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Two Common Revocable Trust Mistakes // Elder Needs Law [Video]

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Two Common Revocable Trust Mistakes // Elder Needs Law

Two Common Revocable Trust Mistakes! Find out more about probate, visit our website 👉

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In addition to Medicaid planning, we also do a significant amount of estate planning throughout Florida estate planning is really more what you think of as the wills, the trust the power of attorney, health care surrogate designations, making sure that if you become incapacitated, who can help you make decisions and after you pass away, who gets your stuff in a efficient manner, hopefully avoiding probate court. And so with that we are often helping people get their assets into a revocable trust or a living trust or a revocable living trust. Those are, by the way, three different terms that mean the exact same thing. This trust that’s designed to help you your heirs really avoid having to go to court to get access to your assets after you’ve passed away. But what I wanted to address was there are some common problems with trusts that people need to know about. The first problem is when people don’t adequately fund their trust. What do I mean by that? Well, when you go to an estate planning attorney, such as ourselves, and you are delivered a set of documents, the trust is just a stack of papers, right? You have to do something with that. And sometimes we will assist you with that other times people will prefer to do it on their own. But essentially, you have to get assets into the trust in order for the trust to have any effect whatsoever. What do I mean by that, if you have a bank account that is in your name, what we are advising you to do or we can help you do is one of two things. One, you can change the ownership of the bank account or financial account, instead of it being owned by you and your individual name, it can be owned by you as trustee of your revocable trust. There’s lots of advantages to doing that. You get to avoid probate immediately. It’s very easy for your successor trustee to take over and become incapacitated need help managing money. And then of course, when you pass away, that account isn’t owned by you, it’s owned by your trust. And then the Trust says what happens after you pass away makes it a lot easier to dispose of your assets and get it to where you want to go. But if you don’t rename, so you want all one option is you rename your financial accounts individually, to go to each bank account, each financial account or your broker, you have to change the name of the account into the name of the trust. Or as an alternative, you could name the trust as the Pay on Death or transfer on death beneficiary essentially would say once you pass away, and someone presents your death certificate to the financial institution, they would then be obligated to transfer ownership of the account at the point of your death into the name of your revocable living trust, which is good too. If you don’t do that, you can’t just go to the bank and say here is here’s the paperwork, here’s my revocable living trust, don’t put it in and they’re gonna go, No, you gotta go to court because you didn’t put it the asset into the name of the trust while you were alive. Or you didn’t name the trust is a pattern that beneficiary while you’re alive, now that you’ve passed away, it’s too late to get assets into the trust without going to court first. And that’s what we want all the way. Same thing with real estate. And, of course, if you hire us or we do this for you, in terms of if we are creating revocable trust, we’re going to strongly advise you allow us to also create a deed during your real estate, whether it’s your homestead or whether it’s a second property or rental property, out of your name individually into the name of your trust for the same purpose. Now some people get concerned because they’re worried about the tax implications or losing homestead status and the way we design our trust…

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Fees: 401k, IRA, Stocks & Mutual Funds [Video]

The stock market is fee ridden and extremely volatile. These high fees can erode away up to 1/3 of your retirement income. The stock market most recently has been described as "rigged" as reported by 60 Minutes. However, there is a better way to save and invest money. Call us to find out how, 435-429-1600, or visit