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Lessons Learned from Larry King’s Estate Plan

The Principle:

What do you want to avoid when it comes to your estate plan? Why does it matter? Let’s take a look at Larry King’s estate plan and talk about the lessons we can apply to our own plan.

Honest Takes:

The late Larry King had an estate plan but apparently had a handwritten amendment to his will. How can we learn from his mistakes? On this episode of the podcast, we talk about how important an estate plan is and what it means for the future.

Having an estate plan is more than just having a will. The majority of wills and trusts are not even completed correctly. Do you have all of your assets listed correctly? The things you have in your head to pass down to your children, is that in writing?

Do you have beneficiaries listed for your bank accounts? You can have a transfer on death for bank accounts. The last thing you want to do is leave a mess for your kids or heirs. It’s really important to get your estate plan done. Remember who it is you’ll be taking care of when you get an estate plan done.

What happens when the wrong people get left on the will? How long has it been since you’ve made any changes? In that time, have you added any dependents or gone through a divorce? Brian shares the biggest complaints he hears from heirs who have to sort through everything.

Finally, MarketWatch warns that if only one spouse dies and it’s the higher income earner, it could change your tax bracket. How would this affect your retirement? Could you be facing an estate tax problem? How does this impact farmers or small business owners? Do you have a tax strategy that accounts for that?

Listen to the entire episode or click on the timestamps below to skip ahead.

[0:13] – How can we be certain your assets go to the right person?

[4:04] Who is the beneficiary on your accounts?

[6:00] – Who are you taking care of by doing an estate plan?

[7:44] – What happens if only one spouse dies first?

[11:21] – What’s the tax strategy?

Today’s Truth:

“You’ve got to have something written down. Getting an estate plan is actually more than just a will.”

Brian Bowen

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The Host:

Brian Bowen – Contact