OPTIMIZING YOUR FAMILY TRUST
THE IMPORTANCE OF UPDATING BENEFICIARY DESIGNATIONS ROSS BRUNSON, CONTRIBUTING WRITER
divide among Learning, Organizing, and Strategizing. While life happens and I have to make adjustments throughout the year, it helps me yield the most from every 365 days by being intentional from the outset about how I’ll use my time. I invite you to take advantage of these tools to gain greater clarity, balance, focus, and confidence in your life, which can in turn help you lead your family in doing the same. (You can watch me explain more about these and other tools on my YouTube Channel: Doug Andrew–3 Dimensional Wealth, as well as download them with the QR code on page 1). Not
As 3 Dimensional Wealth teaches, building and preserving your family's Financial Dimension over multiple generations requires careful planning and strategic decision-making. A critical part of that planning includes establishing a family trust, which can help protect assets, mitigate taxes, and provide for future generations.
you can ensure that your assets align with your current wishes.
AVOID LEGAL FALLOUT Failing to update designations can result in unwanted consequences, such as ex-spouses receiving benefits or unintended beneficiaries inheriting assets. This can lead to disputes and lengthy legal battles, depleting the wealth you worked so hard to build. MAXIMIZE TAX EFFICIENCY Updating beneficiary designations can also maximize the tax efficiency of your family trust. Retirement accounts, for example, often have significant tax implications upon distribution. By naming the appropriate beneficiaries, such as your spouse, children, or grandchildren, you can minimize tax obligations and optimize the financial benefits for your loved ones. To update beneficiary designations on various accounts, it is essential to work closely with your estate planning attorney and financial advisors. They can provide guidance on the specific requirements and limitations associated with each account type. Additionally, they can help you navigate potential tax implications and ensure that your updates align with your overall estate planning goals. If this is all new to you, start by creating a family trust, but remember you don’t want to stop there. Regularly update your beneficiary designations on accounts held within that trust, working with professionals to ensure that your family's wealth is preserved and protected for generations to come.
only will you be able to seize opportunities you might never have otherwise, you’ll find yourself on a more certain path toward a fulfilling a 3 Dimensional Wealth life … and legacy.
However, simply creating a trust is not enough.
–Doug Andrew
REGULAR REVIEWS ARE CRITICAL It’s crucial to regularly review and update the beneficiary designations on various accounts, such as life insurance policies, retirement accounts, and bank accounts that are held within the trust. Why? Beneficiary designations play a pivotal role in ensuring that your assets are distributed according to your wishes after your passing. When you create a family trust, you transfer ownership of assets to the trust, and the trust becomes the legal owner of those assets. However, for certain accounts like life insurance policies, retirement accounts, and bank accounts, the trust cannot be the designated beneficiary. Instead, you must name individual beneficiaries directly on these accounts. ALIGNING THE TRUST WITH YOUR WISHES Life circumstances change over time, such as marriages, divorces, births, and deaths, which may impact your desired distribution of assets. By regularly reviewing and updating beneficiary designations,
FUN FOOD IDEAS
Stay toasty this winter with an Andrew family favorite. BEST EVER CHILI
INGREDIENTS
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6 slices bacon
2 large cans roasted diced tomatoes (including the juice)
2 lbs ground beef
½ lb sausage
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1 sweet onion, chopped 3 cloves garlic, minced ½ of each red, yellow & green peppers, chopped 1 Tbsp dried oregano
2 cups beef stock
6-oz can tomato paste
2 or 3 bay leaves
6 cans canned beans (kidney, black, or pinto or combination)
1 Tbsp chili powder ¾ tsp curry powder
Toppings •
1 Tbsp cumin
Dash of cayenne pepper 1 Tbsp pink kosher salt
Sautéed bacon, crushed into bits
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1 tsp pepper
Sour cream
1 tsp smoked paprika 1 Tbsp Worcestershire sauce
Jalapeños, diced
DIRECTIONS
1. Fry the bacon until crisp, then set aside. Sauté the ground beef and sausage in the bacon drippings. Add the veggies and continue to sauté until meat is cooked through and veggies are tender. 2. Add the rest of the ingredients and simmer until blended (about 30 min.). Set out the toppings and enjoy a cozy chili bar! *SHAREE'S TIPS: To add a little heat, use New Mexico chili powder, medium heat.
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