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Video instructions and help with filling out and completing Trust fund recovery penalty installment agreement
A trust allows you to have a lot of control over the distribution of your asset a lot of people hear the word trust and they get very nervous because they think they're going to give up some control but actually the way that a trust works is you're just transferring assets as we talked about in trial and errors from one pocket which may be John Smith to the other pocket which is John's trust still money in your pocket you can still spend the money you can still put money back in it but the difference is it does not go through the probate court ready to set up a trust for your family first decide on the type the most common trust is a revocable living trust it helps both why people are alive and after they pass away and buy revocable we mean it's changeable so as long as the people are competent they can change it whenever they want and that's why it's such a flexible and wonderful estate planning tool second pick your trustee wisely it's very important when you're choosing your trustees that's the person who's gonna manage the trust for you when you can't - choose wisely don't just pick the child that's the oldest - the child who lives closest like a lot of people do pick the person who you think's really gonna do the best job and Ted Kennedy's a great example of this he gave a lot of thought to who he chose as his trustee to avoid some family fighting as opposed to picking his wife or his children from a prior marriage he actually picked a dear friend and that allowed in a second marriage situation everything to move along a lot calmer than it otherwise could have finally don't forget to fund the trust funding is critical there's no point in paying the attorney a lot of money to do this big trust for you if you don't take the next step which is transferring your assets into the trust that's called funding and if you don't do this and all your hard work is for naught and your stake goes through the probate court anyways and that's exactly the mistake that Michael Jackson made with his trust he never transferred his assets into it his families went through the probate court and that's why we're seeing such a big public mess it's dragging on and on well wills our public documents trusts are private it could be a nosy neighbor down the street and you may not want them knowing how much money you have when you pass away when use a trust and you avoid the probate court there's no public record of who you're leaving your money to and how it goes to them so you maintain control and keep your affairs private which i think is the ultimate goal for most people when they do a state planning and remember.