Legacy Chat

"Helpful Info'"

Just what is an "estate plan" ... and, more importantly, what do we mean when we refer to that as an "estate and legacy plan?

Simply stated, an estate plan is a simple process of bringing together all the "moving parts" of your individual, and sometimes family, affairs.  It is "one place" where what you have accumulated, such as homes, cars, bank accounts, life insurance, and other important elements of your net worth are all listed - and clarified in both their ownership and in how they are being managed.  In short, think of it this way, if you were to suddenly pass, would your spouse or surviving children know what (all of that just described is).  More importantly, would they know how to disposition it (distribute it among themselves and often to cherished ministries) as you would have were you to speak that ... because in an effective and intentional plan, you can - and you do!

There is one remaining but all-important area to an effective and intentional estate plan, and that is with respect to your minor children (often special needs situations), and your healthcare.  What if you were suddenly incapacitated and unable to direct the care you were receiving. Would your family or friends know what you would specifically like to have happen to and for you?  In the worst scenario, one where your passing is imminent if there is no intevention, would you want "heroics" or a quiet passing (life support or no)?  What if you survive a tragic event but can no longer care for yourself in some or possibly any regard.  Similarly with minor children ... who will care for them at your sudden passing (and with special needs children, what should happen there)?

In our next segment, we'll unpack this a bit ... for now, think about all that makes up your "estate" and ask yourself, "would my family or friends know where to look to find all I will need to have liquidated to settle my affairs"?  What would I like to see happen for my children - how, specifically, would I like to see them cared for?     


Have you heard the latest?

Important considerations during this pandemic (including what may be wise to do, and not do right now with your portfolio), and the movement of assets. 

Click here for that info: The CARES Act.