Creating a Will & Wealth Building

Learn why it is imperative that you create or update your will so that you can achieve your goals after you transition…


In today’s economy it is more important than ever that you create a will and/or have an estate plan in place.


In this discussion will discuss the importance of why creating a plan that considers what happens to your assets after you transition is a vital step for you to take at the earliest time possible in your life stage.


Even if you currently have an estate plan or will in place, you want to review and possibly update at this time due to not only recent changes in your family situation, but also recent changes in the tax law and increased exemption and gift tax amounts.





If you have recently married or divorced, have children that have now aged or you have a change in outlook on who you would like to leave your assets to, now is the time to review and possibly make the needed changes.


Your estate may face taxation at the federal and state level, and it is important that you realize that your estate consists of:






The amount of each of the above can be significantly more than you think, therefore it is important that you get out in front of your estate and address what needs to be addressed at this time.


If you have an estate valued over $1 million when the value of your house, retirement accounts and life insurance proceeds are totaled, it is important that you talk to an estate planning attorney to discuss how you can protect your assets and possibly lower your taxes for estate planning and tax purposes.


You may need to use creative strategies such as paying your taxes now so your heirs can avoid future taxes if it is more advantageous to do so.


However, you may need to talk with legal and tax professionals based on your unique financial position, to determine the best or more advantageous route for you to take as some assets that you may own may receive favorable “stepped up basis” treatment.


In addition to a will/trust, you may also need to create a durable power of attorney to give others the power to handle your affairs, create a healthcare proxy to serve as your healthcare advocate if you are unable to do so–and create an advance directive which outlines your wishes if you are involved in a medical emergency and are not able to speak up for yourself and handle your affairs.


You will want to gather certain information whether you decide to utilize an attorney or do it yourself.


Regardless of your choice, you will want to take the following 10 steps and gather the needed information to smooth out the process:


  1. name and contact information of all you plan on including in your will/trust
  2. the name of beneficiaries of all of your accounts and policies
  3. the person(s) that you would like to be executor of your estate
  4. all statements from your banks/brokerage and retirement accounts including pensions
  5. all life insurance policies
  6. all real estate including mortgages and estimated value
  7. all businesses that you have an interest in
  8. any inheritance that you are expecting
  9. any charities that you are considering to leave a bequest to
  10. any other document(s) that you feel is important


Always realize that the beneficiaries that you name on your accounts and policies will get the proceeds–not who you state in your will, therefore you may need to update your beneficiaries as well as create or update your will at this time.


If an ex-spouse or anyone else that you desire to be removed from any of your policies or accounts who are now named as beneficiary need to be removed–now may be the time to remove them and name another beneficiary(s)–if you have not done so.


You also want to choose trusted family members or friends who could act as executor, a healthcare proxy (you may need them to fill out a healthcare proxy form) and HIPAA form in case of a medical emergency.


The procedures for doing the above could vary by state so be sure you are aware of the procedures in your state.





It is important that you realize at the earliest time possible that creating or updating your will is an important step toward the building of wealth and the generating of generational wealth (pun intended) and it is very important that you get out front and seriously address this area of your personal finances.


Keep in mind that you can choose to complete your estate planning/wills documents online (freewill, legalzoom, nolo etcetera) or schedule a meeting(s) with an attorney–depending on the size of your estate.


If your net worth is $500,000 or more, you definitely want to seriously consider talking with a highly competent estate planning attorney in your state.


Whether you choose an attorney or a do-it-yourself format–your finalized documents must be signed by you, witnessed by two people who won’t inherit anything in the will and be notarized to make it legal and binding!


You will also want to keep your documents secure, therefore you want to store the original in a fireproof safe and tell your executor(s) and other trusted family members where it is and how they can access those documents.


You will also want to give an appropriate copy to the following designated parties:


  • durable power of attorney to who will handle your affairs
  • a healthcare proxy (also file with your primary physician’s office) to who you choose as your healthcare advocate if you are unable to do so and,
  • an advance directive (also file with your primary physician’s office) to who you wish to handle your affairs if you are in a medical emergency


Also consider giving a backup copy to someone else you trust in case the executor you choose is unavailable (out of state/country or is otherwise unable to be reached in an emergency).


Be sure you make key family members aware of who your executor(s) are!


If you choose an attorney they should keep a file at the office and it is your responsibility to make sure they do.  You also want to let the executor(s) and trusted family members know who the attorney is and provide contact information to them so that they can contact the attorney when needed.


If documents are stored online or in the cloud, you may want to provide that info as well and how to access the account!


By preparing an estate plan/will at this time you will be using good judgment and not only will your assets go where you intend that they go–you will greatly reduce the possibility of family squabbles and undue burdens and hardships that could be placed on family members and other loved ones during a high stress and grieving time period.


Isn’t it time that you put time aside and gather all of the necessary documents so that you can live out your remaining years on earth in a manner where joy lies at the center of your daily activities and not let anxiety and uncertainty have an undue and unnecessary influence in your life?


All the best to your estate planning/wills success and the passing on of your assets in a manner that will truly allow you to rest…


NOTE: This discussion on estate planning/wills is not intended to be legal advice and is provided so that you are aware of what is available as far as wills and estate planning is concerned.


Estate Planning/Wills GLOSSARY


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Estate Planning/Wills & Wealth Building

Learn why you must look out into the future and plan for your loved ones and what will happen after you no longer inhabit planet earth…


It is important that you plan effectively for your future and planning for your heirs after you are no longer here on planet earth is at the top of the list when it comes to effective financial planning.


Although we all like to live as long as possible, the hard reality is that we will all transition at some point.  Therefore you want to address how your affairs will be handled at this time as best you can–so that YOU can determine what happens after your transition.


At the time of this discussion the creator of is battling COVID-19, and the topic of Estate Planning/Wills is a topic of real concern.   Regardless of where you are now at in your life stage, you want to take a serious look at your current estate and determine ways that you can transfer your assets more appropriately.


Furthermore, with this week being the one year mark since the transition of the mother of the creator of and one week since the creator of recovered (ok, partially recovered) from COVID-19, the topic of estate planning is more important than ever for not only the creator of, but also you and your family if you have not addressed what will happen with your finances and assets after you transition.


Know your financial standing at this time

A basic starting point for improving your finances is to determine where you are now at on a monthly and annual basis so that you can determine your net worth and determine the best type of asset transfer approach that is the best for you and your family.


At a minimum (regardless of your net worth) you want to create a will and if you have a high net worth a trust and more sophisticated planning may be necessary.


Determine the best products that will serve your and your family before and after your transition

There are a number of estate planning products and services that are available to help you as you go about your affairs in life.


Without getting into the practice of law, a number of concerns will be outlined below that could help you plan better and help you strategically manage your estate during your lifetime–and even after you transition.


1) beneficiary/deed designation

2) will

3)  power of attorney

4) health care directive

5) trust

6) insurance/annuities

7) other (products unique to your financial and life situation)


Review and update as necessary at the various stages of your life

Throughout your life changes will occur, whether it is the birth of a child, the transition of family members, job loss, various emergencies and adversity that was not planned for and other happenings, therefore you want to remain flexible and update your documents as necessary.


However, depending on your unique financial position and changes that occur during your lifetime, there may be much more to include in your estate planning to make certain all of your assets are transferred seamlessly to your heirs upon your death to help ensure that your intended wishes are carried out.




Planning for what will happen after you are no longer here on earth must be addressed with the utmost care and concern.  It is important that you contact an attorney and/or at a minimum create a will so that you can have peace of mind at this time and not have your loved ones quarrel after you transition and cause undue stress and hardship for your family.


By creating a will you can name a personal representative of your choice to represent your estate after your transition and that representative would file a final tax return on your behalf and the refund if any could be payable to the estate (legatee or beneficiary would receive).  Your personal representative that you designate would go to the courthouse after your transition and would get “letters of administration” giving the personal representative that you designate the legal authority to file your tax return and inquire about life insurance proceeds.


By taking the time now to address your finances in a comprehensive manner you are putting yourself and your family on a more successful track whether you have a low net worth or you are worth millions.  Your family will be in a better position for success after you transition and family disputes can be minimized–in large part due to your planning at this time–so that your intended wishes will materialize at a future time.


When it comes to estate planning/wills you want to look at all of your options on the front end–not after you transition–because it is impossible to do so at that time!


All the best to longevity and strategically planning your future in a way that will lead to your absolute success…



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Estate Planning/Wills & Wealth Building


 More on Estate Planning/Wills…

Estate Planning/Wills is often a difficult topic for most (including the creator of ) to confront.  However, we all have a “time stamp” on how long we will navigate this planet called earth.  Estate Planning is an effective tool for building and transferring wealth and you must know at least the basics of how utilizing effective estate planning can ease your burden while you enjoy life to the fullest.


Learn how you can master the “5 credit factors ” and achieve your dreams…


Unfortunately the creator of has a lot of experience in this area and in this discussion will try to share tips that could be helpful if you are now ready to confront this difficult area of Wealth Building.


As you put an estate plan together it is imperative that you have an insurance policy in place at the various points of your life stage.  By doing so you protect your family in a number of ways. Insurance is often the first and cheapest line of defense for doing just that.  It is also important that you realize that you must protect your family in the case of your early demise in other ways as well.  However, estate planning is an area of personal finance and wealth building that must not be overlooked!


It is also important that you manage your finances responsibly throughout your lifetime in all areas—comprehensively!


You must have a mental system that allows you to manage all areas of your credit and finances at all times!


You must have an effective understanding of how you can manage your estate more effectively and it is imperative that you gain that understanding and take action as soon as possible.


Speaking of life insurance—did you know that a trust can be the beneficiary of your life insurance policy if it is set up correctly and that could be an effective strategy for you—depending on your net worth and future goals?


Did you know that probate in many states average 12 to 18 months to complete?  If you or a loved one were to make your transition and you had a will (or even if you did not have a will in some states) that could be a grueling time for you or your loved ones due to the probate process and the grief that you would experience during that  same period!


Did you know that Probate using a will—will be made public—while a “living trust” will not?


If you were to transition “Intestate”—state laws rule.  If you transition while having a will—or you transition with no will—then probate could be in your or your loved ones future.


Benefits of a Trust


With a Trust—you can control distribution of your assets to your heirs or other causes that are dear to your heart.  For example, you could leave 1/3rd, 1/3rd to your 2 children and 1/3rd to your favorite charity—or you could do a 50—50 split to each child.  You can leave what you desire to the church(s) that you choose, the college(s) that you choose or the charity(s) that you choose in a more appropriate and definitive manner in most cases!  The limitations are only limited by your (and/or your attorneys imagination) and the constraints of the laws in your state.


You can specify how your child will receive income or distributions—or if they will receive any income at all, you can specify how your adult children will receive income and at what intervals, you can specify that your loved ones receive income at retirement age and thereafter, you can specify they receive no income until they are off drugs and verified along the way that they are off drugs by having trust beneficiaries take scheduled drug or alcohol tests—you name it a trust attorney can draft it in your living trust if it is allowable by law in your state.


You can help protect your heirs from creditors with a “drip release” if your heirs are facing divorce or other life challenges—NOW OR IN THEIR FUTURE.


In short, your Living Trust can be set up to spell out your wishes!  You must always realize that a trust is more difficult to contest than a will or having no will at all!  That is a major advantage—plus a trust will not be made public!


Always realize that your life insurance is part of your estate for estate tax purposes in virtually every state.


With a Living Revocable Trust—you can add assets (the trust owns your assets) and avoid probate.   You would be the “trustee” while you are alive and a “successor trustee” (that you could choose now) would take over upon your transition.


Even a will that leaves everything to your spouse may not be effective as a living trust—it depends on your situation.  In many instances a living trust is better than a deed transfer for real property when estate planning.


Why go through probate in your state when a living trust could be a better option for you and your family?  Grieving is hard enough without the headache of probate.


If you have a will—an executor of your estate will be needed!  Even if you feel you have modest income a living trust and/or a will may be effective tools for building wealth for either you or your loved ones.


Now that you understand estate planning/wills better—it is the desire of that you will do better as it relates to transferring your estate or assisting your loved ones who will potentially transfer their estate to you.  Share your knowledge and realize that for several thousand dollars you could possibly set up the transfer of your estate in a manner that you not only agree with—but more importantly carries out your intended wishes.


Your heirs and others will not have to squabble and distance themselves from each other after you are gone.  Because you have intelligently looked ahead—and planned effectively while you were of sound mind for what lies ahead as best you could while you were here on planet earth—peace of mind happens as a matter of course on a daily basis in your life!


Avoid uncomfortable conversations and confrontations with your children, siblings and other family members in the future—have peace of mind now—a consultation with a highly competent living trust attorney may be able to show you how.




If you are single three-thousand and up—if you are married five-thousand and up generally speaking, but depends on your state and how complex your situation is.  Every situation for estate planning is different and will require a legally crafted solution based on your income, assets, future goals and many other factors.


A Durable Power of Attorney and Advanced Directive with Power of Attorney for Medical Purposes can also be included inside a living trust for an additional fee.


NOTE: It is important that you realize that the above discussion is not intended to be legal advice but is provided in an effort to get you thinking at a higher level about a topic that is difficult for most to confront!


Even so, it is better to confront on the front end what you desire to happen after your transition (no pun intended) if you desire to live more abundantly and have peace of mind by knowing what lies in the future for your family, your heirs and other causes that are dear to your heart.


It is the desire of that this discussion has forced or inspired you to look at your estate in a more comprehensive and all-encompassing manner and will lead to you taking the necessary action to responsibly leave your finances and your estate after your transition to those who you love (along with the causes that you love) in a manner that serves your desires and wishes.


Now is not the time to rest…

Now is the time that you give it your best…

CHEERS to your future success…


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