Cobblestone Capital Advisors, LLC.’s Post

Our very own Jeff Metz, MT, CFP® teamed up with Marcum’s Brandon Baker to co-author this article that has been published in WealthManagement.com's Trust & Estates! Check it out to learn more about best practices to avoid estate tax inclusion and unforeseen liabilities. https://lnkd.in/eTRbWpC8

Understanding the potential benefits of trusts and their drawbacks. In recent years, legal shifts have made trust management more complex and less tax-efficient. This brings up a very important question: When is trust the right choice? Three primary motives drive trust implementation: Protection: Guarding assets from various threats like creditors or divorce claims. Wealth generation: Facilitating the preservation and transfer of assets across generations. Tax efficiency: Navigating the changing tax landscape for potential savings. Carefully consider asset types when setting up a trust. The two main trust types, Inter Vivos and Testamentaryserve different purposes – one for lifetime management and the other activated upon death as per the will. Trusts provide protection, but they also have drawbacks. When assets enter a trust, the founder loses ownership and control, while regulations and administration costs climb. The article further covers the complexities of asset transfers, tax implications, and the changing environment of trust viability. Cost issues and other options like beneficiary funds and umbrella trusts are also looked into. As legal landscapes change, understanding the subtle dynamics of trusts becomes critical for making sound financial decisions. Trusts, long pillars of wealth management, require a careful approach. Read the full article and make informed decisions. https://rpb.li/XvSjI5 #TrustPlanning #WealthManagement #EstatePlanning #FinancialSecurity #TrustBenefits #FamilyWealth #FinancialWisdom #LegacyPlanning #FiduciaryInsights #TrustUtilization #EstateProtection #FinancialEducation #TaxEfficiency #IntergenerationalWealth #AssetProtection #TrustFundamentals

What is the difference between a Revocable and an Irrevocable Trust? Revocable, or living, trusts can be modified after they are created and are easier to set up than irrevocable trusts. Irrevocable trusts cannot be modified after they are created, or at least they are very difficult and costly to modify, but also have tax benefits that revocable trusts do not have. Do you have questions or need assistance in planning for your future? Wise Owl Advisors would love to help. Send us a message today!

Trust planning is a unique process that is tailor made for each individual. These 7 tips for trust planning can help you reach current and future tax goals, determine the type of trust you need and what type of provisions to add, as well as give you control over what is being planned. Trust planning includes multiple details such as minor care, health wishes, tax implications, who should be in control, who should benefit, and much more. Talk to our dedicated estate planning attorney about the trust planning process by calling 713-574-2070, or visiting our website at www.TheCLFirm.com, and booking a call with her! #estateplanning #trustplanning #trusts #wills #generationalwealth

🔍 Are you familiar with "Estate Accounts"? They play a crucial role in managing a deceased person's assets and ensuring a smooth transition for beneficiaries. Key benefits include: Legal Requirement: Helps meet probate obligations. Accountability: Tracks all transactions transparently. Avoiding Disputes: Minimizes conflicts among heirs. Tax Reporting: Simplifies tax compliance. Debt Settlement: Ensures debts are paid before distribution. Fair Distribution: Guarantees equitable asset division. Understanding estate accounts is essential for effective estate planning. Let’s empower ourselves with this knowledge! #EstateAccounts #EstatePlanning #Probate #FinancialLiteracy #LegalCompliance #WealthManagement #FinancialPlanning #TaxReporting #Transparency

Trusts can be a powerful tool in your estate plan, offering numerous benefits that can greatly enhance your financial strategy and provide peace of mind. Unlike a will, a trust can help you manage your assets during your lifetime, ensuring they are distributed exactly as you wish after your passing. Trusts can also offer significant tax advantages, protect your estate from probate, and provide for loved ones in a controlled manner. Whether you want to minimize estate taxes, protect your assets from creditors, or ensure your beneficiaries receive their inheritance responsibly, our knowledgeable staff can guide you through the process. Discover the advantages of incorporating trusts into your estate plan by scheduling a consultation with our experienced team today. #EstatePlanning #Trusts #WealthManagement GLPA.Law frontdesk@FLestatelaw.com (239) 572-9227

When is it the right situation to use an #irrevocabletrust? We discussed these questions and more today on my #RossdaleGroup #CLE presentation on #trustplanning and using irrevocable trusts. Here are some highpoints from the presentation: 1.     The current federal lifetime #gift and #estatetax exemption amount is $13.61 million per individual (combined total of $27.22 million for married couples) but is set to sunset at the end of 2025. For families impacted by this, now is the time to consider using irrevocable trust strategies. Waiting until the last-minute risks not having enough time to implement the strategies. 2.     Irrevocable trusts have many benefits including taking advantage of the estate tax #exemption to remove taxes from your estate and minimize or avoid estate tax and setting conditions for distributions to beneficiaries to prevent misuse of the assets. With certain trusts, settlors can gift the assets to the trust while still retaining income from the assets. 3.     Irrevocable trusts come with important conditions and restrictions. They’re not the right tool for every situation so talk with your advisors about the characteristics of the trust you’re considering. For example, can the settlor handle not having access to the assets used to fund the trust? This is critical to consider, especially for big gifts. 4.     Does the settlor run a #familybusiness? Are all family members involved in it? Situations where not all of a settlor’s children are set to inherit or buy the business can be tricky and should be handled very carefully. Thanks to #RossdaleGroup for having me present! 💪

💡Five ways to reduce probate fees. Click to watch the full video: http://spr.ly/6047ihiAX Example below: ✅ Also known as the Estate Administration Tax ✅ Based on the value of assets in the estate ✅ Differs by Province or Territory ✅ Five tips: Gifting Early / Naming a Beneficiary or Successor Annuitant / Insurance / JTWROS / Inter vivos trust ✅ Be mindful of unintended consequences ✅ Create an estate document *For specific questions about your legal documents, be sure to speak with your lawyer As things in our lives shift and change, it's important to review your Financial Goals. To revisit your Wealth Strategy, Click to Connect. 🔗Link in the comments below. 🙏Thank you for being part of the 212 community and supporting Financial Literacy. #financialliteracy #investments #financialplanning #toronto #GTA #privatewealth #wealthmanagement #probate

Trust Funds Decoded: The Four Types You Need to Know! New to trust funds? Think of them as different tools in your financial toolkit, each with a unique purpose. Here’s the lowdown on the four major types: Revocable Trust: Change Friendly: Like editing a document, you can modify beneficiaries and assets as you please. Probate Bypass: Assets in this trust avoid the public, lengthy probate process. No Tax or Creditor Perks: Straightforward, but without tax benefits or protection from creditors. Irrevocable Trust: Permanent Choices: Once established, it’s locked in – no revisions allowed. Tax Efficiency: Could save beneficiaries from some hefty estate taxes. Asset Protection: Safeguards your assets for future distribution. Living Trust: Revocable or Irrevocable: You choose its flexibility. For Now and Later: Manages your assets while you’re alive and outlines their distribution after your death. Doesn’t Cover Health Decisions: Handles assets, but not your medical choices – that’s another legal document. Testamentary Trust: Activates Posthumously: Comes into play after you pass away. Part of Your Will: Can be changed as your life and decisions evolve. Funding Matters: Trusts can be either funded (filled with assets) or unfunded (just the framework, waiting for assets). For full effectiveness, funding your trust is key. Each type has its own role in securing your financial legacy, just like picking the right tool for a job! #TrustFund #EstatePlanning #FinancialToolkit

A seemingly simple decision can drastically impact a trust's tax implications and overall success, especially in a directed trust, where fiduciary duties are bifurcated. Read our article “Choosing a Fiduciary” to learn how to identify and resolve potential fiduciary issues to safeguard your estate planning efforts. https://lnkd.in/eC4d9niZ #TrustUsWithYourFamilyLegacy