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Estate and Insurance Planning

How does Estate & Protection Planning play a role in our financial life plan process?

By this point, you know that every single new client that works with our team begins by completing their financial life plan.

This plan will incorporate your income, expenses, taxes, insurances, short term & long-term financial goals and then show you exactly what needs to be done to become more efficient tactically in the short term and increase the plan success rate in the long run.

A lot of clients reach out to us because they are looking for tax management help, investment analysis & guidance or help with retirement & life goal planning. Maybe these are what’s motivating you as well. 

Here's what we've found:

When I ask soon-to-be-clients (particularly young families) if they are have an estate plan and are comfortable with their current insurance coverage, I hear a variation of “Nope, not at all! I would LOVE to get a better understanding of my insurance and my estate documents. I’ve never really looked at that before..." or "I did that 5 years ago on Legal Zoom and haven’t checked since!”

Protecting Your Family's Future

If Estate Planning & insurance coverage is an area of great need, why does it rarely come up on our Right Fit Call as something that led you to reach out?

In our experience, insurance planning is that one piece of your family’s planning that you know you NEED but really aren’t that motivated to think about. It forces you to think about your family’s worst case scenario, it seems unnecessarily complicated, and you’ve heard it’s expensive. 

Then, even when you do commit to taking that first step, where do you even start:

  • Do you speak with an insurance agent? (“Absolutely not” is the answer I’m imagining you mouthing to yourself right now)
  • Do you speak with an estate planning attorney…how much will they charge?
  • What will the attorney need from me to get started? Should I be asking about a trust?

There’s a lot to think about.

Our Financial Life Plan® will answer ALL of these questions: We provide an estate & insurance check-up as a core part of all financial planning program. Let’s walk you through what this means and looks like. 

What is Estate Planning?

Estate planning, to put it plainly, is the process of ensuring that your financial affairs are managed and taken care of in the way that YOU want upon your demise (or mental incapacity).

A proper estate plan will ensure the following upon your demise:

  1. Your family is provided for financially to the degree that you desire
  2. Your assets are left to YOUR chosen beneficiaries (family, charity, friends etc.) in the most tax-efficient manner possible
  3. You are in control of your own health and end-of-life planning to the greatest extent possible

Prior to our second planning check in (what we call our “Goals & Gathering” Meetings) our team will get to work gathering all of the relevant documents we need to complete our analysis (investment statements, tax returns, pay stub, 401k statement etc.) Naturally, we do the same in asking for your estate planning documents & insurance policies (if you have them).

That is when our team gets to work. As part of your Protection Strategy Delivery Meeting, we walk you through an educational estate planning program…with the goal of helping you understand what estate planning work still needs to be completed (and what needs to be updated if your most recent version is out of date.)

We will help you understand what decisions you and your family must start thinking about (such as naming the relevant parties to serve specific roles, ie: who do you want to serve as beneficiaries, fiduciaries, executors of trusts, guardians for your kids if you were to pass etc.) as well as specifying what healthcare decisions you will need to make (healthcare proxy, a living will, health directives).

Finally, after we’ve done this initial prep work, we will reach out to an estate attorney to actually draft the relevant documents (or reach out to your estate attorney if you are already working with/know someone in particular).

Our planning structure and process is likely to save you both time and money when it comes to putting together your estate plan because most of the prep work has already been done by the time you reach the attorney: you are just hiring them to put your plan into action.

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