Economics Matters with Laurence Kotlikoff

Everything You Need to Know About Trusts With Alan Glassman

Jun 12, 2025
Alan Gassman, an esteemed estate attorney and founder of Gassman Law Associates, dives into the world of estate planning. He emphasizes the urgent need for proper planning to ensure your assets are distributed according to your wishes. The discussion covers the intricacies of irrevocable vs. revocable trusts and the essential role of estate planning software. Gassman shares insights on retirement preparedness, the challenges beneficiaries face with trusts, and the importance of professional guidance in managing estate taxes. Don't procrastinate; your legacy deserves attention!
Ask episode
AI Snips
Chapters
Books
Transcript
Episode notes
ADVICE

Use Software For Estate Planning

  • Run detailed numbers for estate tax planning rather than guessing.
  • Use software like EstateView to understand impacts of multiple estate strategies together.
INSIGHT

Revocable vs Irrevocable Trusts

  • Revocable trusts avoid probate but do not avoid estate taxes or creditor claims.
  • Irrevocable trusts avoid estate taxation but usually forgo step-up in basis benefits.
ANECDOTE

Common Trust Planning Problems

  • Estate planning failures often result from assets not being properly placed into trusts or life insurance not naming the trust as beneficiary.
  • Clients frequently face issues from surviving spouses mismanaging or losing assets to creditors or new spouses without proper protections.
Get the Snipd Podcast app to discover more snips from this episode
Get the app