#151: Estate Planning -- Trusts
Get ready for a series on Estate Planning! We’ve had a few questions about that lately both in the FCC Facebook group and with our personal clients, so join Josh and Amelie as they talk about estate planning, and then keep an eye out for a final episode with Josh and Emily as they talk about a financial coach’s role in all of this! First up–trusts! What are trusts, who needs a trust, and what does it all mean?!
Takeaways:
- Trusts do not magically hide money from taxes.
- A trust is a “non-natural” person and as such can own assets/hire people etc.
- Revocable trusts can be changed at any time and are somewhat similar to just another account; irrevocable trusts are very limited in what can be changed.
- Biggest benefit to a trust is being able to control your money from beyond the grave.
- Second biggest benefit is being able to provide for beneficiaries.
- There are four people/groups etc. involved in trusts: guarantors/settlers/creators (who put money into the trust), executors (control the trust), income beneficiaries (receive benefits while the trust is in existence), and remainder beneficiaries (those who receive what’s left when a trust ends).
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