Smart Planning 101

What is an irrevocable pure grantor trust, and why would someone want one?  In this episode, David Zumpano, a nationally recognized expert on asset protection, estate planning & elder law, discusses with me this little-known (although widely used) trust – what it is, why we use it, and who it is for. In Part 1, you will learn: about the goal of helping a loved one to protect their autonomy why people end up in nursing homes (how failing to plan makes this more likely) why retirement isn’t necessarily what you think it is why we want to engage in an asset protection strategy for financial security in our later years what is an irrevocable pure grantor trust, and how it differs from tax trusts and revocable living trusts the history of trusts and what they were traditionally used for (tax trusts – the “traditional” irrevocable trust – no access, no control, no right to benefit) how trusts evolved over time – becoming the revocable living trust why the change in the laws in 2001 significantly changed t