Estate Planning Strategies with Andrew Weinhaus

Today, we’re talking with Andrew Weinhaus about why you need an estate plan.  He's an attorney who has worked in estate planning for 30 years. That means he knows it like the back of his hand. So, you get the tremendous value of hearing about estate planning in a way that's relatable, plain and simple! https://www.youtube.com/watch?v=xvoTfp63rT4 Do you wonder what happens to all of your stuff when you die?  Have you heard of estate planning, but are not really sure what it is and whether it’s for you?  No need to share your answers, but ... pssst ... this episode is for you!  Here’s a sneak peek into estate planning from a distance. It's like browsing, but without the annoying sales clerk asking if you’ve found everything you didn’t even know what you were looking for in the first place.  You can dip your toe in to find out if it’s really as scary and overwhelming as you thought. I promise, you’ll feel less out of place and more at home in the estate planning conversation. So, whenever and however you decide to move ahead, you'll feel better about those uncomfortable conversations. If you are concerned about what happens to your legacy, you’re certainly not alone. What’s more, you don’t need a million-dollar estate to start thinking about it. This episode explores why planning ahead is incredibly important for every family in America - not just the wealthy  and how to approach the process with extreme confidence. This conversation will help you make sense of the basics. That means you’ll know the why and the end goal. Those two things will automatically vacuum out the ambiguity in the process. So if you want to understand what an estate plan is and does, see how it's relevant to your life to do the long-term planning, and differentiate whether this is an important thing to take action on so you can feel the benefit of planning before you embark on the journey, tune in now! In this episode on estate planning, you’ll find out: The two main reasons you need an estate plan: if you can't make decisions, and if you die. The four reasons you want to avoid probate: cost, time-intensity, publicity, and creditor rights. Why you might want to pay for your parents' estate planning. The basic components of an estate plan and what they do: a medical directive, a power of attorney, a revocable living trust, and a pour-over will. The cost of an estate plan is often much less than the cost of probate. The difference is whether you pay a fixed, known cost now, with an attorney who is a trusted advisor, or a potentially much higher cost later with an attorney you can't choose. Concerns with real estate, businesses, and investments without an estate plan. How life insurance is the perfect equalizer to allow you to transfer family assets without having to liquidate. Why titling your assets correctly is one of the most critical steps of estate planning that most people miss. Why estate planning spells out exactly what you want to happen. How to plan for the care and financial needs of minor children. Why your estate plan can never be perfect and how to get it done anyway. Why Don’t More People Talk About Estate Planning? Estate planning may sound slightly intimidating, with many people assuming it’s something only the wealthy need or that it involves complicated legal jargon and expensive lawyers. The reality is different, however: estate planning is about protecting your family, your choices, and your peace of mind, not just your money. Another reason people put it off is the fear of cost or discomfort around discussing the uncomfortable subject of death. While it’s easy to push the topic aside when it feels far away, without a plan, the people you care about are left to sort things out on their own.  The problem is that in every sense of the word, that can be far more costly. In short, estate planning is simply an act of care and well-deserved diligence. It ensures that what you have built, whether big or small, goes where you want it to go, without unnecessary stress or confusion for your loved ones. Why Everyone Needs an Estate Plan Regardless of your role in life - be it a parent, a business owner, or just someone who cares about what happens to your assets - you really need an estate plan. Having one is less about how much you have, but how well it’s protected. The simple truth is that life throws the occasional curveballs, including (but not limited to) incapacity, unexpected death, and family emergencies. An estate plan provides written instructions so that someone you trust can step in when needed, without causing chaos or confusion. It also shields your family from the four major threats: long, expensive probate proceedings, unnecessary legal fees, months (or years) of delays, and even creditor claims against your estate. A solid plan means more of what you’ve built actually reaches your family quickly, privately, and with far less stress. Core Components of an Estate Plan When most people hear the words estate plan, they immediately think of a will, or something similar, but that’s just the start. As estate planning attorney Andrew Weinhaus will attest, a well-structured plan usually includes a combination of tools that work together to carry out your wishes. A basic will lets you name heirs and guardians. A pour-over will catch any leftover assets and route them into your trust. Trusts themselves can be either revocable (changeable) or irrevocable (locked in, but more protective). Powers of attorney and medical directives make sure someone you trust can make decisions if you are unable to. Proper asset titling and beneficiary designations enable assets to pass directly to heirs without the need for court involvement. And whole life insurance can be a smart way to equalize inheritances or cover taxes, especially if much of your estate is tied up in business or property. Where Estate Planning Fits into Your Cashflow Creation System Encircling your family and assets with a bulletproof estate plan will maximize your peace of mind.  But it’s just one small step of a greater journey.   That’s why we’ve put together the 3-step Entrepreneur’s Cash Flow System.   The first step is keeping more of the money you make.  This includes tax planning, debt restructuring, cash flow awareness, and restructuring your savings so you can access them as an emergency/opportunity fund.  This step frees up and increases your cash flow, so you have more to save and consequently, more to invest. Then, you’ll protect your money with savings, privatized banking and legal protection.  This is where estate planning fits in.  You’ll know that no matter what happens to you, your wishes will be carried out, your assets will remain intact, and your wisdom will empower generations after you. It also works in tandem with other protect-stage tools like whole life insurance and trusts, ensuring your financial architecture doesn’t collapse under pressure. For a more comprehensive look into one of those tools, see our guide to Infinite Banking Explained Finally, you’ll put your money to work and get it to make more by investing in cash-flowing assets to build time and money freedom and leave a rich legacy. Common Estate Planning Strategies & Pitfalls Once your estate plan is in motion, the next step is using strategies that maximise control, minimise tax exposure, and keep your wishes firmly respected and intact. Some of the more advanced tools include grantor trusts, which allow assets to grow outside of your estate while maintaining income tax responsibility. Family limited partnerships are another strategy for managing and transferring family-owned businesses or real estate. And irrevocable life insurance trusts can remove the death benefit from your taxable estate, while still protecting your heirs. But even the best-designed plan can be undermined by small missteps. One common pitfall is failing to retitle assets in the name of your trust, thereby leaving them highly exposed to probate. Others include outdated beneficiary designations or failing to update your plan after major life changes.  In any event, estate planning isn’t a one-and-done task. It’s a living strategy that needs to be reviewed over time. When & How to Start Your Estate Planning Process In short, there is no perfect age (or net worth) for starting your estate plan.  Whether you’ve had kids, bought a home, launched a business, or just want more control over what happens, you almost certainly need one. The process is relatively simple. Start by listing your assets and liabilities, before choosing guardians for minor children and trustees or executors you trust. Then, work with a qualified attorney to draft your documents,  including your will, powers of attorney, and any trusts.  Finally, set a reminder to review your plan regularly, especially after major life changes. You may need to modify it over time, but the most important thing is to create a clear plan that reflects your wishes and protects the people you care about. With the right attorney, your estate planning strategy should be straightforward to implement, legally sound, and tailored to your unique circumstances. Who is Estate Planning Attorney Andrew Weinhaus? Estate planning attorney Andrew Weinhaus is the managing member of The Law Office of Andrew Weinhaus, LLC, a Clayton, Missouri-based law firm. His practice focuses exclusively on estate planning, tax strategies, and business succession for closely-held entities. Mr. Weinhaus is a member of the Missouri Bar Association, serving on the adjunct faculty for Washington University’s graduate tax law program, teaching a course on advanced deferred compensation. Mr. Weinhaus is a graduate of Washington University in Saint Louis, Missouri.