Investment Management Coach

Last night I attended an estate planning session presented by Catherine Hammond Shell of Hammond Law Group in Colorado Springs.  www.springsestateplan.com Wow!  She provided 2 hours of easy to understand information on techniques to distribute your estate upon your death.   She convinced me that we need to create a plan so whatever we have accumulated will go to our children, the most precious assets we own.

Do you want your finances aired to the public upon your death?  No, me neither.  Check out a Family Wealth  Trust.  This is a trust that is not just for the mega-rich.  According to Catherine, anyone with assets of $100,000 would benefit from one.  This is how it works:  You set it up, then transfer the titles of your major assets from your name to the name of the trust.  Name yourself the trustee and the beneficiary.  Voila, you are in control.  But when you die there are no assets in your name, so there is no probate.   

My main concern is for my husband should I precede him in death.  He is disabled.  If I die first he will have to use up most or all of our estate before he can qualify for medicaid should he have to go to a nursing home.   I now know there are plans that can be established to preserve at least a portion of our estate for our children.  Any one with a disabled spouse or a special needs child owes it to themselves to talk with an attorney specializing in estate planning (NOT your real estate attorney, general attorney, divorce attorney, etc).  We need to plan today so those who depend up us now will be taken care of when we’re gone. 

Another point.  Investments, life insurance, and real estate are not the only assets of value that you own.  You have personal assets such as grandma’s tea cup set, grandpa’s handtooled desk, the kids favorite rocking horse.  You also have personal beliefs, talents, skills, and years of wisdom.  You can designate who gets a tea cup set, but how do you pass the essence of who you are to future generations.  Wouldn’t you like to know more about your great-grandfather or eccentric great-aunt Betty?  Well, go ahead and write your story, create an audio tape or video tape.  It’s fun to imagine future generations getting to know you, and maybe even get a better understanding of themselves through your story.

If you live in Colorado Springs, CO, I recommend you attend this free seminar if it’s offered again.   I am NOT an attorney of any sort, and certainly not an estate planner.  This is complicated stuff that needs guidance from a professional.  I just want to get you thinking of what might be an unpleasant topic… your death.  It’s inevitable, so get over it so you can plan for it.