Warning: Don’t use an irrevocable trust for asset protection unless it follows these four rules. SUBSCRIBE FREE CONSULTATION: or call +1-954-400-1050
TABLE OF CONTENTS
0:00 Don’t use an Irrevocable trust for asset protection without THESE 4 things!
0:32 Business Guy Introduction
0:48 What is an irrevocable Trust?
0:53 4 requirements summary
2:09 Discount for watching this video
2:25 4 Requirement Detail
2:28 Requirement #1
4:07 What if I want to change it?
4:31 Requirement #2
5:36 Offshore asset protection trusts
6:54 Requirement #3
7:18 Requirement #4
7:26 Estate planning: A/B Trust
8:27 Estate planning: protection inheritance from youthful inexperience
9:32 Downsides
10:03 Benefits
11:03 Conclusion
#IrrevocableTrust #AssetProtectionTrust #assetprotection
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An irrevocable trust can be a powerful tool for estate planning, asset protection, and tax management. However, it is important to be cautious when setting up and using an irrevocable trust, as once it is established, it cannot typically be changed or revoked. This permanence can have significant consequences, so it is crucial to ensure that you have all the necessary elements in place before creating an irrevocable trust. Here are four things you should not overlook when considering setting up an irrevocable trust:
1. Clear objectives and goals: Before establishing an irrevocable trust, it is essential to have a clear understanding of your objectives and goals. What are you trying to achieve by setting up the trust? Are you looking to protect assets from creditors, provide for a loved one with special needs, or minimize estate taxes? Having a clear plan in place will help ensure that the trust is set up in a way that aligns with your intentions.
2. Competent legal and financial advice: Setting up an irrevocable trust is a complex legal and financial process that requires expert guidance. Working with experienced professionals such as estate planning attorneys and financial advisors can help ensure that the trust is structured correctly and that all necessary legal requirements are met. These professionals can also help you navigate any potential pitfalls or challenges that may arise during the trust administration process.
3. Trustee selection: The trustee of an irrevocable trust plays a crucial role in managing trust assets and carrying out the terms of the trust agreement. It is essential to select a trustee who is trustworthy, reliable, and capable of fulfilling their fiduciary duties. Additionally, having a successor trustee in place is also important in case the original trustee is unable to fulfill their duties.
4. Regular review and monitoring: Once an irrevocable trust is established, it is important to regularly review and monitor the trust to ensure that it continues to meet your objectives and goals. Circumstances can change over time, so it is essential to periodically review the trust agreement and investment strategy to ensure that they are still aligned with your intentions.
In conclusion, an irrevocable trust can be a valuable estate planning tool, but it is crucial to approach it with caution and careful consideration. By having clear objectives, seeking competent advice, selecting a trustworthy trustee, and regularly monitoring the trust, you can help ensure that your irrevocable trust serves its intended purpose and protects your assets for generations to come.
Do you have a video that show how to fill out ss4 for irrevocable trust?
He might make a good auctioneer. Blah blah blah. Another crooked lawyer
what changes do I need to make on my irrevocable trust in New York when moving to Florida
Any info in canada ??
Talking way too fast and too many fine points at one time.
SURPRISING OMISSION! Nothing on how an irrevocable trust protects your assets from the government and forces them to pay for your long term medical care if necessary. Otherwise you have to spend all available assets on LG care until you're bankrupt and ONLY then will the govt cover it.
Have y'all done irrevocable trusts for clients that put their land patents in to claim full control and legally avoid unconstitutional property taxes?
What if the trustee was also the notary of change of trust?
Why AB provision? The moment teh spouse has access to half of the assets exposes it to lawsuits right.
I own some property. I'm concerned with protecting it from future medical expenses. I'd love to speak.
Hi, can I change irrevocable trust that was created 5 yrs ago?
I put my bother as my beneficiary 100% of my monetary asset but now I change my mind ,instead of 100% I would like to give him 50% and the other 25% goes to my sister and 25% to her daughter. I lived in New York State,thanks
What if the trust is given to a university without the knowledge of the beneficiary? All they get is $2000 a month cash dividends and a large tax bill.
Intresting
What kind of annual cost would an irrevocable trust incur? Some trustee fees mandate a large enough trust so the income of the trust covers the costs of management.
I can only imagine what the costs would be for this company to be the trust.
What about a Special Needs Irrevocable Trust?? How is that protected in Colorado or federal laws?
What he didn't tell you is how the court gains jurisdiction over the trust.
1.26 USC 7701(a)l1, 30) – Read for yourself, they gain in personam jurisdiction over a US citizen. US citizens have legal rights, not constitutional rights. Thats the Ashwander Doctrine. The Statutory Irrevocable Trust gives the court in res jurisdiction. The fact that the Trustee is a US cirizen gives the court in personam jurisdiction. See also 50 USC 4312 – your common law Trustee is actually the USAG. If ths Trust ends up in court, the court opens a bond in the name of the Trustee and the Trust to gain fictional subject matter jurisdiction. Which is why we pull the CUSIP and file as the Interpleader to collapse the bond and take jurisdiction away from the court. Your BAR attoney will be disbarred if they do that because they are subject to the jurisdction of the Article 1 administrative court.
Keep in mind in a foreign offshore trust, if thr Trust gets hauled into court in the US the foreign Trustee will never appear and the US Trust will be wound up by an assigned Trustee subject to the jurisdiction of the court.- usually a BAR member . Ive seen that happen many times.
So how do we solve that? Our Trustees and Trust Protectors are whats called Holder In Due Course in relation to their estate. The US courts have no jurisdiction over these people or the Trusts, which are formed in accordance with 26 USC 7701(a)(31)(A,B).
I have persoanlly told courts no jurisdiction many times and if they try to continue without in rem, in personam, and subject matter jurisdiction, i cancel the court bond, then file a tort claim under 15 USC 1, 2, and 18 USC 371 against the Clerk of the Court and the opposing BAR attorney for fraud.
This is how our family was established since 1910. Own nofhing but control everything. Nobody ever receives anything from the trust
The Trustee has legal use of assets. The Beneficiary has equitable use. That includes spouses – you "get" nothing when the ofher spouse dies or you divorce. It all stays in trust. STOP trying to act like a beneficiary if you are a spouse or Tustee. Thats congnitive disortional thinking
Yes i have over 100 cases behind this. The most important one being Hale v Henkel.
The arricle 1 administrative courts operate outside the constituion under the contract clause – Article 1, Section. 10 and the similar State clauses. So can your trust. That means your Trust does not need to contract under statutory jurisdiction. Therefore, he is semi-incorrect when he says some states dont allow for asset protection trusts. A properly formed AP Trust is not statutory in nature. It goes by many names: Unincorporated Busiess Trust, Complex Irrevocable Trust, Pure Trust, Express Trust, and Common Law Trust. I have plenty of case law for this.
Joe and Hunter need to give you a call.
great info. I'm using an estate planner and waiting for my info to be finalized. I need to make sure he writes it up correctly.
Could the "settlor" not just be a special purpose entity like a WY LLC (single member, controlled by the trustee individually) to protect against judgements in states like CA from piercing the trust?
I have a question with some random numbers. If my wife and I have a so-call AB trust that have 4 houses as co-owners. When the first person of us died, his/her part (50%) assets become irrevocable. For example those 4 house worthy $2,000,000. So $1,000,000 will be under that irrevocable trust. After many years later, the second of us died and 4 houses worthy $4,000,000. All of these houses will be transferred to my kid. After a few year’s later, my kid want to sell these houses at the prices $5,000,000. What is the capital gain? $1,000,000 or $2,000,000? Thx you
WOW. Lots of information to absorb.
How? If its irrevovable and the settlor gives up ownership to the trust. Is living in a seperate state from the trust similar to the alter ego argument when penetrating a corporate shield?
One needs to make sure all the papers that are signed in the office are actually formally submitted & uploaded not kept only in the lawyers office- (happened twice)
If the trust can be the trustee (like the Rothschilds have) how would this work for the beneficiaries? Who would be the executive in this case?
That's very interesting,I like it