Podcast Episode 31 is a Comprehensive Presentation About Using Trusts to Protect Assets; Now Available on New Platforms
So, you're at or close to retirement, or you have recently retired. You've spent around 30-40 years working hard to build up your nest egg so you can have at least a semi-comfortable retirement at minimum so that you can enjoy the fruits of your many years of labor, spoil the grandkids, and donate either your time or money to a charity or nonprofit whose cause is near and dear to your heart. Perhaps you've worked with a qualified financial advisor for several years to help you get to these goals. While it may now seem that you're crossed the finish line, in reality, you still have some outstanding items in order to ensure you can enjoy your retirement as you wish and you don't get caught off guard by an unexpected crisis that could greatly put a dent in your retirement savings.
In the Second Half of Life Podcast episode 31, Attorney Brittany Smith and Long-Term Care Planner Tammy Zilske give a comprehensive presentation on the asset protection trust. These types of trusts are typically used to protect assets from the cost of long-term care, which in Pennsylvania in 2020 average nearly $11,000 per month. If the need unexpectedly arises for long-term care, without proper planning, it can prevent someone from using their hard-earned retirement savings for things they want to use it for, and also make for a much-lower inheritance to pass onto future generations or whatever person or organization someone wishes to pass it to - or even none at all.
Each quarter, members of the Steinbacher, Goodall & Yurchak team routinely particpate in community events. Here's a summary of the various activities that SGY representatives took part in during the third quarter of 2020 (July-September). While overall events were down from previous years due to COVID-19, the gradual reopening of the state following the spring shutdowns allowed for some limited opportunities to attend (or host) community events outdoors while the weather was nice.
On August 13, Attorney Landon Hodges graduated from Leadership Lycoming. Leadership Lycoming is a specialized training program organized by the Williamsport/Lycoming Chamber of Commerce that is designed to understand the needs of the community it serves and develop and motivate effective leaders who are committed to utilizing their skills and talents for the betterment of their community. Landon is the latest of several current SGY team members to have gone through the Leadership Lycoming program, and the firm is proud of Landon’s dedication to our community and congratulate him and the rest of the Class of 2020 for a job well done!
On September 10, the firm hosted a Williamsport/Lycoming Chamber PM Exchange networking event where attendees were able to tour the newly renovated Williamsport office and learn how estate planning can provide them peace of mind. Fine food and spirits including pulled pork sliders, nachos with all the fixings, cheeses, fruits, veggies, and dips were enjoyed by guests and washed down with specialty cocktails such as the Beaten COVID-19 Mule and When Life Hands You Lemons. Firm employees and event guests were thrilled to get away from their computer screens and socialize with colleagues – of course, while wearing masks and maintaining a safe six-foot distance! A ribbon-cutting ceremony was held prior to the start of the event to celebrate the completion of the firm’s office renovation project.
Another series of short podcast episodes, this time a total of eight and all under four minutes in length, all focus on different aspects of setting up and managing trusts. This series makes up Episodes 24-30 and Episode 32, and all of these are short clips from a virtual happy hour event, "Wine & Wills," originally held on July 22, 2020, featuring Attorney Landon Hodges and Long-Term Care Planner Kristin Daugherty. Among the trust-related topics discussed in this series are managing a trust after it is set up, making charitable donations before and after setting up a trust, paying a trustee, adding more assets to a trust after it is initially set up, using a trust to avoid probate, and more.
Links to each individual episode are below, and they can be found, along with all other episodes of the Second Half of Life Podcast, on the Steinbacher, Goodall & Yurchak website, as well as on several podcast directories. The podcast is also available on most podcast platforms, including Apple Podcasts, Spotify, TuneIn + Alexa, iHeartRadio, Stitcher, Podcast Addict, Google Podcasts, Podchaser, Deezer, Listen Notes, Bullhorn, Overcast, Pocket Casts, Castro and Castbox.
Episode 24 - Managing a Trust After it is Set Up
Episode 25 - Making Charitable Donations Before and After Setting Up a Trust
Episode 26 - Paying a Trustee
Episode 27 - Adding New Assets to a Trust After it is Set Up
Episode 28 - Putting Land, Oil or Gas Royalties or Leases Into a Trust
Episode 29 - What Happens When a Trustee Lives in Another State, and What About Inheritance Tax
Episode 30 - Using a Revocable Trust to Avoid Probate
Episode 32 - What to Put Into a Trust