Tag: legacy planning
What Is a Trust?

What Is a Trust?

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What is a trust, and why do so many families use them in estate planning? In this YSR FAQ episode, Dennis explains the basics of revocable living trusts and how they help simplify estate settlement while avoiding probate.

This conversation covers how trusts are structured, how assets are transferred into a trust, and why many people use trusts to help manage property, investment accounts, and inheritance instructions. Dennis also explains the difference between trustees and executors, as well as common mistakes people make after setting up a trust, including forgetting to properly retitle assets.

If you’ve ever wondered whether a trust might make sense for your family or what actually happens when property is placed inside one, this episode provides a practical overview in plain language.

Key takeaways:

  • What a revocable living trust is
  • How trusts help avoid probate
  • Why assets must be retitled correctly
  • The role of a trustee 
  • And more!

Connect with Dennis O’Keefe: 

All content presented is for educational purposes only and should not be construed as an endorsement of any third party, or as a solicitation or offer to sell securities or provide investment, tax, legal, or consulting services, and should not be acted upon without obtaining specific advice from a qualified professional. We believe the information presented to be reliable, but it is not guaranteed as to its accuracy or completeness. All examples are hypothetical and for illustrative purposes only. Any opinions or statements by third parties are their own and may not be representative of the experience of others or indicative of future investment performance or success. No compensation has been exchanged for any testimonials, endorsements, and/or recognitions.
Should I Put My House in an Irrevocable Trust?

Should I Put My House in an Irrevocable Trust?

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Should you place your house into an irrevocable trust? In this YSR FAQ episode, Dennis explains why irrevocable trusts can become far more complicated than many people expect.

This conversation covers why families consider irrevocable trusts for nursing home or Medicaid planning, along with the long-term tradeoffs that come with giving up control of property. Dennis also explains the tax implications of selling a home inside an irrevocable trust, how step-up in basis rules work, and why timing matters when considering these strategies.

If you’ve heard that irrevocable trusts automatically protect your assets, this episode provides a balanced perspective on both the potential benefits and the risks families should carefully evaluate before making permanent decisions.

Key takeaways:

  • What makes an irrevocable trust different
  • Why timing and age matter
  • The risks of losing control over property
  • Potential tax consequences for heirs 
  • And more!

Connect with Dennis O’Keefe: 

All content presented is for educational purposes only and should not be construed as an endorsement of any third party, or as a solicitation or offer to sell securities or provide investment, tax, legal, or consulting services, and should not be acted upon without obtaining specific advice from a qualified professional. We believe the information presented to be reliable, but it is not guaranteed as to its accuracy or completeness. All examples are hypothetical and for illustrative purposes only. Any opinions or statements by third parties are their own and may not be representative of the experience of others or indicative of future investment performance or success. No compensation has been exchanged for any testimonials, endorsements, and/or recognitions.
What Is Probate?

What Is Probate?

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What exactly is probate, and why do so many families want to avoid it? In this YSR FAQ episode, Dennis explains how the probate process works, where it originated, and why having a will does not automatically keep your estate out of probate court.

Using stories from English history to modern-day estate settlement examples, this episode breaks down why probate can become slow, public, and expensive for families handling an estate after a loved one passes away. Dennis also explains how probate laws developed over centuries and why estate planning today still relies on systems created hundreds of years ago.

If you’ve ever wondered how assets get distributed, what courts actually do during probate, or why trusts are often used to avoid delays, this episode offers a clear and practical explanation.

Key takeaways:

  • Why a will still goes through probate
  • How probate began centuries ago
  • Why probate can become public and expensive
  • What executors and personal representatives do 
  • And more!

Connect with Dennis O’Keefe: 

All content presented is for educational purposes only and should not be construed as an endorsement of any third party, or as a solicitation or offer to sell securities or provide investment, tax, legal, or consulting services, and should not be acted upon without obtaining specific advice from a qualified professional. We believe the information presented to be reliable, but it is not guaranteed as to its accuracy or completeness. All examples are hypothetical and for illustrative purposes only. Any opinions or statements by third parties are their own and may not be representative of the experience of others or indicative of future investment performance or success. No compensation has been exchanged for any testimonials, endorsements, and/or recognitions.