The Importance of Professional Help in Estate Planning

Life when you're gone… an uncomfortable conversation most people prefer to avoid.

Why isn't that a good idea? How can estate planning help you ensure that things are taken care of once you aren't around anymore?

Listen to learn about big mistakes people make, the different elements that make up the estate plan puzzle, the three primary areas of cash flow, and the type of plan you should have in place.

• When it comes to end of life financial planning, many people tend to put it off because it's an uncomfortable conversation to have.
• Even though the process for end of life planning is relatively simple in nature, Brian recommends getting professional help to deal with the details, which can be complex.
• Despite every situation being different, there are several core aspects of estate planning that everyone should consider.
• The first has to do with title and legal work. Brian has noticed that many people have a complete misunderstanding of the role legal work plays within their planning.
• Then, there's life insurance. Many households rely on two incomes – or people – contributing to the family's ecosystem.
• Their contribution to the family must be replaced when they're gone, and that's where life insurance comes into play.
• Another important, but often overlooked, aspect to an estate plan is budgets and cash flow. Brian doesn't recommend planning in terms of weeks or months for it… rather, to plan in terms of years.
• "Your cash flow can be broken down into three primary areas," says Brian. "Reoccurring obligations, irregular obligations, and savings."
• Debts and investments are an additional area that makes up the estate plan puzzle.
• Brian stresses the importance of cash flow and shares a couple of examples that illustrate its key role.
• End of life planning is a difficult topic to address. Brian's suggestion is to take steps to protect your loved ones by creating a custom comprehensive plan with the help of professionals.
• After that, the next step is to communicate the plan with your partner and family members – then, enjoy the peace of mind that comes along with knowing you have done everything in your power to provide for your loved ones.

Mentioned in this episode:

BrianSkrobonja.com

Estate Planning Checklist

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS. The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in place. Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. Our firm is not permitted to offer, and no statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client's experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. "Best Wealth Managers" and "Future 50 Company" are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client's experience and is not indicative of future performance.