Inheritance Missteps: Navigating Trusts and Children
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 12 June 2023
⏱️ 27 minutes
🧾️ Download transcript
Summary
In this episode, John and Devin dive into some of the nuances of inheritance planning, particularly when it comes to setting up trusts for children. As is the case with most important things, there are lots of hidden "gotchas" that can have unintended consequences.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.6 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.7 | I'm your host, Devin. |
| 0:14.6 | joined it by John Kelsey Ross, the 4th. |
| 0:17.3 | Howdy. |
| 0:23.6 | All right, John, glad to have you back with me, not having to pull special guest in. |
| 0:29.4 | That's right. |
| 0:29.7 | John is not available. |
| 0:31.1 | Yes, that's right. |
| 0:33.3 | So, we've had you here to talk about this, and I know that's what our listeners want. That's right. John and Devin to be talking. That's right. They like our dynamic. John, we've seen some people do some stupid stuff. Oh, yeah. Now, we don't tell them they're doing stupid stuff. We just encourage them to take alternate paths. That's correct. You know, I made the mistake one time. I recorded this video called, uh, what was it? Three stupid reasons to file |
| 0:56.1 | at 62. Okay. And I use the word stupid. Well, I didn't realize how many people would get all |
| 1:01.8 | offended over that. But they did. They, they just were upset that I would infer some people were |
| 1:09.7 | stupid because they made a certain decision. |
| 1:12.7 | Well, they didn't even watch the video. |
| 1:14.1 | The reasons I listed for filing early in that case were stupid reasons. |
| 1:20.2 | Well, see? |
| 1:20.8 | There you go. |
| 1:21.6 | Obviously, you know that I don't think that filing early is a stupid decision in itself. |
| 1:25.6 | I think sometimes it makes the most sense. |
| 1:27.6 | Absolutely. In many cases, it does. But those reasons were stupid. So you and I don't often go out |
| 1:33.6 | and tell our clients that's stupid. No. But we've still seen some stupid stuff. And I will say that a lot of |
... |
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