Estate Planning, How to Avoid Taxes, and Probate - Webinar Replay
In this interview with attorney Bob Mondo, we discuss the importance of estate planning within our process at Lakeshore. Then Bob discusses the drawbacks of a Will and the benefits of having a Trust in place. Be sure to listen to the end as Bob highlights common mistakes made and how to avoid them.
Why This Should Hit Home For Everyone: This is how the court system works when it has to dole out property without clearly defined instructions. If you don’t put a plan in place, a plan will be put in place for you. And a lot of people you probably didn’t expect to, will be making out with large amounts of your estate.
- What does Estate Planning do for me? [00:12]
- Probate and Wills [00:42]
- Drawbacks of a Will [08:58]
- The Living Trust Contract [09:26]
- Distributing the Assets [14:40]
- How does IL or Federal Law Changes Effect the Trust? [28:21]
- Challenging a Trust [30:05]
- Supplemental Trust Documents [33:29]
- Medical Power of Attorney & Financial Power of Attorney [36:47]
- Trust Funding – Non-Beneficiary Assets [45:00]
- Avoiding Joint Tenancy [46:20]
- Questions and Closing Comments [49:09]