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ESTATE PLANNING ARIZONA ~ WHAT to put in a TRUST 480-503-0050 - YouTube
Channel: Teresa Bear
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When you were a kid
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Did you have a treasure box?
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It might have been
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An old cigar box Or a school box
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You know, one of those cardboard boxes
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With a flip type lid.
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Maybe it was an old cookie tin.
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One of those metal tins.
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What did you put inside of the box?
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Was it perhaps a rock from a hike
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Or maybe a bird feather?
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Or maybe it was a memento.
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A ticket stub from a baseball game that you
went to with your dad.
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Or maybe a museum that you went to with your
mom.
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Or maybe it's some old pictures.
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In any case, we often had treasure boxes as
a kid.
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As adults we still have treasure boxes
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But often our treasures that we accumulate
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Are not necessarily ones that you can fit
into a box
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Nonetheless, I am going to use this box
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To illustrate the concept of one financial
instrument
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That I think of as a box for our
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Grown-up financial assets
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And that is a Revocable Living Trust
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I think of this as a box for our financial
treasures.
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But when I talk with clients
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I find that out there is often confusion
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About what exactly belongs inside of the box.
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The following are 4 types of assets
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That you need to put into your trust.
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One of the problems that I find when meeting
with clients
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Is that their box is empty.
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At some point in time
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They went to an attorney
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Paid a considerable sum to
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Have them draw up the trust agreement
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And then never funded it
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They ended up paying a lot of money
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For an empty box.
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To fill up the box,
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You must go through the time consuming process
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Of re-titling your assets
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In the name of the trust.
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This is time consuming for you
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But MUCH less time consuming and expensive
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Than having your assets probated when you
pass.
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Asset number one - Real Estate
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The first asset that is generally placed in
the trust
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Is your personal residence.
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Usually your attorney who drew up the trust
for you
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Will assist you with this transfer.
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It'll involve creating a new deed
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And naming the trust as the owner of the property
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This deed needs to be registered with your
county
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In Maricopa county it's a small $12 charge
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To file it
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And you receive the new deed back
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Once it has been recorded by the recorders
office
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You need to go through the same process
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With any other real properties that you own.
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This might be a vacation home,
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It might be a farm
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A rental property,
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Any other real property that you want in the
name of the trust
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Has to be re-titled and re-deeded
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Number 2 Family Businesses.
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You may ask
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What if I own an LLC or Corporation?
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If you wish to keep the business entity intact,
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You will need to change the ownership of the
business
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To the new trust.
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Sometimes you can do this directly through
the state corporation commission,
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Keep in mind that there may be legal
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Or tax reasons impacting your business titling,
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So be sure to consult your attorney
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And your accountant before placing these assets
into your trust
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Stop three - the bank
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Your next place that you should visit is the
bank
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Be sure and re-title all taxable accounts
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In the name of the trust.
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Sometimes I find that people will set up joint
accounts
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With their children
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So that their kids can help
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Pay bills in case of emergency.
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The problem is
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That if your child gets into an accident
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Or files for divorce
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Your bank account may be seized
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Since their name is on YOUR account
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Since most trusts
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Allow for successor trustees
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To act when the grantors are not able
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There should be no need for those extraneous
bank accounts
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And finally, Number 4
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Stocks and Bonds
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You will need to re-title all of your brokerage
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And other taxable accounts
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In the name of the trust
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These would be any accounts that you receive
a 1099 Int
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Div or B at the end of the year
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Don't forget those savings bonds
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That you have tucked into the safe deposit
box
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I am certified financial planner and a CPA
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I approach financial planning from a tax and
investment perspective
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I am NOT an attorney
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And I don't give legal advice
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If you would like to meet with me
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Give our office a call at 480-503-0050
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Also, click here to find out more
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About what assets generally shouldn't go in
a trust
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And here
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For how to set up your beneficiary designations
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This has been a Loki production.
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