The First Financial Consulting Podcast24 Jul 2020

10. Ten Questions To Assess Your Estate Plan - Greg Welborn

It’s important to assess the health of your estate plan. More often than not, people do not adequately prepare for estate planning and retirement. In order to make it easier, we compiled together 10 simple yes or no questions to help you assess your estate plan.

Does your family have a mission statement?
Can your heirs participate in decisions?
Do all your heirs have an option to participate in the management of the family assets?
Do all the heirs understand and want to fill that particular role?
Have your kids actually reviewed the estate plan?
Are you distributing your assets based on age or readiness?
Are you creating opportunities and incentives for your heirs?
Do the younger children participating in the family’s philanthropic decisions?
Does your family consider family unity to be as important as financial success?
Does your family communicate well and meet regularly to discuss major changes?

If you answered yes to 7 or more, you are doing great. If you answered yes to 4 – 6 of these, you are well on your way, but there are some holes that you need to review. And lastly, if you answered yes to 3 of less of these questions, that makes you normal. Most people don’t transition assets from one generation to the other successfully. Wherever you happen to be in this journey remember, completing the journey successfully means assessing first where you are and where you are starting from.

The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor.

First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services.

Learn more about First Financial Consulting:
https://firstfinancial.is/

Denne episoden er hentet fra en åpen RSS-feed og er ikke publisert av Podme. Den kan derfor inneholde annonser.

Episoder(29)

Fiduciary vs. Broker: What’s the Difference?

Financial advisors and brokers can operate under different regulatory standards, compensation structures, and service models. Greg Welborn explains what investors should understand about fiduciary adv...

9 Okt 17min

When Is the Best Time to Do a Roth Conversion?

When is the right time to do a Roth conversion?It’s a question that comes up frequently, but the answer isn’t as simple as waiting for a particular tax rate or assuming that a Roth is always better th...

7 Okt 6min

What Is High Net Worth Financial Planning?

High net worth financial planning involves more than simply managing a larger investment portfolio.As assets grow and financial situations become more complex, decisions involving investments, taxes, ...

6 Okt 20min

How Trusts Can Help Reduce Estate Taxes

Having a trust does not automatically mean your estate will avoid estate taxes.In this episode, Greg Welborn of First Financial Consulting explains how trusts work, why revocable living trusts and irr...

2 Okt 24min

The Investment Mistake of Putting Too Much in One Place

One of the most common investment mistakes isn’t necessarily choosing the wrong investment—it’s putting too much money into a single one.In this episode, Greg Welborn of First Financial Consulting dis...

1 Okt 15min

Mega Backdoor Roth: How It Works for High-Income Earners

For high-income earners looking for additional ways to build tax-advantaged retirement assets, a Mega Backdoor Roth may be worth exploring.In this episode, Greg Welborn of First Financial Consulting e...

30 Sep 3min

High Net Worth Retirement Planning: 4 Key Areas to Consider

High net worth retirement planning often involves more than simply determining how much you need to save or how much income your portfolio can generate.In this episode, Greg Welborn of First Financial...

29 Sep 3min

How to Retire at 50: 7 Steps to Plan for Early Retirement

Can you really retire at 50?For many people, early retirement can feel out of reach. But retiring earlier than the traditional retirement age starts with understanding what you want retirement to look...

29 Sep 4min