Loans Can Be FUN Podcast

LCBF Episode 7 - Scott Nelson - SLN Financial

2024-03-13

pisode 7 of "Loans Can Be Fun" delves into estate planning with financial planner Scott Nelson, stressing its necessity for asset distribution posthumously.

Episode 7 of the "Loans Can Be Fun" podcast features Scott Nelson, a financial planner with extensive expertise in estate planning, among other areas. The episode is dedicated to discussing estate planning, why it's essential, and how to avoid common pitfalls. Scott emphasizes the importance of having an estate plan to dictate who gets your assets after you pass away, highlighting that without your own plan, the state has its own procedures, which might not align with your wishes. Scott distinguishes between wills and trusts, explaining that trusts are designed to avoid probate, which can be a lengthy and public process where your assets are distributed under court supervision. He mentions that properly setting up and funding a trust is crucial; otherwise, the assets might not be distributed according to the trust's terms. A common misunderstanding Scott points out is naming a trust as the beneficiary of retirement accounts, which can lead to unfavorable tax consequences. Instead, he suggests directly naming individuals as beneficiaries to avoid high tax rates that trusts are subject to. Furthermore, Scott touches on the critical aspect of updating your estate plan regularly to reflect changes in family dynamics or financial situations. He shares stories to illustrate the complications that can arise when estate plans are not adequately set up or updated, including issues with stepfamilies and special needs trusts. The episode underscores the value of working with professionals, like financial planners and estate planning attorneys, to ensure your estate plan accurately reflects your wishes and is structured efficiently from a legal and tax perspective. Scott encourages listeners to review their estate plans regularly and consult with professionals to make necessary adjustments. He provides his contact information for listeners who may need guidance or assistance with their estate planning needs. Contact SLN Financial: (435) 723-3370 or visit their website here: https://askscottnelson.com/

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Filetype: AAC - Size: 54 MB - Duration: 28:20m (255 kbps 48000 Hz)