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Ep. 6 - Unlocking the Power of Beneficiary Controlled Trusts: Protecting Assets and Passing on Values
Manage episode 441748137 series 3591527
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Welcome to another episode of the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. Today, Ledly dives deep into the world of Beneficiary Controlled Trusts, also known as Beneficiary Deemed Owner Trusts or simply the B Dot. He explains how these trusts are formed, their benefits, and why they work well for many families. You'll hear examples of trusts for young beneficiaries, how to impart values through these structures, and the importance of securing a qualified attorney. Ledly also touches on the critical distinctions between tax rates for trusts versus beneficiaries and how to ensure your trust meets the requirements of Secure Act 2.0 when inheriting an IRA. Stay tuned for critical insights into protecting your assets and your loved ones.
IN THIS EPISODE:
- [0:28] Ledly will discuss Beneficiary Controlled Trusts, also known as Beneficiary Deemed Owner Trusts or simply by the term B Dot
- [2:20] How a Beneficiary Controlled Trust is formed and the benefits and why Ledly sets up trusts in this fashion for many families
- [5:10] Example of a Revocable Trust where under-age children become the beneficiary of the trust at a young age with a named guardian and what happens between the ages of 25 to 30
- [9:30] Moving on to a Beneficiary Controlled Trust and how to impart your values to your children
- [12:16] The importance of getting a qualified attorney and the difference between taxes at a trust rate and the rate the beneficiary has
- [14:22] Meeting the standards of Secure Act 2.0 when the trust inherits an IRA
KEY TAKEAWAYS:
- A beneficiary-controlled trust is a trust where the beneficiary controls the trust
- A beneficiary-controlled trust can be set up at any time to put assets into the trust for tax, nursing home care reasons, or because someone wants to give a gift to the beneficiary
- Getting a qualified trust attorney cannot be overstated to obtain the protection you and your beneficiaries need
RESOURCES:
ABOUT THE HOST:
Attorney Ledly Jennings, founder of L. Jennings Law, specializes in protecting legacies and ensuring smooth transitions of personal and business assets. With offices in Arkansas, his firm offers expertise in estate planning, elder law, probate, and business planning. With a J.D. and MBA, plus valuable experience at Stephens, Inc., the state's largest investment bank, Ledly serves high-net-worth clients and family businesses statewide.
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