Episode #5: Estate Planning Basics


The Principle:

Estate planning is a tricky process. Brian helps us navigate its rules and nuances while examining the social and emotional components of leaving a legacy.

(Click the featured times below to jump forward in the episode)

Honest Takes:

[00:15] – Estate Planning Is Psychological.

  • From time to time, advising sessions turn into counseling sessions. After all, if you’re a married couple, you need to think through to whom you’d like to leave your estate. That’s not necessarily a clear cut process. Perhaps your children have special needs that would require the help of a financial guardian or caretaker. Maybe your kids are downright irresponsible, or maybe you’re in a second marriage and would like to leave money to your stepchildren as well as your biological children. Your advisor can help you to logically process those decisions.

[2:08] – How Are You Leaving Your Money? 

  • Quite simply, do you have a will or a trust in place that will determine how your assets will pass on to your heirs, beneficiaries, etc…when you die? It’s important to think through a tax efficient estate plan that will properly pass on without the government or attorneys getting involved. The last thing you want is for your estate to get caught up in probate court. Estate planning helps you to make sure everything you’ve worked for is going to go to the people you care about.

[5:39] – Work With A Trusted Professional.  

  • Estate planning contains both a legal and financial component. Whether it’s someone local in your community or someone who works a little farther away, work with a professional you trust to do the job correctly. It’s worth the extra distance if you think the advisor in the next town over is more trustworthy. Furthermore, the nuances of leaving a legacy are tricky. It’s really a “don’t try this at home” type of task. Build a relationship with someone who will encourage you to make wise financial decisions.

More To Learn:

  • [1:10] – Can Your Heirs Handle The Money?
  • [3:27] – An Estate Planning Mess.
  • [8:05]. Power Of Attorney.
  • [3:48] – Good Intentions.

Today’s Truth:

Other Virtues:

The host: Brian Bowen – Contact

Subscribe To The “Retire With Integrity” Podcast: