Protecting Your Assets: A Detailed Look at Trusts, Q & A Part 2

The Red Wagon Estate Planning & Elder Law Show

Welcome to the second installment of our two-part series on asset protection trusts. In our previous episode, we explored advanced concepts related to the types of trusts established during a person's lifetime. Now we will focus on the options available for setting up trusts after death. There are many important factors to consider, and we want you to be well-informed so that you can make the best decisions for your family.

If you're a regular listener, you likely have the background needed to follow this in-depth discussion. But, if you're new to our podcast, we recommend starting with earlier episodes that introduce the fundamentals of trusts and other topics. If you're in Pennsylvania, you can attend our free educational workshops, either online or in our office. Give us a call or visit our website to learn more.

WHAT YOU NEED TO KNOW

(00:00) Episode introduction.

(02:33) A person established an asset protection trust while they were alive. What happens when that person (i.e., the grantor) dies? What should the successor trustee and beneficiaries expect regarding taxes, expenses, notice to creditors, etc.?

(05:11) How does trust administration differ from the probate process?

(09:41) What are some considerations when a trust is set up after death? How are the assets protected?

(15:19) Am I creating a problem for my children by setting up separate share trusts (i.e., where assets are never transferred into the names of the beneficiaries)? What is the role of a co-trustee?

(22:09) What is a spousal-only retirement trust? Does this protect retirement assets in full?

(24:38) Why name the spouse outright as the contingent beneficiary? How does this provide flexibility in planning?

(26:54) What techniques are available to protect assets through a special needs trust?

ABOUT BELLOMO & ASSOCIATES

Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a master’s degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.

Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesn’t happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.