Episode 21 – Core Elements of an Estate Plan

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.

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