31: What the Heck is a Trust, and Why Might I Need One?

Trusts.

 

What the heck are they and why might it be a good idea for you to have one?

 

Most people believe that trusts are this elusive thing reserved for the uber-wealthy…

 

…or have only heard of it as being a sort of plot device in a movie or murder mystery.

 

Joining us today is attorney Shannon Evans, a recognized expert in the area of trusts and estate planning. She practices out of Las Vegas and is a frequent speaker on the conference circuit.

 

With so much confusion around trusts, Shannon is a refreshing presence that gets to the heart of the matter real quick. She demonstrates that trusts are a lot more pedestrian—and a lot more useful—than most would think.

 

Key Topics:

So… What is a trust, exactly? (3:27)

Who should have a trust? (8:06)

What is an “irrevocable trust”? (14:39)

What you should take into consideration if someone asks you to be a trustee. (18:40)

In which state should you set up your trust? (22:48)

Why should you NOT have IRAs in trusts? (25:33)

Who is the fiduciary of a trust? (29:31)

Updating beneficiaries (33:51)

Stephanie and Kevin’s closing thoughts (40:49)

 

Resources Mentioned:

• Take Back Retirement Episode 14: What Women Need to Know About Caregiving and Elder Law with Cathy Sikorski
• Evans & Associates

 

If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com 

 

You can find the transcript and more information about this episode at www.takebackretirement.com.

 

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