Q: Do I lose control of my property and assets by placing them in a Living Trust?
A: No you do not. You are the Trustee and as such you control all of your assets just as you did before forming your Living Trust.
Q: If I have a Living Trust do I also need a Will?
A: Yes, you need a "Pour Over Will" that automatically "pours over" into your Living Trust at your death any assets you forgot to put into the Living Trust. All Heritage Living Trusts include a "Pour Over Will". Your old conventional Will, if you have one will be null and void and not needed.
Q: Can I appoint one of my children as the Trustee for my Living Trust?
A: Yes, you can. Usually you remain the Trustee during your lifetime and your children take over at your death. You cannot name a minor child as a Trustee.
Q: Are Living Trusts legal in every state?
A: Actually Living Trusts are legal in any country using English Law. Your Heritage Living Trust is valid in any U.S. State. Heritage prepares Living Trusts for every state with the exception of Louisiana.
Q: Do I have to file a special tax return for a Living Trust?
A: No. You continue to file a personal 1040 tax return as you always have, using your social security number. A Living Trust, being revocable, does not need a tax ID number and does not file a tax return of its own until your death. It also does not trigger a reassessment for property taxes when you transfer real estate into it.
Q: Does A Living Trust provide any protection from lawsuits or income taxes?
A: No it doesn't. A Living Trust is a revocable trust and may be dissolved by you at any time. Since you are in complete control of the Trust and its assets you remain the legal owner of the assets in the trust.
Need Help? Have Questions?
Contact Acquire Financial Solutions Today!
People Delay Getting A Trust
They think it's too expensive
Let your loved ones, clients and prospects know that our Trust Provider includes Free Lifetime Changes and Free Lifetime Support which makes it a great value and very affordable.
People Delay Getting A Trust
They are intimidated in dealing with Attorneys
Let your loved ones, clients and prospects know that our Trust Provider has been preparing Living Trusts for 25 years and the staff speaks plain English.
We'll help you get started and the staff will do the rest.
People Delay Getting A Trust
People do not want to talk and/or face their own mortality
Let your loved ones, clients and prospects know that no one ever passed away as a result of doing the right thing for their loved ones.
Getting a Living Trust is one of the most loving things you can do for your loved ones.
People Delay Getting A Trust
No one asked them if they needed or wanted a Trust
60% of Americans do not have an Estate Plan
According to a survey from Caring.com, only 4 in 10 American adults have a will or living trust. Here's the percentages by age groups that do not have an Estate Plan:
Probate is the court supervised process by which a decedent’s assets are transferred to his heirs, either by his Will, or if there is no Will by the statute of intestate succession. The word "probate" has its origins in the Latin "probatum" which means a "thing proved" and "probare" which means "to prove".
Assets Subject to Probate
An executed and fully funded Heritage Living Trust will avoid Probate. Need Help? Have Question? Call or Email Ram Mishra for more information.
Ram J. Mishra, 877-265-1856
Visit Me @ www.AcquireFinancialSolutions.com
Sometimes people buy life insurance before performing a financial needs analysis. They might choose an amount that seems comfortable, without considering the potential expenses their families might face in the event of their untimely death. To make an objective assessment of the possible economic consequences, perform a financial needs analysis.
In fact, to analyze your own financial needs, consider the following simple steps: First, total the value of all the things that you and/or your spouse own. These are your assets. (Enter amounts in one column for yourself and in another column for your spouse.) When totaling your assets, include what you currently have in savings and retirement funds (such as IRAs, 401(k) plans, annuities, etc.), as well as real estate and life insurance. Next, list and evaluate all expenses that you or your family may face, if one spouse were to die. These are your potential liabilities.
In order to determine how much cash is needed following the death of a spouse, take a look at these potential needs and assign a dollar amount to each:
1. Immediate Money Fund. This includes the estimated cost of medical and hospital expenses, outstanding bills, burial costs, and attorney/executor fees.
2. Debt Liquidation. Your debt, if any, may be in the form of credit card bills, school and auto loans, unpaid notes, outstanding bills, etc.
3. Emergency Fund. Unexpected bills not readily payable from current income could include major home and car repairs, or even medical emergencies.
4. Mortgage/Rent Payment Fund. How much would you need to pay off your mortgage or provide for house payments or apartment rent should one spouse die?
5. Child/Home Care Fund. Expenses may arise following the death of a stay-at-home spouse. Estimate the cost of hiring help to take over your spouse’s duties, such as child care, shopping, food preparation, laundry, and yard care.
6. Education Fund. Be sure to include the cost of funding a four-year undergraduate education or comparable vocational training for your children.
The total of all of the above costs minus your liquid assets and life insurance would give you your new cash needs. The numbers will be different for you and for your spouse, because assets and existing life insurance, as well as child/home care amounts, are likely to be different.
The steps above are one way for a family to figure out how much life insurance is needed according to their circumstances. Analyzing your financial needs in detail is an important step toward determining the right coverage for you and your family.
Contact us today or apply online for a specialized insurance quote.
Ram J. Mishra
Licensed Insurance Agent
877-265-1856 Toll Free/Fax
My Dad passed away 8 months to the day after he was diagnosed with pancreatic cancer 14 years ago. I was fortunate to take care of him the last week of his life and be with him when he passed.
After spending time with him and saying our goodbyes, we opened and started following the instructions in his Trust. He had made all the arrangements and taken care of everything.
This allowed us to mourn his loss and not left to try to figure-out or guess what he would have wanted. Plus, there was no Probate.
My Dad was a caring and responsible man, and in his death his Living Trust allowed his legacy to remain intact.
One of the best ways to build or acquire wealth over time is to invest your money into real estate assets, but the reality is that many people are reluctant to invest. Some of the top reasons that people forget about building wealth are: They don’t feel they have enough money, don’t know how to get started, don’t feel confident in the market, and a lot is due to the recent financial crisis. To build wealth over time, you need to do 4 main things: 1. You need to make money, 2. you need to save money (which includes budgeting, getting basic insurance to protect your paycheck and family), 3. you need to get rid of 'bad' debt, 4. you need to invest your money into assets that generate income.
#1. Making Money is pretty simple, go look for, apply and get a job, can't find one? then start your own home based business! If you click the links, you'll see which home based businesses we are affiliated with and how you can work from home too.
#2 Saving your money (Budgeting, Paying Expenses, Protecting Your Paycheck/Your Family) is very important. Most individuals never even learn this in high school, or even college. This involves actually saving up atleast 20% of your income to pay yourself 1st, or a rainy day fund, budgeting, and paying expenses. Our goal is for you to include life insurance, disability insurance, and a even living trust to pass your legacy to your kids. You do not need to be rich to do this. , and this is why you should Acquire Financial Solutions to help you understand your finances and take action!
#3 Getting Rid of Bad Debt can be a lifesaver! A majority of Americans are struggling with 'bad' debt, credit cards, student loans, personal loans, car loans, mortgages, and more. Are you one of the millions of Americans that go to your JOB just to pay your taxes, your debts, and hope you have something left over? Do you want to learn more strategies and tactics to keep more of the money you earn? There are numerous credit counseling services and strategies to pay your debts off faster. Whether it's a debt ladder method or debt snowball method, Our Cash Recovery and/or Wealth Building Workshops will show attendees the basics on how to pay 2/3 less in taxes, avoid overpaying taxes, how to save on mortgage interest, streamline their finances to keep more money with them instead of sending it to the big banks.
#4. Investing your money can be tricky. Most of us are taught to save for our 'nest egg', but besides the traditional means of investing, investing in real estate can also be a great way to build wealth. You are more in control, you can leverage other people's money, there are more tax advantages, real estate is a tangible asset (you can see it, feel it, use it), easier to analyze, you can buy real estate below market value, add value to real estate and it's easier to produce cash flow. It's important to consult with your attorney, personal CPA and your financial advisor, and also network with other real estate investors so you can get educated so you can successfully invest in real estate, and build your own portfolio.
Remember, YOU are already a real estate investor whether you like it or not! You either pay rent/mtg to someone, or you get paid. Get educated on solid real estate investing strategies, participate with other community members and acquire real estate which produces income, build enough income streams so that when you want to, you can FIRE YOUR BOSS!
Start your own home based business which can generate massive and/or passive income, prepare for the future, maybe even retire early, and remember to Acquire Financial Solutions to protect your paycheck, your family, your estate so that when times get tough, you are prepared and ready for tough times ahead.