In this episode, Laura Lee, Jeremiah Lee and Randy Barkley, break down some of the intricacies of estate planning, highlighting common missteps and offering practical advice to avoid them. They discuss the importance of having a trust over a will, the pitfalls of adding children to property titles, and the complexities of managing illiquid assets. The conversation also touches on the significance of coordinating estate plans with other assets and understanding community property laws.
Takeaways
Avoid common estate planning missteps to prevent future inconvenience.
A trust is more effective than a will in avoiding probate.
Adding children to property titles can lead to tax and liability issues.
Plan for illiquid assets like property and businesses carefully.
Coordinate estate plans with other financial assets for consistency.
Understand community property laws and their impact on estate planning.
Beneficiary designations can override estate plans if not aligned.
Estate planning should include discussions with family members.
Tax implications of inheritance can be significant and need planning.
Regularly review and update estate plans to reflect current situations.
Reach out at contact@tricordadvisors.com
Connect with Jeremiah:
LinkedIn: / jeremiahjlee
Email: Jeremiah@tricordadvisors.com
Connect with Laura:
LinkedIn: / laura-lee-59a83610
Email: Laura@tricordadv.com
Connect with Randy:
LinkedIn: / rkbarkley
Email: Randy@tricordadv.com
Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
