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Mom's and moms to be - I need your help & input
Hi ladies!
I don't post over here, usually on the nest. I've been asked to give a talk in about 2 weeks to a group of about 30 people (apparently young couples) on estate planning. I don't typically speak to that particular demographic. Usually my talks are to advisors or more middle aged couples.
Anyhow - can you tell me what some of the questions are that you would have about estate planning so that I can be sure to address them? Anything from trusts, wills, life insurance, retirement accounts, etc.?
I'd really appreciate any input you'd have.
Thank you.
This discussion has been closed.
Re: Mom's and moms to be - I need your help & input
Hey D! I like that you're doing this for a younger crowd. These are Q's I'd ask:
How something happening to me or spouse affect the other? Our child(ren)?
How can I financially prepare for the future of our child(ren) should something happen?
Would a Trust be of benefit to me if I don't own multiple properties or have lots of assets?
The upkeep of a Trust. Since it is a "living" trust, and it would continually cost me to keep it updated (despite being able to amend Sch A) is it worth it to have one if one spouse is surviving? Do you still have to probate when one spouse is surviving?
This is good! Thank you so much T! When I talk, it is usually so tax-related and geared towards older people, so I don't want to say I'm out of touch with my own age group, but in a lot of ways I am. I really appreciate this feedback!
Keep it coming! I'm taking notes.
-How to protect my kids in case something happens to me.
-What is probate and why I want to avoid it
-Why you need a living trust and how easy it is to modify once you've set it up
-Choosing guardians. How "deep" should my list be? Any tips on choosing? Should I have the guardian be different than the person who dispurses the money to my beneficiaries?
-Importance of naming beneficiaries correctly
-How to hold title to avoid probate issues
BFP 3/9/12 Natural M/C 4/11/12
Boy, I have so many, I think I may need to attend your talk.
- Do I need a living trust if I just bought? or is there something more basic that will meet our finacial goals having only life insurance, good sum of savings, 401ks, 403bs, and 529? Is it really worth spending on a living trust if are current assest are small? What happens to assests if we don't set-up a living trust? Who does the little money have go to?
- Is there a less costly way to setting up a living trust?
- How or should you avoid probate with a living trust?
- Does avoiding probate really save money?
- Do you recommend co-trustess acting on each other's behalf in case of diability or should another family member be designated?
- Designating a power of attorney in case we are both incapacitated? Recommendations on if we should each have one person seperatly or if it should be one person for both or if best be the guardian of our children and how each would that affect our kids?
- If guardians are designated how much directive should they be given?
- How protected will my kids be?
- and (most probably will laugh but they mean so much) can a clause for pets be added?
- How to distribute the money so that it is tax-free?
Hi D! That sounds like a great talk for people in our age group. A lot of us don't think enough about estate planning.
Anyway, I don't have much to add after all these great suggestions, but I would have questions about how my debts (student loans, etc.) would be handled out of my estate, whether life insurance proceeds would go towards paying them, etc. The guardian question is extremely important to me as well -- not only how many potential guardians should I name, but also how likely is it that my wishes will be honored?
Good luck with your presentation!