Easily Hide Mandatory Field in the Living Trust

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How to Hide Mandatory Field in the Living Trust

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hey so in this video I want to talk about when not to amend your revocable living trust so Im Paul Rabelais Im an estate planning attorney helping our clients get and keep their legal affairs in order and as I make these videos you may have seen other videos that Ive made on YouTube or somewhere I just want to remind you that theres really three sources for these videos because now come up with new content every day one of those sources is just my 29 years of experience helping thousands of people so I made a video a couple of days ago ten provisions that should be in every revocable living trust that just comes from you know years and years of Helen people another source for these videos is things that happen and questions I get asked throughout the day so the video that I made that was published this morning was something to the effect of do Christmas and birthday gifts affect the Medicaid transfer penalties and then theres another source of information for these videos and its

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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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Which type of ownership would best avoid probate?

Property that is jointly owned with a survivorship right will avoid probate. If one owner dies, title passes automatically to the remaining owner. There are three types of joint ownership with survivorship rights: Joint tenancy with rights of survivorship.

Can a trust hide income?

Trusts established to hide the true ownership of assets and income or to disguise the substance of financial transactions are considered fraudulent trusts.

Can I hide my assets in a trust?

You can hide assets in a trust because they offer a great level of privacy. People wont know what is inside the trust. They wont know if theres a relationship between you and the asset protection trust trust.

What trust Cannot hide assets?

While revocable trusts offer no asset protection, irrevocable trusts are outstanding for this purpose. Once one establishes an irrevocable trust, they forever abandon the ability to undo the trust and reclaim property transferred to the trust.

How do I keep assets out of my name?

So if you have valuable assets in your personal name, you own them in your personal name, consider setting up an entity, either asset protection trust or LLCs thats going to take those assets out of your personal name so that if somebody, either an attorney who might be digging around, theyre not going to find those

How do I remove assets from my estate?

You transfer an appreciated asset into an irrevocable trust. This removes the asset from your estate so no estate taxes will be due on it when you die. You also receive an immediate charitable income tax deduction for the value of the asset(s).

What are some good names for a trust?

Most trusts are named after the Trust Creators and also include the date the trust was created. Examples are John and Jane Smith Revocable Trust dated 1/1/20; or Smith Family Trust dated 1/1/20; or John W. Smith and Jane A. Smith Revocable Family Trust dated 1/1/20.

What does it mean to protect your assets?

Asset protection is a part of financial planning that helps you keep your assets safe from creditors. Various investment accounts, such as individual retirement accounts (IRAs), carry a certain amount of asset protection in the interest of justice. Federal laws protect numerous retirement plans.

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Hide Mandatory Field in the Living Trust