Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
Speaker 1: accused of murdering a Texas man of Venezuelan charged with
Speaker 1: filming and selling child pornography in Michigan. These are just
Speaker 1: some of the heinous migrant criminals caught because of President
Speaker 1: Donald J.
Speaker 2: Trump's leadership.
Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.
Speaker 1: Under President Trump, attempted illegal border crossings are at the
Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
Speaker 1: aliens have been arrested. If you are here illegally, your
Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
Speaker 1: and deported.
Speaker 2: You will never return.
Speaker 1: But if you register using our CBP home app and
Speaker 1: leave now, you could be allowed to return legally.
Speaker 2: Do what's right. Leave now.
Speaker 1: Under President Trump, America's laws, border and families will.
Speaker 3: Be protected sponsored by the United States Department of Homeland Security.
Speaker 4: Okay, so now some assets that I wanted to sort
Speaker 4: of point out to you that goes directly to the beneficiary,
Speaker 4: so you don't really have to worry about but you
Speaker 4: won't if you don't know about it, then you can't
Speaker 4: really you know, access it. Right, So you have assets
Speaker 4: that go outside our assets that are owned by that
Speaker 4: are owned as joint tenants or jointly. So that could
Speaker 4: be bank accounts, you know, investment accounts, any accounts that
Speaker 4: have named with another named person that's joint and so
Speaker 4: if those exist, then they're going to go automatically to
Speaker 4: that person. Then we have life insurance, like we talked about,
Speaker 4: life insurance goes directly to the beneficiary once they you know,
Speaker 4: make that claim and provide the death certificate, retirement accounts,
Speaker 4: investment accounts, and if you have a trust, the trust
Speaker 4: goes directly. It does not go through the court system.
Speaker 4: So whoever is the trust see if they have that trust,
Speaker 4: they'll be able to just you know, continue and roll
Speaker 4: with it. So all of the assets should be listed
Speaker 4: when it comes to the trust or at least owned
Speaker 4: by the trust so that the trustee knows what exactly
Speaker 4: to do. So it makes lifel a lot easier. And
Speaker 4: so what are some things that you can do or
Speaker 4: you could talk to your family about doing. Is you know,
Speaker 4: doing a memo what's called a memo of accounts or
Speaker 4: is basically a listing. You could do it with a spreadsheet,
Speaker 4: you could do it with you know, any anything. Really
Speaker 4: a listing of all of your accounts, your account numbers,
Speaker 4: the institutions that they're with, their ideas and passwords. I mean,
Speaker 4: it's not something you just want to leave around, but
Speaker 4: you should have a trusted person who you could, you know,
Speaker 4: sort of give that information to so that they'll do
Speaker 4: or at least they'll know where to access it, how
Speaker 4: to get a hold of it, and that way you
Speaker 4: can it makes it so much easier. All these things
Speaker 4: that I just explained to you will be, you know,
Speaker 4: so much easier. And if you could utilize your you know,
Speaker 4: legacy contact with through your phone and save some information
Speaker 4: in there, that might help something that are sensitive or
Speaker 4: like you know, I know, crypto accounts and things like
Speaker 4: that you don't really need to you don't really want
Speaker 4: to share those. So that's still being figured out how
Speaker 4: to maintain that sensitivity, but it's really something that you
Speaker 4: might want to do. A legacy lifeline is really sort
Speaker 4: of just like filling out all these information, all this information.
Speaker 4: It's similar. And then another thing that you could do
Speaker 4: is estate planning. You know, you can set up on
Speaker 4: a state plan, which would be the process of creating
Speaker 4: a will, creating a trust, having your healthcare proxy or
Speaker 4: power attorney, all these things in place so that all
Speaker 4: this information is kind of central and then somebody knows
Speaker 4: about it and knows how to access the information so
Speaker 4: that they'll be able to do exactly what the person wish.
Speaker 4: That's all I got questions. Awesome, thank you so much.
Speaker 4: We already have a hand raised Andrea yourself.
Speaker 5: We are coming to you. Thanks Janet.
Speaker 4: Can you hear me?
Speaker 5: Okay?
Speaker 4: I had contact us to being Hi, S to being
Speaker 4: Hi Andrea.
Speaker 5: Hi, how are you good?
Speaker 4: Thank you?
Speaker 5: So I had a real estate I'm sorry, a state
Speaker 5: planning attorney set up to trust for me. And it's
Speaker 5: like maybe November of last year, and so he had
Speaker 5: suggested I get an accountant to file taxes, but long
Speaker 5: story short, I didn't. I ended up just doing my
Speaker 5: own taxes on Turbo tax. I thought I was going
Speaker 5: to be late, so I filed for an extension so
Speaker 5: I have until September whatever whatever. However, I got him
Speaker 5: in on time, so I really didn't need that. My
Speaker 5: question is I thought that taxes were just for your
Speaker 5: income and your ten ninety nine's and all of that.
Speaker 5: Am I also supposed to file taxes for the two
Speaker 5: trusts one is one is just a basic trust and
Speaker 5: the other one is the retirement trust. I don't own
Speaker 5: any I don't own a home learning, but I have investments,
Speaker 5: so you.
Speaker 4: Have is it a revocable trust and an irrevocable trust?
Speaker 5: That's not what they're called, but maybe so so one
Speaker 5: that's definitely a retirement trust which holds the majority of
Speaker 5: my four oh one K and things like that.
Speaker 6: And then this episode is brought to you by P
Speaker 6: and C Bank. A lot of people think podcasts about
Speaker 6: work are boring, and sure they definitely can be, but
Speaker 6: understanding a professionals routine shows us how they achieve their
Speaker 6: success little by little, day after day. It's like banking
Speaker 6: with P and C Bank. It might seem boring to
Speaker 6: safe plan and make calculated decisions with your bank, but
Speaker 6: keeping your money boring is what helps you live or
Speaker 6: more happily fulfilled life. P and C Bank Brilliantly Boring
Speaker 6: since eighteen sixty five. Brilliantly Boring since eighteen sixty five
Speaker 6: is a service mark of the PNC Financial Service Group, Inc.
Speaker 6: P and C Bank National Association member FDIC.
Speaker 4: Earners. What's up?
Speaker 6: You ever walk into a small business and everything just
Speaker 6: works like the checkout is fast, the receipts are digital,
Speaker 6: tipping is a breeze, and you're out the door before
Speaker 6: the line even builds. Odds are they're using Square. We
Speaker 6: love supporting businesses that run on Square because it just
Speaker 6: feels seamless. Whether it's a local coffee shop, a vendor
Speaker 6: at a pop up market, or even one of our
Speaker 6: merch partners, Square makes it easy for them to take payments,
Speaker 6: manage inventory, and run their business with confidence, all from
Speaker 6: one simple system. If you're a business owner or even
Speaker 6: just thinking about launching something soon, Square is hands down
Speaker 6: one of the best tools out there to help you start, run,
Speaker 6: and grow. It's not just about payments, it's about giving
Speaker 6: you time back so you can focus on what matters
Speaker 6: most ready. To see how Square can transform your business,
Speaker 6: visit Square dot com backslash, go backslash eyl to learn
Speaker 6: more that Square dot com backslash, go backslash euyl, don't wait,
Speaker 6: don't hesitate. Let's Square handle the back end so you
Speaker 6: can keep pushing your vision forward.
Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
Speaker 1: accused of murdering a Texas man of Venezuelan charged with
Speaker 1: filming and selling child pornography in Michigan.
Speaker 2: These are just.
Speaker 1: Some of the heinous migrant criminals caught because of President
Speaker 1: Donald J.
Speaker 2: Trump's leadership. I'm Christy Noman, the.
Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted
Speaker 1: illegal border crossings are at the lowest levels ever recorded,
Speaker 1: and over one hundred thousand illegal aliens have been arrested.
Speaker 1: If you are here illegally, your next you will be
Speaker 1: fine nearly one thousand dollars a day, imprisoned and.
Speaker 2: Deported, you will never return.
Speaker 1: But if you register using our CBP home app and
Speaker 1: leave now, you could be allowed to return legally.
Speaker 2: Do what right. Leave now.
Speaker 1: Under President Trump, America's laws, border and families will.
Speaker 3: Be protected sponsored by the United States Department of Homeland Security.
Speaker 5: The other one just holds baby. I haven't looked at
Speaker 5: it in a minute, like the banking things, and so
Speaker 5: I just set them up. I've been setting them up
Speaker 5: slowly to add all of my assets into one or
Speaker 5: the other.
Speaker 4: Okay, So it's going to depend if it's revocable or irrevocable.
Speaker 4: So you should find out, you know, which what it is,
Speaker 4: because the irrevocable trust does have to have it separate
Speaker 4: tax return done for it, and you also need an
Speaker 4: EI in number for it. But if they're revocable, they
Speaker 4: should be filed on your personal tax return. And so
Speaker 4: I would you know, get an account to do it
Speaker 4: for you, someone who is familiar with filing returns for
Speaker 4: individuals who have trust, because it just doesn't it's not
Speaker 4: worth it, really, the few hundred dollars, it's not really
Speaker 4: worth it if you're doing something wrong, that's mischaracterizing things.
Speaker 4: So I just wouldn't, you know, advise you to do
Speaker 4: it on your own. But one hundred percent find out
Speaker 4: if it's irrevocable or revocable.
Speaker 5: So irrevocable, there's taxes associated with that revocable there's not.
Speaker 4: It's not so much that there's not. It's just the
Speaker 4: same taxes you're normally paying, like there's no nothing, No,
Speaker 4: there's no different tax rate. It's treated the same as
Speaker 4: you're treated as a taxable you know, individual. But the
Speaker 4: irrevocable trust, the tax rate is a little bit higher,
Speaker 4: and usually people do it for the benefits of it really,
Speaker 4: which is asset protection, but it does need to have
Speaker 4: it separate return.
Speaker 5: Are you able to do my taxes for the if
Speaker 5: I didn't do them? If I don't do taxes, and
Speaker 5: that was my problem too. I couldn't find someone who
Speaker 5: was astute and you know filing taxes with a trust attached.
Speaker 4: So you send me a message, Andrea, if you have
Speaker 4: my email legacy yet at Franco hyphen Law, then I
Speaker 4: will connect you with someone.
Speaker 5: Thanks so much, Sabina. I appreciate it all right, No,
Speaker 5: prom You're welcome.
Speaker 7: By great question.
Speaker 4: Denise, you are coming to you meet yourself please.
Speaker 7: Hey, thank you, thank you very much, great presentation as always,
Speaker 7: thank you.
Speaker 8: My question I can over my hand has to do
Speaker 8: with them just now going through this, so this is
Speaker 8: so timely. My parents passed. My mom just passed in August,
Speaker 8: and thank you. She lived a spicy life and was
Speaker 8: spicy all the way to the end. We did a
Speaker 8: we have two kinds of trust, and the irrevocable for
Speaker 8: the property that she lived in and then a revocable
Speaker 8: for the rest of the properties, one in which I
Speaker 8: live in. I have been named, We've gone through probate,
Speaker 8: but now I want to tidy up everything, like you
Speaker 8: were saying, okay, and I want to go into the lawyer.
Speaker 8: And as a person said right before that, he was
Speaker 8: our tax attorney as well, and he's just I don't
Speaker 8: I want a little bit more from him. And I
Speaker 8: don't know if he knows enough to do the finances
Speaker 8: as well, but at least I want to start with
Speaker 8: what kind of trust do we do?
Speaker 5: Now?
Speaker 7: Do we keep and irrevocable? Where we live in one
Speaker 7: of the properties and the other properties are rentals and
Speaker 7: they can go on regular trust. I'm just not sure
Speaker 7: what kind of questions to pose to him.
Speaker 4: Okay, So the trust that you currently have that you
Speaker 4: said one is revocable, one is irrevocable. Was that created
Speaker 4: during your mom's life?
Speaker 7: Yes, it was actually before my dad passed.
Speaker 9: We made sure we put everything in a trust to
Speaker 9: avoid any potential if she needed to go to nursing
Speaker 9: home or anything. So we did it, you know, weigh
Speaker 9: in advance of that five year time period.
Speaker 4: So what happens typically happens when someone when there's a
Speaker 4: trust created for someone during their lifetime and it's revocable.
Speaker 4: When they pass away, it becomes irrevocable. So both the
Speaker 4: trust now should be irrevocable. Okay, okay, So now because
Speaker 4: they're both irrevocable, it just depends on what the directions
Speaker 4: were within the trust. Can those assets be distributed to
Speaker 4: you guys, to then move around and decide what you
Speaker 4: want to do with it.
Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
Speaker 1: accused of murdering a Texas man of Venezuelan charged with
Speaker 1: filming and selling child pornography in Michigan. These are just
Speaker 1: some of the heinous migrant criminals caught because of President
Speaker 1: Donald J.
Speaker 2: Trump's leadership. I'm Christine Noman, the.
Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted
Speaker 1: illegal border crossings are at the lowest levels ever recorded,
Speaker 1: and over one hundred thousand illegal aliens have been arrested.
Speaker 1: If you are here illegally, your next you will be
Speaker 1: fine nearly one thousand dollars a day, imprisoned and deported,
Speaker 1: you will never return. But if you register using our
Speaker 1: CBP home app and leave now, you could be allowed
Speaker 1: to return legally, do what's right.
Speaker 2: Leave now.
Speaker 1: Under President Trump, America's laws, border and families will be protected.
Speaker 3: Sponsored by the United States Department of Homeland Security,