How to move items into a trust??

[Anonymous]

I assume we adult children should remove our names from parent's bank accounts (yes there is more than one account) and move some or all of them into the trust.

When the attorney created the trust a few years ago, they put the house into it and nothing else. I was given no directions on how to move accounts into the trust or which ones to include in there.

I'm looking for a lawyer but one said he couldn't help me and another wants to create a new trust from scratch because they can't "guarantee" what another law firm did.

Is there a good lawyer or accountant or someone who can provide wise counsel on if we should get our names off of the bank accounts and move them into a trust or not?

I really wish my parents had done this stuff themselves!

[Anonymous]

Why should we remove name from bank account? My mother added me just in case she was incapacitated. Trying to plan as well.

[Anonymous]

Are the the value of the assets large? Sometimes it’s not worth the hassle. My mom’s real estate and brokerage accounts are in her trust and that was basically done so that when it’s time to divide the assets we don’t have to split everything in half. Someone could take a house and someone else could take the equivalent value in cash and it won’t matter because they’re all trust assets.

Basically you re-title everything into the name of the trust. So instead of bank accounts in your and their names they’re in the name of the trust. I have one account joint with my mom outside the trust that I keep some emergency money in so I will have access to cash without a lot of hassle when the time comes. The rest are trust assets.

You have to change the names on all of the accounts to the name of the trust, and change beneficiaries of things like life insurance and 401k and bank accounts to the trust, if you want all assets to be in the trust. Create a binder of trust assets to keep organized.

[Anonymous]

It is one thing if you are doing this for financial efficiency or to make estate processing easier. If you are moving assets around in anticipation of needing assistance with health care costs, consult an elder lawyer first.

[Anonymous]

Anonymous wrote:Why should we remove name from bank account? My mother added me just in case she was incapacitated. Trying to plan as well.

If you get sued, your mom’s money will be at risk. Same with divorce.

If you want to apply for Medicaid for her or financial aid for any kids, this can cause issues.

And other things.

[Anonymous]

Anonymous wrote:Are the the value of the assets large? Sometimes it’s not worth the hassle. My mom’s real estate and brokerage accounts are in her trust and that was basically done so that when it’s time to divide the assets we don’t have to split everything in half. Someone could take a house and someone else could take the equivalent value in cash and it won’t matter because they’re all trust assets.

Basically you re-title everything into the name of the trust. So instead of bank accounts in your and their names they’re in the name of the trust. I have one account joint with my mom outside the trust that I keep some emergency money in so I will have access to cash without a lot of hassle when the time comes. The rest are trust assets.

You have to change the names on all of the accounts to the name of the trust, and change beneficiaries of things like life insurance and 401k and bank accounts to the trust, if you want all assets to be in the trust. Create a binder of trust assets to keep organized.

Okay. Thanks!

I think retirement accounts are fine because sibling and I are beneficiaries and those won’t go through probate.

Thanks to you, I have looked this up and now see I can get paperwork from the bank to do this. I wonder why no attorney mentioned how I could do this.

OP

[Anonymous]

Anonymous wrote:It is one thing if you are doing this for financial efficiency or to make estate processing easier. If you are moving assets around in anticipation of needing assistance with health care costs, consult an elder lawyer first.

Thanks. I’m not moving them around for that reason.

My goal is to have one account as joint and title other accounts as trust accounts.

OP

[Anonymous]

Are they still alive?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why should we remove name from bank account? My mother added me just in case she was incapacitated. Trying to plan as well.

If you get sued, your mom’s money will be at risk. Same with divorce.

If you want to apply for Medicaid for her or financial aid for any kids, this can cause issues.

And other things.

This is misinformation potentially. I suspect the trust that was created is a revocable trust. That's not going to protect anything from creditors and Medicaid will not view it differently.

OP, what do you mean "the names are on their bank accounts"?

Are you signatories? Or owners?

I am not sure why you want to move the assets into a trust if you already have the ability to control the account.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is one thing if you are doing this for financial efficiency or to make estate processing easier. If you are moving assets around in anticipation of needing assistance with health care costs, consult an elder lawyer first.

Thanks. I’m not moving them around for that reason.

My goal is to have one account as joint and title other accounts as trust accounts.

OP

Why? You have not articulated why you want to do this.

How much money are we talking?

[Anonymous]

You mentioned retirement accounts- check out the SECURE Act- you may have huge tax liability.

[Anonymous]

Anonymous wrote:Why should we remove name from bank account? My mother added me just in case she was incapacitated. Trying to plan as well.

Raises hand — if your mom gets scammed and her bank account is drained and then some, you will be liable for any overdrawn monies if you are(?) a joint account holder.

Mom has been taken to the cleaners … twice. Once in her late 50s then again late 60s. We’ve helped a few people who came close to being scammed but one of them got taken too.

Sweet heart type scams and you owe Amazon scams and the scariest … a loved one is in need of immediate medical attention due to an accident.