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Estate Planning · Money In Motion with Klaas Financial

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This is money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place. It's
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got a great opportunity right yet, right now with the phone lines open at
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six zo eight three two one thirteen ten at six O eight three two one
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thirteen ten. Great opportunity for you to get on the air with our retirement
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planning professionals from Class Financial, joined this week by c J. Class and
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Malia Quavis. As mentioned, they come to us from Class Financial. The
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website class financial dot com that's k l a as financial dot com. Great
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website to learn more about Class Financial. Also an opportunity there to sign up
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for the weekly Market Pulse newsletter. It's a great weekly email you receive.
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It's got a link to the most recent podcast as well as a snapshot of
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what's been going on in the financial markets. Kind just had an over to
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class financial dot Com. Scroll down towards the bottom and your email, click
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subscribe and you are on your way. Speaking of Class Financial, they're really
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easy to get ahold of, real easy to make that first deployment six O
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eight four four two five six seven. Don't forget that first appointment, not
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going to cost you anything. It is complimentary to you again. Their telephone
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number six O eight four four two five six three seven and online Class Financial
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dot Com as mentioned joining us this morning our CJ Class and Malia Quavis CJ.
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How you doing today? I'm doing great, Good morning, Sean.
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Good to talk with you. CJ. Malia, how are you this beautiful
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morning? Very good, happy to be here. It's great to have you
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along. And we've got a very important conversation. Important stuff when it comes
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to estate planning, and this is one of those where there's a lot of
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talk, unfortunately not as much action as we'd like to see, and we're
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going to talk about how important these documents and other steps are and why they
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are so vitally important this morning on the program. As mentioned, the phone
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lines are open for you at six O eight three two one thirteen ten at
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six O eight three two one thirteen ten gets you on the air with Malia
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and CJ. Website Class Financial dot Com. Before we get rolling on this
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week's conversation, one of the fantastic things that we take that takes place each
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week here on the program is the Class Quiz question week. That'll happen again
1:59
this week chan to win a great prize from our friends at Claus Financial.
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This week we'll be playing for a twenty five dollars gift card to home Depot.
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I would say pay attention to the program. Typically both the question answer
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come up during the show, and we'll talk about a little bit later in
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the program how you can win that twenty five dollars gift card to home depot.
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Before we start our topic of a state planning, let's actually take a
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look back at last week's show and get the question and answer for the Claus
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Quiz question of the week. Yeah. So last week we had one of
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our favorite subjects that we reflect on quite frequently, which is Social Security and
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what you need to know about collecting your benefit. So last week's question was,
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what is the earnings limit for Social Security if you're reaching your full retirement
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age this year in twenty twenty three, and you choose to begin to claim
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your benefit? Multiple choice? Was it twenty five thousand or fifty six thousand,
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five twenty Shout out to Wane of Monona correctly answered fifty six thousand,
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five hundred twenty dollars is the amount you can make this year if you're reaching
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your full retirement age and then you go on to begin to claim your benefits.
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So hopefully Wayne's getting ready to retire and he's got that number written down.
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Thanks for listening, and don't forget if you miss any part of last
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week's program or any show. As Millia mentioned, of course, anytime we
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talk about social security, it is a very popular topic. You can always
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head on over to class financial dot com listen back to the podcasts. Also
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subscribe right there online at class financial dot com. That's Klaas financial dot com.
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There telephone number six O eight four four two five six three seven,
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no charge finisch could no employment at Class Financially. It will be complimentary to
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you again the number six to eight four four two five six three seven.
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So today we're gonna be tackling the topic of a state planning. Let's get
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like a little explanation about one why it's so important and of course, as
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you guys are helping clients with financial retirement planning, why is that estate planning
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such an important part of that conversation. Yeah, So we believe that as
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a financial planner we should act like a quarterback of our clients financial team where
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we've we've likened it to like a coordinated care expert inside of a hospital system.
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So many people know, if you go into like a hospital system,
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the specialists are brilliant, they're very narrow and deep in their fields of expertise,
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and so that's really great when you need that, but often it's the
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coordination of that care that can be a challenge at times. So hospital systems
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have figured this out that they need a kind of a coordinated care experts or
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somebody to lead them through that. And financial planning is similar. You can
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find really great insurance agents, really great accountants, a really great estate planning
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attorney, really good money manager, and yet the problem can become if they're
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not working together as a symbiotic team on your behalf your financial plans, it
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can create a disjointed plan. So we act like that quarterback, and our
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job is to kind of build in almost strength or defenses into your financial plan
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when we see areas of weakness. And one of those areas of weakness that
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Malia and I run across quite often is in the area of a state planning.
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Now many people have potentially begun this process, but often it doesn't end
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up getting completed. So again, when people here a state, they go,
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well a state. That's that's what those wealthy people have. Remember,
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estate planning is just the planning for your stuff, both during life and afterlife.
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And the stuff could be what happens if I become or what happens when
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I die, to my furniture, to my jewelry, right where is it
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going? Or what happens even more importantly to my minor child. Right,
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So this is known as guardianship of my minor children or what happens to me
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if I become incapacitated. This is where powers of attorney come in. So
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this is not really if you actually think about it, this is not a
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wealthy person thing at all. This is a human being thing. Right.
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This is if you are a living human being and you are an adult,
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you're probably at some point throughout your life going to need another adult to help
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you make a decision. Now. I know for the twenty some things out
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there you're like, no, that'll never happened. But here to be an
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example, what if you go have a surgery. Do you know that when
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you go into surgery and they put you under, you need another adult to
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make decisions for you. That's known as a medical power of attorney. So
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long story short, even in the small ways, we're all going to need
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this stuff. The question is whether or not we've built a plan ahead of
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time. So quick disclaimer, we are not a state planning attorneys. We
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do not create these documents for our clients. However, we do work with
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a great coordinated team of a state planning attorneys, some of which our clients
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already have and in other circumstances we will refer out to them. But it
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is important that you eventually get these plans in place. Talking this morning with
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CJ. Clossmlia Quavis, our retirement planning professionals from Class Financial online Class financial
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dot com that's klaas financial dot com. I mentioned all the great stuff on
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the website. Learn about Class Financial, learn about the different services they offer,
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sign up for that weekly market Pulse newsletter. Again, that's all online
6:54
at class Financial dot com. Tellfon number six to eight four four two five,
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six three seven and to get on the air this in six eight three
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two one thirteen ten. That's six o eight three two one thirteen ten.
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And I know as we talk about this topic, is you know, spending
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years, as you guys have at class financial working with people, you've learned
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a few things, haven't you. We have. So I mentioned earlier that
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some people have started this process but have not completed it, or maybe they've
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completed it, but it's been a decade since they looked at these plans.
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So, just like anything else, it's important to not only create a basic
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will or trust and have powers of attorney, but to also then review that
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occasionally to make sure it still says what you want it to. But I
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just want to, I just want to right away hit one myth. The
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myth out there is like I need to have all my ducks in a row
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before I go meet with the attorney for the estate plan. Wrong, wrong,
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wrong, wrong, wrong wrong. The error isn't having nothing. The
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error isn't having nothing. The error is not in it not being perfect,
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because I promise by the time you die, it's not going to be perfect.
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Okay, so something's not going to be exactly the way that you want
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it. But my goodness, gracious, it's better to have it eighty percent
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accurate or even fifty percent accurate than to have nothing. So don't think you
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need to have all your ducks in a row. Review those estate plans every
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once in a while to make sure they still say what you want them too.
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But here's some scary stats for you. According to the most recent statistics,
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only about thirty three percent of Americans have established estate plans. Oh my
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goodness, I'm getting a headache right now even thinking about this. Thirty three
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percent of Americans have established estate plans now. According to the twenty twenty two
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Wills in Estate Planning study by caring dot com, they found that fifty six
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percent of Americans think that having a will is important, So that's good,
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but only one in three Americans actually have those documents. So, while it's
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been predicted for some time, the US is now in the midst of the
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biggest wealth transfer in modern history. And we're talking, you know, nearly
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thirty five trillion dollars of wealth in Americans over the age of seventy needs to
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be transferred here in the next number of years. While that is a fact,
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only about one and three of them actually have an a state plan that
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is going to help to make that an efficient process. So listen, we're
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not saying that if you don't have a will or a trust or powers of
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attorney. We're not saying that all that money is going to the state.
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That's a misnomer, that is not true. The good news is that in
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here in the United States, every state has pre written a will for you.
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What we are, however, saying, is that that money and that
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stuff and those children are probably not going to go where you want them too,
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because you're not the one deciding. The state's the one deciding. And
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secondarily, you're probably going to pay more fees like probate fees and legal costs
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because again, you haven't decided anything, so inevitably there's going to be more
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arguing and more slowdown. It's going to take longer, it's going to be
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more expensive. So we don't want to create this fear out there that if
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you don't have a plan, your money's all going to the state. Not
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true, But also want to create a reality that if you don't have the
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plans, it's not going to go where you want it to and you will
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pay more in legal fees to get it there. So listen, we've looked
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at some of the stuff on this around why do people wait to get this
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done? And the answers are number one, would be procrastination. They just
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haven't gotten around to it yet. The second would be they think they don't
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have enough in assets. And as I mentioned to you, if you are
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a human being who's an adult, you need to think about estate planning.
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It's not about the size of the assets that you have. Number three item
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we hear is I don't have enough or I don't know how to make a
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will or how to make a trust. So this is the excuse of I
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don't know the right professionals. Well, we know them, so call us
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up and we'll refer you to some of them. Or the final major area
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of excuse or concern that people have is they think it's just too expensive to
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set up an estate plan. So let's talk about that a little bit.
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There are services like legal Zoom dot com that have brought these costs down,
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but it can still be you know, five six hundred dollars to even get
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the most basic of estate plans put into place. And then there's it can
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get more expensive where it's ten twenty thousand dollars for a really complex high net
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worth estate plan. But for the average person listening to us here that doesn't
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have a super complex, ultra high net worth estate plan. You're probably talking
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somewhere between a thousand of five thousand dollars to create a plan like this,
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But listen, that is way less expensive to do it on the front end,
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and then to have your estate play pay for the complexity of the probate
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courts, legal fees and money going where you didn't want it to. It's
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really a good thing to do for your loved ones to have this stuff in
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place. And I lad to laugh when you mentioned PROCRASTINATIONCG. Because I feel
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like for a lot of people that is such a big thing. With this
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kind part of the conversation is just kind of yeah, we'll get to it,
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we'll get to it. I'm finding it, and of course you never
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know, so you definitely want to get on this stuff. Start that conversation.
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They make everything super easy at Class Financial. I gotta just pick up
11:58
phone and give him a call six or eight four four two five six three
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seven. Don't forget that initial conversation at Class Financial that a little appointment is
12:05
going to not cost you a thing. It's complimentary. Six eight four four
12:07
two five six three seven is a telephone number. The number here at the
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station to get on the air with CJAN Melia six O eight three two one
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thirteen ten. That's three two one thirteen ten. And the website Class Financial
12:18
dot com that's k l a as Financial dot com. We'll talk about wills,
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we'll talk about power of attorney documents, what those things are, who
12:26
needs them and what you need to know and of course take your call next
12:28
as Money in Motion with Class Financial continues here on thirteen ten WIBA. This
12:37
is Money in Motion with Class Financial, a fun and informative show designed to
12:41
help you get answers to all your retirement questions in one place. Talking this
12:46
morning with our retirement planning professionals from Class Financial, Melia Quavis and c J.
12:50
Class. The website Class Financial dot com. That's k l a as
12:54
Financial dot com. Great website. They're telephone number six O eight four four
12:58
two five sixty three seven. Don't forget that a first appointment at Clause Financially,
13:03
it will be complimentary to you again the number six O eight four four
13:05
two five six three seven. And to get on the air this morning,
13:09
gifts call right here at station six O three two one thirteen ten. That's
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six eight three two one thirteen ten. Got a little bit of an overview
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on a state planning from CJ and now Malia. We hear about things like
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power of attorney documents. How important are those when it comes to a state
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planning? Yes, so CG did a good job kind of giving you an
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overview of all these important documents, and sometimes some of the pieces get lost
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and when we're talking about the whole thing, So we just want to extrapolate
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right now the importance of having those power of attorney documents. I could argue
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sometimes they're more important than even worrying about the other stuff because we interact with
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those types of documents every day here working with clients. So what's important to
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understand about the power of attorney documents is this is giving someone that you trust,
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what we would call an agent, the opportunity to work on your behalf
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in the event that you're incapacitated. So you know you're going to make that
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decision in advance to with someone that you trust, that you feel like would
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make good decisions in the in the situation where you can no longer you know,
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make those and unfortunately, you know, we see a lot of people
14:20
with memory issues now, and sometimes those memory issues happen very very fast.
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So having someone in mind that can you can trust today while you're thinking,
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you know, coherently, it's so important to be able to name that person
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that can act with regards to your financial decisions and of course you your medical
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ones. So CJ mentioned about having a medical power of attorney UM and it's
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also also known as a healthcare power of attorney. So that gives that person
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the ability to make decisions about your care if you're incapacitated. Whereas the financial
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power of the situation where hey, your income, you're needs may change,
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you may need to have more care, you can't think coherently. We can
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reach out to that power of attorney that you have previously established. Of course,
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there's got to be a letter from the doctor and so forth proving that
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you're incapacitated as well. But this is just so critical because a lot of
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people we here say well, I don't know who I would trust, and
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so you know, they do nothing. It's like figure out who we can
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put down as that important financial power of attorney. So again the distinction.
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We talk a lot about the wills, the trust and beneficiaries. Remember that
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a beneficiary only comes into effect when someone passes away, whereas these POA documents
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they come into effect while you're living and of course, as I said,
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incapacitated, so very very important to make sure you have with those clear documents
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in place and the appropriate parties be at your financial advisor, your accountants and
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so forth, and of course your doctor and the medical POA have the duck
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documents that are up to date from you. What about beneficiary there, Malia,
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So a beneficiary again only comes into effect after you've passed away. So
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we're going to talk a little bit about the importance of making sure those are
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updated a little later. Fantastic talking this morning with c J. Classi Malia
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quaevis our retirement planning professionals from Claus Financial online class Financial dot com Dolphin number
16:25
six O eight four four two five six three seven. No charge for the
16:27
finial get to know you appointment at Claus Financially. It is complementary to you
16:30
again their number six O eight four four two five six three seven And to
16:33
get on the air this morning six eight four three two one thirteen ten.
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That's six eight three two one thirteen ten, CJ. When it comes to
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this conversation, when it comes to wills. Does everybody need a will?
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Yeah, this is often a neglected or overlooked area for people. We talked
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about this a little bit earlier, but usually when people hear of again estate
16:56
planning, they think one of two things. I think it's only for people
16:59
with a lot of wealth, or they think a state planning is only about
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wills or trusts, And as Malia was talking about there, that's certainly not
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true. A state planning could be your medical power of attorney, your healthcare
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power of attorney, what's known as your living will aka advanced directive. Really,
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a state planning is also your beneficiary designations on life insurance, retirement accounts,
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all of those things you're doing. If you actually just think of the
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term estate planning and take out take out the term of state thinking large amounts
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of wealth. Just think planning for my estate. Oh well, that's pretty
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simple, isn't it. It's planning for the eventuality of the inevitability of my
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death. Right, So how do I do that? Well, when I
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name a beneficiary my four when KA plan, I'm doing a state planning.
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Right when I create a power of attorney for for my finances with my lawyer,
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that's a state planning. When I create a beneficiary designation on my life
17:57
insurance policy. When I say where my kids are going to go upon my
18:00
death, assuming they're still minors, that's a state planning. It's just the
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inevitability of the future is what estate planning is really all about. So we
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want to shed some light on this topic. Almost everyone, upon their death
18:15
has likely accumulated some assets, whether it be investments, real estate, or
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other real property like vehicles. It's important that upon your death that you have
18:23
detailed instructions as to how you wish the remaining assets to be distributed and to
18:29
whom. Now listen, if somebody's out there saying, ah, you know
18:33
that the deck was stacked against me. I just have not done well in
18:37
life. I really don't have much in assets. Therefore I don't need a
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will. I would say, pause, do you have minor children? Because
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remember inside of wills or guardianships and guardianships, I would argue, here's my
18:52
personal opinion. I have some money, but who cares what happens to my
18:56
money? If I am not adult enough to say what happens to my children?
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My minor children, Wow, what a disaster that would be. So
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most vast majority of adults out there should have a basic will in place.
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That is our kind of strong firm opinion. Maybe not all, maybe there's
19:18
one or two people out there that shouldn't, but just about everybody should.
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So those instructions should ideally be specified in either a will or a trust,
19:26
and to die without one of those things is known as dying in intest date,
19:32
which means that you have died without any directions. So let me just
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give a quick two or three minute summery here of the high level differences between
19:41
a will and a trust. I know a lot of times people will get
19:45
confused. They're like, ah, somebody told me they have a trust,
19:47
and then my other friends said they're too expensive and I need a will.
19:49
What's the difference here? So quick, high level. Both are useful estate
19:55
planning devices that serve different purposes, and both can work together to create a
20:00
complete estate plan. A will goes into effect only after you die, while
20:07
a trust takes effect as soon as you create it. It being the trust
20:12
directs who will receive your property at your death, and it appoints a legal
20:17
representative to carry out your wishes. Actually, both a will and a trust
20:22
do that but again, a will only takes effect when you die, a
20:25
trust takes effect when you create it. A trust can be used to begin
20:29
distributing property before death, at death and afterwards. A trust is a legal
20:36
arrangement through which one person or an institution such as a bank or a law
20:41
firm called a trustee, holds legal title to property for another person called a
20:47
beneficiary. And trust can help you to avoid probate as a matter of fact,
20:52
if there's one thing you listen to here. Trust often, especially in
20:56
the state of Wisconsin, are used primarily for probate. Avoid Probate is a
21:02
legal process that can take place after someone dies in order to prove the deceased
21:07
last will and testament are carried out and on the deceased person's estate, which
21:14
may include resolving debts, selling assets, or distributing any remaining assets to errors.
21:19
So let's pause on that. A will says what happens upon your death,
21:25
and it goes into effect upon your death, but it pushes you through
21:27
the probate system. The probate system, again, is the legal arrangement between
21:32
the state and that person's estate to settle the estate. A trust will avoid
21:37
that probate system. For the most part. Now again we're starting to get
21:41
into the weeds here. You're going to want to talk to your lawyers about
21:45
is everything going to avoid probate or only certain assets. But generally speaking,
21:48
the reason people will create trust at a very basic level is to avoid the
21:52
probate system and potentially make the settling of their estate a little bit less costly
21:57
or a little bit simpler. Now, if you name beneficiaries and have a
22:03
trust in place, so beneficiaries on retirement accounts in life insurance, and then
22:07
all of your non retirement stuff is owned by your trust, many times your
22:11
estate can avoid probate entirely, and the settlement of that estate can happen much
22:17
faster with a lot less legally legal filings and a lot less kind of court
22:22
notices. The longer probate is open, there are likely attorney's fees involved,
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so that probate can cost you know, three to five percent of your estate
22:30
could get eaten up in different probate costs. Now, between you and me,
22:37
and I think most lawyers would say this in the area, I don't
22:38
know that avoiding probate because of the cost is the greatest issue here. It
22:45
really is just more about making the settling simpler and making it private. So
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we are big fans of trust when they are justified, because again, it
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just simplifies that process, keeps costs down, keeps complexity down, and allows
23:00
the estate to get settled in a timely manner. Talking this morning with CJ.
23:03
Clossomleaquevis our retirement planning professionals from Class Financial. The website Class financial dot
23:07
com. That's k l a as financial dot com. Great website to learn
23:11
more about Clause Financial. Their telephone number six O eight four four two five
23:15
six three seven. No charts find to know your appointment tech Class Financial again
23:19
it is complementary to you. Their telephone number six O eight four four two
23:22
five six three seven. Coming up, we'll do the Class Quiz question week.
23:26
We'll also talk about um maintenance keeping them updated. We'll find out the
23:30
details on that next as Money in Motion with Class Financial continues right here on
23:33
thirteen ten WIBA. This is Money in Motion with Class Financial, a fun
23:42
and informative show designed to help you get answers to all your retirement questions in
23:47
one place. You're talking with CJ. Clossomlia Quavis. They are our retirement
23:51
planning professionals from Class Financial online Class Financial dot com. That's Klaas Financial dot
23:56
Com telephon number six O eight four four two five sixty three seven. No
24:00
charge for the initial gets to know you appointment at clause financials it is complementary
24:04
to you. Again, the number six to eight four four two five six
24:07
three seven has been talking about a state planning. Is it important or necessary
24:11
to keep up on these and kind of update them from time to time?
24:15
Alah, yeah, CJ referenced this earlier. Definitely. You know, life
24:19
changes sometimes and we don't even realize how quickly things can change. So take
24:23
a look at your beneficiaries. Make sure they read as you want them to
24:27
be. If maybe there's been a death in the family, things need to
24:33
be altered after someone has passed away. Contingent beneficiaries, you want to make
24:37
sure those are all also in order. Sometimes we see things like old life
24:42
insurance policies where people did not change the beneficiary used to be their ex husband
24:48
and now they have a new husband, and things happen, So believe it
24:52
or not, you know, if it's every one or two years, just
24:56
take a quick look. Make sure it says what you think it's i'd say,
25:00
and get that adjusted. And again, in coordination with that, look
25:06
at all your state planning documents and make sure that your wishes will be carried
25:10
out as you wish them to be. Important stuff this week. As always,
25:14
don't forget if you missed any part of the program, you could always
25:15
listen back to podcast at class financial dot com. That's k l a as
25:21
Financial dot com. Not only can you subscribe and listen back the podcast there,
25:25
you can learn more about Class Financial. Also sign up for the weekly
25:27
market paulse newsletter all online at class financial dot com. They're telephone number six
25:32
O eight four four two five six three seven at six O eight four four
25:36
two five six three seven. No charge for the national kids, no appointment
25:38
at Class Financial. It is complimentary to you again that number six O eight
25:42
four four two five six three seven. You're also going to want to hold
25:45
on to that telephon number because it's time now for the Class Quiz Question the
25:48
Week. It works like this and just a moment, I'll ask you the
25:49
class quiz question the Week. You will then have thirty minutes from the enter
25:52
today's program to call the Class Financial office right here in Madison at six O
25:56
eight four four two five six three seven. If you are the first call
26:00
with correct answer, you will win this week's prize, which is a twenty
26:03
five dollars gift card to home Depot. This week's class quiz question the week
26:07
is this in twenty twenty two, what percentage of Americans have an estate planning
26:12
document for themselves? Is it thirty three percent or seventy five percent? Telephone
26:18
number six O eight four four two five, six three seven first called correct
26:22
answer one the twenty five dollars gift card to home Depot. Don't forget as
26:26
well. That's Class Financials Office right here in Madison. Six to eight four
26:30
four two five six three seven C. J. Malia. It is always
26:33
fantastic hanging out with you guys. You enjoy this beautiful day. Thanks thanks
26:37
our friends from Broadfest. Check in next here on thirteen ten WIVA. This
26:47
is Money in Motion with Class Financial Asset Advisors, LLC, a registered investment
26:52
advisor registered with the SEC. The content of this show is for informational purposes
26:57
only and should not be considered individual investment advice. Class Financial does not offer
27:03
tax or legal advice. Any opinion offered during the course of this show is
27:07
the opinion of that particular investment advisor representative, and not necessarily the opinion of class financial