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Thanks for your kind comment and for tuning in, glad this was helpful!

@@BurtonLawLLC You are welcome! I always enjoy your content.

Thanks for your kind comment and for tuning in! Glad it was helpful!

A beneficiary designation is a contract between the account owner and the brokerage company, so the terms of the beneficiary designation contract would dictate where the funds go at the death of the account owner. In this hypothetical it sounds like the funds would go directly to the two beneficiaries named and not to the trust, since the trust was not named on the beneficiary designation form. Only assets titled in the trust name at death, or directed to the trust, or to the Trustee's name "as Trustee" of the trust, via beneficiary designation at death would be subject to the terms of the trust. Since the beneficiary designation did not list the trust, in this hypothetical it sounds like the funds would go directly to the two named persons. For details on your specific situation you should seek legal counsel licensed in your state.

We are in Wisconsin, and due to the rules governing attorneys, we can only serve clients in Wisconsin. Yes, the rules can vary state to state so you should to seek a consultation with an attorney licensed in your state. This channel is general information only, and not specific legal advice, so yes for your situation your plan to seek out a consult from an attorney licensed in your state is a good idea. Thanks and have a great day!

If you store it in a safe deposit box you would want to make sure the successor Trustee is on the access card allowing access to the safe deposit box after death. The successor trustee could also have a copy of the trust. This would make sure they have it available for reference.

Hello, generally you would not want to put retirement accounts such as a 401k into a living trust during your life for the tax reasons you mention. Instead many people use the beneficiary designation to direct the funds to a trust or to a beneficiary upon their death. This article has a good overview of this topic. www.nerdwallet.com/article/investing/estate-planning/what-not-to-put-in-a-living-trust

Great information, many thanks.

Hey, if all the assets are in the trust, you can avoid probate in California and administer everything via the trust. You can administer a living trust on your own, but it is often helpful to consult with an attorney about steps to take after they pass away. There is no requirement though that you use a lawyer...there are many publications and books available that outline the process and steps to take. I have heard probate is quite expensive in California so it is wise they set up a trust to avoid probate. We are not licensed in California, so if you need advice I suggest consulting with a California licensed attorney. Thanks and have a great day!

You do not have to make the S Corp election when you first form your LLC, this is something you can elect to do, but it is not required. You are correct the default tax status as a two member LLC will be taxation as a partnership, unless you elect to be taxed as a corporation. This is from the IRS: "Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation." www.irs.gov/businesses/small-businesses-self-employed/limited-liability-company-llc This article has a good overview of the advantages and disadvantages of the S Corp election, there are multiple factors to consider: www.legalzoom.com/articles/can-an-llc-be-taxed-as-an-s-corp There are increased administrative costs as an S Corp and there really is no one size fits all answer on this. The S Corp election is something you would want to discuss with your CPA/Tax professional, as it depends on your specific revenue level and expenses whether it makes sense for your situation. You could also look for some youtube videos by CPAs on this specific topic. Best of luck with your business!

Thank you for letting me know and for your kind comment, I am so glad it is helpful as that was my goal in creating this video!

Yes, they are. One additional thing to note regarding pets...Wisconsin and all 50 states now allow you to create a "pet trust" for the care of animals. This blog post also has more information neiderboucher.com/including-pets-in-wills-and-trusts/

@@BurtonLawLLC okay, are you able to answer this problem I’m having regarding them being tpp? If a tv is considered tpp than are they no different from tv’s? And if you could answer this part more specifically but if not I understand; If I’ve been given all medical records and have in text/audio that the animal is being given to me do I now own the animal regardless if their name is on its medical records? I’m on my way to micro chip them next week incase that matters I’ll read that pet trust though!

​@@AnimationWizard Even though many pets and animals are like family to their human owners, for estate planning purposes pets are currently considered tangible personal property. This blog post might help you with determining what paperwork you have is relevant. We do not handle animal custody cases, litigation, etc, so for the specifics of your situation you would want to consult with an attorney licensed in your state about the specifics. www.justgreatlawyers.com/pet-paperwork Thanks and have a great day!

Thanks for tuning in. I am not sure about this as we do not offer tax advice, or do tax preparation especially for foreign owned entities. There may be some CPAs or others who have covered this topic in depth on their channels. If you look at the bottom right of page 4 of the IRS instructions, www.irs.gov/pub/irs-pdf/iss4.pdf they list a variety of options for this type of situation. For questions on your specific situation I would contact/call the IRS directly with this question, since it sounds like you already submitted the form, if you need to amend or modify this answer, you could discuss with them by phone.

I would consult with a lawyer who focuses on non profit law licensed in your state for this question and the most cost efficient way to structure these transactions. There may be specific real estate transfer fees in your state to also consider, that may make structuring the transfer one way versus the other more advisable. Best wishes for your new venture!

Yes, this video is applicable to estate planning topics here in Wisconsin, USA. Canadian law and the law of your specific province, may be different, so for your specific situation you would want to get advice from an attorney licensed where you live. This article appears to have a good basic overview. www.canadianlawyermag.com/practice-areas/trusts-and-estates/wills-and-estates-law-in-canada-the-basics Thanks for your kind comment and for tuning in from Canada!

Hey congratulations on your new business and thanks for tuning in! As for your specific questions on which forms you need to file as a non-resident Alien I am not sure, we do not give tax advice or do tax preparation. Here is a blog post I found on the topic, the information appears to be relevant, but again do your own due diligence to determine if it applies to your situation. onlinetaxman.com/foreign-owned-llc-taxation I think you should discuss the specifics of your situation with a CPA/Tax professional. This is not legal or tax advice. Thanks!

It is best to type the information in on any typed Will you are creating in Wisconsin. If you use a word processing program you can type in the information you desire. The Wisconsin Basic Will, created by the legislature in the Wisconsin statutes allows you to print in certain information and sign next to your choice, but you must read the notice and instructions and follow the instructions very carefully if you choose to use that document.You can find that document in the Wisconsin statutes here docs.legis.wisconsin.gov/statutes/statutes/853.pdf#page=7 The Wisconsin Basic Will is basic and is not appropriate for all situations, so it is important to read the notice and information provided at the beginning before deciding if it appropriate for your situation. If it does not fit your needs you may want to consult with an attorney as noted in the notice. This general information and not legal advice. Hope this helps!

​@@BurtonLawLLC It says on Google that a hand written will is only valid if it is executed in front of witnesses or signed in accordance with local or state domicile laws. Google is wrong a lot though. LoL

​@@BurtonLawLLC Oh great🙄 Another Google article says the holographic will Must be typed & signed by yourself & 2 witness's. I constantly find contradictions on everything I Google any topic 🙄🤦

I am sorry to hear about the passing of your mother. We cannot give legal advice in the comments, however in general, the HT 110 will work to transfer on death from mother to the beneficiaries. A Quitclaim deed would also work to transfer interest from sibling to sibling, however if brother gifts his ownership interest to you for no consideration there may be gift tax considerations. Check out this blog post for an overview. www.peytonbolin.com/2023/01/11/are-quitclaims-taxable We do not file gift tax returns or handle this type of transaction. I recommend working with legal and tax counsel near you as to the specifics of your situation. This is not legal or tax advice. If you need help locating an attorney near you, you can contact WI State Bar Lawyer Referral at www.wisbar.org/forPublic/INeedaLawyer/Pages/LRIS.aspx Hope this helps and have a great day!

A DBA, could be used if you wanted to use a different name for marketing or for offering a certain line of products, but not set up a separate LLC, and maintain separate books and records, annual filings etc. However, as you point out, anytime you combine businesses under one entity, you risk the liabilities of one business affecting the other. Agree with you, that forming separate LLCs is the safest approach!

@@BurtonLawLLCyeah , that’s exactly what I was thinking. Thank you for your expertise

Yes you can!

Hello this question was about the general rules to qualify for long term medicaid (nursing home care). You should consult the medicaid rules in the state where you reside, as Medicaid is administered on the state level. This blog post has a general overview choicemutual.com/blog/medicaid-asset-limits-by-state/ The rules regarding assets and income you are allowed to have when receiving disability are different, so I would consult directly with the office that administers this program for you on this question. Here is a short overview of the different programs brossfrankel.com/2023/05/18/ssd-asset-income-limits/

@@BurtonLawLLC I send other massage other video.almost the same different type my son will be 11 year old.i am lost in ssdi there's limited.medicaid my wife was telling me we could have one car each.for my son medicaid.doesnt make sense?if I am ssdi they won't count mying?

@@BurtonLawLLC from Pennsylvania

​@@shanenice5380 If you are in Pennsylvania, you can contact your local Social Security office directly for help with this question re your SSDI benefits we do not deal with disability benefits. It will depend if you are on SSDI or SSI, the asset and income limits are different for each. You can contact Pennsylvania Attorney Bar Referral for assistance with you particular situation with you and your son www.pabar.org/site/For-the-Public/Find-a-Lawyer Thanks and have a great day!

@@BurtonLawLLC thanks