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The Healthy Wealthy and Wise Podcast, is a monthly podcast that focuses on personal growth and development by exploring a range of topics related to mental and physical health, personal wealth, leadership, and interpersonal relationships. Each month, we strive to provide our listeners with mental, physical, and spiritual strength by giving actionable advice, tips, guidance, and information to help them achieve their own personal, professional, and spiritual goals. We consider the health of the mind, body, and spirit paramount as a single unit that provides a cumulative strength greater than the individual parts, to strengthen the whole person. We appreciate the natural differences in need between men, women, adults, and children. We recognize that the power to be happy is within each of us and under our control.
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Saturday Mar 02, 2024
Saturday Mar 02, 2024
This episode dives into estate planning, specifically wills and trusts. Here's what you'll learn:
- Why you need a plan: Ensure your assets go to your loved ones and avoid probate court delays and expenses.
- Wills vs. Trusts: Wills are simpler but require probate, while trusts avoid probate but have upfront costs.
- Benefits of Trusts: They offer privacy, control over asset distribution, and potential creditor protection (with irrevocable trusts).
- Alternatives to Wills and Trusts: Joint tenancy, beneficiary designations, and pay-on-death accounts can bypass probate for specific assets.
- Creating a Will: It's a signed, dated document witnessed by two people. California allows for handwritten "holographic" wills.
- Creating a Trust: A more complex option requiring an attorney. Assets need to be formally transferred to the trust to avoid probate.
- Different Trust Types: Revocable trusts offer control, while irrevocable trusts may offer tax benefits and creditor protection.
Listen to gain knowledge and empower yourself to plan your legacy!
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