Episode description
Our host, Attorney Ted Gudorf unravels the intricacies of trust types and estate planning. He starts by examining the key distinctions between the types of trusts frequently created at Gudorf Law Group, and how these different trusts can protect your assets from lawsuits, creditors, bankruptcy, and divorces, and even provide a shield against Medicaid, federal, and state estate tax.
Ted focuses on irrevocable trusts for Medicaid asset protection, emphasizing the role of a third-party trustee and why the trust maker cannot be a beneficiary. He also touches on the importance of having a limited power of appointment to change beneficiaries.
Lastly, Ted delves into the federal estate tax and how it relates to trusts and how a married couple can transfer up to $26 million during their lifetime or upon death, tax-free, and how the rollback of this exemption amount in 2026 could impact your estate planning. He also discusses the benefits of transferring assets into an irrevocable trust and the need for a professional service trustee. This and much more in this episode of Repair The Roof, from Gudorf Law Group.
Key Topics:
- Intro to the Types of Trusts (00:28)
- Revocable Trusts (01:56)
- Irrevocable Trusts (06:55)
- Medicaid Asset Protection Trust MAPT (09:31)
- Longterm Care Insurance (18:04)
- Revocable Irrevocable Trust (20:09)
- Estate Tax Trust (22:43)
- Irrevocable Life Insurance Trust (30:10)
- Wrap-up (32:39)
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