The Tax Chick Podcast Estate Planning is Cool! with Mehul Gandhi
Nov 25, 2021
In this engaging conversation, Mehul Gandhi, a Certified Financial Planner from Vancouver, shares insights on making estate planning approachable and empowering. He explains critical documents like Wills and Powers of Attorney while emphasizing that fairness in estate planning doesn't always equal equality. They also discuss the importance of collaboration among advisors and how it can enhance retirement planning. Mehul highlights the risks of early gifting and presents insurance as a key tool for legacy protection.
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Start With Core Documents
- Create a will, power of attorney (property and personal) and a healthcare directive as foundational documents.
- Consider trusts too, but check tax and filing requirements before creating one.
Beneficiaries Can Override Wills
- Beneficiary designations on accounts and life insurance can override or bypass parts of a will.
- Always review those designations alongside the will to avoid conflicts and unintended outcomes.
Confirm Beneficiaries Match Your Will
- Check beneficiary forms against the will before finalizing any designations.
- If beneficiaries conflict with your will, coordinate advisors to fix designations or change estate documents.