lot of content and on my website I even have my tax and legal library with some lengthier videos on this now why I say that is I'm gonna hit the highlights and I don't want you to be frustrated I've got so much content that's either free or just a nominal cost to get more information on how to deal with this topic I teach it to CPAs I teach it to lawyers and to many of you that are just trying to get your crap together alright so let's break it down and I want to define the difference between the will and the trust and really when you need to buckle down and get one or the other or both okay now first a will and a trust or both are part of what's called an estate plan a package of documents maybe powers of attorney for health care a living will pull the plug of home a vegetable I want to donate organs I want to give certain property to certain people funeral and burial instructions blah blah blah and it should go in a binder and you want to keep that binder in your safe or somewhere in your home or in a safe deposit box for that fateful day when you pass on so that people know where get your stuff where do where it goes and what to do with it you really don't need to update these also except for Mayberry of five to ten years a major event happens when your kids goes into rehab you get divorced I don't know maybe hopefully something good to you get married and you want three two your estate plan but once it's done for many people it's something you don't have to revisit all the time and a will and Trust both do not have to be recorded with a state or a county a private document for my clients even if they do it on their own I want a copy of it I want to have it in their file and you want to have your godparents or your trustee or your executor x' to have a copy as well so with maybe with those initial statements you can realize this is something that can be done affordable and affordably and maintained affordably and you can update them when you have to okay here's what a will does real quick it says who gets what and again I wish more Americans had at least the will about how to knock it out quickly but who gets what and then we're gonna appoint an executor this can also be called a personal representative I'll just put executor but sometimes a personal representative and that's really I joke about it don't be offended because I've got to keep this topic light no one must not likes to talk about death they're the party planner they're the ones that's gonna handle the funeral choose the flowers choose to casket then you're gonna have a guardian and if you have children that's who's gonna raise the kids other age 18 and and all of our state plans we talked about the Guardian for your pets who's going to take care of your pets and you're gonna leave them a few bucks to do it so this is what a will does now before we even get to this trust everybody can at least have a will go online just find a template somewhere we don't even have a cost for this because it's so cheap and easy we just tell clients go figure it out usually you're gonna get two witnesses and get it notarized and that's gonna comply in almost every state which was called a holographic will you do it yourself and it's cool have at least this make sure people have copies and you're good to go that's a will it's not the best but it's better than 50% of Americans so something happens to you we know who gets what who the executor is and who the guardians are now things get good with the trusts now I'd put just trust up here but what we're talking about is a revocable living trust our LT a revocable living trust is something you create your the trustee maybe you're married you and your spouse figure out a joint trust arrangement and you're both code trustees you can change it anytime you want it's revocable there's no asset protection but what you're doing is avoiding probate see even with the will it's got to go through the court and of course judge it's got a black and go you know this is really his or her will and here's what we're gonna do but a trust says no probate if everything's in the trust is kind of like the Bible of how you want everything split up and divided and it's gonna work with the will it's a lot of times there's a little poor over will that says put everything in my trust but there's no probate and we're gonna say who gets what when and how and this is where you can really jack up your kids lives or your beneficiaries lives and they call it dead ham control you're just gonna screw up people's lives from the grave and say who gets what when and how and you can put all sorts of good rules on there when we set up a trust for clients we usually have two pages of ideas so just crazy things you can do to hopefully get your beneficiaries to do the right thing in life and not jack up the money so you're gonna get the one in the house and you're gonna get what's called a trustee a trustee is the person that handles the money they could be great with money terrible with kids they could be great with money and terrible at running the funeral so you can have three different teams or three different people handling your estate now why I love to trust is because you put all your assets into their trust to avoid that probate and also create privacy now before I show you a visual of this I just want to say a couple summary comments I just brushed the surface hopefully you're gonna see down below ways to get ahold of our firm you get a consultation with a real lawyer in any state across the country to help you design your estate plan you shouldn't pay more than four or five hundred bucks to do it well and you can do it on your own when we do a revocable living trust for a single individual around 800 bucks married couple 1200 I really advanced trust maybe fifteen to eighteen hundred ollars that's it shop around we do it all over the country including Hawaii to my to Florida that's gonna say Miami to New York to New Hampshire down to California so everywhere in between but find it legal professional not just some hack or your CPA or some document preparer get a real lawyer that knows estate planning to design this and then put it in the drawer and you're done and it's out of the way and your stuff is now organized for your families so you don't screw up the family or lose it to the government or lawyers those are some general prices this is not a sales pitch but when you shop around this is what you're looking for and you can begin to again study more below so you can go in with your eyes wide open when you interview people but before I finish just a quick visual all right now here's how this trust looks because this is the master plan for all of my clients that I want to bring together if you've watched my videos what we're gonna try to do is bring together your plan with your trust and this is usually your 1040 down here for tax planning and whether you're married filing joint or single and your trust is going to own your home your trust is going to be the beneficiary of life insurance your trust is also going to be the beneficiary of financial investment accounts let's say including IRAs 401ks and all that and if some of you just had shutters go down your spine going oh you should never have a trust be the beneficiary of a retirement account yes you can do it it's called a see-through provision and the laws change in the last few years to make that possible in a very non tax problematic way so very good stuff and then we're gonna have your trust also own your LLC's that owns your rental properties finally if you do have an operational company like an S corp or another LLC over here somehow I've got other videos on all this good stuff your entities are gonna be owned by your trust as well see everything flows down into your trust now again there's not ask that protection here from a lawsuit there's asset protection from your family screwing this up when you're gone that's the goal no probate no lawyers and it's all together in your trust this is beautiful and I want to make sure your trust doesn't have your name in it because I want to try to create some privacy for when we record these assets and entities out in the public domain when necessary and particularly it's gonna be different with the type of asset and what state you're in but we're gonna have your trust be the owner of these assets without your name on it so we get privacy now that's a quick summary on the wilt vs trust debate maybe some prices to think about some topics to research really get to know what's going on here and then choose a legal professional a licensed legal professional does it to design it for you and don't pay off the nose our fees are the same whether worth a $100,000 or ten million dollars and that's really what you should be looking for out there is not some sort of value billion that we're gonna add all this asset protection bells and whistles get a second opinion if there's a lot of promises there and a big price tag you even get a second opinion in our office but learn the topic be prepared and it's gonna help you with your privacy and peace of mind that all of your stuff is organized thanks so much for watching that video and I want to be your source for tax and legal strategies it's hard enough to live the American dream without being out on the web on Google trying to find answers to complex questions and just click in a mouse hoping you got it right my team and I want to be a huge resource to you the law firm accounting firm by education resources on my site please continue to follow these strategies I know the safety thousands now click here if you want to be a part of my newsletter it's awesome weekly updates and deadlines and strategies and tips also subscribe to my youtube channel you'll love it and make sure to click the bell icon so you get a little ping whenever there's a new video and finally check out my site Marjory Kohler comm with all sorts of videos probably 70 plus videos 30 plus hours of content that'll save you thousands