#505 Why The Rich Put EVERYTHING In Their Living Trust

Main Street Business

Mark J Kohler and Mat Sorensen

Management, Tax Tips, Entrepreneurship, Accounting, Business, Business Structure, Estate Planning, Tax Reform, Legal Compliance, Tax Prep, Tax Strategies, Financial Reporting, Irs Updates

4.8 • 584 Ratings

🗓️ 4 June 2024

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

Get your Estate Plan for up to $250 OFF during our Estate Plan Special: https://kkoslawyers.com/estate-planning-special-2024/ In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen present the 4 key benefits of a living trust, no matter your age or wealth status, and how it can secure your family’s financial future after you’re gone. Here are some of the highlights: Mark and Mat give a thorough explanation of what a living trust is and its role in es...

Transcript

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0:00.0	because you know you're going to die and you want to take care of your family. I'm going to say finally, young or old, rich or poor, kids are no kids, married or single, you all need a trust. If you don't have an estate plan at all, the state that you live in does have a plan for you when you die. That is not what you want. The worst plan is no plan. The reality is when you dump money and assets on family members that
0:22.0	aren't prepared to receive that money, you can actually ruin their lives, ruin relationships.
0:27.0	Money does weird things. They end up fighting over it. This trust protects them. It doesn't let the
0:32.5	money come and harm them. Mass drafted over a thousand trusts in his career, as I have. But we don't do our own. We need
0:38.9	brain on brain. Welcome to a special edition of the Main Street Business podcast where we want
0:48.1	to talk about what is a living trust and what are the four major benefits. My name is Mark Kohler,
0:53.9	CPA, attorney, author,
0:55.5	influencer in the tax and legal space. And I'm here with the infamous Matt Sorenson, author of
0:59.9	the self-directed IRA handbook, senior partner KQS lawyers. This is such an exciting topic.
1:05.2	This is such an exciting topic. And I am resigning my own estate plans tomorrow. This is also
1:10.5	estate planning month in our law firm KKOS lawyers. We love to run a special to get you excited about doing estate planning because we all know there's one thing certain in life. There's two. But the one for today is death. We talk a lot about the other one, taxes. Yes. But today we're talking about death. It is going to happen to you. Spoiler
1:28.6	alert. But we want to talk about the plan you need and how this comes together. We're going to get
1:33.9	into the living trust, which is the number one trust. We want to recommend for our clients. Everybody
1:38.5	needs to know this. Even if you're Uber wealthy, the billionaires out there have a living trust.
1:45.2	The living trust is the foundation.
1:47.2	Maybe we start there.
1:48.0	Let's just explain quickly what is a living trust.
1:50.9	And then we'll get into these four benefits.
1:52.8	I'll just say in general.
1:54.0	Yeah.
1:54.2	All right.
1:54.4	Okay.
	...

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