***PLEASE BE ADVISED***

Please bear in mind and remember that Precision Tax Advisors is the entity that prepares your documents for you at no cost. RED Worldwide, Inc. (redworldwide.org) is where your courses are housed.

Think It Over...

Before we complete your documents, there are some things you need to take time and consider:

Establishing your
trust(s):

  • Understand that this is a serious process involving critical decisions.
  • Consider who will oversee your legacy in cases of incapacity, death, or other circumstances.
  • Realize the long-term impact of these decisions on your legacy.
  • Aim to appoint individuals who will honor and perpetuate your legacy for generations.

Choosing your trustee(s) and beneficiary(ies):

  • Allocate a day or two for thoughtful consideration of your choices.
  • Keep tools like pen and paper, a laptop, or a mobile phone handy for noting your decisions.
  • Understand that the choices you make will be reflected in your trust documents.
  • Remember, amendments can be made in the future if your decisions change.

Trust Refresher

All revocable Living Trusts - the You trust - that are a part of your trust bundle. This trust operates off of your SSN.

Revocable Trust: End with you.
Living Trust - This is the Trust you want to make personal declarations from (e.g. If you want to convey specific assets to a specific person or people, etc.) When you pass away, this Trust will execute your wishes and will be no more afterwards.

All irrevocable trusts - the not you trusts. These require an EIN. All irrevocable trusts that are a part of your bundle may include the following:

Irrevocable Trusts: Live / Carry on beyond your passing.

Business Trust - Can receive and holds assets. Can act as a Holdings company for other businesses, such as LLC's and Corporations. Can make investments, buy and sell property, and participate in other business ventures.

Family Trust - Can take care of maintenance for the family including education expenses for children or adults, buying groceries, paying for clothing, etc. This is done for individuals named as Beneficiaries of the Trust. The Family Trust can also own insurance policies on family and non-family members, and the expense(s) for the policy or policies can be paid for out of the Trust. This Trust can also buy and sell property, and participate in other business and investment ventures.

Charitable Remainder Unitrust - You can be the Grantor, Donor (individual who gives the initial donation to fund the Trust), and Trustee at the same time. Can purchase assets, can start and run businesses, makes investments on behalf of beneficiaries, etc. Can be utilized as an investment Trust. As long as you fulfill the donation requirement [at least 5% to 10% to a qualified 501(c)(3)], IRS guidelines allow for you to donate up to 50% of your AGI (Adjusted Gross Income) into your Charitable Remainder Unitrust. You may write off up to 60% of what you donate on your income tax return. As the Donor, you are obligated to take an annual distribution (which is taxable) no less than 5% and no more 50%, per year as an income stream to yourself. 

Private Family Foundation - Can do Endowments, Scholarships, etc. (Things that give you the "warm fuzzies.") The Private Family Foundation does not have beneficiaries.

More About Trusts

Click the button below to view more information about Trust Basics.

Make A Note of These:

Read the following carefully and write down the appropriate information to fill out  the forms for each of your trust documents:
  • Name of Trust
  • Address of Trust
  • Grantor
  • Trustee(s)
  • Beneficiary or Beneficiaries
  • Other Trustee(s)

Name of Trust:

Each trust will have to have its own name. Be advised that if you are seeking to privatize your affairs, you will want to choose a name that gives you anonymity, something that is not directly associated with you or your personal name.

Address of Trust:

Each trust will require an address for where it will be domiciled. This is where the Trust "lives". Just like you have to have a physical address for a business, so does your Trust. You can use your home address or a PO Box or another trusted address.

Grantor:

On the Business and Family Trusts, you cannot be the Trustee and the Grantor at the same time. You will have to select someone outside of who you have chosen to be the Substitute Trustee, Successor Trustee, and Beneficiaries. These trusts are called Non-Grantor Trusts. This means that the Grantor has no control over the trust. They can only setup the trust, fund it, and add assets to it.

If you desire and agree, we can stand in and be your Grantor. Doing so does not obligate us to anything neither can we change any Trust provisions, make decisions or the like on your Trust(s). After your Trusts have been notarized, that responsibility falls entirely upon the Trustee.

After the Trust has been created, the Grantor, has no say over the trust, they cannot change anything, and they cannot make any decisions for the trust. That is the job of the Trustee.

With the Charitable Remainder Unitrust, you can be the Grantor, the Trustee, and the Donor (and even Beneficiary) at the same time. This trust is called a Grantor Trust, although it is still an irrevocable trust.

Trustee(s):

The Trustee is the individual that oversees, manages, and administers the Trust. They make all the decisions for the trust, can open bank accounts, buy and sell real estate property, engage in business, and even initiate and manage investments on behalf of the Trust.

Other Trustee(s):

A Substitute Trustee will act on your behalf in the event you are not able to be present to fully function as the primary trustee.

The Successor Trustee(s) will be responsible for all of the assets attached to your trust upon your demise. This would the individual(s) who, upon the death of the trustee(s), will step into the role of Trustee and take over the administration of the trust(s).

Beneficiaries:

A beneficiary is a person or organization that either gains profits or distributions from the trust. These are individuals who would be recipients of funds and/or assets from the trusts. With each Beneficiary, you also need to have/know their address and birthday and supply that information on your form(s).

Please be advised that Beneficiaries in a Trust are not like Beneficiaries of an insurance policy. If you are the responsible party setting up the Trust and you will be the Trustee, your death does not trigger the conveyance of assets to your Beneficiaries. Any assets you place inside of any irrevocable Trust no longer belong to you; they are now property of the Trust. 

This is to be noted in the case of families where parents want to convey assets to their children when they pass away. If you want to do this, you need to do so from your Living Trust.

Ready To Input Your Information?

Intake Process:
If you are now ready to complete your trust document(s), you should have received email with a link to fill out for each of your Trusts.

If you require step-by-step assistance, please contact our office or your representative to schedule an appointment if you have not already done so.

Once we have completed your intake process with all of your information accurately input into our system, we will forward a copy of your documents to your email address on file for your review. Upon completing the review of your documents, we will walk you through the notarization process, and from there, banking procedures to fund your trusts and make them active/viable.
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