Estate Planning Essentials: What You Must Know and Consequences of Failing to Plan

April 3, 2023 – In today's Lifetime Planning episode, Josh Nunn and Aaron Wiegman discuss the importance of estate planning and the key elements you need to consider when creating a plan. We start by breaking down the difference between wills and trusts, explaining how they work and when you might need one versus the other. We also discuss the probate process, which is the legal process of distributing assets after someone dies, and how it can be avoided with proper estate planning.

Another important consideration is estate taxes, which can significantly impact the value of your assets if not managed properly. We explain how estate taxes work and discuss strategies for minimizing their impact. We also cover topics such as power of attorney, health care directives, asset protection, charitable remainder trusts, revocable living trusts, and other areas which can all play important roles in an estate plan.

Throughout the podcast, we emphasize the importance of working with an estate planning attorney to ensure that your plan is properly structured and legally sound. We also discuss the roles of key players in an estate plan, such as the trustee and executor, and how they can help ensure your wishes are carried out.

Finally, we touch on the emotional aspects of estate planning, such as the importance of considering family dynamics and creating a family legacy. We wrap up by going through a final checklist of things that often get overlooked that are more important today when conducting an estate plan than they were in prior decades.

If you have any questions about estate planning, wills, or trusts that we didn't discuss in today's show or you would like to speak with Josh or Aaron about your particular situation, give us a call at (888) 486-3939 or Click here to contact us.

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