Join Attorney-CPA Joe Cordell and TuckerAllen estate planning attorney, Benjamin Zinkel, in part two of exploring revocable trusts. In this enlightening discussion, Mr. Cordell and Mr. Zinkel explore the intricate world of beneficiaries and the crucial aspects surrounding their role in estate planning. Discover the step-by-step process of how a trustee and beneficiary take over, gain insights into the transfer of authority and understand what actions you can take if a trustee misbehaves or fails to honor your wishes, explore the various ways to leave money for your beneficiaries and learn about effective strategies for distributing wealth among multiple children, and more.
The episode delves into the complexities of supplemental needs trusts, providing invaluable information on how to ensure financial security for children with special needs while preserving their eligibility for government benefits. Mr. Cordell and Mr. Zinkel also address disputes between beneficiaries regarding the distribution of funds, offering practical guidance on resolving conflicts and finding equitable solutions. Furthermore, they explore the fascinating concept of cascade provisions, also known as perpetuity, and its implications for passing the trust down the family line. Gain a deeper understanding of multi-generational wealth management and the potential long-term benefits it can provide.