This is part 1 of our 3 part series on estate planning for airline pilots nearing the end of their career. These are the important documents and steps you need to have in order before you retire.
Today’s conversation is about Wills & Trusts. We all know that we need a will but what are the reasons for a trust? Kevin and Charlie discuss how historically trusts were used to avoid estate and inheritance tax. But, today this is less common due to changing tax laws. However, a trust is still a useful tool to avoid probate (court process proving the validity of your will) and to manage more complex financial situations, such as owning property in multiple states, divorce and blended families, and holding high value assets.
It’s important to discuss your situation with an estate attorney, and your financial planner, to determine if a trust should be an element of your overall estate plan.
We are happy to help you determine if a trust should be part of your estate plan. Give us a call!
Other Videos in the Estate Planning for Pilots Series:
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning as of 08/27/2020 and are subject to change at any time due to the changes in market or economic conditions.