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Episode Info:

We all have questions when it comes to planning for our future and how to implement the best plan of action when it comes to setting a legal plan in place. When it comes to finances the majority of us have an overwhelming amount of questions and anxiety, which is why it is highly suggested you consult an estate attorney when putting a will or trust-fund in place. 

In this interview, Melanie Marmion, an estate planning attorney in partnership with the law firm of Fitzwater, Meyer, Hollis, and Marmion, will discuss some of the most commonly misunderstood aspects of implementing a will or trust-fund - such as how to decided which document would be more beneficial in specific cases, whether or not you should consult an attorney or use online software, and how to minimize taxes on your trust-fund. 

Tune into this episode of Your Best Financial Life with your host, Scott Malbasa, to take the next step in your estate planning process.

 

Show Highlights:

  • How to get involved in estate planning 
  • Doing personal financial training 
  • Working with families’ finances 
  • Different elements of estate planning 
  • Finding solutions for what to do with your money 
  • Updating estate plans 
  • The differences between automatic taxes and disclaimer taxes
  • Defining the Trustee
  • Preserving benefits for disabled or special needs families 
  • Questions to consider before approaching an attorney 
  • Determining what benefits are necessary  
  • Complications with retirement assets 
  • Preparing for taking funds out of a trust-fund 
  • Directing trustee’s on how income can be spent 
  • Having people hold the trustee accountable 
  • Why a will and trust is necessary 
  • What happens if you become incapacitated 
  • Taking a will through probate 
  • Establishing a revocable living trust 
  • Automatically managing assets 
  • Why online programs are not sufficient 
  • Mistakes in pre-set state plans 
  • Finding simple solutions for trust-fund complications 
  • How to minimize taxes 
  • Optimizing the gift rules and filing gift tax returns 
  • Giving charitably and implementing a charity plan 
  • The difficulties of transitioning estate in and out of a trust 
  • Explaining a pour over will 
  • Giving someone power of attorney 
  • Facilitating a meeting before naming someone the trustee 
  • Avoiding conflict by communicating 
  • Flat fee billing for a basic will and trust plan 
  • Doing research and thinking outside the box 
  • Transfer of wealth 

 

Resources:

Article by Melanie

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