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Estate Planning: More Than Just a Will · Money In Motion with Klaas Financial

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Speaker 1: And our phone lines they are open for you right now.
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Speaker 1: If you've got questions for our retirement planning professionals from
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Speaker 1: Class Financial. The number get on the air six zero
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Speaker 1: eight three two one thirteen ten. That's six soh eight
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Speaker 1: three two one thirteen ten, joined this morning by CJ.
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Speaker 1: Kloss and Eric Schwartz. Of course, our retirement planning professionals
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Speaker 1: from Class Financial. You can learn more about them online
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Speaker 1: Clossfinancial dot com. That's Closs Klaas Financial dot com. Delphen
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Speaker 1: up for the office right here in Madison. Six oh
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Speaker 1: eight four four two five six three seven. No charge
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Speaker 1: for that initial get to know your appointment at Costs Financial.
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Speaker 1: It will beat complimentary to you again. They're number six
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Speaker 1: oh eight four four two five six three seven and
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Speaker 1: the number to get on the air this morning six
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Speaker 1: so eight three two one thirteen ten. That's six oh
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Speaker 1: eight three two one thirteen ten. Without any further ado,
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Speaker 1: Welcome to the program this week, CJ. Closs and Eric Schwartz. CJ,
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Speaker 1: how you doing this morning?
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Speaker 2: I'm doing great, Sean.
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Speaker 3: How are you?
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Speaker 1: I'm doing really well. Great to talk with you, Eric,
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Speaker 1: halif Hubin.
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Speaker 3: I'm doing great, Sean. Excited for a show today.
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Speaker 1: It is an exciting show, and it's an important show
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Speaker 1: talking about a state planning and more than just a will.
1:02
Speaker 1: And we'll get into that in just a moment. A
1:04
Speaker 1: couple of things to keep in mind during the show
1:06
Speaker 1: ce Jan Eric love, phone calls, love getting questions, and
1:08
Speaker 1: we'd love to have you join us. If you are
1:10
Speaker 1: maybe just at home listening, drinking some coffee, or maybe
1:14
Speaker 1: you're at the office and you've got a phone handy,
1:16
Speaker 1: give us a call. We'd love to get you right
1:17
Speaker 1: on the air. Six so eight three two one thirteen ten.
1:20
Speaker 1: That's six so eight three two one thirteen ten. The
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Speaker 1: website cossfinancial dot com great resource to learn more about
1:25
Speaker 1: Class Financial. You can also schedule a complimentary chat right
1:28
Speaker 1: from the website coss financial dot com. Another cool feature
1:32
Speaker 1: of the show is the Class Quiz Question of the
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Speaker 1: Week your chance to win a fantastic prize this week,
1:36
Speaker 1: no exception, our friends from Class Financial have provided a
1:38
Speaker 1: twenty five dollars gift card to Texas Roadhouse. Tell you
1:42
Speaker 1: a little bit later on the program how you can
1:44
Speaker 1: win that gift card. Little tip. Takelos Stench to the
1:46
Speaker 1: program because just about every show, the question and answer
1:49
Speaker 1: to the class quiz question of the week comes up
1:51
Speaker 1: during the program, and before we start talking state planning
1:54
Speaker 1: and trust beneficiaries and all the details that make a difference,
1:58
Speaker 1: let's actually look back at last week's show, Eric and
2:00
Speaker 1: get the question and answer there as well.
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Speaker 3: Yes, So last week we talked about one of our
2:05
Speaker 3: probably our more popular topics, social security, and the question
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Speaker 3: was do social secure do spousal social Security benefits increase
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Speaker 3: through delayed retirement credits or d RC's after full retirement age. Now,
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Speaker 3: the correct answer to this is no, And I will
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Speaker 3: say this is probably one of the most surprising answers
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Speaker 3: for a lot of my clients when I'm talking to
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Speaker 3: them about this, So something very important to keep in mind.
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Speaker 1: It is a really important thing to keep in mind.
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Speaker 1: And that was a really as you talk about social security, Eric,
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Speaker 1: being one of the most popular topics and conversations, it's
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Speaker 1: a good one. If you missed any part of last
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Speaker 1: week's show, or maybe you want to hear it again
2:43
Speaker 1: or share it with some folks, don't forget if you
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Speaker 1: had on over the Clossfinancial dot com that's Closs Klaas
2:48
Speaker 1: financial dot com. You can subscribe and listen back to
2:50
Speaker 1: the podcast and this week, Before we get too far
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Speaker 1: into the show, I did want to ask a really
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Speaker 1: important but a pretty simple question, which is, you know
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Speaker 1: when folks hear a state planning? Myself, before I got
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Speaker 1: to know you guys, well, I had this thought. I
3:03
Speaker 1: kind of assumed that as for the wealthy or sir
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Speaker 1: somebody that can, you know, we can just kind of
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Speaker 1: put that off until later. This is important stuff, CJ.
3:11
Speaker 1: Who actually needs an estate plan?
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Speaker 2: Yeah, great question, Sean, A good point. The short answer
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Speaker 2: is almost to everyone needs some form of estate planning,
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Speaker 2: even if it's just very simple. But before we go further,
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Speaker 2: let me make a quick clarification for our listeners. So
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Speaker 2: at Class Financial we are not attorneys and we don't
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Speaker 2: draft estate planning documents. Those should always be prepared by
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Speaker 2: a qualified estate planning attorney. Our role, on the other hand,
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Speaker 2: is to help clients coordinate their estate plan with the
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Speaker 2: rest of their financial life. Now, with that out of
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Speaker 2: the way, let's go back to your original question, Sean,
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Speaker 2: You know who actually needs an estate plan? So here'd
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Speaker 2: be the answer to that. More specifically, if you have
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Speaker 2: any of the following, then you probably need some sort
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Speaker 2: of an estate plan. If you have any assets at all,
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Speaker 2: if you have a spouse or partner, if you have
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Speaker 2: minor children or other dependent people you care about, or
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Speaker 2: if you have specific wishes about who makes decisions for you.
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Speaker 2: In any of these circumstances that I just lined out,
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Speaker 2: then you need some level of planning. Now again, listen
4:20
Speaker 2: closely throughout our show, because that level of planning, or
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Speaker 2: the level of complexity, can vary, So it doesn't mean
4:27
Speaker 2: everyone needs a complex trust structure. And for some people,
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Speaker 2: an effective estate plan might primarily consist of, just like
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Speaker 2: proper beneficiary designations, maybe a transfer on death or payable
4:39
Speaker 2: on death designation, and some basic powers of attorney. So
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Speaker 2: you get the idea. There can be a kind of
4:45
Speaker 2: more limited, simplified structure for people who are earlier on
4:48
Speaker 2: in life, or maybe are unmarried and single. But here's
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Speaker 2: the key. These tools alone can help you avoid probate,
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Speaker 2: reduce complex city, and make things dramatically easier for loved ones.
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Speaker 2: Where problems tend to arise is when people assume that
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Speaker 2: doing nothing is somehow neutral. Let me really clear, doing
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Speaker 2: nothing is not neutral. If you don't make decisions, the
5:15
Speaker 2: state you live in makes them for you, and isn't
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Speaker 2: that nice of them? And by the way we act
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Speaker 2: like the state is, you know, trying to make this
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Speaker 2: to their advantage. That's not the case at all. The
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Speaker 2: state has to come up with these default rules and
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Speaker 2: provisions because like, fifty percent of people die without making
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Speaker 2: their own decisions. So what do you do as a
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Speaker 2: state just have a bunch of unclaimed property sitting all
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Speaker 2: over the places? Like, nah, we better come up with
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Speaker 2: some defaults because it turns out that half the people
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Speaker 2: who live in our state don't care about what happens
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Speaker 2: to their stuff for their minor children. I mean, this
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Speaker 2: is crazy. Everybody think about that. We as adults are
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Speaker 2: not responsible enough on the aggregate to come up with
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Speaker 2: our own decisions, So the governments of the local states
5:56
Speaker 2: that we live in have to come up with it. Now,
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Speaker 2: I'm not trying to indict our listeners as much as
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Speaker 2: just to say, don't be one of those people. So again,
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Speaker 2: while the size of the plan may vary, the need
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Speaker 2: to be intentional does not. Estate planning really exists on
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Speaker 2: a spectrum from very basic coordination to more advanced trust
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Speaker 2: and tax strategies. The key is to make sure whatever
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Speaker 2: level you're at it's done with purpose, really important stuff.
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Speaker 1: Talk about us having that strategic plan and having that
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Speaker 1: purpose as we talk this morning with our retirement planning
6:30
Speaker 1: professionals CJ. Closs and Eric Schwartz, don't forget can learn
6:33
Speaker 1: more online the website class financial dot com. That's COSS
6:36
Speaker 1: k l aas Financial dot com. The telephon number for
6:39
Speaker 1: the office right here in Madison six oh eight four
6:41
Speaker 1: four two five, six three seven. No charge for that
6:44
Speaker 1: initial gets to know your appointment tech COLSS Financial. It
6:46
Speaker 1: will be complementary to you again their number six oh
6:48
Speaker 1: eight four four two five six three seven. If you've
6:51
Speaker 1: got questions, we've got our guys here to answer them.
6:53
Speaker 1: Six oh eight three two one thirteen ten. That's six
6:55
Speaker 1: oh eight three two one thirteen ten and h And
6:59
Speaker 1: you may, of course, estate planning exists on a spectrum.
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Speaker 1: So let's then see you mentioned there, Eric, let's talk
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Speaker 1: about what actually makes up that spectrum and what are
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Speaker 1: some of those core building blocks for a typical family
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Speaker 1: estate plan.
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Speaker 3: Yeah, a lot of that first segment there that the
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Speaker 3: CJ was was going through was related to just getting
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Speaker 3: people to actually put together something basic when it comes
7:21
Speaker 3: to an estate plan and why do people put this off? Well,
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Speaker 3: they often think that estate planning is really just about
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Speaker 3: preparing for death, and that's depressing, and you know, people
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Speaker 3: don't really want to think about that. But it's about
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Speaker 3: a lot more than that, and it's really about preparing
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Speaker 3: for life events. So a well built estate plan is
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Speaker 3: going to answer three big questions. So Number one, who
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Speaker 3: makes decisions for me? If I can't right? What if?
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Speaker 3: What if you're incapacitated or you're somehow unable to make
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Speaker 3: your own decisions? Who does that for you? Where do
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Speaker 3: my assets go? And how when I pass away? And
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Speaker 3: how do we reduce the confusion, the conflict, and the
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Speaker 3: unnecessary cost for the people that I care about most. Okay,
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Speaker 3: And just like your investment portfolio or your retirement income plan,
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Speaker 3: state planning works best when it's intentionally designed and when
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Speaker 3: it's actively coordinated with the other parts of your financial plan.
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Speaker 3: For most families, a solid estate planning foundation includes several
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Speaker 3: key components, each with a specific job. So let's kind
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Speaker 3: of drill down here a little bit beyond this sort
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Speaker 3: of broad term of a state planning. What does that
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Speaker 3: actually mean. Well, the document that most people are familiar
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Speaker 3: with is a will, so will outlines who receives assets
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Speaker 3: titled in your name and can name guardians for your
8:43
Speaker 3: minor children. Okay, so it's it can also name a
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Speaker 3: personal representative to handle your estate when you're no longer here.
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Speaker 3: But a really important point about a will is that
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Speaker 3: it does not control everything, Okay, especially assets with a
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Speaker 3: beneficiary designation or assets that are owned through a trust.
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Speaker 3: The will can say whatever it wants, it is not
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Speaker 3: going to supersede a beneficiary designation on an account or
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Speaker 3: an asset that is owned that is owned by a trust. So,
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Speaker 3: speaking of trusts, this is another i would say less
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Speaker 3: common but still pretty well known document. Trusts are often
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Speaker 3: used beyond a will to do a number of things,
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Speaker 3: but mainly provide privacy for your state, reduce the cost
9:31
Speaker 3: and time of probate, control how and when assets are distributed,
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Speaker 3: and in some cases protect beneficiaries from poor decisions. Maybe
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Speaker 3: they have creditors, or they may be have a risk
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Speaker 3: of a marriage falling apart, and maybe you don't want
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Speaker 3: assets to end up with a former spouse, so they
9:53
Speaker 3: provide a little bit more protection and control. Now, they
9:57
Speaker 3: can be really simple or really really sophisticated, but you know,
10:02
Speaker 3: at the court's really just about that control and clarity. Now,
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Speaker 3: those are those two documents are primarily con focusing on
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Speaker 3: death or or distributing assets when when your beneficiaries come
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Speaker 3: into play. But let's look at a couple documents here
10:23
Speaker 3: that apply while you're alive, and honestly probably more important
10:28
Speaker 3: than those those first two. So the third, the third
10:32
Speaker 3: document we're going to look at here is powers of attorney.
10:35
Speaker 3: So if financial power of attorney allows someone to manage
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Speaker 3: your finances if you're incapacitated, and then a healthcare power
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Speaker 3: of attorney allows someone to make medical decisions on your
10:46
Speaker 3: behalf when you are unable or unwilling to make your
10:49
Speaker 3: own decisions. Okay, So without these documents, families can be
10:54
Speaker 3: forced into court proceedings just to try and help you
10:59
Speaker 3: and provide support, and that is the opposite of what
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Speaker 3: most people intend, right, So these are simple documents that
11:06
Speaker 3: you can get in place so that someone can make
11:08
Speaker 3: both financial and health care decisions for you if you
11:12
Speaker 3: are unable. And one thing I point out related to
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Speaker 3: powers of attorney and CJ mentioned this earlier as it
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Speaker 3: relates to a state planning in general, people often think, well,
11:23
Speaker 3: I'm young I don't really need to worry about these
11:26
Speaker 3: documents at this point. Healthcare powers of attorney, especially for
11:31
Speaker 3: young adults, are very very important, and it gets to
11:37
Speaker 3: the you know, as kids moved from being kids to
11:40
Speaker 3: being legal adults, it is important that you have someone
11:44
Speaker 3: named to be able to make health care decisions for
11:47
Speaker 3: you because your parents' ability to do that is limited
11:51
Speaker 3: when you become an adult. So really really important to
11:54
Speaker 3: have a power of attorney in place, especially healthcare. Now,
11:59
Speaker 3: the Flask document talk about is a marital property agreement,
12:02
Speaker 3: and especially in states like ours here in Wisconsin, these
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Speaker 3: agreements can play a huge role in clarifying ownership of assets.
12:12
Speaker 3: They can help with coordinating tax planning, and they can
12:15
Speaker 3: protect children from prior marriages in terms of the assets
12:20
Speaker 3: that they might inherit. So I know this is kind
12:23
Speaker 3: of a long overview here, and some of these documents
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Speaker 3: are often overlooked, but they are extremely powerful, powerful planning tools.
12:31
Speaker 1: That is, it's it's fascinating. Like as you were talking, Eric,
12:34
Speaker 1: I don't know we've ever touched on marital property agreements
12:37
Speaker 1: in the past. Now I'm like, I know who I'm
12:38
Speaker 1: calling after the show, But all sorts of more questions.
12:42
Speaker 1: It's a great and as we talk about talking with
12:44
Speaker 1: their retirement planning professionals from Class Financial. Always a lot
12:47
Speaker 1: of great information. Maybe it's sparking some ideas, maybe some
12:49
Speaker 1: things you haven't thought about, things you haven't addressed in
12:52
Speaker 1: the past. It's a great day to start that conversation.
12:55
Speaker 1: They make it real easy at Class Financial pick up phone.
12:57
Speaker 1: Give a call six eight four four two five six
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Speaker 1: three seven. Don't forget that first, get to know your appointment.
13:01
Speaker 1: That conversation will be complementary to you. Again their webs
13:05
Speaker 1: telephone number six so eight four four two five six
13:07
Speaker 1: three seven. Getting ahead of myself because I did want
13:09
Speaker 1: to mention the website Coss Financial dot com. You can
13:11
Speaker 1: even schedule a complementary chat right from the website. That's
13:14
Speaker 1: Coss Financial dot com. That's Claus k l aa s
13:18
Speaker 1: Financial dot com. We're going to continue our conversation with
13:20
Speaker 1: Eric and CJ. We will do that next as Money
13:22
Speaker 1: in Motion with Coss Financial continues right here on thirteen ten.
13:25
Speaker 1: Wuib I phone lines are open. If you've got a question,
13:30
Speaker 1: We've got our answer. Guys, CJ. Closs and Eric Schwartz,
13:32
Speaker 1: they are our retirement planning professionals from Class Financial thewebsite
13:35
Speaker 1: coss financial dot com. That's coss k l aa S
13:39
Speaker 1: Financial dot com. Great website, great resource to learn more
13:42
Speaker 1: about Class Financially. You can learn about the team there.
13:44
Speaker 1: You can also schedule a complementary conversation right from the
13:47
Speaker 1: website or if you prefer, get on the phone give
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Speaker 1: them a call six oh eight four four two five
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Speaker 1: six three seven. That initial gets to know you appointment
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Speaker 1: at COSS Financial. It is going to be complementary to you.
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Speaker 1: It's not going to cost you a thing. Again, that
13:58
Speaker 1: telephone number six eight four four two five six three seven.
14:02
Speaker 1: Talking about a state planning and the importance of it,
14:05
Speaker 1: and that's it's more than just simply having a will
14:07
Speaker 1: and and cj uh. You know, as we as we
14:10
Speaker 1: talk about this stuff, there's a lot to it, and
14:12
Speaker 1: I know it's very thorough. But as you see the
14:17
Speaker 1: next issue. From time to time, people they get the
14:19
Speaker 1: documents done, they feel REI kind of that sense of
14:23
Speaker 1: relief is I've checked that that box, I've got it done,
14:26
Speaker 1: and then they think it's over with and that's just
14:29
Speaker 1: not the case, is it.
14:31
Speaker 2: Yeah, exactly, Sean, and and this is this is where
14:34
Speaker 2: even well intentions of state plans tend to fail, so
14:38
Speaker 2: and a state plan that isn't properly implemented is really
14:41
Speaker 2: just paperwork. In our opinion, the real work begins after
14:45
Speaker 2: the documents are signed. So first let's let's talk about
14:49
Speaker 2: some of the areas where this, you know, after the
14:51
Speaker 2: documents are signed comes into play. First thing funding trusts.
14:55
Speaker 2: If you create a trust but never retitle assets into
14:58
Speaker 2: the trust, the trust may not control anything at all.
15:02
Speaker 2: We routinely see trusts that were created years ago, but
15:06
Speaker 2: brokerage accounts, bank accounts, and real estate were never updated.
15:10
Speaker 2: Now though that can be updated by actually actually changing
15:13
Speaker 2: the ownership of the account or by changing beneficiary designations
15:17
Speaker 2: to have it paid. There's a lot of complexity to that,
15:20
Speaker 2: by the way, so don't go don't go cowboy this
15:22
Speaker 2: and do this on your own. You need to talk
15:24
Speaker 2: to a good advisor, accountant, or attorney. But we often
15:28
Speaker 2: see that these beautiful, complex, expensive documents are created that
15:32
Speaker 2: are great, and then people will come in and meet
15:35
Speaker 2: with Eric and I and say we're good, we got
15:36
Speaker 2: it all done, and we go you got what done?
15:39
Speaker 2: We got our estate plans done, so we're good and
15:41
Speaker 2: we go, you haven't changed anything into actually being owned
15:46
Speaker 2: by that trust or modifying beneficiaries to coordinate that plan.
15:52
Speaker 2: A second area we see problems and I kind of
15:54
Speaker 2: mentioned it before, is just around this asset titling. So
15:57
Speaker 2: how something is titled individual lead jointly in a trust,
16:02
Speaker 2: it can completely override what a will says. So make
16:06
Speaker 2: sure there's coordination and intentionality. And then the third area
16:10
Speaker 2: that again I hit today a was beneficiary designation. So
16:13
Speaker 2: retirement accounts, life insurance policies, annuities, they tend to pass
16:17
Speaker 2: by beneficiary, not by will or not to buy trust,
16:23
Speaker 2: and so you need to make sure that those beneficiaries coordinate.
16:26
Speaker 2: Let me actually just simplify this for everybody in reality,
16:29
Speaker 2: when you go create a quote unquote estate plan, whether
16:32
Speaker 2: that be a trust based estate plan or a will
16:35
Speaker 2: based estate plan, you actually end out with two different
16:41
Speaker 2: core plans playing out in the background. One is whatever
16:46
Speaker 2: your will or trust says, the other is whatever your
16:49
Speaker 2: beneficiary designation say. Okay, so think of, oh, I set
16:54
Speaker 2: up a trust, and the trust says that when I die,
16:56
Speaker 2: it goes to my spouse, and then when she dies,
16:58
Speaker 2: it goes to our children via what are called testamentary trusts. Okay,
17:01
Speaker 2: and this is like real world. This is generally what
17:03
Speaker 2: plays out. And in good news CJ. I listed my
17:06
Speaker 2: home into the name of my trust, and I changed
17:08
Speaker 2: my brokerage account to be TOD into my trust. I'm
17:11
Speaker 2: good and Eric and I would say, what do your
17:14
Speaker 2: beneficiary designations say on your large retirement accounts? And it's like, oh,
17:18
Speaker 2: it's got my ex wife right, whoa whoa, whoa, whoa, whoa, whoa,
17:23
Speaker 2: what's happening?
17:23
Speaker 1: You get the idea.
17:24
Speaker 2: So you've got to coordinate the beneficiary designations, the asset titling,
17:29
Speaker 2: the funding, the TODs to make sure that this cohesive
17:33
Speaker 2: plan that you just created with the lawyer actually plays
17:36
Speaker 2: out upon your death. And by the way, lawyers know this,
17:40
Speaker 2: this is why they will give you what are called
17:42
Speaker 2: funding instructions or beneficiary instructions. The problem is that most
17:45
Speaker 2: people don't realize that's when the real work starts. They
17:49
Speaker 2: just think the lawyer did the work for me, and
17:51
Speaker 2: my job is just to take the documents and put
17:53
Speaker 2: them in my safe somewhere.
17:54
Speaker 3: No no, no, no no. So if those.
17:57
Speaker 2: Documents aren't coordinated with the estate plan, assets may go
18:01
Speaker 2: to unintentionally outdated beneficiaries, trust strategies may be bypassed altogether,
18:07
Speaker 2: and tax issues may surface at the worst possible time.
18:11
Speaker 2: So we often say that the beneficiary form is one
18:15
Speaker 2: of the most simple and powerful estate planning documents you own,
18:19
Speaker 2: and it's often the most neglected. So estate planning only
18:24
Speaker 2: works when legal documents, account titling, beneficiary designations, and the
18:29
Speaker 2: overall financial plan are speaking the same language at the
18:32
Speaker 2: same time. This is why we view estate planning as
18:35
Speaker 2: an ongoing process, not a one time event. Because life changes,
18:39
Speaker 2: laws change, families change, and so your financial plan and
18:43
Speaker 2: estate plan should evolve right alongside those changes.
18:47
Speaker 1: Talking this morning with CJ. Closs and Eric Schwartz, our
18:50
Speaker 1: retirement planning professionals from Class Financial. Learn more online the
18:53
Speaker 1: website colssfinancial dot com that's coss klaasfinancial dot com. You
18:57
Speaker 1: can schedule a complimentary chat that conversation right online at
19:01
Speaker 1: cossfinancial dot com. You can also submit a question to
19:03
Speaker 1: be answered here on the program. Otherways to reach Class Financial,
19:06
Speaker 1: of course, you can always pick up phone. Gimme a
19:08
Speaker 1: call six oh eight four four two five six three seven.
19:11
Speaker 1: Don't forget that initial get to know your appointment, that
19:13
Speaker 1: conversation at Coss Financial, it will be complementary to you again.
19:16
Speaker 1: Their number six oh eight four four two five, six
19:19
Speaker 1: three seven. We'll take it down the home stretch, wrap
19:22
Speaker 1: things up. We'll get to class quiz question the week.
19:24
Speaker 1: We'll do all of that next as Money in Motion
19:26
Speaker 1: with Coss Financial continues right here on thirteen ten, Doll
19:29
Speaker 1: wu ib A talking with our retirement planning professionals CJ.
19:34
Speaker 1: Closs and Eric Schwartz. Don't forget. You can learn more
19:36
Speaker 1: about CJ, Eric and the whole team at Coss Financial
19:39
Speaker 1: on their website Coss financial dot com. You can also
19:42
Speaker 1: learn about the separate divisions at Coss Financial how they
19:44
Speaker 1: can help you with your retirement planning. If you're an employer,
19:48
Speaker 1: they've got options there as well. You can learn all
19:50
Speaker 1: about it online cossfinancial dot com. That's Coss k l
19:53
Speaker 1: a A S Financial dot Com. They're telephone number six
19:56
Speaker 1: oh eight four four two five six three seven.
19:59
Speaker 2: Don't forget.
19:59
Speaker 1: No charge for that initial get to know you appoyment
20:01
Speaker 1: tech costs Financial. It will be complimentary to you again.
20:04
Speaker 1: That number six so eight four four two five six
20:07
Speaker 1: three seven talking this week a week about a state
20:09
Speaker 1: planning more than just a will and Eric as we
20:13
Speaker 1: as we're talking this morning, I think about the kind
20:17
Speaker 1: of the big takeaway seems to really be all about intentionality.
20:21
Speaker 1: Am I right on that?
20:23
Speaker 3: That's exactly right. And this is the case where for
20:26
Speaker 3: clients we often see sort of their their advice team
20:29
Speaker 3: coming together. Right we have we have different professionals providing
20:33
Speaker 3: different services, but in practice of state planning works best
20:37
Speaker 3: when attorneys, financial advisors, and accountants are all communicating and
20:43
Speaker 3: working together. Now, each each professional does have a different
20:47
Speaker 3: role to play. They're all critical, but the attorney is
20:50
Speaker 3: going to be the one who actually drafts the legal framework.
20:53
Speaker 3: Financial advisor helps implement and maintain the plan through titling
20:58
Speaker 3: of accounts, updating benefitsaries, and just kind of having a
21:02
Speaker 3: general high level view of the whole your whole financial situation.
21:08
Speaker 3: The accountant helps evaluate tax implications, both now and in
21:12
Speaker 3: the future. And where plans tend to break down is
21:16
Speaker 3: when those different professionals live in silos and they don't communicate.
21:21
Speaker 3: That's usually when beneficiaries don't line up correctly, taxes are
21:24
Speaker 3: higher than expected, or the plan doesn't actually work the
21:28
Speaker 3: way that the family thought it would, or that the
21:30
Speaker 3: individual intended it to. Just a few other closing thoughts here,
21:36
Speaker 3: don't assume a will alone is enough to accomplish what
21:41
Speaker 3: you would like through your state plan. Make sure your
21:44
Speaker 3: documents are coordinated with how assets are actually owned. Review
21:49
Speaker 3: your beneficiary designations regularly. We cannot stress this enough. It
21:53
Speaker 3: is so important. And work with professionals who understand both
21:58
Speaker 3: the technical rules and the the human side of these decisions,
22:02
Speaker 3: because when estate planning is done really well, it doesn't
22:05
Speaker 3: create complexity, it actually removes it and it creates a
22:09
Speaker 3: much much smoother transition of assets.
22:12
Speaker 1: Great perspective, great information. This week, always great shows and
22:15
Speaker 1: if you ever want to listen back, I know, obviously
22:17
Speaker 1: on a Thursday morning there's a lot of stuff going on.
22:20
Speaker 1: You got us on as you're maybe running to pick
22:23
Speaker 1: up some coffee, dropping the kiddos and grand kiddos off
22:25
Speaker 1: at school. Maybe a mispart of the program. Great way
22:27
Speaker 1: to listen back is right at cossfinancial dot com. That's
22:30
Speaker 1: Coss k l a a S Financial dot com. If
22:33
Speaker 1: you'll listen back as well as subscribe to the podcast
22:35
Speaker 1: right online. There's also a lot of media opportunities there,
22:39
Speaker 1: different videos and some other informational stuff. It's a really
22:41
Speaker 1: great website. If you haven't a chance to explore it,
22:44
Speaker 1: I would tell you to stop on by at Cossfinancial
22:46
Speaker 1: dot com just poke around a little bit. It's again
22:49
Speaker 1: a really good website to learn more about Class Financially.
22:51
Speaker 1: You can also schedule a complimentary chat right online again
22:54
Speaker 1: the website COSS financial dot com. That's Coss k l
22:57
Speaker 1: aa S Financial dot com. The telephone number for the
22:59
Speaker 1: off right here in Madison six oh eight four four
23:02
Speaker 1: two five six three seven. No charge for the initial
23:05
Speaker 1: get to know your appointment Tech Loss Financial. It will
23:07
Speaker 1: be complimentary to you again their number six oh eight
23:09
Speaker 1: four four two five six three seven. Speaking of that
23:12
Speaker 1: telephon number. Time now for the Closs Quiz Question the Week.
23:15
Speaker 1: This week got a chance for you to win a
23:16
Speaker 1: twenty five dollars gift card to Texas Roadhouse. COLSS Financial
23:20
Speaker 1: Quiz Question of the Week works like this, just a moment,
23:22
Speaker 1: I'll ask you the Class Quiz question the Week. We
23:24
Speaker 1: will then have thirty minutes from the today's program to
23:26
Speaker 1: call the Class Financial office right here in Madison at
23:28
Speaker 1: six oh eight four four two five six three seven.
23:31
Speaker 1: And again, if you are the first caller with the
23:32
Speaker 1: correct answer win this week's prize and this week's Closs
23:35
Speaker 1: Quiz Question of the Week. Is this my favorite kind?
23:38
Speaker 1: True or false? The advisors at COSS Financial believe the
23:42
Speaker 1: Beneficiary Form is one of the most simple and powerful
23:47
Speaker 1: state planning documents you own. Is that true or is
23:50
Speaker 1: that false? Telephone number six soh eight four four two
23:53
Speaker 1: five six three seven. That's Class Financials office here in
23:56
Speaker 1: Madison again their number six oh eight four four two
23:58
Speaker 1: five six three seven.
24:00
Speaker 3: C J. Eric.
24:01
Speaker 1: It's always fantastic chatting with you, guys. You enjoy this
24:03
Speaker 1: great day.
24:04
Speaker 2: Thanks Sean.
24:05
Speaker 1: Thanks Sean, take care guys. News comes your way next
24:07
Speaker 1: here on thirteen ten. WIBA