Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask Suze & KT Anything: Do I Need Life Insurance?
Sep 14, 2023
Suze, financial expert, answers questions about escrow accounts, real estate, caring for parents, the "Taylor Swift Economy Bump" and more. Importance of transferring assets into a living revocable trust and the risks of leaving assets solely in one's name. Exploring escrow accounts in mortgages and transfer on death deeds as alternatives to trusts. Discussing the economic impact of concerts like Taylor Swift's tour. Life insurance relevance and recommendations for those with dependents while advising against unnecessary purchases.
31:12
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Quick takeaways
- Proper estate planning for homeowners includes using a living revocable trust to protect assets and ensure a smooth transfer.
- Consider paying mortgage, property tax, and insurance expenses outright to save money and potentially earn interest instead of using an escrow account.
Deep dives
Importance of Proper Estate Planning for Homeowners
In this episode, the hosts emphasize the importance of proper estate planning, specifically for homeowners. They discuss a listener's situation where they have left their assets to their children but failed to put their house in a living revocable trust. They explain that this can leave both the owner and the children vulnerable in case of incapacity. They recommend that homeowners consider using a living revocable trust to protect themselves and ensure a smooth transfer of assets.
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