PODCAST

Ep 7: What Exactly is a Trust?

We’ve found that one of the more misunderstood topics in planning is the estate and legacy. Since many people don’t enjoy thinking about it or discussing this aspect of their retirement, it often goes overlooked or ignored.

Today we want to spend some time really delving into what a trust is and why someone would choose this over a will. To help us with this topic, we’ve invited Mike Bennett of MCB Estate Planning to the show. He’s one of our estate planning partners who has more than two decades of experience and understands the ins and outs of a well-constructed estate plan.

This discussion will be very valuable to anyone who wanted to learn more about trusts because we’ll go into detail on different scenarios and situations where a trust could benefit you and give you a thorough understanding of how it all works.

Here is some of what you will learn in this episode:

  • The main differences between a will and a trust. (2:48)
  • What probate is and why you’d want to avoid this for your estate. (4:02)
  • What makes people hesitant to get their estate plan finished? (6:45)
  • Some of the common scenarios where a trust can benefit someone.  (9:49)
  • Why you should be reviewing your trust every three to five years. (17:29)
  • How does moving out of state impact a trust that you already set up? (21:10)
  • The situations where a trust might not be necessary for you. (22:57)

If you have any questions about what we discussed or anything else in your financial plan, email us at office@bulmanwealth.com.

If you have any question for Mike, you can visit him online here. 

 

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HOW TO CONNECT WITH BULMAN WEALTH GROUP

At Bulman Wealth Group, we believe everyone should live the retirement that they’ve always wanted. To do that, we feel you need to look beyond savings and investment. We believe—that’s what you’ve been taught to look after—but we think there are actually five pillars of retirement planning that need your consideration including investment, income, taxes, health care planning and legacy planning.

Use the buttons below to learn more about our services and the five pillars of retirement planning. You can also book a 30-minute discovery call with the team below, or by calling (916) 458-8199 with your questions.

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The following content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or an indication of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital. Opinions expressed are solely those of Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed accuracy and completeness, and does not purport to be a complete analysis of the materials discussed.

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