Tag: trust 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.
Do You Need a Will?

Do You Need a Will?

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Do you actually need a will? In this YSR FAQ episode, we break down one of the most common estate planning questions and explain why a will still matters, even if some of your assets already have built-in protections. Dennis walks through how jointly owned property, beneficiary designations, and transfer-on-death accounts work, and what happens when someone passes away without a will.

This episode also explores the probate process, how state intestacy laws decide who inherits your assets, and why outdated or missing beneficiary forms can create major problems for families. Along the way, Dennis shares real-world stories and practical insights that help simplify a topic many people avoid talking about.

Key takeaways:

  • Why most adults should have a will
  • How joint ownership affects inheritance
  • The importance of updated IRA and 401(k) beneficiaries
  • What happens if you pass away without a will 
  • 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.