Trusts, when understood properly, can help people successfully plan their finances, provide security for their families, and even invest more confidently. Trusts allow for one person (or a company) known as the trustee to hold money for the benefit of another person (or a group of persons) known as the beneficiary. There are a number of different trusts and it is important to understand which type of trust will best suit your goals. So, in this episode, Joe and Lindsay will be sharing the main types of trusts in estate planning and who they are for.

Listen in as Joe explains the benefits of the Alter Ego or the Joint Partner Trust, as well as the negative things that come along with choosing one of these trusts. You will learn ways to simplify the administration of your estate, the advantages of life insurance, and the importance of having a will or power of attorney in place.

What You’ll Learn In Today’s Episode:

  • The most common types of trusts and who they are for.
  • What a trust actually is.
  • The difference between the Alter Ego and Joint Partner Trust.
  • Why someone might opt for one of these trusts.
  • How the Joint Partner Trust can help blended families.
  • How elderly parents may benefit from one of these trusts.
  • The disadvantages to choosing one of these trusts.
  • How to simplify the administration of your estate.

Ideas Worth Sharing:

“There are potential tax disadvantages with trusts. So it is important to be aware of those.” – Joseph Curry

“Make sure you have a will or a power of attorney in place.” – Joseph Curry

“If you do have a large unregistered portion of your portfolio…bring these items up to your advisor.” – Joseph Curry

Resources In Today’s Episode:

 

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DISCLAIMER: Investment services are provided through Matthews and Associates Investments of Aligned Capital Partners Inc., an approved trade name of Aligned Capital Partners Inc © Cashflow Podcasting | cashflowpodcasting.com (ACPI). Only investment-related products and services are offered through ACPI/Matthews and Associates Investments of ACPI and covered by the Canadian Investor Protection Fund. Tax planning, financial planning and insurance services are provided through Matthews and Associates. Matthews and Associates is an independent company separate and distinct from ACPI/ Matthews and Associates Investments of ACPI. Matthews and Associates are not licenced tax professionals, and you should consult with your tax advisor before acting on any recommendations.