Trusts and Divorce with Kim Willoughby | Episode 20

Trusts and Estate Planning in Divorce CasesIn this episode of Divorce at Altitude, Ryan Kalamaya and Amy Goscha are joined by Kim Willoughby, a leading attorney with expertise in complex financial divorce cases and estate planning. Kim shares her wealth of knowledge on the role of trusts in divorce proceedings, explaining how they can impact the division of assets and financial settlements. From revocable trusts to irrevocable trusts, Kim breaks down how different types of trusts can be used to protect assets and influence divorce outcomes.Kim discusses the distinction between revocable and irrevocable trusts and how the classification of a trust can affect its inclusion as marital property during a divorce. She also explores common estate planning strategies, such as A-B trusts, dynasty trusts, and qualified personal residence trusts (QPRTs), explaining how these tools are designed to minimize estate taxes but can complicate divorce settlements. The episode also covers the importance of understanding the trustee's role and the challenges faced when dealing with complex trusts in divorce.Guest Information Kim Willoughby is a top family law and estate planning attorney with extensive experience in handling complex financial divorce cases. A member of the American Academy of Matrimonial Lawyers, Kim has been recognized for her expertise in both divorce law and estate planning, helping clients navigate sophisticated financial matters and manage trusts during divorce.Episode OutlineIntroduction to Trusts in Divorce Kim explains what a trust is, its role in estate planning, and how it can impact divorce settlements.Revocable vs. Irrevocable Trusts The key differences between revocable and irrevocable trusts and how they are treated in divorce cases.Estate Planning Trusts How trusts like A-B trusts, dynasty trusts, and QPRTs are used in estate planning and their implications in divorce.The Role of the Trustee Kim discusses the role of the trustee in managing assets in a trust and how it affects divorce proceedings.Handling Trusts in Divorce What to do when a spouse is the beneficiary of a trust, including the impact of discretionary and irrevocable trusts on the division of assets.Estate Planning and Divorce Best Practices Advice for family law attorneys on how to handle trusts in divorce cases and when to consult an estate planning attorney.What is Divorce at Altitude? Ryan Kalamaya and Amy Goscha provide tips and recommendations on issues related to divorce, separation, and co-parenting in Colorado. Ryan and Amy are the founding partners of an innovative and ambitious law firm, Kalamaya | Goscha, that pushes the boundaries to discover new frontiers in family law, personal injuries, and criminal defense in Colorado. To subscribe to Divorce at Altitude, click here and select your favorite podcast player. To subscribe to Kalamaya | Goscha's YouTube channel where many of the episodes will be posted as videos, click here.  If you have additional questions or would like to speak to one of our attorneys, give us a call at 970-429-5784 or email us at [email protected].************************************************************************DISCLAIMER: THE COMMENTARY AND OPINIONS ON THIS PODCAST IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES AND NOT FOR THE PURPOSE OF PROVIDING LEGAL ADVICE. CONTACT AN ATTORNEY IN YOUR STATE OR AREA TO OBTAIN LEGAL ADVICE ON ANY OF THESE ISSUES.