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