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Ep. 6: Why Asset Alignment Is So Important to Your Estate Plan
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In this episode of Repair the Roof, Attorney Ted Gudorf discusses why asset alignment, or funding, is key to having an effective estate plan.
Asset alignment revolves around making sure that the assets you own are properly titled, whether in the name of your revocable trust, your irrevocable trust, your limited liability company (LLC), or your individual name with a designated beneficiary.
Before diving into asset alignment, it is important to first identify the assets you own and in whose name each is titled—often overlooked details. Once this is done, prepare the necessary paperwork needed to retitle the assets to the proper name.
Some of the primary benefits of properly funding your estate plan include avoiding both living and death probate, protecting your assets (for example: from lawsuits, nursing home costs, etc.), and ensuring that your assets get passed onto your grandchildren.
90% of the estate plans we see are not fully funded and, in fact, most are not even partially funded. At our law firm, we believe in fully funding your revocable trust.
Key Topics:
- Identify the assets you own and how they are currently titled (1:26)
- Having a client organizer, collecting the paperwork, and creating an asset spreadsheet (3:22)
- Retitling the assets to be in the proper name (5:18)
- Avoiding both living and death probate (6:48)
- Protecting your assets (9:00)
- Ensuring your assets get passed onto your grandchildren (9:58)
- Fully funding your revocable trust (12:08)
- Retitling real estate (15:17)
- Retitling tangible personal property and banks, life insurance, and unique assets (18:05)
- A recap of today’s episode (20:49)
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