This episode of Building Wealthy Habits focuses on the importance of trust in business and personal relationships. We dig into the topics of wills, trusts, and estate planning, highlighting the need to avoid probate and the benefits of having a will or trust. The conversation also emphasizes the significance of powers of attorney for financial and healthcare matters.
We cover various aspects of estate planning, including power of attorney, durable power of attorney, trusts, and common misconceptions. We bounce back and forth the importance of honoring power of attorney documents and the difference between durable and non-durable power of attorney. We explain the different types of trusts, such as revocable and irrevocable trusts, and the benefits of using trusts for probate avoidance.
Reach out at contact@tricordadvisors.com
This week on Building Wealthy Habits:
00:00 The Importance of Trust in Business and Personal Relationships
03:12 Understanding Wills and Trusts
09:05 The Role of a Will
13:54 Powers of Attorney
19:32 Difference between Durable and Non-Durable Power of Attorney
20:24 Durable Power of Attorney and Mental/Physical Incapacity
21:00 Power of Attorney Ceasing at Death
21:27 Importance of Medical Power of Attorney for Children Turning 18
21:57 Types of Trusts and Probate Avoidance
23:35 Revocable Trusts and Irrevocable Trusts
24:03 Irrevocable Trusts and Estate Tax
24:58 Assets to Put in a Trust
25:41 Future Episodes: Estate Tax Changes and Common Misconceptions
Connect with Jeremiah:
LinkedIn: https://www.linkedin.com/in/jeremiahjlee/
Email: Jeremiah@tricordadvisors.com
Connect with Laura:
LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/
Email: Laura@tricordadvisors.com
Connect with Randy:
LinkedIn: https://www.linkedin.com/in/rkbarkley/
Email: Randy@tricordadvvisors.com
