In this video, we will walk you through how to schedule the future transfer of ownership of an asset in your client's plan.
Transcript
In this example, I have a client, Jimmy Peters, age 61, and his adult son, Evan, age 34. Jimmy has set up a Family Trust, and in the future, he would like to begin moving some assets into this trust for Evan, who is the beneficiary.
First, I’m going to click the plus button and select Transfers.
The first thing I’ll transfer into this trust is an investment account. This is an inheritance account, so I’ll select that and transfer it into the Family Trust. I’ll enter a specific amount of $1 million, and this will be a one-time transfer.
If I wanted to set up recurring transfers, I would simply switch this option to “Yes.”
For timing, I’ve created an event at Jimmy’s age 75, so I’ll set that as the start event and click Done.
Next, I’ll transfer a property, specifically, a rental property. I want this transfer to also occur at Jimmy’s age 75, and I’ll transfer 100% ownership into the Family Trust. Then I’ll click Done.
Finally, I’ll schedule the transfer of the main residence. This transfer will occur later, at Jimmy’s age of 85. I’ll set that event, transfer 100% ownership into the Family Trust, and click Done.
Now let’s double-check the transfers.
I’ll go to Year View and select the Investments tab. Currently, the investment is owned by Jimmy. At age 75, you can see that the $1 million investment is withdrawn and moved into the Family Trust, leaving an ending balance of $1 million in the trust.
Next, on the Property tab, at age 75, Jimmy still owns the main residence, but the rental property has been moved into the Family Trust. At age 85, we can now see that both properties are owned by the trust.
I hope this was helpful! If you have any questions, you can click on the name of your client in the top right, select Request Support, enter your question, and share client access.