Attorney and Certified Public Accountant Joseph E. Cordell was on the Charlie Brennan Show on KMOX radio Wednesday, March 7, 2018, in St. Louis to discuss the importance of financial planning in the wake of the Lisa Marie Presley lawsuit.
The Senior Partner and Founder of Cordell Planning Partners and Co-Founder and Principal Partner of Cordell & Cordell highlighted the significance of not making assumptions about the next generation when planning your estate, as well as the benefits of asset limitations that protect assets from entering situations like divorce, qualifying for financial aid, and qualifying for Medicaid.
Mr. Cordell explains the ins and outs of trusts, why money within a trust should never be completely handed over, the roles of trustees and co-trustees, and why Ms. Pressley should have created dynasty trusts, in order to preserve the estate.
“I would argue that, particularly money of that magnitude, now, you can create multiple generation trusts,” Mr. Cordell said. “You can plan an impact in a positive way, many people beyond your own generation.”
However, Mr. Cordell stresses the importance of smart planning.
“The notion that you simply, at some point, empty the trust into someone’s hands is not good planning,” he said. “And it doesn’t give them the quality of the gift that you can give them.”
Cordell Planning Partners features offices in Chesterfield, Mo., Independence, Mo., and Edwardsville, Ill. and offers smart solutions for those looking to stay protected.