In this episode of Repair the Roof, Attorney Ted Gudorf discusses why asset alignment, or funding, is key to having an effective estate plan.
Asset alignment revolves around making sure that the assets you own are properly titled, whether in the name of your revocable trust, your irrevocable trust, your limited liability company (LLC), or your individual name with a designated beneficiary.
Before diving into asset alignment, it is important to first identify the assets you own and in whose name each is titled—often overlooked details. Once this is done, prepare the necessary paperwork needed to retitle the assets to the proper name.
Some of the primary benefits of properly funding your estate plan include avoiding both living and death probate, protecting your assets (for example: from lawsuits, nursing home costs, etc.), and ensuring that your assets get passed onto your grandchildren.
90% of the estate plans we see are not fully funded and, in fact, most are not even partially funded. At our law firm, we believe in fully funding your revocable trust.
Key Topics:
Resources:
