Estate Planning for Everyone

Cortburg Speaks Retirement - episode #187: Estate Planning For Everyone

Join Miguel Gonzalez, Certified Retirement Counselor, as he discusses the importance of estate planning in securing your family's future. Learn about drafting wills, titling assets, and reviewing life insurance plans to protect your loved ones. 

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About Cortburg Retirement Advisors, Inc. 

Cortburg Retirement Advisors is a full-service, boutique financial planning firm - helping guide clients through turbulent and calm economies. Their goal is to help grow, protect, and preserve their assets from their first job through retirement. Cortburg’s “all in one house” capabilities mean that their experienced team can help with all financial needs - wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning.    

DISCLOSURES  

Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

CRC conferred by The International Foundation for Retirement Education.

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.  

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.

Investing involves risk including possible loss of principal.

Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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Transcript

Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

 HOST

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

Have you every wondered how estate planning might fit into your overall, future plans? 

Even if you are just starting to build your estate and do not need complex estate planning, here’s a quick look at some steps you should consider taking in order to help prepare your family and to manage potential expenses in the event of your death.

1.    Draft a Will. A formal, legal document directing the settlement of your estate provides for the distributions of your assets according to your wishes. Without a will, the laws of your state will determine estate distribution. Experienced legal assistance and proper witnessing should always be sought. Only through a will can you designate your own executor, guardians for minor children, and other fiduciaries.

A living trust funded with specific assets can allow those assets to pass to your heirs outside of probate. It may be a smart step to take in addition to drawing up your will.

1.    Title Assets Properly. Unless you live in a community property state, where disposition of assets falls under community property laws, the simplest and least expensive estate planning technique for married couples is to take title to assets as “joint tenants with rights of survivorship.” At the death of one joint owner, such titled property automatically passes to the survivor without having to go through probate. However, there are other forms of titling that may be appropriate depending on circumstances.

2.    Review Your Life Insurance Plan. Life insurance has long been recognized as a relatively inexpensive method for helping a surviving spouse meet key, financial obligations without delay. Regular reviews can help determine if you have adequate protection, and your plan is up-to-date.

Guarantees are based on the claims paying ability of the issuing company. Please keep in mind that insurance companies alone determine insurability and some people may be deemed uninsurable because of health reasons, occupation, and lifestyle choices.

1.    Plan for the Unexpected. First, analyze your disability insurance coverage. Second, consider granting a durable power of attorney for financial matters, and a living will and health care proxy for health matters. These advance directives enable the designated individual (usually your spouse, a relative, or close friend) to make important decisions on your behalf should you be mentally or physically unable to do so.

2.    Keep Your Family Informed. Many families subscribe to a limited “need to know” policy between parents and children, especially while children are growing up. However, at some point, all family members should gain some awareness of financial, medical, and estate arrangements that can affect the entire family.

These are a few of the initiatives you can take now to start managing your estate. While larger estates may have different concerns than smaller ones, the key is to recognize that planning is the issue, not size!

Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

DISCLOSURES  

Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

CRC conferred by The International Foundation for Retirement Education.

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.  

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.

Investing involves risk including possible loss of principal.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

This article was prepared by Liberty Publishing, Inc.