What Is A Living Trust & How It Works

What is a living trust, and how does it work? Clint Coons, Esq. will be going over the various factors that make up a living trust and its function in estate planning. We'll also discuss the advantages and disadvantages of a living trust, and provide examples of how a living trust might be used.

"Why do I need a living trust?" 0:14

Living trusts are simple yet complicated pieces of paper that many find themselves stumbling over. A living trust is a legal document that allows you to transfer ownership of your property to yourself as a trustee. This means that instead of directly owning your assets, they’re held by an entity that legally belongs to you but can’t be easily accessed by creditors or others who might claim ownership.

If you're interested in learning more about living trusts, be sure to watch this video until the end! We'll explain everything you need to know about this vital estate planning tool and answer any questions you have about this type of trust.

Did you enjoy the video? Those who benefit from this form of content should definitely consider subscribing to the channel. We appreciate everyone who takes the time to watch our content and make up our community.

Anyone who has questions about what we go over in the video or would like to learn more about estate planning, be sure to check out our website. We’re here to help you with any questions or concerns you have regarding the subject matter we covered in this video.

Thank you, and good luck with your living trusts!

Show Notes:
0:00 Intro
0:12 Why Do You Need A Living Trust?
4:20 How Does a Living Trust Work?
7:30 Assets with Example
9:46 Successor Trustees
13:01 Outro
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ABOUT CLINT COONS

Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.

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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

#livingtrust #clintcoons

[xephael]

Irrevocable Trust version of this would also be appreciated. Probate process does not have to be expensive.

[MrRain-hkzi]

Thank you Clint, appreciate the info. Learning all I can as my aging father asked me to put something together and be the executor. Sounds like the Revocable Trust is the way to go!

[sponacq]

Dear Clint:: Not only do you clearly have a massive expertise in trust law, you make it extremely simple and interesting. I would love to be a client. I'm into the film industry, real estate, art distribution. I've also got an expensive French wife (!). Thanks for the great vids!

[organizer]

Thank you for your awesome leadership setting up Anderson Advisors with amazing educational opportunities and awesome contributions to the real estate community! 🎉

[seanmclaughlin]

These guides are huge tools for us. If you would also due guides for Land Trusts, LLC’s etc. would be great. Thank you for your time and knowledge, it is truly appreciated. Thank you!

[ebhoehl]

Fantastic video. Does this advice work in Louisiana?

[organizer]

Very valuable and very useful and practical information. Many thanks!

[dman]

Thanks so much for this video, this one is just as helpful as all your others. One question...can you transfer your LLC to a revocable trust by way of an assignment?

[derrickcarter]

Clint great insight I have an older brother who’s married and currently owns his primary residence and and also owns a second property from his wife’s Mother estate 🏡 that they have a home equity loan against. This was done by he and his wife to buy out her two sisters. My question is he wants to transfer the title of his primary residence to a living trust or a land trust which would be better for him (Pennsylvania) thanks 😊

[parasportz]

Thank you for this information. I'm currently heading down this rabbit hole for reasons you mention. Is this information for the USA only or worldwide? I'm not in the USA.

[peterchirico]

Hi Clint Thank you for this information. I am wondering if doing this affects your tax returns in any way ? Would you have to change your name on a tax return to the trusts name ? For example if you sell your house and receive a Capital Gain exclusion what would happen ? Best regards

[anndipietro]

Thanks so much for this. I've had questions for quite some time. What happens to the tax basis of property that you put in a trust. In a will, my heirs will have a basis of value on the date of my death. What is the basis of an asset in a trust when I die?

[mike]

A revocable trust doesn’t protect you from creditors. Some irrevocable trust can…and even then it depends on the state.

[organizer]

Can some happen to create the same name? If grantor name is on trust is that anywhere public like as percent of a LLC. Real estate property?

[organizer]

Any disadvantage not to put your personal name on the living trust? How will bank know it is your living trust ? Example: instead of Clint living trust of date, can it be awesome educator living trust of (date)

[lkm]

What about liability of the trust ? How do you protect the trust?

[organizer]

How would bank or others know the person is the same as the black box trust or whatever name you create?

[mikeshaw]

At what dollar level does probate kick in. I was thinking it is normally above a couple million.

[sinmayp]

Does a trust provide asset protection in the event of a divorce? (Like LLCs?)

[claymeinke]

Clint have you ever herd of a business trust, it`s being sold as better than an LLC for small business. Just curious.