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No one likes to think about death, but it’s important to plan for it in order to protect your wealth for the ones you love. This episode breaks down wills, trusts, naming beneficiaries and common pitfalls to avoid when it comes to your estate plan. Nicole Newman, Attorney at Law joins the show to discuss some of the biggest estate planning mistakes she sees every year. Find out how to get your estate plan in order and help ensure your legacy lasts among the ones you love most.

Estate-Organizer-tv

 

Important Points:

1:14 “He [Prince] died with about a $300,000,000 estate (and no estate plan).”

1:35 “64% of Americans do not have any type of estate plan.” (Source: online survey by Harris Poll on behalf of Rocket Lawyer, 2015)

3:07 “Should you have a will or a trust? Which is going to be better for you?”

5:02 “For many of you, a trust is going to be the way to go because you’re going to have the disposition of the assets that you want and it’s going to be a private matter…it also happens quicker than a will.”

5:47 “If you look at what probate is all about and what the expenses are, we have an example because I think people get confused here. It’s not necessarily what your net worth is – it’s what your gross assets are.”

6:11 “Probate fees are based on the gross estate.”

8:35 “Putting my money in a trust will ensure my children will receive the money instead of my creditors (True or False?).”

10:45 “When people fail financially, it’s because they hear the speculation and get out of their portfolio at the wrong time…you have to stay the course.”

12:52 “It’s not only a problem when someone dies without a will, but it’s also a problem when someone dies with just a will… it’s a problem because they are not avoiding probate.”

13:43 “Here in California, what will usually trigger the need for a trust is when we have real estate and/or children. That’s when I usually highly recommend exploring a trust.”

14:36 “The big problem with outright distributions can be certain beneficiaries.”

19:12 “You do have to change the title of your assets because if you don’t, those assets are going to go through probate.”

21:26 “We put together an Estate Plan Organizer – this is the first step for you to start organizing your estate.”

About the Hosts

Joe Anderson

President

CFP®, AIF®

As President of Pure Financial Advisors, Joe Anderson has led the company to achieve over $2 billion in assets under management and has grown their client base to over 2,160 in just ten years of the...

Alan Clopine

CEO & CFO

CPA, AIF®

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently shares the CEO role with Michael Fenison, the original founder of the company. Alan is primarily responsible for the day-to-day activities of...