Trust Funding Needs: Items Needed to Properly Fund Your Trust

Trust Funding Needs: Items Needed to Properly Fund Your Trust

 

In this video, Attorney and Financial Advisor Chris Berry from Castle Wealth Group discusses the critical steps required to ensure your Trust is funded properly. With over 20 years of experience, Chris emphasizes the importance of having all the necessary documents and information to tie your accounts to your trust accurately.

Key Points Covered:

Importance of Proper Trust Funding:
Many people have trusts that are not properly funded, which can lead to significant issues down the line.

Gathering Account Information:
Collect a comprehensive list of your accounts, including account numbers, to ensure they are correctly associated with your trust.

Handling Different Types of Accounts:
Qualified accounts (like 401(k)s and IRAs) are managed differently from brokerage or post-tax accounts.
Investment and bank statements are necessary to capture the right account types.

Tax Considerations:
Consider both estate and income tax implications when setting up your trust.
Provide a copy of your last tax return to address these tax issues effectively.

Assistance with Document Collection:
Your help in gathering these documents ensures your estate plan is comprehensive and your trust is adequately funded.

Remember, a trust without proper funding is like an empty suitcase. Ensuring everything is correctly placed into the trust is essential for its effectiveness.

Certified Elder Law Attorneyâ„¢ and Certified Financial Plannerâ„¢
Castle Wealth Group – Helping Good Families Plan, Protect and Preserve What is Important
(844)-885-4200 | CastleWealthGroup.com | MichiganEstatePlanning.com
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