Avoid Writing the Full Check [Episode 71]

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Attorney-CPA Joe Cordell and co-host Susan Arthur continue to discuss the ins and outs of estate planning, while highlighting many of the intricate options available to you as you plan for the future. They go over why giving away money to loved ones in one untethered action is a bad idea.

Joe talks about how inheritance can play a factor in how the student loan qualification process goes, as well as how inheritance can complicate any divorce that a benefactor of your last wishes goes through. The monetary gifts you give your children can become a marital property when a purchase is made or a deposit is made into a co-mingled account, so Joe cautions against giving all of the money at once.

He also talks about how important the constraints of a trust, such as a co-trustee, is to the preservation of the money you give after you die.