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How to Save Revocable Living Trust in PPR

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[Music] welcome everyone whos joining us on this uh zoom meeting today and if folks are in the waiting room well let you in as they uh come in colleen if youll make sure that you handle that one for me i appreciate it my name is lynn st louis and i am an estate planning and elder law attorney at elg estate planning here in washington state and today what were going to be talking about are revocable living trusts and the five biggest mistakes people make when it comes to their revocable living trusts if you have any questions please feel free to put those questions in the chat and i will answer your questions at the end today also um if you stick with us to the end then we are going to be offering you a complimentary gift as well so really excited to have you here thank you so much for joining me so lets go ahead and get started so were talking about revocable living trusts and the biggest mistakes that are made with that very popular estate planning tool so im going to talk abo

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What is the downside of naming a trust as the beneficiary of a retirement plan?

The primary disadvantage of naming a trust as beneficiary is that the retirement plans assets will be subjected to required minimum distribution payouts, which are calculated based on the life expectancy of the oldest beneficiary.

What does it mean to name a trust as a beneficiary?

You can name a trust as a direct beneficiary of an account. Upon your death, your assets transfer to the trust and distributions are made from the trust to its beneficiaries ing to your wishes.

Is a trust fund an asset or income?

If a trust is dedicated to paying for the beneficiarys education, it should be reported as an asset of the beneficiary. If a trust does not pay its own taxes, follow the money. The individual who pays taxes on the trusts income is often the owner of the trust.

What are the disadvantages of a revocable living trust?

Some of the Cons of a Revocable Trust Shifting assets into a revocable trust wont save income or estate taxes. No asset protection. Although assets held in an irrevocable trust are generally beyond the docHub of creditors, thats not true with a revocable trust.

Why you should not name trust as IRA beneficiary?

It is not a good idea to name a trust as a beneficiary of your IRA because the IRA will lose the benefit of tax-deferred growth. This is because the IRA will have to be distributed faster and then taxed in a different way compared to other situations. The same applies if a business entity or estate is a beneficiary.

Is a trust considered income?

If a trust is a grantor trust, then the grantor is treated as the owner of the assets, the trust is disregarded as a separate tax entity, and all income is taxed to the grantor.

What is the primary purpose of a revocable living trust?

A revocable trust provides a way to ensure the continued management and preservation of your assets, should you die or become incapacitated, and allows the avoidance of a probate court proceeding after your death.

Is a trust considered an asset?

Estates in probate also become a matter of public record. One downside of a revocable trust is that the assets held in one are considered personal assets to creditors and for estate tax purposes. This means if you owe money when you pass away, creditors can access to your trusts assets to pay off those debts.

What are the disadvantages of a trust?

One major disadvantage is that they can be complicated and expensive to set up. Although the idea of avoiding probate costs is attractive, its important to realize that trusts come with their own costs, including legal fees and compensation for the trustee, if needed.

What would be the advantage of naming a trust as beneficiary of a life insurance policy?

One benefit of naming a trust as the beneficiary of a life insurance policy is that the trustee then has control of the money from the policy, and can control the distribution and investment of the money ing to your wishes as the trust creator.

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