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Advance Placement: HOW TO PREPARE YOUR BENEFICIARIES · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J.
• 0:20
  Speaker 2: Trump's leadership.
• 0:21
  Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.
• 0:25
  Speaker 1: Under President Trump, attempted illegal border crossings are at the
• 0:29
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
• 0:33
  Speaker 1: aliens have been arrested. If you are here illegally, your
• 0:37
  Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
• 0:41
  Speaker 1: and deported.
• 0:42
  Speaker 2: You will never return.
• 0:44
  Speaker 1: But if you register using our CBP home app and
• 0:47
  Speaker 1: leave now, you could be allowed to return legally.
• 0:50
  Speaker 2: Do what's right. Leave now.
• 0:53
  Speaker 1: Under President Trump, America's laws, border and families will.
• 0:57
  Speaker 3: Be protected sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 4: Okay, so now some assets that I wanted to sort
• 1:03
  Speaker 4: of point out to you that goes directly to the beneficiary,
• 1:05
  Speaker 4: so you don't really have to worry about but you
• 1:08
  Speaker 4: won't if you don't know about it, then you can't
• 1:10
  Speaker 4: really you know, access it. Right, So you have assets
• 1:15
  Speaker 4: that go outside our assets that are owned by that
• 1:18
  Speaker 4: are owned as joint tenants or jointly. So that could
• 1:22
  Speaker 4: be bank accounts, you know, investment accounts, any accounts that
• 1:26
  Speaker 4: have named with another named person that's joint and so
• 1:29
  Speaker 4: if those exist, then they're going to go automatically to
• 1:32
  Speaker 4: that person. Then we have life insurance, like we talked about,
• 1:35
  Speaker 4: life insurance goes directly to the beneficiary once they you know,
• 1:39
  Speaker 4: make that claim and provide the death certificate, retirement accounts,
• 1:44
  Speaker 4: investment accounts, and if you have a trust, the trust
• 1:47
  Speaker 4: goes directly. It does not go through the court system.
• 1:50
  Speaker 4: So whoever is the trust see if they have that trust,
• 1:53
  Speaker 4: they'll be able to just you know, continue and roll
• 1:56
  Speaker 4: with it. So all of the assets should be listed
• 2:00
  Speaker 4: when it comes to the trust or at least owned
• 2:01
  Speaker 4: by the trust so that the trustee knows what exactly
• 2:04
  Speaker 4: to do. So it makes lifel a lot easier. And
• 2:07
  Speaker 4: so what are some things that you can do or
• 2:09
  Speaker 4: you could talk to your family about doing. Is you know,
• 2:13
  Speaker 4: doing a memo what's called a memo of accounts or
• 2:17
  Speaker 4: is basically a listing. You could do it with a spreadsheet,
• 2:20
  Speaker 4: you could do it with you know, any anything. Really
• 2:23
  Speaker 4: a listing of all of your accounts, your account numbers,
• 2:28
  Speaker 4: the institutions that they're with, their ideas and passwords. I mean,
• 2:33
  Speaker 4: it's not something you just want to leave around, but
• 2:35
  Speaker 4: you should have a trusted person who you could, you know,
• 2:38
  Speaker 4: sort of give that information to so that they'll do
• 2:41
  Speaker 4: or at least they'll know where to access it, how
• 2:44
  Speaker 4: to get a hold of it, and that way you
• 2:46
  Speaker 4: can it makes it so much easier. All these things
• 2:49
  Speaker 4: that I just explained to you will be, you know,
• 2:51
  Speaker 4: so much easier. And if you could utilize your you know,
• 2:55
  Speaker 4: legacy contact with through your phone and save some information
• 2:58
  Speaker 4: in there, that might help something that are sensitive or
• 3:01
  Speaker 4: like you know, I know, crypto accounts and things like
• 3:03
  Speaker 4: that you don't really need to you don't really want
• 3:05
  Speaker 4: to share those. So that's still being figured out how
• 3:08
  Speaker 4: to maintain that sensitivity, but it's really something that you
• 3:11
  Speaker 4: might want to do. A legacy lifeline is really sort
• 3:15
  Speaker 4: of just like filling out all these information, all this information.
• 3:18
  Speaker 4: It's similar. And then another thing that you could do
• 3:21
  Speaker 4: is estate planning. You know, you can set up on
• 3:24
  Speaker 4: a state plan, which would be the process of creating
• 3:27
  Speaker 4: a will, creating a trust, having your healthcare proxy or
• 3:30
  Speaker 4: power attorney, all these things in place so that all
• 3:33
  Speaker 4: this information is kind of central and then somebody knows
• 3:37
  Speaker 4: about it and knows how to access the information so
• 3:40
  Speaker 4: that they'll be able to do exactly what the person wish.
• 3:43
  Speaker 4: That's all I got questions. Awesome, thank you so much.
• 3:47
  Speaker 4: We already have a hand raised Andrea yourself.
• 3:50
  Speaker 5: We are coming to you. Thanks Janet.
• 3:53
  Speaker 4: Can you hear me?
• 3:53
  Speaker 5: Okay?
• 3:54
  Speaker 4: I had contact us to being Hi, S to being
• 3:56
  Speaker 4: Hi Andrea.
• 3:57
  Speaker 5: Hi, how are you good?
• 3:59
  Speaker 4: Thank you?
• 4:00
  Speaker 5: So I had a real estate I'm sorry, a state
• 4:04
  Speaker 5: planning attorney set up to trust for me. And it's
• 4:10
  Speaker 5: like maybe November of last year, and so he had
• 4:14
  Speaker 5: suggested I get an accountant to file taxes, but long
• 4:19
  Speaker 5: story short, I didn't. I ended up just doing my
• 4:21
  Speaker 5: own taxes on Turbo tax. I thought I was going
• 4:25
  Speaker 5: to be late, so I filed for an extension so
• 4:28
  Speaker 5: I have until September whatever whatever. However, I got him
• 4:32
  Speaker 5: in on time, so I really didn't need that. My
• 4:35
  Speaker 5: question is I thought that taxes were just for your
• 4:41
  Speaker 5: income and your ten ninety nine's and all of that.
• 4:45
  Speaker 5: Am I also supposed to file taxes for the two
• 4:49
  Speaker 5: trusts one is one is just a basic trust and
• 4:55
  Speaker 5: the other one is the retirement trust. I don't own
• 4:58
  Speaker 5: any I don't own a home learning, but I have investments,
• 5:02
  Speaker 5: so you.
• 5:02
  Speaker 4: Have is it a revocable trust and an irrevocable trust?
• 5:05
  Speaker 5: That's not what they're called, but maybe so so one
• 5:08
  Speaker 5: that's definitely a retirement trust which holds the majority of
• 5:13
  Speaker 5: my four oh one K and things like that.
• 5:17
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• 6:02
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• 7:09
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 7:12
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 7:16
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 7:21
  Speaker 1: filming and selling child pornography in Michigan.
• 7:24
  Speaker 2: These are just.
• 7:25
  Speaker 1: Some of the heinous migrant criminals caught because of President
• 7:28
  Speaker 1: Donald J.
• 7:29
  Speaker 2: Trump's leadership. I'm Christy Noman, the.
• 7:31
  Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted
• 7:36
  Speaker 1: illegal border crossings are at the lowest levels ever recorded,
• 7:40
  Speaker 1: and over one hundred thousand illegal aliens have been arrested.
• 7:43
  Speaker 1: If you are here illegally, your next you will be
• 7:47
  Speaker 1: fine nearly one thousand dollars a day, imprisoned and.
• 7:50
  Speaker 2: Deported, you will never return.
• 7:53
  Speaker 1: But if you register using our CBP home app and
• 7:56
  Speaker 1: leave now, you could be allowed to return legally.
• 7:59
  Speaker 2: Do what right. Leave now.
• 8:02
  Speaker 1: Under President Trump, America's laws, border and families will.
• 8:06
  Speaker 3: Be protected sponsored by the United States Department of Homeland Security.
• 8:09
  Speaker 5: The other one just holds baby. I haven't looked at
• 8:13
  Speaker 5: it in a minute, like the banking things, and so
• 8:16
  Speaker 5: I just set them up. I've been setting them up
• 8:18
  Speaker 5: slowly to add all of my assets into one or
• 8:22
  Speaker 5: the other.
• 8:23
  Speaker 4: Okay, So it's going to depend if it's revocable or irrevocable.
• 8:27
  Speaker 4: So you should find out, you know, which what it is,
• 8:31
  Speaker 4: because the irrevocable trust does have to have it separate
• 8:34
  Speaker 4: tax return done for it, and you also need an
• 8:36
  Speaker 4: EI in number for it. But if they're revocable, they
• 8:39
  Speaker 4: should be filed on your personal tax return. And so
• 8:43
  Speaker 4: I would you know, get an account to do it
• 8:46
  Speaker 4: for you, someone who is familiar with filing returns for
• 8:50
  Speaker 4: individuals who have trust, because it just doesn't it's not
• 8:54
  Speaker 4: worth it, really, the few hundred dollars, it's not really
• 8:57
  Speaker 4: worth it if you're doing something wrong, that's mischaracterizing things.
• 9:03
  Speaker 4: So I just wouldn't, you know, advise you to do
• 9:05
  Speaker 4: it on your own. But one hundred percent find out
• 9:08
  Speaker 4: if it's irrevocable or revocable.
• 9:11
  Speaker 5: So irrevocable, there's taxes associated with that revocable there's not.
• 9:16
  Speaker 4: It's not so much that there's not. It's just the
• 9:18
  Speaker 4: same taxes you're normally paying, like there's no nothing, No,
• 9:21
  Speaker 4: there's no different tax rate. It's treated the same as
• 9:25
  Speaker 4: you're treated as a taxable you know, individual. But the
• 9:29
  Speaker 4: irrevocable trust, the tax rate is a little bit higher,
• 9:32
  Speaker 4: and usually people do it for the benefits of it really,
• 9:36
  Speaker 4: which is asset protection, but it does need to have
• 9:39
  Speaker 4: it separate return.
• 9:40
  Speaker 5: Are you able to do my taxes for the if
• 9:42
  Speaker 5: I didn't do them? If I don't do taxes, and
• 9:46
  Speaker 5: that was my problem too. I couldn't find someone who
• 9:49
  Speaker 5: was astute and you know filing taxes with a trust attached.
• 9:54
  Speaker 4: So you send me a message, Andrea, if you have
• 9:56
  Speaker 4: my email legacy yet at Franco hyphen Law, then I
• 10:01
  Speaker 4: will connect you with someone.
• 10:03
  Speaker 5: Thanks so much, Sabina. I appreciate it all right, No,
• 10:06
  Speaker 5: prom You're welcome.
• 10:08
  Speaker 7: By great question.
• 10:10
  Speaker 4: Denise, you are coming to you meet yourself please.
• 10:13
  Speaker 7: Hey, thank you, thank you very much, great presentation as always,
• 10:18
  Speaker 7: thank you.
• 10:19
  Speaker 8: My question I can over my hand has to do
• 10:22
  Speaker 8: with them just now going through this, so this is
• 10:24
  Speaker 8: so timely. My parents passed. My mom just passed in August,
• 10:29
  Speaker 8: and thank you. She lived a spicy life and was
• 10:33
  Speaker 8: spicy all the way to the end. We did a
• 10:38
  Speaker 8: we have two kinds of trust, and the irrevocable for
• 10:42
  Speaker 8: the property that she lived in and then a revocable
• 10:46
  Speaker 8: for the rest of the properties, one in which I
• 10:49
  Speaker 8: live in. I have been named, We've gone through probate,
• 10:55
  Speaker 8: but now I want to tidy up everything, like you
• 10:58
  Speaker 8: were saying, okay, and I want to go into the lawyer.
• 11:02
  Speaker 8: And as a person said right before that, he was
• 11:06
  Speaker 8: our tax attorney as well, and he's just I don't
• 11:09
  Speaker 8: I want a little bit more from him. And I
• 11:11
  Speaker 8: don't know if he knows enough to do the finances
• 11:14
  Speaker 8: as well, but at least I want to start with
• 11:17
  Speaker 8: what kind of trust do we do?
• 11:19
  Speaker 5: Now?
• 11:20
  Speaker 7: Do we keep and irrevocable? Where we live in one
• 11:24
  Speaker 7: of the properties and the other properties are rentals and
• 11:27
  Speaker 7: they can go on regular trust. I'm just not sure
• 11:30
  Speaker 7: what kind of questions to pose to him.
• 11:34
  Speaker 4: Okay, So the trust that you currently have that you
• 11:37
  Speaker 4: said one is revocable, one is irrevocable. Was that created
• 11:41
  Speaker 4: during your mom's life?
• 11:44
  Speaker 7: Yes, it was actually before my dad passed.
• 11:46
  Speaker 9: We made sure we put everything in a trust to
• 11:50
  Speaker 9: avoid any potential if she needed to go to nursing
• 11:52
  Speaker 9: home or anything. So we did it, you know, weigh
• 11:55
  Speaker 9: in advance of that five year time period.
• 11:58
  Speaker 4: So what happens typically happens when someone when there's a
• 12:02
  Speaker 4: trust created for someone during their lifetime and it's revocable.
• 12:06
  Speaker 4: When they pass away, it becomes irrevocable. So both the
• 12:10
  Speaker 4: trust now should be irrevocable. Okay, okay, So now because
• 12:15
  Speaker 4: they're both irrevocable, it just depends on what the directions
• 12:19
  Speaker 4: were within the trust. Can those assets be distributed to
• 12:23
  Speaker 4: you guys, to then move around and decide what you
• 12:25
  Speaker 4: want to do with it.
• 12:26
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 12:30
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 12:34
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 12:38
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 12:42
  Speaker 1: some of the heinous migrant criminals caught because of President
• 12:46
  Speaker 1: Donald J.
• 12:46
  Speaker 2: Trump's leadership. I'm Christine Noman, the.
• 12:49
  Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted
• 12:53
  Speaker 1: illegal border crossings are at the lowest levels ever recorded,
• 12:57
  Speaker 1: and over one hundred thousand illegal aliens have been arrested.
• 13:01
  Speaker 1: If you are here illegally, your next you will be
• 13:04
  Speaker 1: fine nearly one thousand dollars a day, imprisoned and deported,
• 13:09
  Speaker 1: you will never return. But if you register using our
• 13:12
  Speaker 1: CBP home app and leave now, you could be allowed
• 13:15
  Speaker 1: to return legally, do what's right.
• 13:18
  Speaker 2: Leave now.
• 13:19
  Speaker 1: Under President Trump, America's laws, border and families will be protected.
• 13:24
  Speaker 3: Sponsored by the United States Department of Homeland Security,