Proverbs 15:22 says “Plans fail for lack of counsel, but with many advisers they succeed.” This week, Tovah Mitchell, elder law and estate planning attorney, joins Hans and Robby as an adviser to help you succeed in finishing well. She covers everything from power of attorneys to stock certificates and taxes.
Estate planning is for everyone. Once you turn 18, you’re an adult. Your parents cannot help you unless you have the documents in place. Tovah does say it is important to remember that estate plans do not just involve legal documents though, you have to consider what life insurance you have, your IRA holdings, you Social Security benefit, and so much more. This is why it is so advantageous to have a financial planner and attorney who can work together to come up with a complete plan for finishing well.
Do you know which document is the most important legal document? Tovah says it is the Financial Power of Attorney, or Durable Power of Attorney. This makes sure that someone you trust can take care of your finances when you cannot. A Healthcare Power of Attorney is another important document everyone needs to have in place.If you go to the hospital, it allows someone to advocate for you to make sure you receive the care that you want. But how do you pick the person or persons to designate? Tovah goes over the advice she gives her clients.
You also need a HIPAA release as well as a Last Will and Testament. Make sure to review and update these on a regular basis. At Cardinal, when new clients come in, Hans makes sure to look through their legal documents to make sure everything is correct, especially if they have recently moved, been married or divorced, or a close family member has passed away.
Lastly, Hans and Tovah discuss clients that they had to work on together, which involves how estates handle stock certificates as well as what can go wrong with your estate if you do not pay your taxes properly.
Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free!
You can contact Hans and Cardinal by emailing firstname.lastname@example.org or calling 919-535-8261. Learn more at CardinalGuide.com.