Small Business Tax Savings Podcast

Why Every Family Needs a Trust & LLC (Not Just the Rich)

15 snips
Oct 15, 2025
Guest
Jack Fiveash
Jack Fiveash, attorney and co-founder of The Co-Letter, shares critical insights on why every family should consider trusts and LLCs for wealth preservation. He emphasizes that revocable living trusts simplify estate planning and avoid probate, making them accessible for all families. Jack discusses the ideal timing for setting up trusts for children, the costs involved, and the importance of funding them correctly. He also highlights engaging younger generations in financial stewardship and governance through family meetings and business involvement.
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INSIGHT

Revocable Trusts Create Continuity

  • A revocable living trust (RLT) creates continuity and avoids probate delays when a family leader dies.
  • Jack Fiveash says an RLT smooths asset access so families avoid courts and red tape.
ADVICE

Set Wills, Trusts, And A General Assignment

  • Do get wills and trusts for both spouses together and include a general assignment document when you sign the trust.
  • Jack Fiveash recommends budgeting roughly $2,500–$5,000 for a proper couple trust package with closing.
ADVICE

Funding The Trust Is Critical

  • Do fund the trust after signing by retitling assets or using a general assignment to avoid probate challenges.
  • Jack warns an unfunded trust can be contested as never started and still trigger probate.
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