Wealthquest's Director of Financial Planning, Megan Hammann, and Director of Tax Planning, Brandon Butcher, gave a webinar on death, taxes, and preparing for these inevitable events. In this episode, Sam and Megan give a recap of the event and focus on how to get through the transition of assets after a loss.
We talk about assets, investments, property, and estate planning. Planning objectively for the legacy we want to leave is extremely important. It involves stepping back to consider how we're going to provide for our family. We talk about the importance of having beneficiaries and planning outside of a will. We also emphasize the importance of open communication and explaining your goals and decisions to prevent misunderstandings.
[04:39] This episode is about making sure that we are setting up our beneficiaries for a smooth transition.
[06:35] Thinking about mortality can be difficult, but the planning needs to happen in life. Talk it over with your family and have everyone on the same page.
[07:52] One of the biggest misconceptions people have is that everything will be taken care of if they have a will. A will isn't used any other way outside of probate court.
[08:25] The transition is so much easier if we find ways not to have to use the will. The will doesn't take effect until you die.
[09:36] The power of attorney will take care of your health care issues while you're still alive.
[10:51] Anything that goes through probate is public record. There are also filing fees and court fees.
[11:20] Life can change so estate planning needs to be frequently or occasionally updated.
[12:18] Money is emotional. Grief comes out in different ways. We don't want assumptions made during trying times.
[14:09] Be open and honest about your goals. Explain why you made your decisions.
[17:06] When you have beneficiaries, it's a direct transfer of the assets. A will is a backstop, but there are a lot of things that don't get to your will.
[17:52] Money either goes through titling or ownership, beneficiaries, or through a will and probate.
[18:31] To avoid assumptions, talk to your family about your charitable beneficiaries.
[19:42] Planning can help lessen the stress.
[20:38] A family meeting can also help give clarity. Be open about your intentions.
[22:52] Talk with your advisor or your team and make your planning in small chunks.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Resources & Links Related to this Episode