Main Street Business Podcast: Importance of Living Trusts

Introduction

Host: Mark Koher (CPA, Attorney, Bestselling Author, Entrepreneur, Real Estate Investor)
Economic challenges: inflation, high-interest rates
Aim: Share wealth-building, tax-saving, and business growth strategies

Agreement declaring your assets
Trust owns the assets; helps in case something happens to you
Maintains privacy, avoids probate
No extra tax return or maintenance costs during lifetime
Can creatively distribute assets post-death
Accompanies wills, powers of attorney, asset lists, and other important documents
Can include provisions for pets, digital assets, crypto, etc.

Own Real Estate
- Avoids probate for property distribution
- Includes both home and rental property
Have Children
- Control distribution of assets to minors
- Avoids giving large sums to young children directly
Own a Business
- Ensures business continuity and asset management
Have Retirement Accounts
- Adds provisions for how and when funds are distributed
Have Life Insurance
- Managed distribution of life insurance benefits
- Protects assets designated for special purposes
Have Investments or Cryptocurrency
- Organizes and secures digital and traditional investments
Older Age
- Provides management of assets and care instructions in case of incapacity

Should own all major assets including home, investments, business entities, insurance, and retirement accounts
Operates without additional tax filings unless specified
Allows for significant flexibility and changes

Tax and Legal 360 Workshop
- Dates: June 6th, Salt Lake City
- 3-day event with breakout sessions, networking, and education
- Focus on business owners and professionals
- Special codes for discounts available

Tax and Trusts: A revocable living trust doesn’t pay taxes; irrevocable trusts have higher tax rates.
Investment Comparisons: Real estate is typically more profitable and flexible than REITs and dividend stocks.
Joint vs. Separate Trusts: Most couples use joint trusts; separate trusts are for prenup or complex protection needs.
Self-Directing Retirement Accounts: Avoid prohibited transactions involving companies you control.
Medicaid Trusts: Controversial strategy; Medicaid-funded care has significant drawbacks.
Max Funded Tax Advantage Insurance: Same principles as whole life insurance; ensure other priorities are met first.
Multiple Businesses: Parent S corp owning multiple LLCs is often preferred for organization and protection.
Coverdell Accounts: Can change beneficiaries (e.g., future children), self-direct for higher returns.

Keep living the dream!