Austin Frye Interviewed by Reuters regarding Estate Planning

January 18, 2018 | posted in: Blog, Financial Insights, In The News | by
Your estate plan needs an update, even if it is new.

As Beth Pinsker of Reuters said, “Got a dusty old binder with your will and estate plan? Even if you had your paperwork set up a few years ago, all of your documents are now out of date, thanks to new tax laws that went into effect at the turn of the year.”   She spoke with Austin to get his thoughts on the estate planning implications of the new tax bill.

“Austin Frye, a financial planner based in Aventura, Florida, said his practice does more trusts now than ever, and he expects that to continue.

“They are for protective reasons and not for tax savings,” Frye said. “A rise in the diagnosis of autism, special needs, drug and alcohol addictions, Alzheimer‘s, and other problems including multiple marriages and non-traditional relationships – these have kept our trust department busier than ever.”

Another reason for trusts is to keep the state out of your affairs after you die. Property that is not jointly owned or set up to transfer directly to a beneficiary – like a bank account- can end up being evaluated in an expensive and time-consuming probate process. This often includes things like a vacation property in another state, a piece of expensive art or a stamp collection, or a stock portfolio with no named beneficiary.

“Everything needs to be in some kind of trust,” Frye said.”

Read the full article here.