260-An Introduction to Trusts in the Context of Estate Planning

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 16 November 2015

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

The word "trust" has a bit of a mystique in the modern financial world. It's a word that everyone knows (we all know a "trust fund kid") but few people understand and even fewer understand accurately.

Trusts are both simple and complex. They're simple in concept but can be quite complex in application.

Today I share with you some basic background on trusts and trust planning.

I also share with you some thoughts regarding the use of a revocable living trust within the context of your personal estate planning.

Enjoy the show!

Joshua

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Transcript

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0:00.0	Our financial planning shows this month are focused on the topic of estate planning and today I want to give you a
0:07.8	useful introduction to the world of trusts a lot of mystery and mystique that surround that word, a lot of
0:15.0	misunderstandings. And today I'm going to give you just a broad overview that I
0:20.1	hope will help you to understand what financial planners and attorneys and other people mean
0:26.6	when they use the word trust. And soo, Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets and I'm your host.
0:49.0	Thank you for being with me today.
0:51.0	Yes indeed, the exciting world of estate planning and trust planning. If you've ever talked to anybody
0:58.0	usually in the state planning attorney you probably quickly were maybe a little bit intimidated by this work.
1:05.0	We've heard of trust fun kids, trust fun babies.
1:08.0	Today, let's make it a little simple and explain how and why you can use the tool of a trust in your plans.
1:15.0	I guess we all are familiar with the term of a trust fund kid, but what does it mean other
1:22.2	than this person is financially
1:23.9	independent? Well today I want to give you some meaning and there's a lot of
1:28.4	depth that we could go to when it comes to trust planning, a lot of depth. We could talk about the irrevocable life insurance
1:35.1	trust. We could talk about the 2503B trust or the Q-tip trust or the Q-T trust or the Dynasty trust or the
1:43.7	the 2503C trust or the favorite one I like to use
1:47.8	when I am supposed to be sounding fancy.
1:50.1	Let's talk about the defective Grand Tour trust or the tainted grantor trust, which would be another term for it.
1:57.2	Or we talk about crummy powers, and there's all of these funny words that have specific and important meaning to those of us in the estate
2:05.6	planning business but often are impenetrable for perhaps you the layperson
2:12.4	audience today don't worry we're not going to talk about any of those perhaps you the lay person audience.
2:12.8	Today, don't worry, we're not going to talk about any of those cool things.
	...

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