PODCASTEpisode 12 – Do I Really Need a Trust?
Do you really need a trust, or is a will sufficient for your estate planning needs? This frequently asked question leads to many more considerations that require careful analysis.
In this episode of Into the Woods, attorney Morgan Napierski returns to join host Dave Shaffer in unpacking the world of trust planning. Using helpful analogies, they explain what trusts are, how they work, and the critical role of trustees in managing assets according to specific instructions. Morgan and Dave explore the two main categories people typically consider: revocable trusts for probate avoidance and irrevocable trusts for asset protection and Medicaid planning. They also discuss various specialized trusts, including testamentary trusts, supplemental needs trusts, and trusts for minor children. The episode features a cautionary tale about Michael Jackson's estate, highlighting the crucial importance of properly funding your trust—because even the King of Pop made this costly mistake that could have been easily avoided.