Estate Planning 101: How To Create Your Trust, Minimize Your Taxes & Maximize Your Legacy

John and Susan, aged 68 and 60, are concerned about their estate planning. They have $3 million in assets, including their $800,000 home, two investment properties worth $1.2 million, a $600,000 IRA, a $200,000 brokerage account, and $100,000 in bank accounts.

The goal is to ensure their assets transfer smoothly to their three children while protecting the estate from unnecessary taxes, legal challenges, and potential family conflicts.

Their biggest risks include improper property titling, missing beneficiary designations, and potential tax issues for their heirs. If not addressed, their estate could go through probate, their children could face high taxes on inherited IRAs, and there could be disputes over asset distribution.

Sebastian recommends setting up a revocable living trust, assigning the right beneficiaries, and using strategies to minimize tax liabilities. He discusses converting the IRA to a Roth IRA, creating asset protection trusts, establishing medical and financial directives, and carefully structuring property ownership.

Please note it’s important to work with financial planners and estate planning attorneys to implement these complex strategies effectively.

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⏱Timestamps:⏱
00:00 - Intro
00:23 - John and Susan’s financial overview
1:06 - Beneficiary designation
2:30 - Disclaimer about beneficiary designation
3:05 - Probate and beneficiary designation risks
6:18 - Family inheritance strategies to reduce taxes and avoid probate
10:16 - Capital gains tax considerations
11:49 - Estate tax considerations
14:10 - Power of Attorney and Medical Directives
15:24 - Protecting inherited wealth from lawsuits
16:41 - Takeaways

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