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#47 - Securing Your Financial Future with Expert Insights From Collin Taylor
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Are you prepared for the unexpected twists life throws your way? In this episode with Collin Taylor, we dive into crucial financial planning topics that tech professionals and investors often overlook. Our hosts discuss the importance of reviewing and updating your will during significant life events like having children, divorces, marriages, and the passing of parents. They emphasize the need to keep your beneficiaries current to avoid unwanted surprises. We also explore the foundations of self-directed IRAs (SDIRAs) from previous episodes, building on the knowledge to discuss additional accounts such as ESAs and HSAs that can complement your investment strategy.
Collin also highlights the significance of having a proper estate plan, especially when it comes to managing and passing down IRAs. We also talked about the potential legal and tax implications and the necessity of regularly updating estate plans and wills.
To learn more about Collin, reach out:
Quest Trust Company web: https://www.questtrustcompany.com/
Call them: 281-492-3434
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/collin-taylor-7b2176176/
Episode highlights:
(0:00) Intro
(2:48) Who is Collin Taylor and the topic for today’s episode
(4:35) Scenarios of who can pass down IRAs
(7:02) Legalities and importance of beneficiary designations
(8:32) Options available to beneficiaries of IRAs
(16:09) Process for inheriting an account
(20:26) Reasons for disclaiming an inherited IRA
(25:49) Tax implications of taking a lump sum
(36:25) Trusts and their role in estate planning and asset protection
(41:02) Real-world examples and scenarios involving IRAs and lawsuits
(48:23) Outro
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For more resources and guides, check these out:
- Investor 101 https://www.aritacapital.com/investor-101-resource/#
- Due Diligence Resource https://www.aritacapital.com/dd-checklist-resource/
If you want to learn more, reach out at:
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/aritasteven/
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