Episode 21 – Core Elements of an Estate Plan
June 4, 2024
In this episode we discuss core elements of an estate plan and the power of trusts and good legal advice. Learn more!
This episode of Building Wealthy Habits focuses on the importance of trust in business and personal relationships. We dig into the topics of wills, trusts, and estate planning, highlighting the need to avoid probate and the benefits of having a will or trust. The conversation also emphasizes the significance of powers of attorney for financial and healthcare matters.
We cover various aspects of estate planning, including power of attorney, durable power of attorney, trusts, and common misconceptions. We bounce back and forth the importance of honoring power of attorney documents and the difference between durable and non-durable power of attorney. We explain the different types of trusts, such as revocable and irrevocable trusts, and the benefits of using trusts for probate avoidance.
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This week on Building Wealthy Habits:
00:00 The Importance of Trust in Business and Personal Relationships
03:12 Understanding Wills and Trusts
09:05 The Role of a Will
13:54 Powers of Attorney
19:32 Difference between Durable and Non-Durable Power of Attorney
20:24 Durable Power of Attorney and Mental/Physical Incapacity
21:00 Power of Attorney Ceasing at Death
21:27 Importance of Medical Power of Attorney for Children Turning 18
21:57 Types of Trusts and Probate Avoidance
23:35 Revocable Trusts and Irrevocable Trusts
24:03 Irrevocable Trusts and Estate Tax
24:58 Assets to Put in a Trust
25:41 Future Episodes: Estate Tax Changes and Common Misconceptions
Connect with Jeremiah:
LinkedIn: https://www.linkedin.com/in/jeremiahjlee/
Email: Jeremiah@tricordadvisors.com
Connect with Laura:
LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/
Email: Laura@tricordadvisors.com
Connect with Randy:
LinkedIn: https://www.linkedin.com/in/rkbarkley/
Email: Randy@tricordadvvisors.com
This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest.