Amplified Wealth: According to Plan - Navigating Estate Planning | Titling Basics

In the latest episode of Amplified Wealth – According to Plan, Tom Farrell and Kate Fishbein discuss the importance of estate planning and account titling. Discover the different ways assets can pass, including through contracts (such as beneficiary designations), account titling, and trust accounts. 

Learn more about the probate process and its potential drawbacks as well as the role of wills and trusts in estate planning. 

 Episode Highlights:

 Estate planning is essential for ensuring that assets are distributed according to your wishes after you pass away.

• Account titling and beneficiary designations play a crucial role in how assets pass and can help avoid probate.
• Understanding the different ways assets can pass, such as through contracts, account titling, and trust accounts, is important for effective estate planning.
• Consideration of tax implications and the potential drawbacks of probate should be part of the estate planning process. 
• Regularly review and update account titling and beneficiary designations to ensure assets pass according to your wishes.
• Consider creating and funding a trust as a way to avoid probate and have more control over the disposition of assets but creating a trust might involve costs and you need to make sure that the appropriate assets are put into the trust.
• Work with a qualified estate attorney to develop and update your estate plan.

Timestamps:
(00:00)
Introduction

(02:00)
Estate Planning and Account Titling Overview

(05:45)
Ways Assets Can Pass

(08:40)
The Role of Beneficiary Designations and Account Titling

(09:20)
Probate Process and Considerations

(13:12)
The Role of Wills and Trusts

(15:00)
Joint with Rights of Survivorship

(22:00)
Tenants by Entirety

(23:00)
Considerations and Tax Implications

(26:00)
Trusts and Estate Planning

(29:00)
Beneficiary Designations

(32:40)
Sample Client Scenario

(40:30)
Key Takeaways

Nothing contained in this presentation should be construed as personalized advice, or solicitation to buy or sell any securities. Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. There can be no assurance that the future performance of any specific investment or non-investment related content in this Podcast will be profitable or suitable for your individual situation. Due to changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions. The opinions expressed in this podcast are those of the participants and may not reflect those of the firm. To the extent you have any questions regarding the applicability of anything discussed to your individual situation, you are encouraged to consult with the professional advisor of your choosing. The firm is neither a law firm, nor a certified public accounting firm, and no portion of this content should be construed as legal or accounting advice.