Robin Williams’ Estate Plan Not a Laughing Matter – Using Trusts to hold Real Estate

May 28th, 2015Comments Off on Robin Williams’ Estate Plan Not a Laughing Matter – Using Trusts to hold Real Estate

Robin Williams’ Estate Plan Not a Laughing Matter

Brette Sember, Esq.
by Brette Sember, Esq.
Freelance writer
Aug 2014

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Amidst the overwhelming outpouring of grief at the death of comedian Robin Williams, there is curiosity about what type of estate plan such a beloved, well-known, and wealthy celebrity left behind and how he provided for his children. The recent deaths of other celebrities such as Philip Seymour Hoffman and James Gandolfini show that not all celebs strategize well. Williams, on the other hand, provides an example of careful planning. He might have been known for his rabid comic genius, but his estate plan was no joke.

Children Protected

Although he was hugely successful in movies and television, Williams spoke of financial problems in recent years. Two divorces and fewer movie roles had reportedly depleted his assets to a still-robust $50 million. While it is currently unknown if he left a will, we do know that Williams took steps to protect his children with the creation of trusts. Williams left behind three children, Zach, Cody and Zelda from two different marriages. The terms of the trusts, while private, have been reported in the press as paying out to his children in three lump sums. The trusts are structured so the children each received 1/3 of the value of his or her trust at 21, half of the remaining assets at 25 and the balance at age 30.

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Why Trust a Trust Fund?

Trust funds are favored as an estate planning tool because they give you control over your assets. Trusts also keep details about your assets and your beneficiaries private (essential for high-profile people like Williams), whereas wills are court records.

Home Sweet Home Protections

In addition to creating trusts to secure his children’s financial futures, Williams also is known to have created an irrevocable real estate trust, which he named the Domus Dulcis Domus Holding Trust (which translates to Home Sweet Home in Latin). Giving the trust a name with no link to him offered a layer of privacy protection. Both his home in Tiburon and his ranch were placed in the trust and will protect the family from estate taxes on the properties and provide them with important equity in the properties. If these properties were not held in an irrevocable trust, a large portion of the value could be due as estate tax, drastically reducing the family’s holdings.

There are a variety of trusts to consider in your own estate planning and all have their own benefits and restrictions.

AB Trusts as Easy as ABC

An AB living trust is commonly used by married couples. The trust is created by both spouses. When the first spouse (“A”) dies, the surviving spouse (“B”) gets to use the assets during her life, but can’t alter the ultimate beneficiaries for property that was put into the trust by spouse A. When spouse B dies, the trust assets are distributed among the original beneficiaries chosen when the trust was created by A and B. However, spouse B has the flexibility of adding assets to the trust during her life and can control those beneficiaries. This makes an AB trust useful for blended families and allows the creation of children’s subtrusts.

Join Together with Joint Living Trusts

A joint living trust is created by both spouses. Part of the flexibility of this type of trust is that the spouses create the rules themselves for how the assets will be managed and distributed. Each spouse contributes property and controls beneficiaries for his share of joint property and his own individual property in the trust. Both spouses have complete control over all the trust assets and either one can revoke (or shut down) the trust at any time. When the first spouse dies, the surviving spouse gets all the assets in trust for her use and then leaves what remains at her death to her beneficiaries. These trusts are common in community property states because they give the surviving spouse the property’s current value at date of death as the cost basis for the asset (the value against which taxable gains will be measured).

Individual Trusts Keep Things Separate

Not all living trusts have to involve your spouse. Sometimes individual living trusts are useful when there is separate (non-marital property) that you want to pass down to a child or grandchild. These types of trusts work well for unmarried couples. Jointly owned assets are difficult to pass through an individual trust because ownership needs to be separated.

Although Williams is gone, he leaves behind a veritable treasure trove of comedy on film that will be enjoyed for decades to come. Because he so carefully protected his family with well-thought out trusts, his family will continue to benefit from his rare and fleeting talent.

Never buy property in your name again – We buy Real Estate using Trusts – Check out this video to learn why

Feb 9th, 2014Comments Off on Never buy property in your name again – We buy Real Estate using Trusts – Check out this video to learn why

Trust for Real Estate

Click here for more info: https://addicted2realestate.safechckout.com/trust

Click here for more info: https://addicted2realestate.safechckout.com/trust

SIGN UP FOR THIS FREE TV SHOW AT http://www.addicted2realestate.com

SIGN UP MY FREE MEETINGS AT http://www.meetup.com/Addicted2RealEstate/

Click here for more info: https://addicted2realestate.safechckout.com/trust

Phil Falcone is a Philadelphia area full-time real estate investor who started in the business in 1989 at the age of 23, and whose portfolio today includes commercial offices, apartment buildings, and residential homes. Phil is the author of Addicted to Real Estate–Why I Can’t Stop and Why You Should Start, an honest account of an addiction to real estate. From his first investment property over 23 years ago to his relentless search for the next great deal every day, Falcone is a non-stop real estate investment machine! Phil will be sharing with us how he buys houses with none of his own money, without the support of banks, gets to keep the properties and sometimes gets paid to buy them. He will delve into the details of actual deals he negotiated and describe why his methods were so effective. Learn how he used his addiction to help him achieve his goals and why he can’t stop investing in real estate. Phil will inspire any investor to achieve higher levels of drive and success in the rewarding world of real estate. Phil Falcone invites you to sign up for this FREE web TV show at http://www.addicted2realestate.com

SIGN UP FOR THIS FREE TV SHOW AT http://www.addicted2realestate.com

SIGN UP MY FREE MEETINGS AT http://www.meetup.com/Addicted2RealEstate/

Phil Falcone is a Philadelphia area full-time real estate investor who started in the business in 1989 at the age of 23, and whose portfolio today includes commercial offices, apartment buildings, and residential homes. Phil is the author of Addicted to Real Estate–Why I Can’t Stop and Why You Should Start, an honest account of an addiction to real estate. From his first investment property over 23 years ago to his relentless search for the next great deal every day, Falcone is a non-stop real estate investment machine! Phil will be sharing with us how he buys houses with none of his own money, without the support of banks, gets to keep the properties and sometimes gets paid to buy them. He will delve into the details of actual deals he negotiated and describe why his methods were so effective. Learn how he used his addiction to help him achieve his goals and why he can’t stop investing in real estate. Phil will inspire any investor to achieve higher levels of drive and success in the rewarding world of real estate. Phil Falcone invites you to sign up for this FREE web TV show at http://www.addicted2realestate.com Phil Falcone gives it to you straight about how to make it in the Real Estate Investing Business. Addicted to Real Estate–Why I Can’t Stop and Why You Should Start, by Phil Falcone, is a case study of a full-time investor who can’t stop making aggressive and creative real estate moves http://www.addicted2realestate.com Real Estate Addict Reveals His Secrets for Success…and Shows You Why You Should Become an Addict Too! Do you want to learn about real estate investment from a fresh perspective, by “getting into the head” of someone who is doing it all the time? Do you want to get the edge when negotiating your next real estate investment deal? Do you want to take your real estate portfolio to new heights? http://www.addicted2realestate.com Meet The Addict Phil Falcone, the ultimate real estate addict, honestly chronicles his real estate success story in his new book, “Addicted to Real Estate…Why I Can’t Stop and Why You Should Start”. From his first investment property over 20 years ago, to his relentless search for the next great deal every day…he is a non-stop real estate investment machine! Get Addicted Phil takes you through his deals, and shares with you what he was thinking as he made each real estate move. Whether you are a seasoned veteran, or just getting started, Phil shows you how to achieve amazing success as a real estate investor and addict: • Delve into the details of actual deals he negotiated and learn why his methods were so effective • http://www.addicted2realestate.com

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SIGN UP FOR THIS FREE TV SHOW AT http://www.addicted2realestate.com

SIGN UP MY FREE MEETINGS AT http://www.meetup.com/Addicted2RealEstate/

Trust Workshop is coming up on 11-23-13 in Warrington PA. Never buy in your name again!

Nov 9th, 2013Comments Off on Trust Workshop is coming up on 11-23-13 in Warrington PA. Never buy in your name again!

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Speakers: Jeremy Ricci & Phil Falcone
When: Saturday November 23, 2013
10 a.m. – 3 p.m.

Where: Doylestown Health and Wellness Center
847 Easton Road, Warrington, PA

$149.00 per person

Limited Seating! Reserve your seat TODAY!

Isn’t it time you learn and understand the power of Trusts, Title Holding Trusts, Personal Property Trusts among others? This will be a down-to-earth, nuts and bolts class on Trusts. We will cover practical, everyday techniques you can use to help bulletproof your assets as well as advanced strategies for use when you are ready. You will gain insights on methods others can use to separate you from your hard earned dollars and assets, then how to legally protect yourself. Benefits of knowing how to use trusts include… protection from liens, protection from title claims, discouraging litigation, protection from HOA related claims, and making contracts assignable.

The mystery of using trusts for your deals gets revealed…

“How to hold title to Real Estate in trust!”

Don’t miss this opportunity to learn how to use Trusts in your deals once and for all to control and more importantly protect your assets.

Q: Are you holding title to your property in your own name? Why?

Q: Do you hold title to more than one property in your LLC or corporation’s name?

Q: When a nosy neighbor, a buyer, your tenant, or worse… their attorney Google you (or your company) on the public records, will they know about every single deal you have ever done?

There’s another way… TRUSTS …and, there’s even more benefits to doing so!
Don’t miss out on this little known tool utilized by savvy investors worldwide!

Here are some of the topics we’ll cover:

How trusts can provide anonymity and transaction privacy

Keep your assets and deal flow out of the “public eye”

Protect your property from scheisters

How to instantly transfer your wealth without your property going through probate

Who would be an ideal trustee

How to get an “out of state” trustee and why

How to use trusts for checkbook control of your IRA

How to put your other valuable property into trust

…and how to control your assets even “from the grave” so your heirs don’t pillage your portfolio

GET OUT YOUR CALENDAR AND CLEAR YOUR SATURDAY SCHEDULE…

HERE ARE THE WORKSHOP DETAILS:

Speakers: Jeremy Ricci & Phil Falcone
When: Saturday November 23, 2013
10 a.m. – 3 p.m.

Where: Doylestown Health and Wellness Center
847 Easton Road, Warrington, PA

$149.00 per person

Limited Seating! Reserve your seat TODAY!

Isn’t it time you learn and understand the power of Trusts, Title Holding Trusts, Personal Property Trusts among others? This will be a down-to-earth, nuts and bolts class on Trusts. We will cover practical, everyday techniques you can use to help bulletproof your assets as well as advanced strategies for use when you are ready. You will gain insights on methods others can use to separate you from your hard earned dollars and assets, then how to legally protect yourself. Benefits of knowing how to use trusts include… protection from liens, protection from title claims, discouraging litigation, protection from HOA related claims, and making contracts assignable.

See you there and don’t forget to check out my TV show at:

www.Addicted2RealEstate.com