Trusts and Real Estate w/Donnie Flaig :: Ep 8 Mortgage Wise

Mike Wise and Donnie Flaig discuss the basics of trusts in real estate financing. A trust is likened to a "bucket" for assets, avoiding probate and its associated court fees and delays. Probate can take 12-24 months, freezing assets and incurring significant legal costs. Beneficiaries, typically family members or charities, are chosen by the trust creator. Trusts keep asset distribution private and can include provisions for minor beneficiaries. Setting up a trust costs $3,000-$4,000, including ancillary documents like health care directives and powers of attorney. Trusts can be managed by a trustee and last beyond the creator's lifetime, ensuring assets are distributed according to the trust's terms.

Highlights:

Probate and Its Drawbacks (1:41)

Special Cases and Trustee Roles (5:44)

Living Trusts and Asset Management (11:25)

Follow Donnie:

https://www.linkedin.com/in/donnie-flaig-17029569/

https://flaiglawfirm.com/

Join Mike Wise, a seasoned mortgage expert, on "Mortgage Wise with Mike Wise," your go-to podcast for navigating the world of real estate financing. Whether you're a first-time homebuyer, seasoned investor, or industry professional, Mike covers everything you need to know. From in-depth discussions on various loan types and understanding market trends to timely updates on interest rates and their economic and political drivers, Mike keeps you informed and empowered in today's dynamic real estate landscape. Stay tuned for expert insights and practical advice that can make a difference in your financial decisions.

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