Wealth in Waves Ep 19: Wills & Trusts

We’ve all heard the horror stories. Maybe like me, you’ve lived it. A loved one dies without a will or a plan. Or maybe their will or plan was not updated for years. What should be a relatively smooth transfer of wealth from one generation to the next gets caught up in court. Or if not court, maybe the IRS comes in, and probably within their legal limits, but comes in and removes a significant chunk of that wealth via taxes. Typically these loved ones that have left us are simply trying to pass on an inheritance that they worked so hard and so diligently to accumulate, and all they want to do is to insure the that wealth gets transferred as seamlessly as possible to the person or persons of their choosing. Instead, the train jumps the track, emotions get involved, and all too often other parties that don’t have your heirs best interest in mind, only that they get their piece of your estate.

What is I told you there are legal mechanisms that can be put in place now that will insure the timely transfer of your estate to those you leave behind? And that these same processes can also help minimize and mitigate the potential tax burden. What if I told you that just a few hours of your life now could potentially spare months or years of anger and emotion with your heirs? It’s not the perfect solution for everyone. But for those that fit this situation, all they have do to is learn to TRUST.

Hello, my name is Josh Null, sitting alongside co-host Will Steih. We are Gulf Coast Financial Advisors and this is our Wealth in Waves Podcast, a show specifically dedicated to the financial planning, investment management and tax planning needs of established business owners, professionals and entrepreneurs living along the Gulf Coast of Louisiana, Mississippi and Lower Alabama, as well as the pan handle of Florida. Today we ask, how do you keep more of your hard earned dollars in your pocket while still satisfying the IRS? You have questions. We have answers. So let’s get to it!

Good afternoon Will, how are you today? Great. For those of you new to the podcast, quick intro before we get to our main discussion. My name is Josh Null and he is Will Steih, and we both are FINRA Series 65 Securities licensed fiduciary based financial advisors. We work together at Gulf Coast Financial Advisors, an independent investment management and financial planning firm based out of Fairhope, Alabama. In addition to his primary role as a financial advisor, Will is also a licensed CPA, which allows us to offer forward looking tax planning services to our clients as well. You can always reach us by calling 251-327-2124 or via our website at gulfcoastfa.com.

Great discussion today, Will. Alright, listeners, if this topic is of interest to you, you can reach us at Gulf Coast Financial Advisors by calling 251-327-2124. You can also reach us thru our website gulfcoastfa.com, which lists all of the other services we offer in addition to cash balance plans.

Many thanks to Coastal College for providing access to their recording studio in downtown Fairhope, to local bank Sloth Racer for supplying the show music, to our producer Chaesare Gray and of course to you the listener, thank you for joining us today. This has been the Wealth in Waves Podcast!

Disclosure:

Advisory products and services offered by Investment Adviser Representatives through Prime Capital Investment Advisors, LLC (“PCIA”), a federally registered investment adviser. PCIA: 6201 College Blvd., Suite#150, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management ("PCWM") and Qualified Plan Advisors (“QPA”). Certain services may be provided by PCIA affiliates. In this format, Josh Null provides general information, not individually targeted personalized advice, and is not liable for the usage of the information provided. Exposure to ideas and financial vehicles should not be considered investment advice or a recommendation to buy or sell any of these financial vehicles. This information should also not be considered tax or legal advice. Past performance is not a guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested.