Should spouses have separate trusts?
First, you have to understand what trusts contain. Once you know this and why it is a fantastic tool, I can show you what is the best way to set this up for spouses. Watch now!
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Hi! My name’s Lou Brown. I’ve been asked. Should spouses have separate trusts? Well, here’s what happens inside of a trust. Basically your assets are held by a trustee and that trustee has been given instructions through the contract called a trust. Now you, as the beneficiary have made a contract with that trustee. That trustee’s job at your passing is to pass those assets onto your heirs that have been spelled out inside that trust. It’s a great thing, fantastic tool, and a great opportunity to avoid the expense, the confusion, the delay, and potential challenges of a court having to intervene. It’s called probate court. And pass the assets from the dead person to the rightful living heirs. The trust actually can do that.
Now, one of the great things about the trust is let’s say that you were a hundred percent primary beneficiary. You could make your spouse the 100% successor beneficiary of that trust. Now I recommend that not spouses having separate trusts, but assets having separate trusts. So literally using a great trust I call the Land Trust. And there’s also the Personal Property Trust. Now here’s what to know. There’s about 30 different types of trusts out there. This Land Trust allows for some things that other trusts do not.
Now, what can happen is let’s say that you had 10 pieces of property. Each property could be in its own trust. Now let’s say that you make yourself the primary beneficiary of five of those trusts and make your spouse the primary beneficiary of five other trusts. And then you may, and you reverse it on the beneficial side where your spouse is the beneficiary of the five that you are the primary beneficiary, and you are the successor of the five that they are named on. So that’s a way that you can separate your estate and you can have your cake and eat it too, literally by separating your assets from one another, because there is liability out there in the world.
There are people that want what you’ve got, but they don’t want to do what you did to get what you got. They just want what you’ve got. So you want to do all you can to avoid that. And one of the best ways I’ve found and the most hidden secret out there in the world is these amazing trusts. That your CPA, attorney, financial planner, many of them don’t understand trust, or at least don’t understand the depths to which they can provide great success for you and asset protection, probate avoidance, profits. There’s just so many things you can get from a trust.
Now I’ve got an event coming up it’s called Maximum Asset Shield. http://MaximumAssetShield.com such a fantastic four day event. Been teaching it for years. Helping people to be able to transfer assets they currently have into their own trusts. Now you’ll do this yourself right there in class. You’ll be able to learn from the documents. We’ll go over that step by step and you’ll learn. Be able to ask questions. Certainly you can take that completed trust to an attorney and get it blessed, but now you’ll understand what you’re doing. That’s one of the things that most attorneys don’t tell you. Is to actually educate you on the process. Educate you on how you are taking your assets and putting them into this wonderful contract with the trustee and the savings by doing it this way is tremendous. It can be tens of thousands, hundreds of thousands of dollars. And there’s also ways that you can save and avoid taxes using these trusts as well. So certainly something that you need to learn. Come with me. Four day event. Maximum Asset Shield. All the details are right here. Or get the home study course. Or both. I look forward to seeing you again soon. Yeah, baby!