• Trusts

  • Aug 16 2023
  • Duración: 15 m
  • Podcast

Trusts Por arte de portada

Trusts

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  • Podcast Show Notes Welcome to "Small Bites of Business Insights" where we continue the discussion on wealth planning, focusing on estate planning basics and delving into trusts. Becca returns as a guest to discuss trusts and their advantages over wills in estate planning. Trust vs. Will: A trust is a living document effective upon creation, while a will takes effect after one's passing. Trusts offer privacy, avoiding probate and keeping asset distribution details confidential. Setting Up a Trust: A living trust or revocable trust is created during one's lifetime for asset distribution upon death. While online platforms like LegalZoom offer trust creation, due to complexity, consulting an estate planning attorney is advised. Legal Changes and Tax Implications: Estate laws constantly evolve, making estate planning a specialized and ever-changing field. Tax implications for estate planning remain similar whether using a will or a trust, but differences arise with irrevocable trusts. Irrevocable Trusts: Irrevocable trusts are unchangeable after creation, often used for gifting assets during one's lifetime while retaining control through a trustee. They provide protection from creditors and divorces, benefiting both the creator and the beneficiaries. Control and Parameters in Trusts: Trusts offer control from the grave, enabling creators to set conditions and guidelines for distributions to beneficiaries. Trustees play a critical role in managing the trust, making investment decisions, and adhering to specified parameters. Selecting a Trustee: A trustee can be a family member, a friend, or a professional entity, based on the complexity and nature of the trust. Estate planning attorneys help in choosing suitable trustees and setting compensation parameters. Conclusion: Becca provides comprehensive insights into trusts, emphasizing their advantages over wills in estate planning. Tune in to the next episode where the discussion will cover crucial aspects of estate planning like power of attorney for property and healthcare. Hosts: Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence www.business.louisville.edu/yumcgfe Rebecca McDade, JD - Attorney https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
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