Set card in the Revocable Living Trust

Aug 6th, 2022
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How to set card in the Revocable Living Trust

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Hi, Lee Phillips, Im an attorney. I deal on estate planning a lot. In fact, Im a Supreme Court counsel. Let me talk to you about opening a bank account in the name of a living revocable trust. You set up the living irrevocable trust. Everybody says, OK, youve got to fund the trust. Actually, the lawyer, half the time or three quarters of the time, writes you a letter that says, you know, the trust really needs to be funded. Well, funding the trust is the key element of the trust. If its going to avoid probate, its got to be funded. That means it has to own the cars, the house, the boats, the bank accounts, the brokerage accounts, everything. Lets do a bank account. Youre going to get out of the bank-- and 35 years ago, when I started doing this, none of the banks understood what a living revocable trust was. Youd roll in with the trust. Youd say, I want to put the bank account of the trust. And the little girl would look at you like huh. Today, most of the banks understand the

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Generally, it is much better to have the beneficiary have a card in their own name. Often, beneficiaries have trusts set up for their share of an inheritance because they may be young, inexperienced, or have demonstrated poor financial decision-making ability.
Historically, beneficiaries have sent their bills to the trustee for payment. An easier way to accomplish this objective is to obtain a credit card for the trust beneficiary. If the beneficiary has good credit, the card can be obtained in the beneficiarys name. USE OF CREDIT CARDS AND GIFT CARDS IN Begley Law Group 2014 November Begley Law Group 2014 November
A trust, living or otherwise, is a legal entity, and can obtain a bank account. If it can do that, it most likely can get a debit card attached to a checking account, and possibly even get a credit card secured by that account.
In the state of California, for instance, you may hold up to $166,250 in assets, property, or accounts outside of a Trust and still avoid Probate. But if you have over $166,250 in your account, you should consider transferring it to your Trust so that your Beneficiary can receive their inheritance outside of Probate. Transferring Bank Accounts into a Trust - Trust Will trustandwill.com learn how-to-transfer-bank-a trustandwill.com learn how-to-transfer-bank-a
A living trust can help you manage and pass on a variety of assets. However, there are a few asset types that generally shouldnt go in a living trust, including retirement accounts, health savings accounts, life insurance policies, UTMA or UGMA accounts and vehicles.
In general, you can only pay your debt with a trust if that trust could legally have paid the original bill which was paid by credit. If the trust was created to prevent spending money on the particular kind of bill, then the answer would be no. Is using the trust and LLC method a legitimate way to fix my credit quora.com Is-using-the-trust-and-LLC-met quora.com Is-using-the-trust-and-LLC-met

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