Understanding Estate Planning: Trust Types with Bill McQueen (Part 3)

This episode, we welcome estate planning attorney Bill McQueen of Legacy Protection Lawyers to break down the essentials of trusts and why they matter. Bill explains the key differences between wills and trusts, clears up common misconceptions, and highlights the importance of properly titling assets to avoid probate. You’ll also learn why beneficiary designations can override your trust, the pitfalls of leaving your trust unfunded, and how working with both financial advisors and attorneys ensures your plan truly carries out your wishes.

 

Learn more about Bill and Legacy Protection Lawyers

Contact info: www.legacyprotectionlawyers.com Phone [phone]

 

Helpful Information:

PFG Website: https://www.pfgprivatewealth.com/

Contact: 813-286-7776

Email: [e-mail]

 

Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.

 

 

Marc:

Time once again for another edition of Retirement Planning - Redefined with John and Nick from PFG Private Wealth. We're continuing our conversation, our great conversation, with the folks from Legacy Protection Lawyers. Nicole Cleland was on the podcast, and Bill McQueen is going to be joining us now on this episode as we talk a little bit more in-depth about what they do, and some of the differences when it comes to getting these financial and legal documents into place. As always, Nick's here with me. Nick, my friend, how are you doing?

 

Nick:

Doing great. How about yourself?

 

Marc:

Doing pretty good. We had John on the last episode, so good to have you here with us, and Bill McQueen is joining us. So Bill, welcome in. Thanks for being here.

 

Bill:

It's my pleasure. Thank you all for having me.

 

Marc:

Absolutely. Looking forward to chatting with you. And again, you guys are from Legacy Protection Lawyers, and you can find you guys online at LegacyProtectionLawyers.com. That's LegacyProtectionLawyers.com. Give us a little background on you, Bill. You've been doing this for how long, and all that good stuff. Tell us a little bit about you first.

 

Bill:

Certainly. Well, I've actually been an attorney for almost 40 years, but I sort of had a circuitous professional career. I was a CPA for my first few years out of undergrad and then I went back to law school, practiced law for about seven years, but then I actually ran a family business. My father died when I was getting out of law school, so I took over a family business and ran that for about 15 years, and then came back to the practice of law about 15 years ago now, after I got a Master's of Law in Estate Planning, and so that's where my full focus has been over the last 15 years or so.

 

Marc:

Nice. Gotcha. Yeah, I mean, so obviously you've been doing this for a while, and you guys work with Nick and John, occasionally helping them out with some of their client situations as well?

 

Bill:

Yes, yes. We work closely with Nick and John and they help our clients out with financial planning and wealth management, and we help out in the estate planning arena when his clients need that.

 

Marc:

Nice. Nick, how long have you guys known each other?

 

Nick:

Bill, when you said 15 years, I was thinking about that, so I think it's got to be close to 10 years, something like that? Around 10 years?

 

Bill:

Been at least that, because I started the firm back up in, I guess, 2013, so too soon after that. I met you through your other former partner and we started doing seminars and stuff together.

 

Nick:

Sure [inaudible 00:02:11]

 

Marc:

We all lose time in that COVID era, right? It seems like everybody always does that. We're thinking about time and we're like, "Oh, man, there's like a three, four-year window I've lost when trying to think of some things." Well, let's get into our conversation today.