Many times Attorneys talk us into getting an un-necessary trust or talk us out of a trust when having one would save our family from a lot of expense and heartache when we pass away. What can we do to prepare our family ahead of time? What are the biggest mistakes we want to avoid when setting up trusts and completing our estate plans?
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The first question to ask any financial adviser is, “Are you a fiduciary to me 100% of the time”. Get the answer in writing Please note that some people call themselves “fee-based”. This is NOT the same as fee-only. Fee-only advisers have committed to being fiduciary to you 100% of the time. Personally, I would only hire an adviser who is a fiduciary to me 100% of the time. This is not a suggestion on what you should do. Just sharing my personal preference.
0:00 – Watch Out for These Lies & Mistakes (#1)
0:31 – Learn from Other’s Mistakes
1:26 – Number 2
2:21 – It’s Likely You DON’T Need a Trust
2:47 – Ways to Avoid Probate WITHOUT a Trust
4:03 – Number 4
5:37 – Number 5
5:53 – Reasons to Establish Trusts
7:15 – Making Sure Your Kids are NOT Dis-Inherited
8:21 – Number 6
9:42 – Number 7
10:46 – Number 8
12:07 – Where is the Treasure Buried?
13:10 – Naming Executors and Trustees
14:18 – Trust Protectors
14:39 – Letters of Instruction
15:12 – Hosting a Family Conference
15:50 – How and When to Fund the Trust
16:20 – Pack Your Bags BEFORE Taking a Trip
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THESE VIDEOS ARE NOT FINANCIAL ADVICE (Disclaimer) 🚨 This information is only provided as an informational resource and should not be viewed as investment advice or recommendations. The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family. This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and may NOT be suitable for all investors. This information is NOT intended to, and should NOT, form a primary basis for any investment decision that you may make. Always consult your own legal, tax, and/or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.
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Spoiler Alert: There are no “get rich” programs. Rather, just basic blocking & tackling and putting in time and care. Do your homework, choose wisely and (IMHO) work with experienced professionals who are fiduciary to you 100% of the time.
