#624 Your Trust Should Own Everything [Lawyers Explain]

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Transcript

Why Estate Planning Matters

SPEAKER_03 0:00

Welcome everyone to the Main Street Business Podcast. My name is Mark Kohler. I'm here with the illustrious Matt Swanson. We are here talking about estate planning, one of the topics all of you have been dying to talk about. What to do about a will and a trust? Maybe, maybe not. But we've got some important info and it's going to be so good.

SPEAKER_00 0:16

I like how you said we're dying. Everyone's dying to talk about it. No, they're just not wanting to die. And they don't want us to be talking about how they're going to die. But that's what we're doing today. Yeah. We want you to be safe and protected and really your family and loved ones after you pass on, because you're not immortal and all of us will die one day. But this is important because we want to talk about how everything needs to be in your trust. Your trust is this one document in your life that needs to be comprehensive about what's going to happen when you pass on. And your trust should own everything.

SPEAKER_03 0:47

Now, this is what we just said is actually a debatable statement because I'm getting lit up on YouTube right now, by the way. There's my rock star for the bidborne. I only get one a day. Yes, my doctor, I just need to tell you that. But this is something that people do debate. What is everything? Is it your vehicles? Is it your crypto wallet? Is it your stock brokerage account?

SPEAKER_00 1:08

I mean, there's a lot of your retirement account, you know. Yeah.

SPEAKER_03 1:11

What about beneficiary designation? And we're going to dig into it. Yep, we're going to tell you because uh we've been doing this for 20 plus years. We've kind of seen front beginning, ending in between train wrecks, all at all. So we're going to hit it. Why don't you give the basics here? So everybody's on the same

Will Versus Trust And Probate

SPEAKER_03 1:26

page.

SPEAKER_00 1:26

Let's hit a few things. Just we want to get everybody up to speed on this. What we're talking about is your revocable living trust. We're not talking about some crazy trust or constitutional trust or stuff to avoid, you know, the IRS and all that BS. We're talking about the basic family revocable living trust. We're using this trust to pass on our assets when we die. A lot of people think, well, I have a will, Matt. Yeah, great. You have a will. Congratulations. When you pass away, your your family, your surviving spouse, or your kids that are dealing with the mourning of you being gone, are gonna have to take this will to court in every state where you own real property, by the way, to get an approval from a judge to say, okay, we can pass that will on after a contest period. Most states have fees for probate. You don't want to do that. The law in every state says you can just set up a trust and bypass that. Easy peasy. That's why we like this trust. We can avoid probate and you can bypass having to go to court after you pass on.

SPEAKER_03 2:18

Yeah, and a lot of other people are going to say, Well, I have a will. Why do I need to worry about this? Well, you may have a taxable estate. And I'm not just talking about millions of dollars for federal estate tax. There are seven states that have estate tax that kicks in at a million dollars. And so now we have methods to get around estate tax, possibly, with a trust. And we need to make sure we've got a trust that has a plan. We're just not dumping money into kids' laps. Yeah, the will might say, here's who gets what, but I'd like to put in some when and how. So this is about that trust. And I want to reiterate one last time. This is not an asset protection trust. Some trust that you're going to hide or lock down assets. Whole other topic. This is the trust everyone should have. I argue everyone now.

SPEAKER_00 3:03

Yeah, everyone should have it. At least if you own real property, like you own your home, you should have this, or maybe you have more than 250,000 of other assets. You need to be having a trust. Oh, but I'm not married. You need it even more. But I don't have Claire who's gonna get your estate.

SPEAKER_03 3:18

But I don't have kids.

SPEAKER_00 3:20

Also, you need it even more.

SPEAKER_03 3:21

But I'm in my 20s.

SPEAKER_00 3:23

Well, maybe not.

SPEAKER_03 3:24

Well, oh, but I'm kicking ass. I got a business, I've got a rental property. That's what I'm drinking. Everybody's got these excuses. Come to find out. I think 99% of people should have a trust.

SPEAKER_00 3:34

I do too. I do too. And I and we're doing an estate plan special, by the way, at our law firm, KQS Lawyers, right now. This is why we wanted to talk about this. You can save a couple hundred bucks at least on your estate plan to get it done. We want to incentivize you to get this across the finish line. So hopefully you'll learn something today. But even more importantly, hopefully you take action and get your estate plan done. If you're someone sitting there that's like, I haven't done this yet. Let's get

Estate Tax Risks And Control

SPEAKER_00 3:58

it done. We can get at our law firm done quickly and affordably with amazing attorneys that are helping clients across the country.

SPEAKER_03 4:03

Yeah, and I want to just add one last thing. 50% of Americans don't even have a will. And that means 50% of you listening, your dad does not have a will. And it is Father's Day. And I would love if you would give your dad the gift of an organized estate. And you're actually kind of being passive aggressive because it's going to help you. Yeah, you're doing it for yourself. You really are. You really are. And so I just think um this is such an important opportunity to remind your parents that you can help them get organized. No one wants to talk about their mortality, especially grandpa. So let's do it for Father's Day at the very least. So, okay, let's say you get your trust. You're like, all right, Mark, I'm gonna do this trust thing. How big of a pain in the butt is this? Does it need a tax return? Do I need a tax ID number? And what do you mean, put everything into it?

SPEAKER_00 4:49

Matt, can you please lay out how easy it is? The trust is pretty dang simple. It's a document that's gonna have some decisions in it. Who gets what? You can put restrictions on whether they can get it. You're gonna list maybe your kids, your spouse's beneficiaries. You can put restrictions on maybe they have a drug or alcohol condition, they're bad with money, they got judgments against them and creditors chasing them. You can restrict it so they don't get distributions and the trust doesn't get wasted. That's the when and how. Yeah, that's the when and how. So it's this document that says all this stuff. Who gets what, under what conditions, and you also appoint someone called a trustee who carries out all of your wishes, who has the authority without having to go to court or have some judge say this is okay to distribute your assets according to your wishes in this trust document. But the trust, it's not filed with the state, it's not recorded in here. This is a private document you get to keep. Your bank or financial institution, some people may want this as you're starting to add assets. We'll get to that here in a second. But it's simply a document, no tax return, no tax ID. Don't stress about that stuff.

SPEAKER_03 5:48

I know, and it's so hard because we would like to talk more about uh the functionality of this trust, but we the goal here is to tell you what you should put in it and what that means. Um, I do want to take away this initial concern many people have. Well, this is expensive. I'm not rich enough. People,

Who Needs A Trust Most

SPEAKER_03 6:05

you're gonna spend two to four grand somewhere in there, maybe to do it right. If someone's quoting you 10,000 or more, get a second opinion. Unless you got a very large estate yet, get a second opinion. Yeah, seriously. And this is something that can live with you the rest of your life. Um, I had the same trust. I'm a lawyer, and I had the same trust for 20, 25 years until I modified it after a divorce. It's really you got some situations of family, you might um amend it, but you get to. It's a revocable living trust. So it's very affordable to implement. You can always change it later. Yeah, but once you die, it's locked down.

SPEAKER_00 6:40

So I think that point about always being able to change it later is important to get people across the finish line because a lot of people think, well, I don't know everything that I want to happen. I don't want to make a mistake. Well, just get it done. Not knowing everything and doing nothing means you've solved for nothing.

SPEAKER_03 6:57

And it's far worse.

SPEAKER_00 6:58

And it's so yeah, just like get it done and get the 99% of it figured out. And if you change your mind next week or next month you have an epiphany, you're like, oh, I meant to do this, add an amendment. It's simple and easy.

SPEAKER_03 7:09

Okay. Now, before we talk about what goes in your trust, maybe just say how. Your trust is gonna get a name. Let's call it the Green Tree Trust dated July 4th, 2026. Okay. 250th anniversary of the country. You want to remember the date you did your trust? Fine. You get to choose the date. The day you sign it may be a little different than the date the trust is dated. That's okay. Some lawyers are anal about this. Well, we got to date it the day you sign it. No, you don't. You can date it at reasonably close to when you execute it and give it a unique name. I typically don't like it to be your name. Call it something innocuous. There might be some privacy benefits in some of these assets. So you give it a name, you give it a date. Moving forward, anytime you buy an asset or open an account, we're gonna talk about those types of assets, you're gonna say, Oh, I put it in the name of my trust. That's it. That's how you did it. The trust is now funded with that brokerage account, that crypto account, whatever it is, piece of real estate, an LLC. It's now in the name of the trust moving forward because you used the trust's name, not your own name. Assets you already own, we've got to transfer in. And that could be through a special document, like a stock transfer agreement, a membership transfer, a deed, uh calling up the brokerage, calling in the insurance company and do a change of beneficiary. We can get into it, but how you do it, don't stress about. Every asset will have a little different procedure. But you're gonna have a name for your trust. What do you think?

SPEAKER_00 8:35

Yeah, and I thought you were I didn't Green Tree Trust. I thought we usually like the Treadstone Trust, Blackbriar Trust. Blackbrier. Yeah, that's good.

SPEAKER_03 8:42

Blackbriar. Yeah. That's sort of all I had.

SPEAKER_00 8:44

You know, if you know, you know it's like. But they shut that down. They shut down Treadstone or Blackwire. I think they're both shut down. I think Jason Bourne, you know, he made sure that it was all shut down.

SPEAKER_03 8:54

What was the one in Wall Street first? Blue, blue. Oh, uh Blue Sky? No, not Blue Sky. Uh we'll get it before Angel, our producer. We need to know the name of the company in Wall Street. First, which is Charlie Sheen. Charlie Sheen. Yeah. Okay. All right. Um, okay, so we're going to be able to do that. Before we went crazy, how to put these things in, and this is probably a good point to make too. We have so many podcasts on the different details of getting

How A Revocable Trust Works

SPEAKER_03 9:22

this trust up and going. When you do a trust with our company, you're going to meet with a real attorney on Zoom, no matter where you're at in the country, and get all your questions answered too. Don't feel like you have to AI this, learn it all on a podcast. You want to trust the process to be handheld with you, with your attorney. Let your attorney help answer these questions. We just want to give you some framework here. Yep. Okay. What aspects do you like to see in the trust?

SPEAKER_00 9:46

I think the very first one is going to be your home. Okay. Your home is likely deeded into your personal name. We want the home deeded into the trust. But I have a mortgage. The mortgage company does not care. Okay. There's something called the Garn St. Germain Act that says you can deed it out of your name, into your trust. Yeah. Senator Garn from the state of Utah. Yeah, that's true. That's right. I forgot that. The guy went to the moon. He was an astronaut. Okay. Well, well, there you go. I'll do whatever he says. You weren't expecting that amount of knowledge there, were you?

SPEAKER_02 10:15

Whoa. I put up a whole channel whip ass on me. Wow.

SPEAKER_03 10:21

Pray tell, go ahead and you have the floor.

SPEAKER_02 10:24

I'm done. Stay over there. I'm talking. Okay. Okay.

SPEAKER_00 10:28

All right. All right. Okay. So, but that law was important. Because it said, hey, the banks can't call your note due because you transferred title out of your name. We've put it into your trust. And that is the number one asset we want to get in your trust name. I just bought a new home, actually. This is interesting. And when I was getting the mortgage, I was talking to the bank. They assumed I would have a trust on title. They're like, what's the trust name that's going to be on title? I'm like, maybe they know. They went directly there. They went directly there and they knew me, you know. So I was maybe they were like, okay, well, you are a big deal. You know, you know, if you want to flex on people, be like, I'm doing this in my trust. They're like, oh, that must be somebody.

SPEAKER_03 11:02

Yeah.

SPEAKER_00 11:03

So so I so, anyways, but look, you can either buy the property directly into the trust if you're buying new property and you have your estate plan already in place, or if you've already bought something or the mortgage company is being a pain in the butt, just close on your personal name and deed it over the trust later.

SPEAKER_03 11:17

Love it. Home number one. I'm gonna actually go broad here too and say I think there's four main assets your home and any other real estate that it could be a piece of land. Yeah, it could be grandpa and grandma, yeah, a cabin, a ranch, something you're not renting. It's it's personal use, second home, anything like that. Um that would be category one, just like real estate, and your home is gonna be the primary. Uh, number two would be any business entities like an LLC or a corporation, LLC that owns rental property. Uh even if it's an operational company, the IRS does not carry. It's called a see-through trust. So you're still gonna report the business operations on your 1040 or on the business return. Don't worry about tax returns, it does not affect

Naming The Trust And Funding Basics

SPEAKER_03 12:00

any of this. Number three would be investment accounts. We'll get in more detail there. And number four would be life insurance. So that's I kind of want to give that roadmap here. Those are the big four. Personal property is that one we'll debate at the end, like cars, RVs, stuff like that. But number one, real estate.

SPEAKER_00 12:16

Real estate, and that's just gonna be a deed because those are personal in your personal name right now. You're gonna deed them from your personal name into the trust. Let's hit the business entities care, because you might have the rental property, but that rental property is not deeded in your name. The rental property is in the name of your LLC.

SPEAKER_03 12:31

Which again, mortgage companies do not care.

SPEAKER_00 12:33

Yes, and so don't worry about the title's already in the name of the LLC, but what are we gonna change? We're gonna change the ownership of the LLC. We want to update that so the LLC is not owned by you, it's owned by the trust. Yeah. And that's simply a membership transfer. It is not a complicated change to the LLC. In most states, it's just an internal document change that we're doing with something called a membership transfer. Transfer ownership from you or you and your spouse over to you uh to your trust.

SPEAKER_03 12:59

Now I have to digress and say this too, because if some of you set up your LLC online and called it member managed, you now you've got to file an amendment with the state to let them know the member changed. This is why doing your estate plan can be a great time to get better organized. Yeah. Let's look at your LLCs. They should all be manager managed. We might clean them up, get the right corporate book, do your minutes, get the right ownership done. And some of you are like, yeah, that one sheet of paper in the drawer probably needs to get looked at anyway. And so this estate planning process is really a good time to like look at your overall picture. And I'll just quote the infamous Kevin Costner if you build it, they will come. You know, if you're trying to build wealth, you gotta have some infrastructure. I always thought that line was total BS, you know. Well, it is a sci-fi movie. You knew it was sci-fi, right? Or did you really think the Yankees showed up in the field? Yeah, right.

SPEAKER_01 13:56

I was pretty sure that was not, you know, it was fiction, right?

unknown 13:59

Yeah, yeah. Sorry.

SPEAKER_02 14:02

Sorry about the spoiler alert. That was not that was not the non-fiction section. Yeah, you're you really thought the 1920s were. Based on a true story. I know. Based on a true story? No. No. Uh yeah. So yeah.

SPEAKER_03 14:13

But but no, this is a great time. Get organized. People, you want to be more successful and build what this is what rich people do. You want to be rich? Do what rich people do. And it's not that expensive to get organized.

SPEAKER_00 14:26

All right, okay. Let's get to investment accounts. Investment accounts. And let's break these investment accounts up into two different categories. I think category A is brokerage accounts, basically non-retirement accounts. You might have an annuity you personally own. These are investment assets, typically with a brokerage

Deeding Your Home Into Trust

SPEAKER_00 14:44

company or an investment company. And this is throughout an account. Let's say it's a TD Ameritrade, all right, or Charles Schwab. And the name on the account is actually you. It's your name. It's on the account. You log in, it's your name on it, but you'll have something called a beneficiary on it. And this could be a bank account too. We should have CDs, your regular crypto account, savings account, money market account. It could be crypto.com, crypto. Well, let's come to crypto separately. Uh yeah, we should because key keys and wallets can be weird. So now if you have a crypto account at like Coinbase or an institution, Gemini, places like that, I'd kind of bump it in this category. But basically, all of those institutions will have something called a payable on death or beneficiary designation that basically says whoever is listed as the beneficiary on this form is going to inherit this account. We don't care what's in a will or what's in a trust. We're distributing this asset that you are holding with us based on what's on the beneficiary designation. And it's the same for your IRA or 401k. What's on this, sometimes called POD, not POS, payable on death, beneficiary designation. That's a different thing. Yeah, that's right.

SPEAKER_03 15:52

Some may call it a POS, but it's really a POS.

SPEAKER_00 15:54

That was our cars in college. Yeah. So um, but these payable on death forms that you're putting on your account, and many times it's something when you set up the account, it was on the application, who gets the account when you die. If you're like unclear on that, this is a great opportunity again to look in on this. But the point here is this is where you list your trust. You can be the owner during your lifetime, but the best way to just manage this when you pass on is list the trust as the beneficiary upon your death.

SPEAKER_03 16:22

Yeah. And you may say, Well, I referred to it in the trust or referred to it in the will. And Matt kind of alluded to that. That well, I wrote it down over here. Obviously, the family will honor that. Uh yeah. Well, your son and daughter they're still hate each other and are fighting. They're not gonna deal with that properly. You need to designate on this form so Merrill Lynch knows. Oh, it goes to the trust. You can't say it in the trust, you have to say it on the account so that Merrill Lynch knows you while you were alive and well, signed here and said that's where I want it to go. You can't just wish it show wish it so on a napkin and put it in the drawer, and Merrill Lynch is going to honor that. That's what probate's for, which you're trying to avoid. So, okay. All right. So number one, again, that's for you, real estate in any way, shape, or form. Two, are those uh business entities, LLCs, corporations, number three of these investment accounts in any way, shape, or form, and uh retirement accounts are kind of like like that, kind of all lumped in there. Now, life insurance. This is one that gets debated because people are like, well, life insurance avoids probate. I can designate my kids on my life insurance application that they're the beneficiary. Yeah, you can, but that was 10 years ago or five years ago. How's your kids doing? Are they able to receive this money and handle it properly? Wouldn't you like to have some strings, some guidelines? Yeah, sure, it could avoid probate, but is that in their best interest? And I think

Putting LLCs And Businesses In

SPEAKER_03 17:54

even dropping half a million or a million, because life insurance comes in chunks of half a million or a million or more. Do you really want to dump that on your kids' life at age 30 when they're in a bad marriage or going through a difficult time, or maybe you have an addiction they're dealing with? Dropping money in their lap could be the worst thing for them.

SPEAKER_00 18:09

Or maybe you have minor children. Yeah, maybe you're in your 30s or 40s or 50s, even. You got you got minor children. I guess you can be in your 60s. Why am I qualifying that? But you have minor kids. Have you been to Vegas lately?

SPEAKER_03 18:20

There's yeah, there's so many grandpas there with their daughters. I just love I see them. Yeah, they're adorable.

SPEAKER_02 18:25

Scottsdale, too.

SPEAKER_03 18:26

Yeah, they're there too. Like, man, these old guys with their young daughters out there having dinner, they're so nice.

SPEAKER_01 18:31

They're so great.

SPEAKER_03 18:32

And they get all dressed up for it. Daddy daughter dying, yeah. They the yeah, it's it's it's so special. But anyway, no, you can have minor children that do not need to receive money at age 18. So I prefer name your spouse primary beneficiary if you're married, fine. But contingent beneficiary on that life insurance application, put the trust. And if you already have life insurance, it's called a COB, change of beneficiary form. You just call Mutual of Omaha, whatever. Is Mutual of Omaha store around? It's a thing.

SPEAKER_01 19:02

I think a thing.

SPEAKER_03 19:04

I love that show in the 80s. It was so good watching the lion eat the antelope, you know. The commercial for it? No, the wild kingdom. Did you ever watch Mutual of Omaha's Wild Kingdom? I don't remember. You're too young. Oh my gosh, I'm embarrassed. Someone else. Okay. Anyway, you call the life insurance company, whoever, and you say, I want to change the beneficiary to my trust. And they're like, Okay, sign here. Done. Are you alive? Yes. Okay, you can sign this. So I think life insurance um is important to go to the trust. Okay.

SPEAKER_00 19:33

Let's hit your personal assets. Ooh, this is gonna be a fight. Yeah, well, this is a tricky one. I think there's some of these personal assets that are, let's say, personal property, are assets for the most part that don't have a title. Now you might have the boat or the car or the RV that has an actual piece of title that you could update and put it into the name of the trust, and we can debate that. I would not put them in the name of the trust. Let's just take, let's just take our stand now.

SPEAKER_03 19:58

Okay, I would put it in the trust. May I give an example?

SPEAKER_00 20:01

Go for it.

SPEAKER_03 20:01

Okay. You've got a kick-ass Malibu ski boat. Now, back to the 80s again, you could get a ski boat for 50 grand, something like that.

SPEAKER_02 20:12

Have you been to the boat stores lately?

SPEAKER_00 20:14

What I do know, what I do know is that you could go in a pontoon bait, pontoon boat with your dad, or you can ride and suck my wake with Uncle Roman. Which one do you want to do? That's right, that's right.

SPEAKER_02 20:26

Oh my gosh.

SPEAKER_03 20:27

Well, I just,

Beneficiaries For Bank And Brokerage

SPEAKER_03 20:28

if you haven't been out shopping for a boat. Suck my wake. Sorry, Dad. Oh my gosh. If you haven't been out boat shopping lately, they are more expensive than a house. I mean, these ski boats with the racks and the wave this, and you know, you're gonna surf behind it, whatever. You gotta have all these wake adjustments and blah, blah, blah. You can spend a half a million dollars on these ski boats. So you buy the ski boat, and of course, you put it in your own name. Maybe there's a loan, maybe there's not, and you're lucky enough to have one of these cool ski boats that you put on the matching truck. Have you seen these on going down the freeway on a Saturday morning? Unbelievable. There's probably like 750 grand driving down the road with this F 350.

SPEAKER_01 21:07

But anyway, am I gonna see you pulling a boat here soon? You're buying a boat. This is not a prediction. You're buying a boat. I can hear it. Not a prediction. I can just see Patty. She's like, it's you're getting the boat.

SPEAKER_03 21:18

She's already got a boat, but it's not one of these. Okay. Okay, keep going. So all right. She does. Way too much information on the boat.

SPEAKER_02 21:25

Yeah, you're like, sounds like a little personal. We gotta move this along. Yeah, yeah. Okay, so you have this boat. We got it. Okay, Eric. And you die. You die. Sorry.

SPEAKER_03 21:35

You just this new boat. You don't get to enjoy it. Sorry, you can watch from heaven and see the family, you know, go out on the lake on Saturday. But you're a goner. Boom. Out of the way. Okay. Now, you're there's a point here that's very important. Your son loves this boat. And he and ironically, so does your other son or your other daughter. You got kids that are like, oh my gosh, if mom or dad were to Die, I want that boat. Now it's a race to the DMV.

unknown 22:06

Okay.

SPEAKER_03 22:06

Because whoever gets to the DMV first with that death certificate, they're gonna title that boat into your name. Because the DMV is like, oh, they died? Show me a death certificate. And you're next akin. Great. Guess who title just transferred to? $32.19. Whatever. This boat now transfers to the next akin and outside the trust. Maybe it wouldn't hurt to have the trust own it and say, Hey, when it comes to this boat, I want to put that cool boat in an LLC. I want the kids to share it. Everybody gets three weeks out of the year, they can sign up for it. The manager's gonna rotate, and you have a game plan for the use of this boat, and it stays in the family with proper rules of use. And no one's gonna rush over and steal it out of the estate by getting to the DMV first. This is a big deal. We're not talking about a $250, you know, e-bike. We're talking about cars that could be collectibles, these expensive cars or boats. I think they need to go into the trust.

SPEAKER_00 23:04

Yeah. Now, this is this is one of these things where is the juice worth the squeeze? Okay. So is the hassle of going to the DMV a place known for convenience and doing things very easily? Is this do you really want to spend your time updating the title? That hurts. That's a little low blow.

SPEAKER_01 23:22

Do you want to be out on the lake actually enjoying it?

unknown 23:24

Okay. All right.

Life Insurance Should Follow The Plan

SPEAKER_02 23:26

You're gonna be dead anyway. Who cares? Exactly. Let them fight over it.

SPEAKER_00 23:31

So for most assets, obviously, like we've just talked about the main four categories. Let's get them in the name of the trust. I think it's debatable on this. I probably wouldn't do it. I haven't done it for my own, even cars and stuff like that. Because as Mark said, next of kin, surviving spouse or kids can go to the DMV, MVA, whatever in your state, show a death certificate, and say I'm next of kin. Sometimes they check ID and they kind of look into it, and they're going to transfer title into your name. I will acquiesce. Yeah, okay. And I will say per asset decision. Per asset decision. Yeah. Now you would say, though, in your trust, there's a section and you have a declaration of personal property where you say, My daughter gets the boat, my son gets the guns, so-and-so gets the piano or the musical instruments or the jewelry or whatever. You can specify that. It's not that the trust needs to transfer title or anything, or the title needs to be in the trust. The trust still controls. And so if you with personal property. With personal property, if you were listed as the one that gets the boat in the trust, even though the the boat was still in your name, you're going to have a legal uh and the trustee is going to be obligated to say, uh, we got to get the trust over, or we got to get the boat over to you.

SPEAKER_03 24:40

Yeah. And now I want to address something that's I've got to, and we're going to wrap it up on this point. But I am doing a post today on YouTube because I've got some haters that are saying, whoa, whoa, whoa. Mark, you don't want to put the boat, staying with that example, in the trust name, because you just made the trust um, you know, if anything goes wrong with the boat, all the assets in the trust are now at risk. You know, you just exposed all the assets of the trust because now you've got this boat in the trust. And so, oh, all the liability of all the assets in the trust are now at risk. People,

Cars Boats And Personal Property Debate

SPEAKER_03 25:14

this trust does not give you any asset protection anyway. Whether it's in the trust or not, and the boat freaking runs over someone that was water skiing to hold up the little orange flag, you've got to hold up the little orange flag if you're not. Patty's a rich, she's strict on that. Oh my gosh, you gotta have that flag up. Because you don't want some guy with his big old boat, you know, in Rodney Dangerfield coming by. It's scary, it's dangerous. So you don't want that liability, but if it were to happen, you're gonna get sued anyway, whether it's in the trust or not. A trust is not for asset protection. Did you guys hear that? This is for avoiding probate, planning for your assets for the next generation, business and asset continuation plans, keeping life simple, getting organized, maybe some privacy, no asset protection. Putting it in the trust doesn't keep matter. Keeping it out of the trust, doesn't matter. You get sued, doesn't matter.

SPEAKER_00 26:06

Yeah. Yeah, and yeah, the trust is something that's the legal purpose of it is it's passing on. It's passing your assets down once you pass away. During your life, the IRS, a court, they act like the trust isn't there. It's just you. Okay, there is no legal function of it really. It really triggers in and takes effect and is built for when you pass on to get your assets to your loved ones with the proper restrictions. So we want to make sure your trust owns everything, or I'd say mostly everything. And if it doesn't directly own it, we had a plan for it in the

No Asset Protection Plus Final Push

SPEAKER_00 26:40

trust at least.

SPEAKER_03 26:40

Okay. Now here I'm gonna give my best shout-out a call to action. All right. Then you can take it to the clean it up. Clean it up, yeah.

SPEAKER_01 26:46

Okay.

SPEAKER_03 26:47

People. And I I'll bear the I'll break the bad news. I appreciate that. You're all going to die someday.

unknown 26:54

Sorry.

SPEAKER_03 26:54

But you're going to heaven. I'm good. Cop. Oh, okay. Everybody goes to heaven. Okay, wow.

SPEAKER_02 26:59

In your little world, everybody goes to heaven. All of our listeners. You're watching other people's stuff. There you go. I don't know. You heard it first here on the Main Street Business Podcast.

SPEAKER_00 27:07

If you listen to this podcast or and you're on this channel, you're going to hell.

SPEAKER_03 27:10

You're probably going to hell. You're welcome. Yeah. Yeah. Yeah. You're welcome. Send yourself, send a self-addressed envelope too uh with your thank you card and some cash. Um so you're all going to die someday. And if you don't have a plan, a lot of the assets, seriously, that you've worked so hard for are going to be subject to uh waste, taxes, family bickering. It the list goes on and on. And if you do you really want some of those assets ended up in some lawyer's bank account or the government's bank account? No, you do not. Please get your estate plan done. You can always change it, modify it, improve on it. And having nothing is worse than something that maybe needs a little update once in a while. It's okay. Call our office. We got a killer discount once a year between Memorial Day and Father's Day. This is it. You call up quick, you can grab it, you're off to the races, then you can enjoy your lake time on Father's Day and not worry about this stuff.

SPEAKER_00 28:10

And Mark's gonna have a lot of time.

SPEAKER_03 28:11

We brought that all together.

SPEAKER_02 28:12

I brought that all together. And I like how you used a killer discount just in time because you have an escape plan now. Yeah. If not, you'd be worried this weekend lightning, you know, gonna happen.

SPEAKER_00 28:22

Bam! All right. Well thanks to everyone for being on here. Make sure you're subscribed, giving two thumbs up, kudos, whatever, sharing it, and let us be of service to you if we can. Uh enjoy Father's Day. For all the fathers out there, thank you for all that you do for your families, and we'll see you next time on the Main Street Business Podcast.