Should You Put Your House In A Trust?

Most people think trusts are just for the uber wealthly. That is incorrect. Trust can be used by average families and individuals to avoid probate, protect assets from a long term care event, and manage assets for minor children. This video will walk you through:

What at trust is?

The difference between a revocable and irrevocable trust

Benefits of establishing a trust

Frequently asked questions

#trust #estateplanning #financialplanning #medicaidplanning #longtermcare #greenbushfinancial #nursinghome

[CameronFussner]

People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.

[donnaallgaier-lamberti]

My husband and I are a second marriage. We are average middle class people. We created a trust after we were married to make it clear what our wishes were to be so there was no issues down the road.) That trust served us well Twenty-four years later my husband was disganosed with cognitive decline and we updated our trust with a guardianship plan for him in the event something happened to me. NOTE: Avoiding the long term care scenario...depends on your state.

[scarlettg]

Thank you for this invaluable information. This is the best video on living trusts that I have found.

[KN-evtq]

My parents set up a revocable trust that turned out to be a nightmare. They began with Cumberland Trust. Dad asked them 4 times over a 16 month period to sell a house that's draining his funds. They said they'd "revisit that later" but never called him back. He called his estate lawyer and asked her what to do. She called the trust officers who then agreed to list the house by Oct. of 2019, but they never did. In Feb of 2020, they were fired and another, smaller, more local one hired. We found out that Cumberland had never had my parents income taxes filed despite coming to our house to ask for 1099s and telling me they intended to pay bills and file taxes. When I complained, they whined "we're not CPAs", despite having told me twice they would get the taxes filed.
The new corp trustee let Dad's life insurance lapse and Mom's health insurance lapse AND worse is that they lied about it...in email! So they were removed by an attorney. They filed a petition in court claiming my parents were mentally and physically incompetent to fire them. The trust bank agreed to step down if my parents were found competent. I called 38 law firms trying to find one willing to tangle with the bank trustee since they've been in our city for more than 100 years. I found a firm and then a guardian was assigned by the judge who, after 6 months, reported that she had found no evidence of their incompetence.

The corp trustee said they'd go away as long as I'm not trustee. I DON"T WANT to be trustee. The attorneys won't let me find another trustee but they haven't named any either. This has languished for 3 YEARS and no action done except for bills from attorneys and me watching my parents get so frustrated that their health deteriorated in numerous ways. First, they both had a series of mini-strokes then they both became incontinent. Dad couldn't take it anymore and his heart finally gave out. He died in February. Mom is on her way.
Considering how far along we are, and the bank's influence in the city, no law firms will take over to get this moving. It's cruel and irresponsible and corrupt. I can't speak about attorneys as trustees but no one should ever hire a corporate trustee.

[michaeltoney]

I’m not an attorney; nor a financial advisor. *disclaimer*

However, I worked in banking for years helping people with estate distributions.

Trusts seem complicated to understand but setting one up and learning the lexicon/wording used for trust documents is extremely easy.

People can set up their own trust and do the paperwork themselves and those trusts function just as well. It’s a bit of a hassle and some paperwork but if you’re cash poor but have an asset you may want to research it. Especially because it could save your house from being taken from the family.

I can remember many estate fights in families that would have been solved if the decedent had established a trust themselves in life.

You do not have to have an attorney (though it is easier and the best course). People can do this themselves and save 1-3K.

[dragonfly]

Love your videos. Thank you for teaching us the great information.

[allent]

Glad you did not mention the myth that putting your assets in a trust vs a will keeps your family from being able to dispute it. There are many trust dispute attorneys. It may be harder but does not stop heirs from trying to change your wishes.

[franko]

Thank you, Sir, for taking the time to make this video. So much valuable information given here, spot on! Thank you for sharing your knowledge. Well done. I have an appointment coming up with an estate attorney, and this really helped me out.

[robertdema]

Thank you for your clear explanations. You have helped me intensely.

[piervito-vitopinto]

Great explanation of Trusts. Thank you. Easy to understand and clear.

[mocforglobalgpers]

This was a great video. Very informative and provided in a way that really sunk in. Thank you!

[RMalai]

Thank you so much. Unfortunately, this video does not have a million subscribers and a million views. That is how much people care about their future planning. Liked and subscribed.

[j.c.]

I just reached retirement, so now I'm working on getting things in order for the big one, thank you for the learning video, TRUST is the way to go for me.

[HB-yqgy]

Thank you for a clear explanation. Trying to learn as much as I can so I don’t get burnt again.

[donreinholz]

Good video. Great point on selling the house if it is in a trust.

[alexsteven.m]

In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.

[mariasalas]

Thank you for the info., starting to get more information on how to make a trust. Keep it up for those of us that need help.

[warrenhoward-zk]

very well explained and informative, I should have done this years ago

[Unstoppable]

Thank you so much for sharing your knowledge and expertise to help us. I have learned so much from your video.

[annrynkiewicz]

Thanks, that was actually very helpful. I was just thinking about this issue and did a search for info which your video was listed under. Now I have to figure out how to access online info on my property title.