WEBVTT 1 00:00:00.000 --> 00:00:02.250 Hey, guys, just got done with a run, 2 00:00:02.250 --> 00:00:03.217 and I thought to myself, 3 00:00:03.217 --> 00:00:06.150 "What better time to talk about estate planning?" 4 00:00:06.150 --> 00:00:08.160 Because no matter how much we try to take care 5 00:00:08.160 --> 00:00:11.700 of our health, we never know when it could collapse for us, 6 00:00:11.700 --> 00:00:13.620 a parent, a family member. 7 00:00:13.620 --> 00:00:15.090 So I wanted to address that, 8 00:00:15.090 --> 00:00:17.490 and how, maybe, there might be some ways to be proactive 9 00:00:17.490 --> 00:00:18.859 about that this year. 10 00:00:28.140 --> 00:00:29.490 Hey, everyone, Matthew Grahn, 11 00:00:29.490 --> 00:00:31.650 with SC3F Wealth Management. 12 00:00:31.650 --> 00:00:33.720 Today, I wanted to spend a minute talking 13 00:00:33.720 --> 00:00:37.170 about a couple things that no one wants to talk about, 14 00:00:37.170 --> 00:00:38.940 death and taxes. 15 00:00:38.940 --> 00:00:39.960 But it's important, 16 00:00:39.960 --> 00:00:43.560 especially when it comes to estate planning for your family. 17 00:00:43.560 --> 00:00:46.560 So, whether you're the aging parent 18 00:00:46.560 --> 00:00:48.930 who's maybe starting to have health issues, 19 00:00:48.930 --> 00:00:50.820 or possibly you're the adult children 20 00:00:50.820 --> 00:00:53.910 who are starting to take more and more care of your parents, 21 00:00:53.910 --> 00:00:56.790 these are conversations that need to happen, 22 00:00:56.790 --> 00:00:59.490 and it's so much better when it happens ahead of time, 23 00:00:59.490 --> 00:01:02.820 before the inevitable passing that we all will face. 24 00:01:02.820 --> 00:01:05.370 So I wanted to spend just a minute talking through 25 00:01:05.370 --> 00:01:07.440 what does that conversation look like, 26 00:01:07.440 --> 00:01:08.700 what are some possible things 27 00:01:08.700 --> 00:01:11.370 you could get the ball rolling on today, 28 00:01:11.370 --> 00:01:12.960 and hopefully make some improvements on, 29 00:01:12.960 --> 00:01:15.840 and then finally, just, what is a neat way 30 00:01:15.840 --> 00:01:17.670 you could organize everything, 31 00:01:17.670 --> 00:01:19.747 whether you're that parent or adult child, 32 00:01:19.747 --> 00:01:22.618 so that in the event of that passing, 33 00:01:22.618 --> 00:01:24.480 the children, the beneficiaries, 34 00:01:24.480 --> 00:01:27.210 know where to go to find all the information they need, 35 00:01:27.210 --> 00:01:28.290 and it's easy. 36 00:01:28.290 --> 00:01:32.910 So, first of all, I know that conversation is awkward. 37 00:01:32.910 --> 00:01:35.220 I've been part of it with multiple families. 38 00:01:35.220 --> 00:01:37.710 If it hasn't happened before, I know it can be awkward. 39 00:01:37.710 --> 00:01:39.720 So what can you do to help that out? 40 00:01:39.720 --> 00:01:41.430 And I think one of the best things you can do 41 00:01:41.430 --> 00:01:43.680 is just to bring in a trusted partner. 42 00:01:43.680 --> 00:01:47.040 As a financial advisor, we can come in 43 00:01:47.040 --> 00:01:50.362 and we can help facilitate questions and that discussion, 44 00:01:50.362 --> 00:01:53.850 to hopefully help alleviate some of that awkwardness, 45 00:01:53.850 --> 00:01:56.666 and just get the ball rolling on that conversation. 46 00:01:56.666 --> 00:01:59.010 Part of what we're going to be doing 47 00:01:59.010 --> 00:02:01.110 is seeing if there's opportunities, 48 00:02:01.110 --> 00:02:03.870 and a lot of times that means bringing in 49 00:02:03.870 --> 00:02:06.090 the estate attorney or a CPA, 50 00:02:06.090 --> 00:02:08.520 and just seeing if there's maybe an opportunity 51 00:02:08.520 --> 00:02:10.320 to create a new trust, 52 00:02:10.320 --> 00:02:12.390 that makes more sense for that client, 53 00:02:12.390 --> 00:02:14.850 or maybe it's updating an existing trust, 54 00:02:14.850 --> 00:02:16.650 or maybe it's putting a trust in place, 55 00:02:16.650 --> 00:02:18.510 because there wasn't one before. 56 00:02:18.510 --> 00:02:21.027 Obviously, updating wills and beneficiaries 57 00:02:21.027 --> 00:02:23.370 on brokerage accounts and bank accounts 58 00:02:23.370 --> 00:02:26.070 are important as well, to avoid probate, 59 00:02:26.070 --> 00:02:29.010 because who gets excited over probate? 60 00:02:29.010 --> 00:02:33.780 No one does, so let us help facilitate those conversations. 61 00:02:33.780 --> 00:02:37.320 And then finally, just organizing everything. 62 00:02:37.320 --> 00:02:40.920 I see this a lot where, unfortunately, someone passes, 63 00:02:40.920 --> 00:02:43.380 and there's just financial documents spread everywhere, 64 00:02:43.380 --> 00:02:45.420 and sometimes the kids can't even find them. 65 00:02:45.420 --> 00:02:49.110 So if you don't have one binder or one location 66 00:02:49.110 --> 00:02:52.800 where the beneficiaries can go in the event of a passing, 67 00:02:52.800 --> 00:02:54.930 to just have everything organized, 68 00:02:54.930 --> 00:02:57.060 I highly recommend creating that. 69 00:02:57.060 --> 00:03:00.000 We actually have something that we can put together 70 00:03:00.000 --> 00:03:02.040 for clients alongside them called 71 00:03:02.040 --> 00:03:04.140 the Financial Strategies Action Plan. 72 00:03:04.140 --> 00:03:05.190 And that's the idea of it. 73 00:03:05.190 --> 00:03:06.840 It's one place, one binder, 74 00:03:06.840 --> 00:03:10.200 that's going to have contact information for financial advisor, 75 00:03:10.200 --> 00:03:13.140 estate attorney, CPA, insurance agent, 76 00:03:13.140 --> 00:03:14.513 as well as different documents 77 00:03:14.513 --> 00:03:16.650 for the financials in there, 78 00:03:16.650 --> 00:03:19.140 just to make things easy on the beneficiaries. 79 00:03:19.140 --> 00:03:22.350 So, in closing, if you haven't done a few of those things, 80 00:03:22.350 --> 00:03:25.920 or maybe things just need updated, such as beneficiaries, 81 00:03:25.920 --> 00:03:27.720 I recommend doing that now. 82 00:03:27.720 --> 00:03:29.190 There's no time like the present 83 00:03:29.190 --> 00:03:30.840 and if you need a helping hand, 84 00:03:30.840 --> 00:03:33.180 reach out to me or another financial advisor. 85 00:03:33.180 --> 00:03:34.013 Thank you.