Most people think a will and a trust binder means their estate plan is done. But when we open that binder, we usually find blank pages, homes never titled into the living trust, and accounts that were never funded. The document looks complete — in practice, it isn't doing much.
In this episode, Branden DuCharme and Carisa Bertrand break down what estate planning actually requires, and the three components everyone should understand before assuming they're "done."
What we cover:
Your taxable estate — the 2026 federal exemption sits around $15M per person, so most people won't owe federal estate tax. But state rules differ, and a normal revocable living trust doesn't shield assets from your taxable estate the way many people assume. We also touch on where an irrevocable life insurance trust (ILIT) fits in.
Probate — the court process that's slow, expensive, and public. Branden and Carisa explain why business owners in particular want to avoid it, how a pour-over will works, and how a single outdated beneficiary designation can override your entire plan — including leaving an account to a prior spouse.
Gifting — the annual exclusion, split gifting between spouses, and the "direct support" exception for tuition and medical bills. Plus the step-up in basis: how gifting a home too early can accidentally hand your kids a large capital gains bill that passing it through a trust would have avoided.
The bottom line: estate planning is about making sure your plan actually does what you think it does. Review it regularly, check your beneficiary designations, and build a team that can help.
Timestamps: (00:00) The blank pages most estate plans hide (00:52) Welcome & why most estate plans aren't done (02:27) The two sides of estate planning (03:33) Your taxable estate & the 2026 exemption (07:33) Irrevocable trusts and the ILIT (08:50) What probate actually is (09:40) Why probate is public — and risky for business owners (13:22) Beneficiary designations override everything (15:19) Gifting: the annual exclusion & split gifting (17:02) Gifting a home & step-up in basis (21:30) Long-term care and the sell-the-house trap (25:53) The bottom line: does your plan do what you think?
Have a topic you'd like us to cover? Reach out — we'd love to hear from you.
— Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.
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