Send us a text

Trusts aren’t just for the rich. Every family can benefit from one. A revocable living trust can simplify estate planning, avoid probate, and create a foundation for generational wealth.

In this episode, Mike Jesowshek, CPA, sits down with Jack Fiveash, attorney and co-founder of The Co Letter, to talk about how families can use a simple trust and LLC structure to build long-term stability, protect assets, and involve their children in smart financial stewardship.

They cover how to start a revocable trust, the ideal timing, what it costs, and how it ties into a broader family office structure that preserves both wealth and values.

👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/

Chapters

(00:00 ) Intro to Family Office Structures
A family office isn’t only for the ultra-wealthy.

(02:41 ) Understanding Revocable Living Trusts
What is a revocable living trust (RLT), why every family should have one, and how it simplifies estate planning.

(04:43 ) When to Create a Trust for Your Kids
Jack explains the right time to create a trust for children and how even young people with digital assets or investments can benefit from having one in place.

(06:53 ) Cost and Process of Setting Up a Trust
Jack outlines realistic pricing, what makes a trust legally sound, and the importance of completing a general assignment to fully fund the trust.

(09:44 ) Funding the Trust and Avoiding Probate Issues
Jack describes how a trust must be properly funded through title changes and assignments to avoid probate disputes later.

(10:22 ) Involving Family Members Early
Jack and Mike discuss including children in the family LLC, teaching financial stewardship, and using legitimate methods to instill responsibility and long-term wealth habits.

(13:38 ) Family Business Meetings and Board Structure
How to formalize family board meetings, even on vacations, to build both structure and tax efficiency. 

(18:30 ) Structuring Family Business Entities
When to create new entities versus using existing businesses, how to integrate wills and trusts into ownership.

(20:46 ) Building a Foundation for Generational Wealth
Jack offers guidance for those just starting to build wealth: How to use simple structures like family LLCs or educational trusts to create lasting value for children and grandchildren.

Learn more about family trusts, LLCs, and governance at  https://thecoletter.beehiiv.com

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit:  https://www.TaxSavingsPodcast.com 

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏 LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

🎙 ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help