Last Will & Testament

Last Will & Testament

A few days ago, I finished reviewing and approving my third Will & Testament.  I have revised my Will three times – at 25, 42 and 50.  Just part of the normal process we all need to go through.  We all have the same worries about taking care of our family.  Reviewing a Will also means reading related documents.  I have a few partnerships and trusts plus my medical and financial Power of Attorney forms.  Creating these documents occurred at different times.  Finally, all of these documents have to be in sync.  211 pages.  Ugh!  However, the review focus of a Will & Testament plus related documents hinges on more than tax and legal stuff.  We all need to consider our assets, philosophy of our money and our family.  Not easy.

As a co-founder of Wealth Advisors Trust Company, I hold myself accountable to the best estate planning practices.  We all learn by sharing processes, successes, and failures.

 

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Deciding Trust Distribution: Goals, Priorities & Purpose

Thinking ahead about the type and quantity of a trust distribution your trustee will disburse to your beneficiaries is the first important step. Having some plan is better than having no plan, and heavy tax burdens and lackluster heirs further complicate the game plan.

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Trusteed IRA SmartIRA

Trusteed IRA – A quiet and powerful Client solution

A Trusteed IRA is a simple and powerful financial planning tool.  To know the power of the Trusteed IRA it’s important to describe the IRA industry for all of us.  The IRA market has grown substantially over recent years as the baby boomer generation prepares for retirement. With nearly 40.4% of all American households investing in at least one IRA, total IRA assets topped $8.5 trillion in the third quarter of 2017.[1] This amount represents more than a 30% of the total $27.2 trillion retirement market in the United States and has grown at an average rate of 7.4% percent annually since 1990.[2].   The IRS has accepted our Trusteed IRA solution which is called the SmartIRA™.

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Directed Trusts Made Simple

Most financial advisors, and clients are well aware of what directed trusts can do for them (e.g. provide flexibility on management of trust assets).  There is allot of ‘noise’ about directed trusts and explaining the hows, whys, why nots etc. is important for all to be educated about.

The critical thing to keep in mind is that the trust industry is undergoing a quiet revolution that has wrested control of trust accounts away from traditional trustees—primarily in the banks and other large institutions—and back into the hands of independent trust companies, advisors and most importantly clients.

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