Protecting your wealth and ensuring a secure future for your loved ones has never been more important. In this episode of the Quiet Wealth podcast hosted by Camilla Jeffs, we dive into the world of estate plans and trusts with Jennifer McNeil-Lozano.
Join Camilla and Jennifer as they delve into the nuanced differences between estates and trusts. Understanding the implications of probate becomes a crucial part of this conversation, as they shed light on the complexities and benefits of navigating through the legal system.
Jennifer highlights the significance of initiating early discussions about wills and trusts with aging parents—a topic often overlooked but undeniably essential. Additionally, the conversation takes an intriguing turn toward the topic of gifting and the establishment of trusts for children, providing valuable insights for individuals in various stages of life.
Tune in now!
Episode Timeline:
[02:24] Jennifer's journey of transitioning from working in the entertainment industry to starting her own practice in trusts and estates after becoming a new mom
[08:07] Difference between a will and a trust
[11:12] Fees associated with probate in California, including the impact on the gross value of the estate and the benefits of having a trust
[13:33] How having a trust can help avoid probate and keep the process private
[14:38] Reasons why a trust may be contested, and suggestions for preventing contests through independent reviews, specific language, and gifting strategies
[22:35] Federal estate tax exemption sunsetting on January 1st, 2026, and the potential changes and planning techniques that may be needed
[25:12] Having conversations with aging parents about wills, trusts, emergency documents, and beneficiary designations to ensure proper planning and avoid issues in the future
[27:51] Gifting strategies within a trust
Connect with Jennifer McNeil-Lozano
Website - https://www.mcneillozanolaw.com/
LinkedIn - https://www.linkedin.com/in/jennifermcneillozano
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Prime Time Wealth Academy - https://camillajeffs.thinkific.com/courses/prime-time-wealth-academy
Prime Time Wealth Academy YouTube Channel - https://www.youtube.com/channel/UCJYjXBtQnNKeXSrhMIaRgGQ
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