Estate/Legacy Planning

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Where Does Your Money Go After You Pass?

Have you ever asked yourself, “If something happens to me, how will my loved ones be financially?“

It is important to fully understand who receives what when you die. Unfortunately, it is not always as black and white as you think, even if your Will says so.

Did you know not all of your assets will pass through your Will/Estate?

A standard Will Package does not flush through specific assets and intentions. You can unintentionally leave your family with much less than you intended.

For example, Life Insurance policies, Retirement accounts, and annuities with beneficiaries don’t go through the Will/Estate. Neither do other assets like a Joint Rights of Survivorship bank account.

Before you meet with an attorney to finalize your Estate Plan, you need a professional, knowledgeable CERTIFIED FINANCIAL PLANNER like myself to help identify your specific assets, beneficiaries, and everything in between.

Don’t let a simple oversight prevent you from taking care of your family after you pass.

Schedule Your Review with Katie

A Will Is Not Enough

The Proof is in the Planning

Remember when you were in your 20’s? I sure do and there are a lot of financial decisions I would make differently had I known then what I know now. So ask yourself, do you want your children inheriting your hard earned savings in their 20s or do you want to space out what they get over time, even after your gone?

Do you have a special needs child or adult dependent? If yes, there is special planning that needs to happen now preparation of the future.

Do you want to stay in your home for as long as possible and not have nursing home life? There are things we can do now to help prepare and plan for this.

Is there a second marriage in the equation and children from both previous marriages? If yes, there are special planning needs you have that most don’t even realize.

I have been in the industry for many years and have seen where things can go awry without proper planning and no, a Will is not enough. I have even seen it in my own family. Frequently we find where one spouse’s children could be completely disinherited unintentionally because they assumed a Will was enough.

Don’t allow relationships to end, families to be torn apart, or feelings to be hurt over money.

Why It’s So Important

We are not allowed to share testimonials because of FINRA regulations but these examples are ways I’ve helped my clients in real life:

Example One

Picture this: Romeo and Juliet get married, but they never get around to getting a Will and proper documents in place and have assets in their own names with no beneficiaries.

For example, If Romeo passes away, Juliet will have to go to probate court and settling Jack’s estate through the court systems creates a time consuming and costly process. Typically probate can last well over 1 year and cost 6-8% of the estate.

With proper planning and implementing the correct documents, together we can create a quicker, easier, cheaper transition of Romeo’s assets to his grieving wife, Juliet.

Example Two

Picture this: Jack and Jill recently married. This is their second marriage and they both have children from their first marriages. They did the basic will and beneficiary changes on retirement accounts but failed to consider the specialized documents that need to accompany this situation.

We see this frequently and even though it is not ill intended, a lot of things can cause assets to not flow properly. For example, but not limited to, one of the spouse remarrying after death of the first, or spending down, or gifting to children from one side over the other, and so on.

If Jack and Jill had the proper trust in place, they both could ensure that assets still flowed through to children from both previous marriages.

Example Three

Picture this: Adam and Eve are married. Adam is a multi-million dollar business owner. If Adam passes away, Eve now runs the business with Adam’s business partners. To top it off, Eve can’t access any of Adam’s assets because she is not named as a beneficiary or joint owner because Adam had everything in his name only. Then, she learns the estate could owe upwards of six figures in fees and taxes. And all because Adam was too busy to get his affairs in order.

With proper planning ahead of time and the correct documents, if Adam passes, there will be a smooth transition of money and business operations. There will also be potential tax savings, keeping more money within the family.

Don’t Wait – Plan For The Unexpected

If You’re In Your 40s, 50s, or 60s, The Time Is Now

These are just a few of the items we will discuss during our Estate Planning session. If we learned nothing else over this past year and half it is that life is shorter than we expect and more precious. Talking about death may be uncomfortable, but it is inevitable. Pay now for a proper Estate Plan so your loved ones don’t pay more later.

Schedule Your 30-minute Phone Call

You’ll also receive a complimentary do-it-yourself New York Medical Advanced Directive to complete and give to the person you name in charge of handling any medical decisions on your behalf. No notarization required.

Fill out the form to receive your free NY Medical Advanced Directive PDF right in your inbox.
You will then be redirected to Katie’s calendar where you can schedule a 30-minute Phone Call to begin discussing your Estate Plan at a time that is convenient for you. If you don’t schedule a call, Katie will reach out to you based on the Best Day/Time you submit.

Schedule Your Review with Katie