Today, we’re talking with Andrew Weinhaus about why you need an estate plan. He's an attorney who has worked in estate planning for 30 years. That means he knows it like the back of his hand. So, you get the tremendous value of hearing about estate planning in a way that's relatable, plain and simple! https://www.youtube.com/watch?v=xvoTfp63rT4 Do you wonder what happens to all of your stuff when you die? Have you heard of estate planning, but are not really sure what it is and whether it’s for you? No need to share your answers, but ... pssst ... this episode is for you! Here’s a sneak peek into estate planning from a distance. It's like browsing, but without the annoying sales clerk asking if you’ve found everything you didn’t even know what you were looking for in the first place. You can dip your toe in to find out if it’s really as scary and overwhelming as you thought. I promise, you’ll feel less out of place and more at home in the estate planning conversation. So, whenever and however you decide to move ahead, you'll feel better about those uncomfortable conversations. If you are concerned about what happens to your legacy, you’re certainly not alone. What’s more, you don’t need a million-dollar estate to start thinking about it. This episode explores why planning ahead is incredibly important for every family in America - not just the wealthy and how to approach the process with extreme confidence. This conversation will help you make sense of the basics. That means you’ll know the why and the end goal. Those two things will automatically vacuum out the ambiguity in the process. So if you want to understand what an estate plan is and does, see how it's relevant to your life to do the long-term planning, and differentiate whether this is an important thing to take action on so you can feel the benefit of planning before you embark on the journey, tune in now! In this episode on estate planning, you’ll find out: The two main reasons you need an estate plan: if you can't make decisions, and if you die. The four reasons you want to avoid probate: cost, time-intensity, publicity, and creditor rights. Why you might want to pay for your parents' estate planning. The basic components of an estate plan and what they do: a medical directive, a power of attorney, a revocable living trust, and a pour-over will. The cost of an estate plan is often much less than the cost of probate. The difference is whether you pay a fixed, known cost now, with an attorney who is a trusted advisor, or a potentially much higher cost later with an attorney you can't choose. Concerns with real estate, businesses, and investments without an estate plan. How life insurance is the perfect equalizer to allow you to transfer family assets without having to liquidate. Why titling your assets correctly is one of the most critical steps of estate planning that most people miss. Why estate planning spells out exactly what you want to happen. How to plan for the care and financial needs of minor children. Why your estate plan can never be perfect and how to get it done anyway. Why Don’t More People Talk About Estate Planning? Estate planning may sound slightly intimidating, with many people assuming it’s something only the wealthy need or that it involves complicated legal jargon and expensive lawyers. The reality is different, however: estate planning is about protecting your family, your choices, and your peace of mind, not just your money. Another reason people put it off is the fear of cost or discomfort around discussing the uncomfortable subject of death. While it’s easy to push the topic aside when it feels far away, without a plan, the people you care about are left to sort things out on their own. The problem is that in every sense of the word, that can be far more costly. In short, estate planning is simply an act of care and well-deserved diligence. It ensures that what you have built, whether big or small, goes where you want it to
Published on 5 years, 2 months ago
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