Estate Planning

Should You Have a Family Meeting?

In this episode Angela discusses the importance of having family meetings, especially as children grow older and move out. She emphasizes the need for proactive communication within families to address important life decisions, end-of-life wishes, and potential conflicts that may arise after a parent's passing. She also encourages families to have open and honest conversations to ensure continued harmony and support.
Key Takeaways 💡
Family meetings are often perceived negatively due to past experiences, but they become increasingly important as children leave home to proactively address family matters, rather than reactively dealing with issues as they arise. Husbands and wives, despite living together, often spend significant time apart, leading to independent thoughts and goals that may not be communicated effectively, highlighting the need for open discussions.
It is important to openly discuss life wishes, such as preferences for end-of-life care, to avoid potential conflicts among family members, as assumptions about what a parent wants can lead to disagreements. Children need to hear directly from their parents about their wishes, ensuring everyone is on the same page and minimizing the risk of disputes after the parents are gone.
Parents should consider the potential impact of their decisions on family relationships after they are gone, as disagreements over estate money and end-of-life wishes can cause dysfunction and hardship among siblings and other relatives. Taking the initiative to communicate these decisions can foster wisdom and prevent future conflicts, ensuring the family remains united.
It is crucial to have a plan in place for long-term care assistance, including who will make medical and financial decisions if the parents are unable to do so, to avoid burdening children with difficult choices. Communicating these plans and wishes can alleviate stress and potential conflicts among family members, especially when differing financial situations and opinions exist.
Naming one child as the executor of an estate can create added pressure and potential resentment among siblings, especially if they have busy lives or differing financial needs. It is important to discuss these roles and responsibilities openly to avoid overburdening one child and causing conflict among the others.
Families should discuss potential tragedies, such as the death of a child, to ensure that guardians are in place for any young grandchildren and that the grandparents' desire to see them is known. Proactive communication can turn potential stress, tension, and disarray into a proactive approach that strengthens family relationships and ensures everyone is prepared for unforeseen circumstances.
When conducting family meetings, it may be beneficial to initially exclude in-laws, ex-laws, and outlaws to focus on the immediate family's boundaries and concerns. If you are struggling with how to have these conversations, seek guidance to help your family continue to live life on purpose and prevent family relationships from crumbling after you are gone.

The Griever's To-Do List (Rebroadcast)

This episode focuses on the importance of life planning to prepare for unforeseen circumstances like illness or death. Through the story of Maria and her husband Tom, the episode highlights the emotional, financial, and logistical challenges faced by families without proper planning.
Key Takeaways 💡
The episode emphasizes the importance of taking action to prepare for unforeseen life events, such as illness or death, to reduce the burden on loved ones. Angela encourages listeners to reflect on their responsibilities and take proactive steps to care for their families.
Maria's story illustrates the challenges of navigating life after her husband Tom suffered a severe stroke, which left him physically impaired and behaviorally changed. Their retirement dreams were disrupted, and Maria had to manage alone, highlighting the unpredictability of life.
Maria faced a steep learning curve in managing financial and estate matters after Tom's passing, despite having a financial cushion from selling their business. This underscores the need for a comprehensive retirement and estate plan.
The episode discusses the limitations of Medicare and health insurance, which often do not cover long-term care needs. Maria had to navigate the complexities of Medicare, Medicaid, and out-of-pocket expenses during a health crisis.
Financial planning challenges included managing the proceeds from their business sale, understanding tax implications, and dealing with inflation's impact on savings. Maria also had to make difficult decisions about social security and her late husband's belongings.
The emotional and logistical burden of funeral planning and addressing her own future needs led Maria to realize the importance of having a plan in place. The episode stresses that planning is a gift that provides peace and allows survivors to thrive.
Angela encourages listeners to consider what should be on their 'griever's to-do list' to avoid placing unnecessary burdens on family members during difficult times. Proactive planning can ease the challenges faced by survivors.

Paralyzed by Estate Planning

This episode focuses on estate and legacy planning. Angela discusses the challenges of estate planning, including procrastination and complexity, and provides actionable steps to simplify the process using a structured approach.
Key Takeaways 💡
Angela highlights that 68% of Americans lack a valid Will, with procrastination being a major factor, especially among those earning over $80,000 annually. She emphasizes the importance of addressing this issue to avoid leaving loved ones unprepared.
The concept of a legacy planning process is introduced to help individuals navigate the complexities of estate planning. Angela stresses that taking the first step and engaging actively in the process is key to overcoming procrastination.
Angela presents the acronym W.W.T.C. (Who Gets What, When, and Under What Terms and Conditions) as a simple framework for estate planning. She encourages listeners to jot down their thoughts without overthinking to make the process less intimidating.
Listeners are advised to start estate planning by identifying 'who' they want to include in their estate.
The next step is determining 'what' each person or cause will receive. Angela advises being specific about allocations without worrying about equal distribution at this stage.
Angela discusses the importance of deciding 'when' beneficiaries will have access to their inheritance, distinguishing between access and outright ownership. She also addresses common fears about how beneficiaries might use their inheritance.
The 'terms and conditions' for each beneficiary are explored, with Angela acknowledging that family dynamics can complicate these decisions. She encourages listeners to document their concerns and wishes to ensure clarity.
Angela shares a story about Sister Mary to illustrate the importance of taking action in estate planning, even if the approach is unconventional. This underscores the need to prioritize planning to avoid future complications.
The episode concludes with Angela emphasizing that estate planning is an act of love for those left behind. She encourages listeners to use the provided tools to ensure their wishes are honored and family conflicts are minimized.

Why Haven't You Updated Your Estate Plan?

Updating your estate plan may be hard. Scratch that. It will be hard. Family dynamics aren’t always easy. And when you add money to the equation, well...it can change everything and not always for the better.
 
About the Episode 🎙
Angela discusses the complexities of estate planning, focusing on family dynamics, fairness versus equality, and the importance of proactive communication. She shares a cautionary tale to highlight the consequences of procrastination and offers actionable advice for addressing common estate planning challenges.
Key Takeaways 💡
Procrastination in updating estate plans often stems from emotional or family-related issues rather than financial concerns. Angela emphasizes that excuses for delaying estate planning are just that—excuses.
Family dysfunction, such as substance abuse, divorce, or poor decision-making, can complicate estate planning. Angela advises against appointing multiple family members as trustees to avoid conflicts during the estate settlement process.
Fairness and equality in asset distribution can be challenging, especially when children have differing life circumstances. Angela highlights the importance of addressing these issues openly to prevent misunderstandings.
A cautionary tale illustrates the consequences of delaying estate planning. A father’s failure to communicate his intentions led to tragic outcomes, including his son’s substance abuse relapse and his daughter’s heartbreak.
Angela stresses the importance of saying 'no' to children with substance abuse issues and including specific language in trusts to ensure their needs are met responsibly. Professional guidance can help manage these situations effectively.
Facing difficult family dynamics head-on is crucial to prevent negative consequences after one’s passing. Avoiding these issues can lead to discord and unfulfilled legacies.
Estate planning is not just about money but about leaving a meaningful legacy. Angela encourages listeners to ensure their legacy is honored and celebrated positively, rather than allowing financial matters to create family discord.
Surrounding oneself with knowledgeable professionals is essential for addressing complex family and financial situations. These experts can provide valuable support in areas like financial management and substance abuse recovery.

Your Digital Legacy

The loss of a loved one can be a difficult time for someone. And not knowing the details associated with their loved one’s digital legacy can make an already challenging time potentially more difficult and more expensive. Kate Hufnagel, The Digital Wrangler, joins us this week to share some tips.

Family Support Checklist (Rebroadcast)

As a life planning firm, it is our mission to help you take the essential steps needed to face each of life’s stages with confidence and clarity. We were asked if we could compile a list of the things that need to be addressed on every level when you find it necessary to assume physical, emotional, and financial responsibility for your parents.

IRAs and Estate Planning

In the spirit of Estate Planning Awareness Month, you need to be aware of the implications of your retirement dollars when you die. And…if you don’t like it, there still may be time to do something about it. Just don’t wait until it’s too late.

Are You Prepared for the Estate Tax Sunset?

We were honored to have tax attorney Kyle Post join us this week as our guest. Kyle discusses some of the changes we may have coming our way after the election in regards to your estate and taxes. You don’t want to miss this.

Your Will is Not Enough (Rebroadcast)

While it may sound like the title of a James Bond movie, you need to ask yourself: Is your will alone enough to keep your estate from going through probate when you die? We’re talking legacy planning on this week’s episode. We give you 3 questions you need to ask yourself when setting up your estate.

My Estate Plan

October is National Estate Planning Awareness Month. Having an estate plan ensures that your wishes for your estate are carried out when you pass away or if you become unable to make decisions for yourself. This week we’re looking at the differences between a Will and a Trust.

Tax Reform Sunset on the Horizon

Can you hear it? It’s those two, ominous notes from the movie Jaws to let you know we are drawing nearer and nearer to the almost inevitable…the sunset of the Tax Cuts and Jobs Act (TCJA) of 2017. This could mean that higher income taxes and estate taxes are headed your way.

Have You Outgrown Your Advisor?

I believe one of the hardest things to do is find the “right fit” advisor for you and your family. Because of this, I thought I might take a minute to educate you a little about our industry.