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Episodes by Topic: Estate Planning
Judge Faulkner demystifies the Probate process!
Probate Judge Debora Faulkner joins Mike to discuss how the Probate Court helps advocate for adults who cannot advocate for the themselves. Plus, Judge Faulkner reviews the process survivors need to follow when settling an estate.
Listen to the EpisodeEstate and Tax Planning
Bob Ward, estate and tax planning attorney with offices in Vancouver and Maryland, joins Mike to discuss various aspects of estate planning, especially as it relates to taxes.
- How does the tax system affect estate planning?
- What is the gift and estate tax exemption?
- What is a trust and how does it impact estate planning?
- Who is a settlor, a trustee, or a beneficiary on a trust? What are their various roles?
- What are the advantages to acting sooner rather than later on gifting assets?
- What is a generation skipping trust?
- What are some other considerations regarding inheritance? (What if a child get sued? What if they are in a bad accident? What if…?)
- How do state laws affect second or third marriages?
- How do you set up a trust to save current taxes, give to charity, and still give money to your children?
The Many Options of Beneficiary Selection
Mike takes a look into the world of beneficiaries and answers some common questions:
- What takes priority: what your Will says or how beneficiaries are named in the various contracts?
- Per stirpes: what is it and how does it keep your assets in your family?
(for more information on per stirpes, read this Blog post.
- How can you make sure your in-laws get what you expect?
- What are some accounts that have beneficiaries?
- Is it possible to name a charity or other non-profit as beneficiary? Is that a good idea?
For more reading on beneficiaries, check out Ron Blue’s book Splitting Heirs.
Listen to the EpisodeEstate Planning; Life, Love, and Legacy
Mike discusses this recent article from the Ronald Blue Trust quarterly newsletter.
He talks about the values his parents instilled in him and tells some stories of his growing up years as examples.
He discusses the questions:
- How much should I leave to my children?
- Should I give inheritance money to my children while I am still alive?
- Should I set up restrictions on where the money goes or how quickly and frequently they get the money?
- Should I appoint one of my children to divvy out the money to their siblings?
- What is the worst thing that could happen if I don’t leave money to my children?
- What is my end goal in leaving money to my children?
- What about giving to charity?
- Do my spouse and I agree to the answers of all these questions?
The foundation should be as found in Scripture, “Wisdom is good with an inheritance, an advantage to those who see the sun. For the protection of wisdom is like the protection of money, and the advantage of knowledge is that wisdom preserves the life of him who has it.” (Ecclesiastes 7:11-12, ESV)
Listen to the EpisodeTaxes and Estates: Listener Questions Answered
On this episode of Talking Money, Mike answers a variety of listener submitted questions:
- I have a life insurance policy my parents purchased for me when I was a child. I would like to cash it in to buy some property. How will that affect my taxes?
- Do I need an estate planner? What professionals should I hire to make sure my estate is in order?
- How can I make sure my cars and mobile home or house don’t go through probate?
- I am close to retirement, what is a good way to make sure I have access to the cash flow I need without completely emptying my retirement accounts?
He also discusses the previously offered homegoing document, found here.
Listen to the EpisodeWhat is Your Financial Plan?
Scott Clark, CFP®, CKA®, joins Mike to discuss the Everyday Steward division of Ronald Blue Trust. They discuss the importance of having a financial plan, having your estate in order, and making sure you are truly diversified in your investments.
Mike ends by reading this holiday greeting from Nick Stonestreet, CEO of Ronald Blue Trust.
A special offer for our listeners! For $500 you can get a professional financial plan overview for yourself or to give as a gift!
Scott and his team will help you answer five major questions:
- Do you have written financial goals or responsibilities driving your decisions?
- Are you purposefully giving, saving, and spending?
- Are you prepared for the impact of death or disability?
- Are you on track to meet your written goals or responsibilities?
- Are you making wise investments? Does your portfolio flow from your plan?
This offer will include one hour of planning by Scott and his team, one hour meeting with Scott to discuss the plan they have drafted, and a binder with the plan all printed out for you.
Two books will also come with the plan: Your Money Made Simple and Your Life Well Spent, both by Russ Crosson, the chief mission officer of Ronald Blue Trust.
To begin the process, you simply need to request a questionnaire. You will have no obligation until you return the questionnaire and you agree to engage us
For more information, please email mike@talkingmoneyradio.com or scott.clark@ronblue.com, or you may call Scott at 864-335-6744 or the Greenville office at 800-588-7526.
Listen to the EpisodeHomegoing Checklist: Preplanning Guide Part 2
Have you thought about who will handle your estate when you pass? Have you communicated to that person where your important information is? Do they know where to find information about bank accounts, investments, and insurance policies? Are there valuable items you want to pass to a specific person? Do you have special requests for your funeral or burial arrangements? How will your loved ones know all this information?
Listen as Nick Stonestreet, CEO of Ronald Blue Trust, joins Mike to discuss the importance of communicating these items to your family before it’s too late. They walk through a helpful home going planning document, which you can download a copy of here.
Listen to the EpisodeHomegoing Checklist: Preplanning Guide
Have you thought about who will handle your estate when you pass? Have you communicated to that person where your important information is? Do they know where to find information about bank accounts, investments, and insurance policies? Are there valuable items you want to pass to a specific person? Do you have special requests for your funeral or burial arrangements? How will your loved ones know all this information?
Listen as Mike discusses the importance of communicating these items to your family before it’s too late. He walks through a helpful home going planning document, which you can download a copy of here.
Listen to the EpisodeBest of Talking Money: Estate Planning Updates
Highlights from show aired February 8, 2020
Estate planning can be confusing! Especially with so many recent changes in estate tax law that could cause your estate plan to pass your assets in a way that you don’t intend. Do you have some type of “Formula Trust” in your documents? Are your documents up to date?
Estate planning attorney, Joel Stoudenmire, joins Mike to review the changes and tell you what you need to watch out for.
Listen to the Episode
Estate Planning Q&A
Is it a good idea to leave specific dollar amounts to my beneficiaries? How do special needs children factor into my estate plan? Mike answers these listener questions and more about estate planning.
Listen to the EpisodeSponsored By:
