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159: Do I REALLY Need a Trust?

The Retirement Years on Profit Boss® Radio

Release Date: 03/17/2020

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The Retirement Years on Profit Boss® Radio

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In this episode, we’re talking about estate planning. As in wills, trusts and powers of attorney. I know, it’s not sexy, but it is important.

Estate planning isn’t just something for people with a lot of money. It’s about making things as easy as possible for your loved ones when you’re gone, and whether you’ve got $10 or $10 million in assets, that matters. If you’re thinking that having a will takes care of this, you may be surprised to learn that a will doesn’t do that much - and can create serious legal and financial headaches for your beneficiaries.

Furthermore, if you have children, I cannot stress this enough: please get an estate plan in place along with appropriate life insurance. If you get in trouble and really need life insurance or estate planning documents in place, it’s often (unfortunately) too late, and whether you’re new parents or retirees making plans for your golden years, it’s highly likely that you need more than just a will to protect your family and your assets. If you’re wondering what to do next, today’s episode of Profit Boss® Radio is for you.

I’m joined by wills, trusts, and estates attorney Laura Cowan. Based in New York City, Laura was named a 2019 Rising Star by Super Lawyers, an award only given to the top 2.5% of attorneys in the Greater New York area, she’s spoken at the UN Headquarters about estate planning for non-citizens, and she has been featured in Forbes Magazine. Most importantly, Laura is an attorney who can actually speak to people about this complex topic without overwhelming them!

So, are you ready to truly understand the difference between wills and trusts, learn how to best protect your life’s work and your loved ones, and find out how to build an estate plan to best suit your needs? Then you don’t want to miss this episode. Tune in to Profit Boss® Radio today!

Here’s what you’ll find out in this week’s episode of Profit Boss® Radio:

  • Why having a will and not a trust guarantees that your beneficiaries will end up in probate court - and why this process often costs up to 5% of your estate and takes years to complete.
  • Which of your assets cannot be passed down in a will - and how naming minors as primary beneficiaries to assets like life insurance and 401(k)s can leave your money in a stranger’s hands until your children turn 18.
  • Why most people choose to create a living trust instead of a will - and the components that go into an estate planning package.
  • The dangers of letting minors collect their whole inheritance at 18 - and what happens if you don’t name a successor guardian for your minor children.
  • How asset protection trusts differ from living trusts - and how to best protect your assets from creditors.
  • How a trust can protect your assets in the event that your spouse dies and you remarry.
  • Why you shouldn’t create your own estate plan online - and why you should choose to work with a flat-fee estate planning attorney over one who charges by the hour.

MoneyWise Segment: Should You Refinance Your Mortgage?

If you listened to last week’s episode, Coronavirus & Your Money, you heard all about what NOT to do during a crisis. And while your investments are likely down, so too are mortgage rates. I have heard from people who are getting quoted on refinances at remarkably low rates and a lot of people are wondering, “should I refinance my mortgage?” Don’t miss today’s MoneyWise segment where I answer that question and share my best advice!

Show Notes

To get access to the full show notes, including resources mentioned, transcript, and a complete breakdown of the End of Year Wealth Building Checklist, visit HilaryHendershott.com/159.

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