10 Reasons Why You NEED a Trust

Hey everybody, Mark Kohler here. Don't scroll past this yet. Let me tell you the topic today. CPA, attorney, author, podcast or YouTube, blah blah, blah. And I'm all about the American dream, building wealth, helping my clients make more money, save it and protect it. Well, there's a key piece in this whole equation and it's called the estate plan, the trust. Now I wanted to title this why, you know, 10 reasons why every American should have a Freaking Trust. But apparently my producer didn't like that aggressive of a title. So I'm going to say it now. And I'm this is a bold statement. All of you need to trust. And I've got 10 reasons. And I bet you one of these 10 is going to impact you. So grab a piece of paper, bowl of popcorn, Diet Coke, whatever you're drinking, hang tight, it's going to be fun. As we talk about why this will help you actually build more wealth, protect it, save it. Just a little less stress, a little more happiness in life, hopefully. I know that sounds weird, but when things are more organized in your life, things are a little better. They really are. And so I'm going to take live questions. We're on YouTube, we're on Facebook, we're everywhere today. And this is so, so, so important. I'm going to get to it. And a quick disclaimer. I'm going to make some maybe inappropriate or funny, not whatever jokes as I sometimes talk about death and all these things and it can be really sensitive. But I asked all of you to have a thick skin approach to this. You're going to die. We all are. And I know it may be hard as you may have just lost a loved one or this or that, but just know that I do care about people's feelings. But this is a topic that we've got to keep light in order to get through it. 50% of Americans don't even have a will and so there's a lot of people procrastinating this topic about death. And so, okay, so I hate to tell you, you're all going to die. Here's 10 reasons why you need a frickin trust. There we go. Okay, now by the way, for those that are here live during this presentation, for each One of my 10 reasons, I'm going to give away a book or one of my calendars for the year. Now, even though it's June, these calendars are awesome because there's so much tax data and asset protection data and little maps and calendars and charts that are so, so Helpful. And I've got one more box of these left that I'm. People are still buying them. I sold a bunch in Miami two weeks ago. But I'm going to give away some these my regular books, my eight steps. We're going to give away 10 items. So if I call your name, I'm going to tell you who to email here. Shortly you'll want to write that down and send your address over and we'll send you a book and I'll autograph it for you. So I want to give away 10 gifts for all of you that can stick through this and you're going to love it. This is good stuff. Okay, now what is a trust? First I'm going to say this briefly. I've got some links to some articles in the description below. If you YouTube do I need a trust? I've got some other videos out there. But let me just say this in big picture that I'm going to give you the 10 reasons why. The trust is the foundation of your trifecta. The trifecta, the master plan of saving taxes, protecting wealth and building it. The trifecta starts with your. And by the way, Corey, everybody can see my screen, right? We're good. Boom, we're in the new studio. It's looking freaking cool. I'm so excited. I wish I could like video it in here and show it all to you. Maybe we'll try and figure out how to do that. Okay, so the trust is the foundation of your trifecta and we split your life in two sides. Over here you have operations and over here you have assets. Now it gets very, very complex based on your situation. But the foundation is all the same no matter who you are, young or old, married, single, kids, no kids, whatever. But the foundation here is you're going to have, maybe have a day job off to the side you might have a side hustle for those full time entrepreneurs. We're going to ultimately get into an S corporation. Now you might start out as an LLC and then you're going to graduate to an S corp. Other videos on that and good stuff. Over here you might have LLCs for your rental property, holding assets, notes, bitcoin, real estate, whatever you've got. And then down the middle we're going to put this little dotted line. And over here you're going to have IRAs, you're going to have 401ks and you may even have HSAs, all these goodies. Now this trifecta is going to build. We're going to go back to this slide. I'm going to move back and forth and bring it back. Because everything you own should funnel down into your trust. Your trust should own everything you have. And there's 10 reasons why. The purpose of our video. So over here might be your home. We've got life insurance, all these good things to talk about. So this is our trifecta and we're going to build on this. And whenever we meet with a new client, young or old, rich or poor, and we just talk about the trifecta because as you build your wealth, if you've got a structure, it keeps you more organized to receive the wealth. I know, I joke about it all the time. This is the Kevin Costner quote, if you build it, they will come. Field of Dreams, great movie, Sci fi, whatever. But what's interesting about it is he had to build the baseball field before the players came. And if you want to get into the biblical aspect of, you cannot put new wine in old bottles, they'll break. So we have to have a structure that's new, fresh, clean for you so you can put your wealth, your new wine into it and it'll hold it and it'll grow and get better. So what are the 10 reasons? Number one. And then I'm going to give something away here. Number one reason, let's see, I'm not charged up enough so I can't pull my car out. Okay. Number one is it puts you in control. And that may seem very weird. You're like, well, I can just do a will. A will is clunky, A will is simple. They don't really carry on. They kind of say who gets what. But a will doesn't say, but hold this money for this many years and then do this with this and do that with that. A will is like a two to four page document at best. And 99% of the time where a trust gives you so much more control. This is for you narcissists out there, you control freaks. You can control your family from the grave. You can continue to jack up your kids lives. They thought they got rid of you, but no, you're going to control their money for the rest of their lives. Well, maybe not the rest, but this is a great way to use a carrot or a stick. And we're going to talk about that in helping your family with money, not just throwing money in their laps. And some of you may go, I don't have any money. You got a little IRA. You got a 401k. Do you have equity in your home? Do you have a small business? Do you have rental property? Do you have life insurance? Guys, you may not feel like you have a lot of money, but when you die, money just kind of shows up. It really does. And so you want to be in control. You are in control. You can write crazy cool rules and these are all designed by you and written by us, the lawyer. So no one can challenge it. They can't get it. You're going to love it. So you are in control of your estate with a trust. The trust is the backbone of an estate plan. It's kind of the bible of what happens to your stuff when you're gone. And frankly, all of you, there's a plan out there. If you die, there's a plan. It's written by the state law in your state. And if you die, the state's going to say where all of your stuff goes. And if you don't like it, you better freaking take control of it and change it. So number one reason why you would want to trust is to have more expanded control. I just. More just. Yeah, expanded control. I'm even going to say you more options. All of that just kind of falls under number one. A trust gives you that in a big way. Okay, who's my first winner, guys? Nice post. Like nice the country or whatever. N e E post. Okay, now for any of you that are winners, I'm going to write this in red right now and then we'll come back to it later. You're going to email Corey C o R e y@markjcohler.com and the winner was. Nee n e e post. P O S T. Okay, that's our first winner. I'm going to give away. I just grabbed the first book out of here. What your CPA isn't telling you. It's a fictional story that expands your vision. You walk through this door into a whole new world of tax strategies. You're going to love it. It's got great ratings on Amazon. Get, get, love it. I'll sign it. You can give it away to someone too if you already have it. Okay, now let's go to reason number two. Real estate. And when I say real estate, we're going to review all these at the end. Real estate. Why you need a trust. So you're like, well, I don't own any rental properties. Do you own a home? This is your personal residence as well as rental property. Because if you die and you don't have a trust and you can have a will, gold plated, signed nine times Four witnesses notarized three times. I don't care if you don't have a trust. This goes into probate. So real estate and a probate, basically a judge is going to make sure that your real estate goes where you said you wanted to go and no one had a gun to your head when you signed your will. So rental property and your personal residence. And if you have rental property in other states, it's got to get probated in those states. It can increase the cost dramatically. So in our master diagram here, your personal residence is over here and it would be owned directly by your trust. Now, even if you have a mortgage, it's okay. As soon as you close on your mortgage, you're going to deed it to your trust. If you have rental property, your LLC is owned by your trust that owns your rental property. So you have this protection of the llc, but your trust is really the owner. You aren't the owner. So we want to avoid probate. What I also like about real estate in the trust is you can give your trustee direction. You could say, ooh, this rental property, don't sell it for three more years. This my personal resident. Don't do this, do that. Give this rental property to this kid. Give this rental property to my brother. Give this one property, my sister, whatever. So you can get creative on how in the direction so the real estate's just not all sold the minute you die. So creative direction and advice. So I love that when it comes to and second reason why you need a trust is if you own real estate, that's a no brainer right there. All of you that own a home or a rental property, case closed. Yeah. Who's our winner of our second on our second reason here? I can't hear you. Say it again. Lazy Wall Street News. All right, Lazy Wall Street News is our next winner. Now I see some questions here. There's a lot of comments here about homestead exemptions. How do I make the trust the owner of my home? I'm going to burn through a lot of questions here at the end. As soon as I get these 10 out and I'll go quick, I will answer that. How do I make the trust the owner of my home? You're going to do a warranty deed or a grant deed. California use a grant deed most of the time all over the country. We're going to use a warranty deed and we're going to transfer the residence to the home. And there's an exemption in every state that there's no transfer tax. You're going to just transfer it to your trust. And you may have to fill out some extra paperwork at the county, depending on what state you're in. But there's 3,500 counties across the country and you're just going to transfer your personal residence into your trust. Done. Done. And it does not jack up your homestead exemption. The homestead exemption is something that you can claim for asset protection. Another topic here in one of my books, the Tax and Legal Playbook, which I'll give away, and our winner, Lazy Wall Street News. You win. The Tax and Legal Playbook. My favorite books. It's on the edge of my desk and I refer to it all the time. Okay, let's go to number three. Let's keep cranking here. Number three. This is a big one for a trust. And I have an article I just published 2 days ago in my blog. It's in the description here of the video. Number three, Children. If you have children, and it's not just, well, it's children that are under age 18, children that are over age 18 but act like they're under age 18. It's children with special needs, children that just giving them a bunch of money would ruin their lives. And it doesn't mean you don't, it doesn't mean you disinherit them, but you may give them money. And let me just rattle off some, and this is in my article in the notes. You may give money to kids in stages. A third when they're 25, a third when they're 30, a third when they're 35. They get money to go to college. They get money if they have medical needs, but they don't get money if they're on drugs or have criminal issues or substance problems or this or that or they can't take care of themselves. Maybe there's physical disabilities, mental disabilities, who knows what you can structure the trust to give your kids money when they do things. That's a carrot. Or take away money when they do bad things. That's the stick. And you can design that in your trust. So children is a huge reason why we want to do that. Okay, now I need my next winner. Jack, will you give that to me over the microphone there? Who's our next winner, Marty? Mark W. Mark W. Is our winner. I'm going to give them the Business Owner's guide to Financial Freedom. Mark W. Now, if any of you are a winner, I need you to go over here to Coreykj Kohler.com and just email them that it's you We've got your info. None of you cheat or lie and say you're Mark W. We're going to look at your profile here and make sure we get your address. And we'll mail you out a book. So we got four. We got three winners and three reasons why all of you need to trust. Okay, Number four. You own a business, people. If you own a business, who's going to run that business? If you died, who's going to cash the checks, pay the bills, wind down the business, sell the business, sell the inventory, sell the equipment. If you're not around, it can easily get sucked into court and probate again because the family may fight over the business. You haven't given specific business continuation plan direction. So cool. And you may avoid probate again by having your business owned by your trust. So how does this look in our master diagram? When we set up a trust for you, we transfer your corporation or LLC into the trust. Now you may say, well, an S corp can't be owned by a trust. A revocable trust, yes, it is an exemption for that because it is a see through trust. It's a grantor trust. It's owned essentially by you. So we're going to have your LLCs that are owned own your rentals. That LLC will be owned by the trust. The S Corps, your side hustle. We want your trust to own all of your businesses. So if anything happens to you, your trustee can come in and run the show. No probate. There's a plan I like our clients to write down. Here's who gets the business. Here's how I want it sold or how I want it ran. I'm going to give half of it to the employees. I'm going to give half to who? So do whatever you want. This is Tommy boy. People. You know Callahan Enterprise. You know Callahan Auto Parts. That's right. You got to. You got to have a plan. Bo Derek. There we go. We'll leave it at that. Okay, who's our winner? Number four winner today. Okay, I need it louder and you guys got to be ready to roll. We're not going to do this anymore if we can't pull this off. Turn up the mic. Explore. Somo. S O M A L. Explore with somo. You are our winner. I'm going to give away here a calendar. My 2022 calendar. If you already have it, it'll be signed by me. You can give it away to someone. So much important. Helpful data, monthly messages, build your 10 year plan. You're going to love it. Explore with Somo. Okay, now we're going to go to number five and be ready with my number five winner, please, if you guys could. All right. Okay, number five. And I want to give away the self directed hand, the self directed IRAE handbook here. Because number five is retirement plans and life insurance. I want to make sure that your IRAs, your 401ks all go maybe to your spouse first, but then this, the contingent beneficiary would go to your trust, and this would include. Include life insurance. Now, I know what some of you are thinking going, well, I don't need a trust. I can just name my spouse and my kids and they get the money. There's no probate. It just goes straight to them. All right, how old are your kids? You still married? Have you been. Have you updated your beneficiaries since then? Are your kids financially stable enough to handle 500 grand getting dropped in their laps? See, a trust is going to allow you to give rules on how the life insurance and 401ks are distributed. And that's the key here. It's not a probate issue. It's so many people buying life insurance and then just dumping it on family and they blow it. It's like winning the lottery. You know this. You've heard, probably heard the stats of lottery winners that are broke five years later. And a lot of people that you get inheritance, it's gone five years later because they don't know how to handle it. And so you can put those rules in your trust for that. Okay, guys, who's my winner of the number five reason they're going to win the self directed IRA handbook, which is all about retirement plans, military money, and I can barely hear you guys when you say that so you could feel free to jack that microphone up. Okay? We're figuring out all the kinks in our new studio here. And it's easy. That's better. That's good. I love it. Okay. All right. Okay, now we're going to go over here to number six. I love being here. This is so fun. Thanks, everybody, for watching and soaking this up. You're going to be a better business owner, a better investor, a better person, an American, whatever, by just again, learning about money, learning about wealth, llc, corporations, trust, keeping your crap together. I want to applaud you for being here. Some of this can be complex, but you're constantly learning. I'm constantly learning. It's okay. All right, number six reason why every American needs a trust. I'm going to go with privacy. I love the Privacy aspect of a trust. Now, why I say privacy is I don't want the trust to have your name in it. I want to call it the Blue sky trust. Dated, okay? DTD. We could date it today, June 2, 2022. All right, so this trust has a name, and that's what will be on public record or at the bank. On your crypto wallet, on equipment ownership, the title at the DMV for your car, truck trailers, four wheelers, boats. You can use this trust name almost everywhere. Sometimes you have to fill out a little extra paperwork because institutions want your name. But with a little extra effort here, the trust becomes your alias, which is okay. Now, I had a client just a month ago, a little frustrated. They went to record title and it said the Blue Sky Trust dated da da da da da. Trustee, you know, Jane Doe, you know, and Jane wasn't Jane Doe. Jane Doe's like, what? I don't want my name out there. What the hell? So we are working on. We have strategies called a temporary trustee provision where you might appoint a temporary trustee to close on a property, then after closing, switch out the trustee internally, but your name's still not out there on public record. And you'll have a resignation of trustee that you can file anytime you want. So it can be pretty cool to create this privacy strategy within limits, sometimes you're going to have to release the name of the trustee. Some counties on public record are going to want that. But privacy is a huge deal. And I'm going to give away my book here on this one, the tax and legal playbook, because I have a chapter on privacy. So I'm going to go with that. Who's our winner here of the number six winner today? Crypto Knight. Crypto Knight. All right, that was a little louder, but okay. You know, somewhere in the middle. Okay. Anyway, crypto night. If any of you are a winner, you're going to email coreyarkjkohler.com and give him your mailing address and we'll get that book off to you. All right, number seven, I'm going to do Q and A here in a minute. You know what charity says? I'd love an appointment with these guys. I've called. They're backed up. Charity. Thanks for saying that. Let me throw out my tax attorneys. That will build a trifecta and get your estate plan going. You're going to be out a couple of weeks for an appointment. And, you know, if you call any law firm in the country and can get in with a lawyer the same day or that week, I wonder how good they are, because good lawyers get busy fast. And so charity, please know that we're doing our best to keep that capacity for new clients open. And so please call now if you want your a tax return done. Our accounting firm does have a wait list and we take new clients as we can. Doing tax work is so much more involved. Now, before I give number seven here, I want to make an important note. I'll do this in blue. This month is our estate planning special. We do it. This is the 11th year. We do a $200 off to get your estate plan done, you meet with a real lawyer. We can do it in any state, and it means your estate plan is 1300 bucks. So only $1,500. And if you go out and shop for a full estate plan with all the bells and whistles, we get a lot of hate mail from other attorneys that think we're too cheap. Really. They're charging 2, 3, 4 grand for an estate plan. Now, they may have three or four meetings with their clients. We try to knock this out in a couple meetings with the attorney and get it done fast and efficiently. And for 1300 bucks, you can get your entire estate plan done with wills, trusts and everything. And meet with a real lawyer. If you want to do it, call the office or go to the website. So it's ww.this last time I'm going to mention it. This is not an infomercial. I want to give real strategies here to help you. Kkoslawyers.com Right on the homepage is the special. Right just right below the cut. Or you can give us a call. 435-586-9366. Okay, now I got to give a. Cryptonight was the winner. Okay, so I'm going to give strategy number seven. Now, strategy number seven is a tricky one to explain. It's called estate tax or kind of commonly known as death tax. When you die, the IRS takes a picture. How much are you worth? If you're worth more than the exemption taxed at 50%. When I first started as a lawyer, 20 years ago, the exemption was 600 grand. Now it's 12 million. In the next two years, it's going to phase back down to an I can't remember what the amount. It's much lower than it is. It's going to be much lower than it is now. Part of Donald Trump's Tax Cuts and Jobs act increased the exemption. It's going to go back down. This is a big deal. So a revocable living trust can save you taxes with what's called an AB trust provision. And it can allow you to, in a married situation, double the amount of the exemption. So if you're married, an AB trust is something you want to have in your estate plan, which we do at no extra charge. We throw it in there again, estate planning attorneys hate this because they want to charge more for this when really it's just a two or three page cut and paste. Now, if there's more conversations you want to talk about it, we'll charge. We're going to charge for more time if we need to take more time with you, but we want to try to keep it efficient so you can save taxes with a revocable living trust. Very, very important. Who's our winner now for this? Number seven. And I'm going to give away. This is a big winner. Eight steps to start and grow your business. 99 bucks on the Amazon. I'm going to be rerecording this this year. You're going to get updates. Come with it in lifetime. Yes, RJ Grimshaw is the winner. Make sure you email coreyarkjkohler.com or again, give Corey's email here at the end of the broadcast. I'm going to be doing Q and A here in a minute and thanks everybody. This good stuff. All right. One thing that I see in the comments here too is that remember that a trust, 99% of the time, an RLT, Revocable Living Trust, you can change it anytime you want. And as long as you're alive and not with dementia or Alzheimer's. So if you're alive and coherent, you can change this thing. I had a client once every year, he would get drunk on New Year's and then email us all the changes to his trust. Cut out this kid, bring this one back in, blah, blah, blah. And then next year you get drunk on New Year's again and change his trust again. I'm not kidding. You and the kids were like, whatever, I'm sick of hearing about it. So anyway, but you can do that. It's kind of a funny thing. All right, we're going to go to number eight. I love number eight. And I wrote an article on this earlier this week. Pets now, listen, check this out. Here's some cool stats. 65% of American households or more, 65% or more, have a cat or a dog. And 95% of pet owners say that the pet is equivalent to a family member. Now here's what's interesting. Every year on average 4 million people die. Go to the census records to figure that out. Four million people die if 65% of them are pet owners. Let's whittle that down because it was households. So let's say 2 million pet owners die every year. Hundreds of thousands of pets go to shelters every year because the owner dies. No plan. Not everybody in the family wants little Fido or fluffy cat. They. They don't want them, and they end up at the shelter. 80% are not adopted. And there's the, the no kill shelters and the kill shelters. And if you get into this whole pet thing, it's, it's pretty intense. One in five Americans adopted a pet during COVID this. So a lot of pet owners out there. I know over 65% of you watching are pet owners. Who's going to take care of your pet? So with a trust, you can name a guardian for your pet. You can also give them some money. Now, Matt Sorenson and I joke about this because it's like, Matt's like, just give him five grand to take care of your pet. Really? Five grand to take care of your dog? No one's checking on me. Maybe that dog and I are going to take a little Breaking Bad tour out into the desert next week. I got my five grand. I'm done. I know that was bad to say, right? Sorry. But it happens. That dog ends up on the freeway the next day running around. I don't. Here's what I liked, and I'm not kidding you. This is what I put in my trust for clients. Every year they own that pet or every year the guardian takes care of that pet. They get five grand every January to take care of the pet. You say, mark, I don't have five grand. You got life insurance. You got equity in your home. You've got kids. You just told me 95% of you think your dog is as important as your kids. Put some money in trust for the dog, and at the end of their life, whatever's left in the trust for the dog goes to charity or to your real kids. I don't know. Give your dog the one that loves you, that actually cares about you, that doesn't complain about you. Give them the money. That's what Leona Helmsley did. What was that? Over a billion dollars to a dog. Yeah, it's true story. Look it up. Google. Okay, who is the winner? Number eight winner. And I'm going to give away. Gosh, I've given away. I'm going to give away another. What your CPA isn't telling you. I love this book. It's a fun story. I even worked in a sex scene. Yeah, it's good. Okay. Yes, go ahead. Jana Farman. F A R M I N A N. Janna Farman is the winner of what your CPA isn't telling you. I'll give you Corey's email here at the end. Going to give away another calendar here in a moment. Okay, so let's go to number nine, then. We're going to jump into Q and A here after I get through my 10. Number nine, reason why every American needs a trust re marriage. Mmm. We've got his, hers, and ours. Cheaper by the dozen. Whatever you want to say. There's so many movies on this. When you get remarried, who gets what? You're going to build wealth together now. So his kids get this, her kids get this. Now we build something new. All of our kids share in this new future. Are we going to. Do we have prenups? Do we have postnups? We got lots of things to talk about. And so if you're remarried, you have got to get a trust in the mix. A lot of times before you get married, a trust can act like a prenup. You can say, anything in this trust before we got married is mine. Anything we build together will be in a new joint trust. Talk about it with your new, you know, your new true love. You know, talk to him about what are we going to do here? How are we going to figure this out? You know, what are we going to do? So this trust planning is so important when you start blending families so that there's clarity and there's understanding of who gets what. Okay, who's our winner? Number nine of another calendar. We got Natalie. Natalie. That's it. Okay. Oh, my word. And I can't believe my iPad died, even though it's charged in and was charging. So I'm glad we were working on charging this throughout the day. Okay, now, number 10. I'm going to just do this without my iPad here. Number 10. And it's still charging here. We'll see when it turns on number 10. Now, this is what I'm not going to joke about because it's such a polarizing issue, but it's a big one that has to be planned for. And some of you are all for this. Some of you. This is not a fun topic, and that is guns. Guns should be set forth in your trust as to who is going to receive certain guns. Are they in a state where that gun is illegal or legal? Is There a plan. It's already been charged. And this a better charger. Is that the story? Okay, so in your trust, you want to lay out the rules of how people are going to receive these guns and anything from a shotgun to an assault rifle to a handgun to what state they live in, you can put that in your revocable trust. Now, we also design gun trusts. We have Garrick, one of our attorneys that all he does is gun trusts and people that want to buy high capacity clips or other silencers and things like that. A gun trust can really help you protect those guns from a felony charge if there's the guns are not in a safe every moment of the day and in your ATF applications and things like that. So guns, for you gun owners out there, a trust is critical. When you call our office, we will discount the gun trust in the process. If you do a gun trust in combination with your revocable trigger living trust. Or we'll just put in provisions there. So anyway, another big reason why you need guns. Okay, so now we have our iPads turning on here with this better charger. So if you can help me get this on, I think we'll get get our iPad back up. Okay, so I'm going to start by saying this to anybody. I just saw it and I wish I said it from the beginning. Do not respond to any message here on Facebook of someone trying to scam you with oh my gosh, I'm so surprised. I just made a bunch of money with bitcoin. Those are not messages from me and they're going to be scams. Please, people do not click on them, comment them, or get sucked into them. It's too sad that people are going to be hijacking a live broadcast when I'm trying to provide value and try to screw people over. Lazy Wall Street News says a gun trust. Interesting. Very, very popular. You don't own the gun, your trust owns the gun. And then you can have beneficiaries. So when you die, the gun goes to the right person. And thinking about in the world right now, sometimes you want to make sure guns don't go to the wrong person. You know what I mean? So again, I don't want to joke about it. It's serious. They're there. We want to deal with them. Okay, we're back up. All right. Now, which means I can highlight here with my pen. I'm going to have to re sync it here and then it should pick it right up with this, the 10th winner. And maybe I'll have A grand prize winner here, too. So this will be good. We'll give that a shot. There we go. I'm in biz. All right, so number 10, who is my 10th winner? And I'm going to give away one of my favorite books, and that is the Tax and Legal Playbook. I'm going to give away one last eight steps at the very end of the broadcast after we do Q and A. So who's the winner of Tax and Legal Playbook? Tim Coughlin. Tim Coughlin. Coughlin. Like. All right, all right. So Coughlin is C O u G H L I N. Okay, Tim Coughlin. Now, any of you that were a winner, I'll go back up to the top here. Make sure that you email Corey, which is, gosh, I'm sorry if I'm making interviews sick here. I want to. Oh, boy. I guess I'm on a different section here. All right, just email Corey C o R E Yarkj Kohler.com so make sure we're ready to go with that. And you can email Corey if you were a winner. If I said your name, we'll match you up to your profile and send you out a book. We need your mailing address. Okay, I'm going to start. In some questions, Scott says, does a trust protect your personal assets? No. A revocable living trust, which is what, 99.9% of the time we're going to set up, is not for protection. It's for privacy. And the 10 reasons, well, plus the nine reasons I just gave above. So and more. So you're going to use a trust for these reasons, but not protection. Now, I may set up some irrevocable trusts, adapt an offshore trust, an eyelet, all sorts of strategies for protection, but your basic estate plan is not for protection. It's for these 10 reasons that I just talked about. Shalom 31 says, if you name a guardian for your kids in the trust, can they change their mind after you die? Can you name a backup? Actually, everybody, we require you to have two backups because if all of a sudden you want to drop off that teenager and they're like, hell, no, I don't want your teenagers. And we were all teenagers at one point, so we know what we're dealing with. You can name, and I want you to name up to two backups so that if someone says, I can't handle your children at this moment, you've got people that'll take your children and you want to have that meeting with people. When you finish your estate plan, have A conversation. Let people know they're going to be the trustee or a guardian. Make sure they. It can be a really emotional and amazing meeting. When you sit down with someone at dinner and go, if something happens to us, will you raise our kids? They may shock you and say no, but a lot of times they're going to say, we'd be honored. And in your trust, you can give the guardian $1,000 a month per kid until they turn 18. I want money for those guardians within reason. So the trustee over your trust can be different than the guardian that's raising your kids. Someone that's really good with money handles the trust. Someone really good at helping your kids get to school on time. They raise the kids. So you have guardians and trustees. And they can be different. They can be the same. Okay, Shalolan says if you guys, can I scroll this myself? Or whatever, I'm going to hit Shalolan again. Does the estate plan service include moving real estate into the trust or is that an add on cost? So if we go here to our trifecta and your trust is going to be the owner of your home, or it may be the owner of an LLC with rentals in it. This deed transfer, there's filing fees and it can take up to a couple of months of processing. So we do charge for that. And we have a paralegal right now, Cora and Whitney, who will do your deed transfer in any of these. Well, and there's about five states that we don't even do it because they're so difficult. We'll recommend you go to a local title company in your state or area in these five states, talk to Whitney or Cora, and we have very reasonable pricing. But the deed transfer, this little service here is an extra cost. And now the transfer of your LLC to your trust, if you already have one. We charge, I think, 50 to $100 to do that. And if you hurry up and do it, it's cheaper. If you wait, we charge more because we want to motivate you to get that done. So company transfers, deed transfers, we also give you a handbook on how to do all this, like a little cheat sheet. And you can do it yourself, you can use us, but you got to fund your trust. Sonya says, how do I make my trust? The owner of my home already talked about that. You're going to do a deed transfer. Can the trustee be an llc? Yeah, it could. I don't think I've seen that in years. You're normally going to point a person. Now, the reason where I Do see it the most is you. If at all is people will appoint a trust company and. But most people want a person to do that. They don't want a trust company doing that. So be careful there. Tracy says, I don't mind reading this. Can I use a rubber hose on my CPA and get him or her to tell me everything instead of reading your book? Tracy, that's a great question. What happens if your CPA doesn't know everything? What happens if your CPA is too busy? What happens? Since we're talking about legal, your CPA shouldn't even be doing this. This is lawyer work. So, Tracy, everybody out there, I'm not teaching you this so you can go do your own estate plan. I don't teach this to do your own tax return. I'm teaching this because you're the captain of your ship. You need to know what your people are doing and ask them questions. Hey, I'm going to do my estate plan and include a provision for my children. What do you think about this? If they look like deer in headlights, you're going to have to take control of the situation. Do you know what? Today I did a training meeting with 15 of my CPAs, and we were talking, and I said, you know what? I don't even do that tax return. You guys know how to do that better than me. I know the strategy, but I let my CPAs do that actual type of tax return in the training we were talking about. There's other situations where, you know, in my office, I do it because I know it better. There's other there. I can't do everything in my law firm. I can't do everything in my accounting firm. Just like so, Tracy, and all of you out there, you've got to learn and know what your trifecta looks like and what are the top 10 strategies for you. And then go make sure your professionals are implementing it. And, Tracy, you're going to get a better price being in charge. And that's why I want you to come to my workshops. If you don't want to read my book, check out my podcast. You don't want to listen to the podcast, come to one of the workshops. If some of you hate going to workshops, read the book. I try to provide information with a lot in a lot of different ways so that you can find the method that's best for you to be the best quarterback of your team. And I'm so proud of all of you watching this. Okay, I'm going to go over to Matthew and then To Luna, Matthew says I have a family who are elderly. They have bank accounts, Social Security, a pension, a 403. They have beneficiaries listed on all of them so they don't feel they need a trust. Is this true? Well Matthew, this is good. Let's look at our 10. I have a family who's elderly. They have bank Accounts, Social Security, Pension, 403. They have beneficiaries listed for everybody. Okay, so my first question is are all of those beneficiaries old enough and responsible enough to receive that money and manage it properly? That's question number one. We cover that in two or three reasons. Matthew, do they have real estate? If they own a home, it's going to go into probate unless they have a trust. Let's ask here. Do they have rental property? Do they have LLCs with rental property? Maybe not. Okay, next, do they need privacy? Do they want their name out there on everything right now? Maybe a trust would help them with some privacy. Do they own guns? Do your as your elderly family own pets? Do they even have a will? Let's see, do they want to be in more control of how the family spends the money they leave them? So Matthew, those are some questions where you want to ask them that and if they go no, don't care, don't care, don't care then fine. Usually people deep down they care. And for 1200, 1300 bucks they can get a frickin trust to be okay and it's good. You know what, I have a lot of clients, people I have family members that are like I'll pay for the damn trust because I don't want to clean up their mess when they die. That's really what you're doing is saving yourself as a beneficiary a lot of money and time because someone else didn't want to do it right. Lunia says I'm going to hopefully this is okay. I mean I don't read these pre screen these questions. So let's see how this goes. If I started in a e commerce site like Alibaba should it be in an LLC when I just starting liability of all my sellers from all my sellers do I need to collect and remit sales tax asap what bank to use if I stay as a sole proprietor? Well Lunia is on a tangent here talking business for a moment which I don't mind. Let me say this to everybody with a side hustle starting an e commerce site. The reason why I would want Lunia to start as an LLC is because if he or she starts making more money, I want to be able to switch it to an S corp to save taxes. That's why I want you to be an llc. It's not for liability protection. You're not going to get sued from someone buying your freaking crap on ebay. Usually what I'm worried about is if you start making money and you weren't an llc, you might get caught with more taxes than you realize. The LLC can again give you privacy, a tax ID number. Better management of the money you want to make an LLC makes you a better business owner, gets you more organized. That's why I want you to be an llc. Now, when it comes to sales tax, big topic that's going to be very state specific to what you're doing and what you're selling and where you're selling it. Do your homework on that. Too much for today's comment. Shiny, shiny, Shinyman says, how do I change the trustee? Do you know I had a CPA on the training I did today in my office? Text me right after and go, mark, I want to change the name of my trust. My name's on it. I said, let's do it. I'm going to have one of the law clerks in the law firm help her out. It's called a trust amendment. Simple, easy, we charge 2 or $300. Now you might want to amend it in some other ways at the same time so it could cost a little more. But for two or three hundred dollars, you can amend your trust, change the name, change the trustee, just disinherit this kid, give someone else more money, whatever. Okay. BC300 says great things to think about. Thanks for saying that. That's the Romes the homes says, are you against having your trust be a beneficiary of your bank accounts? Do you prefer having bank accounts owned by the trust? Well, Rome's the homes. Now everybody, I would say you're saying the same thing. In effect, he's saying, should I have my trust be the owner of a bank account or should I have my trust be the beneficiary of a bank account? What do you prefer? Really? You're doing the same thing if you go either way. Interestingly enough, I was at Wells Fargo about a year ago and I was setting up a new bank account and I was really impressed. Usually the little teller, whether it's B of a Wells Fargo Chase, whatever credit union, they're going to come out and go, shut up your bank account, you know, and they, and, and in this situation, which I was really impressed about. The baker came over and said it was kind of a senior banker came over and said, hey, do you want your trust to be the beneficiary or owner? And I said, I'm very impressed with this. What do you have? And they had a specific form that I would fill out with the name of my trust, and it would be a pay. A pay upon death type format for the bank account. So if I died, anything in the bank account would go into the trust and the trust would become the owner at that point. Now, Rome's for homes. The reason why I like the trust being a beneficiary of the bank account is because while I'm alive, I don't have to put the trust on the checks. The trust is not the owner when I'm trying to transact. And they want to see who the trustee is. So it's a little easier for all of you to run your bank account a person. And then when you die, you have forms that the bank pre signed on file that makes your trustee and puts your trustee in control with your trust. So Wells Fargo had a form for that. I loved it. I kept. I took one and put it. Take it to. Took it to the office and showed all the attorneys. Look what Wells Fargo is doing. I really love that. Wes Dowdle says, do you recommend bank and brokerage accounts be in the name of the trust? Abso freaking lutely. Or as beneficiary? Either way, again, Wes, same thing. Either your trust is the owner of the Merrill lynch account or is the beneficiary. Either way, you're accomplishing the same thing because you want the trust to take over when you die. Frankly, what I tell people is do whatever's easier at the bank institution or the financial institution. If it's easier to make your trust the owner, do it. If it's easier to make your trust the beneficiary, which is usually the case, do that. Now, when it comes to IRAs and 401ks, and I just said this to one of my staff right before we started, your trust cannot own your ira. Only a person can. But your trust can be the beneficiary. Now, usually you make your spouse the primary beneficiary and then the trust the contingent beneficiary. That's how that works. Shiny says, do you still have to pay estate tax when you pass on a property to my daughter? Yes, if you're worth too much. Now, in my calendar here at the front of my calendar, I even had my staff pull it out today in Our training meeting. I have a section right here. Estate and gift tax. There are 13 states. I think it's 12. Yeah, there's 12. 12 states have an estate tax if you are worth more than a certain amount. Do you know Massachusetts, all you people in Boston, the estate tax exemption is a million. That's it. You're worth more than a million. Shiny. And you give it to your daughter. You're going to pay a state tax on everything over a million before it goes to your daughter. And it. The Massachusetts estate tax is from 8 to 16%. So a point. 8 to 16%. So Washington state is a big one. 2.9. 2.19 million. Everything above. Above that is an estate tax of almost 20%. So a lot of people go, whoa, I love Washington state. There's no income tax. Oh, yeah. But when you die, they're going to take a chunk of it. So that's why we do an AB trust or some more advanced planning there. Boy. Okay, we're wrapping it up. Okay, I'm going to do one last question. I keep seeing the same questions here and I know there's probably 800 questions. Can we scroll? Just give me one last scroll here so I can kind of hit something new. All right. I want to give some of these new people a shot here. Can you go back up? Okay, stop slower when I say that, please. Can I go to that red one? Someone was talking back down. Next time, can I have the mouse control for this? I'd appreciate that, guys. Okay, cos. One bay says, Mark, I need your contact info so we can do some business. I thought I saw that. Anyone out there that needs to get their estate plan done wants to have a consult with one of my tax lawyers. You're only out a couple days. A couple weeks. If you need an appointment, go to 435-586-9366. Try to get. Give us a call. We'll get you an appointment and work on that. Seeing lots of thank yous. I'm grateful for that. Thank you. Should. I'm going to hit David's question. We'll wrap it up. David says, hey, Mark, I'm working with Christy and she mentioned that my personal name will still be on a deed, even with a trust. Is there a way I. Only my trust name can be on the deed. Now that's where I was talking about a temporary trustee to record with. And then that temporary trustee's name is there. And then you have them resigned and you hold that resignation to record later. So your name creates a little More smoke and mirrors. Some of the books that I really like on privacy are listed in my book, Tax and legal playbook and the privacy section. Oh my gosh, I just forgot his name and he's been on my podcast twice. Forgot it. So get over to my podcast, Main Street Business Podcast. And we do a podcast every year on privacy as well and we talk about a lot of ways to keep your name off everything. And you may even use an llc, David, that allows us to not list your name and then have your trust be the owner of that LLC and use Wyoming, use Ohio. There's some strategies there. So talk to Christy again about some additional ways to pull that off. Well everybody, I want to give away one last grand prize winner. The eight steps to start or grow your business. Eight steps and who's my winner? Wesley Wes Doddle is the winner of my eight steps. Now if any of you are a winner here, email Corey C O R E Yarkj Kohler. And when you do that, identify yourself that you are a winner of what you won and Corey will verify you and then get your mailing address and get that off to you. The phone number for the firm, 435-586-9366. Now once this is posted we'll go in and adjust the descriptions. We'll put some links to some articles are special for the estate plan. Please everybody, for the next three weeks we have a special get your estate plan done. It can last the rest of your life. I haven't amended my trust in 25 years. You can amend your trust anytime you want. 2 or $300 with any attorney and we can help anybody in any state and you're going to get on a phone call with a real attorney. 1300 bucks. Freaking done. So I challenge you to get that taken care of. And if we're going to be doing a business continuation plan and as part of your business, I want to write that off in your business. Great tax write off. So thanks everybody and I'll be here live on a regular basis and thank you for your questions. Thanks for your wonderful kind comments. I wish all of you the best. Please continue to follow. Give me a bell, a like whatever and five star whatever. Thumbs up and I'll see you soon. Thanks everyone.