High net worth individuals have a number of strategies they can use to lower the tax burden on themselves and their heirs. Estate planning attorney Shad Brown rejoins us to break these strategies down.

• We start with a CRT (Crut) - Charitable Remainder Trusts and Charitable Lead Trusts. Shad explains how you can leverage charitable distributions for tax benefits in the short and long term.
• Next, the ILIT - or Irrevocable Life Insurance Trust.  With ILITs, you can take assets like term life insurance, and move it out of your estate and into a trust.  Shad walks us through this process, and its benefits.
• A QTIP  Trust - or Qualified Terminable Interest Property Trust - may be useful for spouses who are re-married but want control over where their assets go upon their passing.
• Intentional Defective Trusts have a place as well - Shad explains that strategy, as well as the difference between grantor and non-grantor trusts.
• Kevin and Shad also dive into the idea of Family Limited Partnerships, and when that might be useful as your family's wealth grows.

More info:

Shad Brown, The Law Firm of Brown and Jensen

https://www.bncjlaw.com/

sbrown@bncjlaw.com

(480) 447-7107

Kevin Dick, KDI Wealth Management

https://www.kdiwealth.com/

kevin@kdiwealth.com

(928) 474-4350

Why do I need a living trust?  In the first of a two-part series, our guest is Shad Brown.  Shad is an estate planning attorney who used to work for the IRS, answering correspondence from members of Congress.  And if he can explain taxes to them, we know he can explain them to us.

Shad explains the benefits of a trust.  First and foremost, it can eliminate the need for probate hearings upon your death.  If your estate and possessions are owned by a trust, not a deceased person, it can be distributing according to your wishes. A trust is a legal entity, like a corporation.  Further, you can control what happens to your wealth -and when - after you've passed. This can be especially useful in situations involving minor children or others who will need help managing money and assets.

A will can be used to cover specific items that you haven't put in a trust - Shad explains how these two concepts can work together.

Since Shad worked in Washington, D.C. for a number of years, Kevin has him cover the outlook for our financial futures.  The media have made a lot out of future tax plans, but who really needs to be concerned -and to what degree?  Estate tax exemptions are explained.

More info:

Shad Brown, The Law Firm of Brown and Jensen

https://www.bncjlaw.com/

sbrown@bncjlaw.com

(480) 447-7107

Kevin Dick, KDI Wealth Management

https://www.kdiwealth.com/

kevin@kdiwealth.com

(928) 474-4350

What is a trusted contact?  It's someone that your financial advisor can reach out to if something seems unusual with your situation.  FINRA has recently emphasized the importance of having one.  Today, Kevin Dick and Jon Gay walk through the process of choosing a trusted contact and why it's so important.

A trusted contact isn't going to be someone that has access to your finances.  Rather, it's someone who figures prominently in your life and knows you very well.  This could be a neighbor, a best friend, or even a relative (but it doesn't have to be). If something is amiss, it's easier to reach out to a friend than it is to alarm a family member.  But if something serious is happening, your trusted contact may know about it.

We also spend some time discussing the numerous scams that are targeting pre-retirees and retirees.  A trusted contact may be away to avoid falling victim to some of these crooks.  Kevin shares some examples.

To contact KDI Wealth for help with YOUR retirement future:

Call: (928) 474-4350. 

Or email Kevin: kevin@kdiwealth.com