Music Music, welcome to Real Money Talks, where we discuss how to make money, manage money, and invest money. Your host, Laura Leg Mayer, gets straight to the point about what it takes to build lasting wealth in today's changing economic climate. If you're ready to achieve the financial results you've always dreamed of, keep listening. Real Money Talks is the right place for you. And now, here's your host, Laura Lang Mayer. Hi, this is Wall, and you're at Laurel's Real Money Talks podcast. I'm here with Wilder Volsky, he's my CFO, brilliant CPA, and tax strategist. Today, we're going to talk about several things, primarily the difference between trusts and family limited partnerships. Many times, people think they're similar and have similar uses, but they're actually different entities. So, Wilder, welcome. How are you doing? Good, thanks for having me on. Let's talk about trusts. What are the different kinds of trusts? And when in someone's life should they start considering getting a trust and organizing this aspect of their life? Well, they should actually start there. Let's go back a little bit because there are two different trusts I want to talk about today. There are multiple different ones, but the main ones people are familiar with are living trusts and asset protection trusts. When people say they want to set up a trust, they usually think of a living trust. With a living trust, you put all your assets into it, but it doesn't do anything until you or you and your spouse pass away. At that time, the assets are transferred to your beneficiaries, typically your kids or your spouse. There are no tax benefits or strategies associated with a living trust. Its purpose is to avoid probate, which is when the courts decide where your assets go...
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Video instructions and help with filling out and completing Can Form 3520 Partnerships
