In today's episode, Tom is joined by estate attorney Alessandra Long where they discuss the importance of estate planning for financial security and peace of mind. Joins them as they explore the basics of wills, trusts, and essential roles like executor, trustee, and guardian. Tune in to learn more about estate planning and feel empowered to make informed decisions for your future.
Highlights
01:15 - Importance of Estate Planning
03:40 - Tax Day Coincidence
05:40 - Early Realization about Estate Messes
08:59 - The Hassles of Guardianship After Death
11:25 - Key Elements of an Estate Plan
12:50 - Healthcare Directives and Durable Power of Attorney
15:35 - Importance of a Living Will
19:35 - Comparing Will vs. Revocable Living Trust
22:34 - Mention of Testamentary Trust Pitfalls
26:51 - Benefits of a Pour-Over Will
31:45 - Role of Financial Advisors in Estate Planning
34:00 - Understanding the Important Roles: Executor, Trustee, Guardian
38:49 - Corporate Trustees and Professional Help
43:20 - Reviewing Estate Plan Every 3-5 Years
45:30 - Importance of Elderly Parents' Estate Plans
51:20 - Emphasis on Getting Started Early with Estate Planning
Episode Resources
Call to Action
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