Today's Hack

Is a trust something everyone has or just the really wealthy? Do you need it as a part of your estate plan?

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Show Notes For This Episode

Today’s Hack:

Is a trust something everyone has or just the really wealthy? Do you need it as a part of your estate plan?

Click the timestamps below to jump ahead in the episode…

Video Version:

Other Retirement Facts:

What is an estate plan? Do you really need it? In general, estate planning contains four different documents: a will, durable power of attorney, medical power of attorney, and a trust. Does everyone need all four? Or is that reserved for only the extremely wealthy?

A trust often is set up for further control. Do you need a trust? What are your goals when having a trust? If you have IRAs or annuities, those will go to the beneficiaries listed and don’t need a trust just to avoid probate. Outside of estate planning, it’s important to understand that the beneficiary designation will be carried out. 

When can a trust create more problems than they are worth? Do you need the added layer of complexity? Is there another option? It’s helpful to discuss your options with not only an estate attorney, but also with your financial advisor, and CPA. Does it make sense with your overall plan?

Understanding what your assets are and how they will pass down after you are gone will help you determine whether or not a trust is needed. Sometimes a trust can fill a particular need, but other times, it can add extra complexity that you don’t really want or need.

Listen to the entire episode or click on the timestamps below to find out more about trusts.

0:39 – We’re going to talk about estate planning gone wrong.

1:30 – How does your advisor potentially help with estate planning?

2:18 – What is an estate plan? 

4:15 – What purpose does a trust serve?

7:05 – Real estate is a big reason why some choose to get a trust.

8:47 – What changed in 2020?

10:13 – When does a trust make it more complicated?

Thanks for listening! We’ll be back with another episode next week.

A Quotable Moment:

If you’ve had estate planning done in the past, now is the time to review it because everything’s changed. You want to understand under the new law with no longer having the stretch, do you need to make updates to your estate plan?

-Phil Putney

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