Weekly Radio Show
Trevor Whiting and Matt Dana host a weekly radio show on Money Radio/Financial News Radio, 1510 AM and 99.3 FM in the Phoenix Metropolitan market. Every Wednesday from 9:00 – 10:00 a.m., Trevor and Matt host local finance experts for a lively discussion of innovative and cutting-edge estate planning strategies and trends, answering listeners' questions along the way.
February 10, 2016 broadcast
February 3, 2016 broadcast
January 27, 2016 broadcast
January 20, 2016 broadcast
January 13, 2016 broadcast
November 11, 2015 broadcast
November 4, 2015 broadcast
Main topic of today's radio show was coordinating 3 buckets of assets to accomplish the wishes of a client upon his or her passing.
1.First bucket - Revocable Trust - this is the bucket where assets have been transferred to the trust. The trust will avoid probate with respect to any and all assets that have been properly retitled into the trust prior to death. For income tax purposes, some assets are better off outside of the Trust.
2. Second bucket - "Will Substitutes" - these are assets that pass to a designated beneficiary outside of the Trust without the need of a probate or a Trust. A common example would be having a "Payable on Death (P.O.D. Account)" Designation on a bank account. Another example would be a life insurance policy with a beneficiary designated, or an IRA would be another example.
3. Third bucket - the "probate estate" - this bucket is the catch all and represents assets that don't have a beneficiary designation and that weren't transferred to the Revocable Trust - This bucket is controlled by the client's Will, or if no Will, it is controlled by the laws of "intestate succession"
Scenario - client has a life insurance policy designated to kids of a prior marriage. Client gets married and does a joint revocable trust with his new wife. Client fails to change the beneficiary designation. Trust provides that "all of my estate and my assets pass to my wife upon my death". Client dies, who gets the life insurance? Answer, generally the kids would because of bucket number 2 trumps all other buckets.
October 21, 2015 broadcast
Main topic was estate planning with respect to a 2nd or third marriage - What type of planning should be done prior to the marriage? What type of planning can be done after the marriage if you failed to plan prior to the marriage?
First, think about a Prenuptial Agreement - certain estate planning concepts that need to be in a Prenuptial: (get the estate planning attorney involved in the Prenuptial)
a. Earnings from a job or w-2 wages remain sole and separate property
b. Spouse agrees to "consent" to a beneficiary designation other than the spouse for all pension benefits - otherwise, federal law requires the pension to be designated to the spouse, even if it was earned prior to the marriage.
c. Who's house you will keep and occupy and how each spouse will contribute to the expenses of the house, including the mortgage. And a statement that if community funds are paid to reduce the mortgage, whether or not the house remains the sole and separate property.
d. whether or not you will file a joint income tax return, and how you prorate the tax liability between the spouses.
e. what your spouse would receive from your estate in the event of death. Here you should be much more liberal than what a spouse would get in the event of divorce. There are also certain tax advantages of using a "QTIP Trust" to achieve overall estate tax savings to your kids.
Second, think about a QTIP Trust - This is a trust specifically designed for 2nd marriages. It walks the line between providing an income stream to your spouse, after your death, and then the remainder of the assets after her death passes to your kids. It is designed to qualify for the marital deduction, so no estate taxes at the first death.
Third, get a good understanding as to what assets are going to be community property and which assets remain sole and separate property and different ways to protect the sole and separate from being "transmuted" to community property.
October 14, 2015 broadcast
October 7, 2015 broadcast
September 30, 2015 broadcast
September 23, 2015 broadcast
September 16, 2015 broadcast
September 9, 2015 broadcast
September 2, 2015 broadcast
August 26, 2015 broadcast
August 19, 2015 broadcast
August 12, 2015 broadcast