I you happy Friday we’re here today going to discuss some trust yes I mean Friday Facebook and YouTube welcome to disclosure live with Randy Austin law hello Jason today with me Maria Torres it is September 14 2018 on today’s episode I’m going to discuss trust in the different types we won’t discuss every type that I’ve got there but is some basics and the first we’ll cover a few things and in the local news today is an actual I’m creative thing that’s why I’ve created a is observed annually
on September 14th and basically let’s the wall to see your creativity on the national level creative day to live creative allows for the exploration and imagination and basically kind of discover and dream so infusing creativity in our lives through a variety of media versus and things such as like paintings and graphic art and music and gardening and everything basically kind of impact relax on that positive note and so by expressing our passions and living created by us we experience a world stepping into a life
creative world and basically includes Babla sense of freedom so and today is also national cream donut day so national is hello can you lean on September 14 to recognize one of our favorite foods where they graduate nila chocolate or any other flavor any other favorite accessorize you to item on a not with a positive and awareness and it is national suicide Awareness Month and basically September it is not only to known as national suicide awareness month but it’s also Suicide Prevention Month and therefore this month brings
awareness to the topic that a lot of people do not like to discuss there’s no reason I get those topics all the time with my field everyone is basically affected by suicide it’s not just the victim and suicide doesn’t impact the family and friends long after the loss of a loved one on average this is kinda the sad part on average one person commits suicide average 16.2 minutes two thirds of the people who commit suicide suffer from depression basically the minimal health of the mom is yourself
but your loved ones as well can never be taken or not be taken too seriously whether the way to the long term struggle or a crisis weighs you down and allow friends family or profession to kind of lighten the burden by finding the floor there is no shame in seeking help that’s one of the biggest things with elderly and it’s very common for elderly as well to everybody you know young people or people kind of getting divorced in all ages so just be aware look look out for the signs and stuff
and definitely kind of seek to seek advice and we need some help so so and then on the other side of the seriousness there will be a new sixpence roller coaster that will loop de loop in the record book and your right is coming to six bucks over Texas next spring we’ll tie a rope record for the largest loop roller coasters ex-wife spokesman Sharon Carter has set and the Lone Star evolution will stand a hundred feet tall and will seed up to 32 people it will be installed on the side of the cable late
March the coaster will be the same size as the mardi gras angle gratz expects great america in the county illinois the ride will feature and then we’ll take that will send writers news there were 360 degree revolutions sometimes briefly sewing near the top of the loop the perks s suicide says the very mean its fourteenth little commissioner and will feature a face off style seeking where passengers face one another we will be a higher requirement which is 40 inches and the right is expected to be open
late spring next year 2019 so basically we’re adding it to the base topic again want to discuss none of the different types of trust I okay so I have a couple questions for hey there what is the trust a trust basically is everybody’s familiar with a will and at what a trust is it is opposed to the actual will and the will takes place after a person passes away so a trust that’s where the word living trust comes in a place and because it’s basically why you’re alive you need to create this
document that you’re able to not only direct to your trustee and your beneficiaries are but it isn’t a statement a document that during your lifetime you are able to basically kind of decide as to what you want and how to what your assets to be distributed so okay and can you explain the differences and how they’re beneficial in different ways just because I heard when you have a trust you can skip the whole probate yes and well first we go to kind of the time and the different types of the
trust and there’s telling me there’s hundreds of different types of trusts out there but some of the most common that are firm kind of faces and they’re two revocable and irrevocable and we do a lot of special needs trusts and we also do qyt trust which is qualified and kind of trust for Medicaid planning and then one of my favorites is pet trust so yes there are people that love their animals and so kind of within those the difference is the main – of course is revocable and irrevocable and revocable
of course you’re able to make changes while you’re alive when you haven’t passed in you what you need to you can omit the document as many times as needed and whereas once that person passes or a person’s as a joint to you and I have enjoyed trust together you pass away at that point it becomes irrevocable so you can get a have peace of mind knowing that I can’t go back in and change things so then that’s kind of where the irrevocable comes in and some people do choose to go ahead and kind of
start with irrevocable it’s more so as far as or I guess you’d say mental incapacity and then because when an irrevocable or basically the two huge difference is as saying say you wanted to come in and do a revocable trust usually a revocable you’re the trustee and you’re the beneficiary so the difference between the irrevocable is you place somebody else in charge to where you’re not paying your finances you’re the beneficiary but not the trustees so you’re not the person
basically kind of pain everything I know any question another one of the common ones is between the special needs trust and then the QIT qyt it’s kinda the same thing that’s a qualified and come tries to where again somebody else has put in the capacity to be able to handle your finances so when it comes to State Planning or even better in type situations we do veterans benefits as well and it does play somebody else in charge of them so that that way you’re not you’re not the person that’s kind of
controlling them the qit and basically saying you know with medicated it kind of holds it is for somebody else and then of course Trust speaks for itself with wills I get in a lot and it’s it’s separate from a chair of the donation anybody can go in and kind of leave you know leave however much you know to charity it’s kind of awkward when we get those reading of the widow’s basically and they have all the heirs of the children and then come to find out it happens there’s so many different types
of trust in their special old trust you can have and kind of college you know trust as far as for your kids benefits there’s literally hundreds of different types of trust but some of the greatest things are is if you actually everything is kept you know quiet and in between the family opposed to being out there with the courts and anybody all those documents and see how you divided your assets and then those people in turn to get harassed every day a lot of people do not like to talk about and passing away in general you
know but especially with the state planning and it’s kind of difficult to kind of get people to open up and talk about their division but the trust is the best way because again it stays within the family so if that person was not a beneficiary within that trust by law nobody has to be disclosed you know how much they got what was being received and of course family does talk but at least that way the 20 strangers yes so how about some what about any one of these trusts oh that’s a good
question you have to consult an attorney or any other attorney people come in just with wills they pull off the internet I’ve had people actually try to pull trust documents often that hair men as well wills are a little bit different you know there are different things requirements that you have to have in order for it to be about well however was the trust and I said average if you if you pull a will off of the Internet we may be able to work some miracles with the court to kind of get it where
it’s less cost effective for everybody but it’s going to be a longer process and whereas a trust I’ve only honestly seen one trust that was pulled from the internet that was not contested a contestant basically means you know the whole reason that you do a trust us to keep it you know out of the court system exactly people are going to come in and kind of context different things but as far as the validity of the actual trust that’s where it could get costly and as far as a probate so in it’s always better to
have an attorney definitely drafted I know here at the firm it’s a huge binder I’d say that it’s over 300 something pages so yes so definitely don’t don’t try to go to the internet and they kind of do it yourself because clearly there’s going to be some issues how does it work it points out you have so many different things that are internally within the family so then that way it’s not part of public creditors are a big thing and we don’t give tax advice but we always do
refer out to you know CPAs and different things that nature may be that there are some benefits they kind of stem from that and but again I mean the biggest thing is to minimize and you know when someone passes it’s already a difficult thing that people are going through at that time the last thing you want to have to sit there and do is you know a probe a minimally has to be open in the state of Texas for six months it’s great to try to get that six month mark however majority to probates if they
know a year two years I’ve had some goats seven I think over so as with you know what happened to trust into doesn’t minimize everything kinda keeps it in and people always have a work to get her a little bit more when it comes to trust because again it’s that person’s wishes and and a lot of people think that when it’s with the court system that they it’s letting going contested everybody’s you always they just you know definitely and I know our firm offers you a free
30-minute consultation if I go over the estate plan and Trust heart for everybody and the same thing as or as well will might not be for everybody if you do a state planning he come in how to consult with an attorney and they go over the assets there’s other avenues that we can take to kind of keep it out of probate if there’s a small estate so that’s kind of what that puzzle is for is just to kind of I guess guide and direct what the best avenue would be for your family so pick out your plan for
you to see if the trust will work best for your family or where it’s available well definitely thank you for tuning in with this and then a happy Friday and that’s basically our show for today September 14 2018 we’re so glad that you joined its disclosure lab for any cost along and please enjoy your weekend don’t forget to subscribe to our YouTube channel a visiting complement comments or questions and we will definitely see you next week I’m Heather James with Murray x4s happy Friday and thank you
for watching everybody
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