{"id":6499,"date":"2020-01-14T10:37:14","date_gmt":"2020-01-14T16:37:14","guid":{"rendered":"https:\/\/schenkelberg.investments\/?p=6499"},"modified":"2020-01-14T10:42:12","modified_gmt":"2020-01-14T16:42:12","slug":"planning-for-the-expected-and-unexpected","status":"publish","type":"post","link":"https:\/\/schenkelberg.investments\/?p=6499","title":{"rendered":"Planning for the Expected and Unexpected"},"content":{"rendered":"\n

While all years seem to advance at a rapid pace these days, it felt like\n2019 sped by at lightning speed. I love to talk with younger moms who are\nexcited for their children\u2019s milestones of rolling over, first steps and first\nwords. As our family celebrates milestones such as the youngest one getting\nbraces off and the oldest one getting his first job, those baby milestones do\nnot seem that long ago. I\u2019m sure we\u2019ll blink and be looking at marriages and\ngrandchildren. Time flies and a lot of events occur that we cannot expect.\nSometimes the best gift we can give to those around us is to plan for the\nunexpected through estate planning. Financial planning is about looking at all\nof the future time frames we may encounter.<\/a><\/p>\n\n\n\n

Financial planning looks at each stage of our financial future and plans\nfor the best way to prepare for it. No matter what stage we are in, there are\nitems to plan for in the near term, intermediate future, long-term and our\neventual departure. Whether you have $0 in assets or $10 million in assets,\nthere are many reasons to put together a plan in case something unexpected were\nto happen to you. <\/p>\n\n\n\n

Whether you make it part of your New Year\u2019s resolutions or not, please\nmake meeting with an estate planning attorney a priority for 2020. We hear a\nlot about investing in yourself through education, career opportunities and\npersonal wellness. It is also important to invest in yourself through future\nplanning. This doesn\u2019t just help you, it also helps your loved ones. I\u2019ve\ncovered this topic several times over the years. I believe it is important to\nkeep coming back to.<\/p>\n\n\n\n

From an investment perspective, it is important to first have all of\nyour financial assets accounted for, consolidated and invested appropriately\nfor your life goals. It is also extremely important that assets are invested at\nan appropriate risk level to help you achieve financial success. We initially\nwork together to ensure these items are in order. <\/p>\n\n\n\n

An additional part of an investment advisor\u2019s job is to ensure that\naccounts are properly structured for their succession. This means that if\nsomething were to happen to you, it is important we have proper paperwork in\nplace to ensure your heirs can access your investments as seamlessly as\npossible. We can work together to find an appropriate estate planning attorney\nto help you structure a trust and other items outlined below.<\/p>\n\n\n\n

Estate planning is a key part of ensuring these items are lined up properly. Smartasset.com recently published an article outlining estate planning. Putting together a will is a key part of estate planning. However, there are other items that need to be taken care of in the process. Having an appropriate trust set up is extremely valuable to avoid costly probate and ensure that all of your assets are properly accounted for and distributed. Additional items an estate planning attorney should go through with you include:<\/p>\n\n\n\n

  1. Creating Trusts<\/li>
  2. Assigning a power of attorney and healthcare proxy to make decisions on your behalf<\/li>
  3. Establishing guardians for living dependents<\/li>
  4. Appointing or updating beneficiaries on life insurance plans and retirement accounts<\/li>
  5. Making funeral arrangements<\/li>
  6. Preparing for estate taxes, potentially by scheduling annual gifting<\/li><\/ol>\n\n\n\n

    When working with an estate planning attorney it is important to make sure they are thorough regarding all steps that need to be taken. These steps include:<\/a><\/p>\n\n\n\n