Weekly Wednesday Wisdom Webinars June 26, 2024 [Video]

Weekly Wednesday Wisdom Webinars June 26, 2024

Certified Elder Law Attorney and Financial Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm.

Want to join our live webinar? go to www.wisdomwebinar.com to register or give our office a call at 844-885-4200.

Want to book a 15-minute call with Chris Berry? Register at 15chris.com to book a schedule in his calendar.

Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning, and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi.

On this week’s webinar, attorney and advisor Chris Berry of www.castlewealthlegal.com answers the below questions.

2:07 We plan on leaving our grandchildren part of our Mutual Funds and part of our IRAs in a Trust for their benefit. When we pass away, and this Trust is funded it will be an Irrevocable Trust, I assume.
My questions are:
1. Will this Irrevocable Trust have the same protections as a Castle Trust?
2. Or do we need to set up a Castle Trust for them and fund it at our TOD?

6:18 Does the 10-year withdrawal rule still apply if Roth IRAs are left to our designated beneficiaries in our Legacy Trust set up by Castle Wealth? If yes, then those assets after withdrawal from Roth would no longer have the Legacy Trust protections, correct?

9:06 Brokerage Trust for Roth. is there a 5-year lookback period?

10:27 Selling my condo. Bought for $300,000 sell for $450,000. Have to pay off mortgage, commission etc. May be $100,000. So is my capital gains $150,000 or $50,000? What is best thing to do with the proceeds?

13:05 We currently have a Grantors Trust, is this the same as a Legacy Trust?

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