Joe Anderson
ABOUT Joseph

As President of Pure Financial Advisors, Joe Anderson has led the company to achieve over $2 billion in assets under management and has grown their client base to over 2,160 in just ten years of the firm opening. When Joe began working with Pure Financial in 2008, they had almost no clients, negative revenue and no [...]

Alan Clopine

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently leads Pure Financial Advisors along with Michael Fenison and Joe Anderson. Alan joined the firm about one year after it was established. At that time the company had less than 100 clients and approximately $50 million of assets under management. As of [...]

You’ve worked extremely hard to fund your retirement plan, pay off your house and amass enough savings to cover future expenses—but without a proper estate plan, all your success could fall into the hands of the wrong person once you’re gone.  In this episode, CFP® Joe Anderson and CPA Alan Clopine dive in to critical estate planning tips for constructing a will or living trust, funding a trust, updating beneficiary forms and understanding estate taxes. Estate planning associate, Tom Lawler, joins the show to discuss the different types of living trusts you can choose from.


Important Points

1:20 “64% of Americans don’t even have a simple [estate] plan in place” [Source: Legal Zoom]

3:05 “Make sure you look at estate taxes, that you consider that, because right now there are some pretty big exemptions so a lot of you will not have estate taxes, but just be aware that if you’re subject to them, there are some strategies that you want to take advantage of”

6:19 “If you have any type of assets whatsoever, you should have a will so you know when you’re gone that there’s a document there to tell the courts or someone what the direction is going to be…if you have more than $100,000, if you have real property, that’s where the trust comes in”

7:24 “Did you know that people who work for the government are 20% more likely to have employment-based health insurance than those who work in the private sector?” [Source: Employee Benefits Research Institute]

10:05 “The idea behind a trust is to avoid those things, you want to go inexpensively, privately and quickly. That’s really what the trust does for you versus the probate which might last a year”

10:36 “Simple trust, A/B trust and disclaimer trust—those are the basic three that we use over and over”

15:03 “Double check all of your assets; if you do have a living trust to make sure that it’s funded…funding of the trust is one of the biggest mistakes that we see for individuals who do have a trust”

19:10 “If I designate my 16 year old grandson as my IRA beneficiary, he won’t have to take required distributions until he turns 59 1/2.—this is absolutely false”

23:05 “There are a lot of advanced estate planning strategies from family limited partnerships to charitable trusts and on and on and on to actually significantly reduce that estate tax”