31: What the Heck is a Trust, and Why Might I Need One?

<p class="p1"><em>Trusts.</em></p> <p class="p2"> </p> <p class="p1">What the heck are they and why might it be a good idea for you to have one?</p> <p class="p2"> </p> <p class="p1">Most people believe that trusts are this elusive thing reserved for the uber-wealthy…</p> <p class="p2"> </p> <p class="p1">…or have only heard of it as being a sort of plot device in a movie or murder mystery.</p> <p class="p2"> </p> <p class="p1">Joining us today is <span class="s1">attorney</span> Shannon Evans, a recognized expert in the area of trusts and estate planning. She practices out of Las Vegas and is a frequent speaker on the conference circuit.</p> <p class="p2"> </p> <p class="p1">With so much confusion around <em>trusts</em>, Shannon is a refreshing presence that gets to the heart of the matter real quick. She demonstrates that trusts are a lot more pedestrian—and a lot more useful—than most would think.</p> <p class="p2"> </p> <p class="p1"><strong>Key Topics:</strong></p> <p class="p1">So… What <em>is</em> a trust, exactly? (3:27)</p> <p class="p1">Who should have a trust? (8:12)</p> <p class="p1">What is an <span class="s2">“</span>irrevocable trust”? (14:43)</p> <p class="p1">What you should take into consideration if someone asks you to be a trustee. (18:43)</p> <p class="p1">In which state should you set up your trust? (23:56)</p> <p class="p1">Why should you NOT have IRAs in trusts? (26:42)</p> <p class="p1">Who is the fiduciary of a trust? (31:17)</p> <p class="p1">Updating beneficiaries (35:52)</p> <p class="p1">Stephanie and Kevin<span class="s2">’</span>s closing thoughts (44:34)</p> <p class="p2"> </p> <p class="p1"><strong>Resources Mentioned:</strong></p> <ul class="ul1"> <li class="li3"><span class="s3"><a href= "https://takebackretirement.com/podcasts/what-women-need-to-know-about-caregiving-and-elder-law-with-cathy-sikorski/"> <span class="s4">Take Back Retirement Episode 14: What Women Need to Know About Caregiving and Elder Law with Cathy Sikorski</span></a></span></li> <li class="li3"><span class=