In this episode, Ted Gudorf highlights the importance of protecting family wealth through trusts, specifically focusing on separate share trusts and preservation trusts. He explains how these irrevocable trusts can shield assets from creditors, lawsuits, and other financial risks, ensuring that wealth is preserved for future generations.
Ted provides real-world examples to illustrate the benefits of each trust type and offers guidance on choosing the right trust based on individual family situations.
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Takeaways
- 70% of inherited wealth disappears by the second generation.
- Separate shared trust and preservation trust are key strategies.
- Irrevocable trusts provide protection from creditors and lawsuits.
- Separate share sub-trusts create individual accounts for beneficiaries.
- Decanting allows beneficiaries to transfer assets to a new trust.
- Preservation trusts offer more flexibility and control.
- Choosing the right trust depends on family needs and goals.
- Establishing a trust is a small investment for asset protection.
- Proper trust planning can weather financial storms for generations.
- Don't wait to protect your legacy; act while you can.
Resources:
- Gudorf Law Group
- The Ohio Estate Planning Guide - Free Book
- Gudorf Law: What We Do and How We Help Webinar
- Don't Go Broke in Nursing Home Workshop
- When a Loved One Dies: A Legal Guide - Free Book
- Subscribe on YouTube
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