Ready to unlock the mystery of living trusts? DJ Mikey D and DJ Dee Marie tackle this often misunderstood topic with clarity and practical wisdom. Most people have heard about living trusts but aren't quite sure what they are or if they need one. The truth? They're not just for the wealthy—they're essential tools that provide privacy, control, and peace of mind for people at various stages of life.
The dynamic duo breaks down exactly how living trusts work: they allow you to manage and protect your assets while you're alive and ensure they pass smoothly to your loved ones after you're gone. One massive advantage? Avoiding probate—that lengthy, expensive, and completely public court process that can tie up assets for months or even years. Plus, if you become incapacitated, your trust keeps everything running without court interference.
What makes this episode particularly valuable is the practical advice on implementation. As Mikey cleverly puts it, "A trust without assets is like a car without gas—it's not going anywhere." The hosts emphasize working with a qualified attorney rather than using DIY online solutions, keeping your trust updated through life changes, and properly naming successor trustees. They even recommend a comprehensive resource book and transition into complementary retirement planning strategies to ensure your financial future is fully protected.
Whether you're just starting to think about estate planning or looking to update existing arrangements, this episode delivers actionable insights in a conversational, accessible way. Subscribe to Great Day Radio's newsletter for exclusive content, contest announcements, and updates on their upcoming Boot Camp courses that will help you level up your financial knowledge and secure your future!
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Episode Transcript
You are listening to the best podcast from the USA to
the UK on GreatDayRadiocom.
Speaker 2 (00:08):
Hey everyone, welcome to another Great Day Radio's
Money Talk podcast.
For this episode of Trust Talk,you guessed it we are going to
dive into living trust.
I'm DJ Mikey D, and with me ismy partner in knowledge, dj D
Marie.
Speaker 3 (00:21):
Hey, Mikey, Excited to dive into today's topic
living trusts.
It's something a lot of peoplehear about but might not fully
understand.
Before we planned out thistopic, I had very little
knowledge myself, so theresearch was very informative
indeed.
Speaker 2 (00:37):
Exactly so.
Let's break it down A livingtrust is basically a legal
arrangement where you can manageand protect your assets while
you're alive and then pass themon smoothly when you're gone.
Speaker 3 (00:49):
Right and one of the biggest perks Avoiding probate.
Probate can be a real headacheLong, expensive and totally
public.
A living trust keeps thingsprivate and efficient.
Mikey, you thought of thistopic to discuss?
What made you want to considera living trust?
Speaker 2 (01:05):
For sure, and it's not just about after you pass,
it's also about if you becomeincapacitated.
The trust keeps things runningsmoothly without court
interference.
With that being said, I thoughtabout that.
Good for you for beingproactive.
Speaker 3 (01:48):
So let's talk about how it works.
You create the trust, transferyour assets into it and name a
successor trustee to take overif needed.
Speaker 2 (01:57):
So here's the thing it's revocable, meaning you can
change it anytime.
Life changes and your trust canchange with it.
Speaker 3 (02:04):
Exactly, but remember , it's not a shield against
creditors or lawsuits.
For that you'd need other legaltools.
Speaker 2 (02:11):
Good point.
So how do you actually set oneup?
Speaker 3 (02:18):
It starts with figuring out your goals and what
assets you want to include.
That can be very time consumingwhen you think about it.
Then you'd work with anattorney to draft the trust
document Super important to getthis right.
Don't just DIY it online.
There is this book I wouldhighly recommend, called the
Only Living Trust Book you WillEver Need.
It expands on some of the verypoints we mentioned with
(02:38):
excellent resources.
I will post the link to thispodcast description.
Speaker 2 (02:44):
Totally, and once it's set up, you've got to
actually transfer your assetsinto the trust.
A trust without assets is likea car without gas it's not going
anywhere.
That book is an excellentresource indeed.
It is like having a journal ofpersonal notes that helps
strategize your plan and make itin action.
Speaker 3 (03:02):
You and your analogies.
Mikey Love that analogy.
I will have to borrow that one.
And don't forget to name asuccessor, trustee, someone you
trust to handle things if youcan't.
Speaker 2 (03:13):
Borrow away DJD and finally keep your living trust
updated.
Life changes, marriages,divorces, new kids, new assets
your trust should reflect that.
Speaker 3 (03:25):
So, to sum up, living trusts offer control, privacy
and avoid probate, but they'renot a one-size-fits-all solution
.
Legal guidance is key.
Speaker 2 (03:33):
Well said, Dee.
Thanks for breaking it downwith us today.
If you're thinking about aliving trust, talk to a pro and
get it done right.
Speaker 3 (03:41):
Absolutely, mikey D.
All right folks.
That's a wrap for today's TrustTalk.
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Speaker 2 (04:02):
Thank you, dj D, for mentioning that.
Catch you next time.
Stay informed and stayprotected.
Peace out my party peeps.
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(04:32):
would offer courses on many ofthe topics we discuss.
Stay locked in, as we welcomeour all-new Great Day Radio Boot
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We'll be locked in, as wewelcome our all-new Great Day
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Speaker 1 (05:03):
Get ready for our next episode.
You are tuned in to Great DayRadio with DJ Mikey D.
Speaker 2 (05:10):
Welcome back everyone .
On our last episode, wediscussed living trust.
To complement that discussion,we will explore and talk about
getting you retirement ready.
I'm DJ Mikey D, and with me isthe one and only DJ D Marie.
Speaker 3 (05:25):
What's up, fam?
So excited to talk aboutsomething we all need but don't
always want to think aboutRetirement planning.
Speaker 2 (05:32):
Exactly.
And let's be real Retirementplanning isn't just for the old
heads.
If you're in your 20s or 30s,this is your golden time to
start.
Speaker 3 (05:42):
Preach Compound interest is like that slow burn
remix it doesn't slap right away, but give it time and it'll
have your future self.
Thanking you.
Speaker 2 (05:51):
Haha, love that analogy.
So let's break it down.
First step how much do youthink you'll need annually when
you retire?
Most advisors say 70 to 80percent of your pre-retirement
income.
Speaker 3 (06:03):
And don't forget inflation and health care costs,
those sneaky expenses thatcreep up like unexpected ad libs
in a track.
Speaker 2 (06:11):
For real.
Now how do you get there?
Diversify your investmentsstocks, bonds, maybe some real
estate and, as you get older,shift to more conservative
options.
Speaker 3 (06:21):
And always, always, max out employer matches in your
401k.
That's free money y'all like abonus track on your favorite
album.
Speaker 2 (06:30):
Now here's something people sleep on beneficiary
designations.
This is huge because itoverrides your will who you
picking to inherit yourretirement stash?
Speaker 3 (06:39):
And you got to update it after big life events
Marriage, divorce, new babiesOtherwise your ex might end up
with your IRA, and nobody wantsthat drama.
Speaker 2 (06:48):
Facts.
Also, if you're naming kids,you might need a trust or
guardian and check state laws.
Some say your spouseautomatically gets half, no
matter what oh and taxes.
Speaker 3 (07:00):
Naming a trust as a beneficiary can backfire with
higher taxes.
Always consult a pro.
Don't let Uncle Sam take morethan his share.
Speaker 2 (07:08):
That bastard.
So recap start early, diversify, max out employer plans and
don't forget those beneficiaryforms.
Your future self will throw youa thank you party.
Speaker 3 (07:18):
And your family will too.
Peace of mind is the ultimateVIP pass.
All right, that's our time.
Keep saving, keep planning andwe'll catch you next episode.
Speaker 2 (07:28):
Stay retirement ready , fam.
Dj Mikey D signing off Peaceout.
Speaker 3 (07:32):
And DJ DeMarie is out of here.
If you have a comment you wouldlike to add to the conversation
, visit greatdayradiopodcastcomand leave a 30-second message or
two.
Speaker 2 (07:43):
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(08:07):
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Thank you for sharing the lovePeace out my party peeps.
Speaker 1 (08:13):
We are in the mix with a continuous party mix on
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