In this week’s episode, Dave delves into the critical role of trusts in estate planning. Trusts help control asset transfers, limit taxes, and prevent family disputes. They are essential for prenuptial planning, protecting assets for biological children in second marriages, and planning for incapacity with financial power of attorney.
Dave illustrates the benefits of trusts through personal anecdotes, highlighting the importance of manageable trust structures. The episode also covers the advantages of life insurance trusts, umbrella insurance policies, and the risks of reckless asset transfers.
For those interested in charitable giving, Dave explores options like charitable remainder trusts and donor-advised funds, showcasing their tax benefits. Properly funding trusts to avoid probate, managing assets across states, and protecting special needs children are also discussed.
Dave emphasizes the importance of working with advisors for comprehensive planning. He highlights how Retirement Risk Advisors can support retirees with education, webinars, and resources available online. Tune in to discover strategies for a well-planned and protected retirement.
