Aug 15, 2019
This episode of The Confident Wealth Podcast with Bill
Bush and Pete Bush is the 9th installment in their series, The
Value of Working with an Advisor. During this installment, Bill and
Pete talk about the problems associated with not having a will, the
value of having an advisor to walk clients through the process of
estate planning, organizing and maximizing value, getting help with
gift money to causes, how to handle life transitions, and how to
prepare for taking care of your parents or other family members in
- 01:26 – Bill Bush and Pete Bush introduce the topic of leaving
a legacy, life
transitions, and caring for others.
- 02:18 – Everyone can use some coaching.
- 03:20 – Most people don’t have a will.
- 04:17 – What is the harsh reality of not having a will?
- 06:43 – What is the value of having an advisor when leaving a
- 08:07 – There is a moment in time when it is too late to
designate a power of
- 09:32 – Organization and maximizing value is important.
- 10:42 – Special needs situations can arise.
- 12:15 – Gifting is also leaving a legacy.
- 12:49 – Life transitions and taking care of others are
emotional situations and can
lead to emotional decisions.
- 17:30 – As we age, health and abilities can decline and require
help with financial
- 18:47 – What is a good way to bring up financial planning with
your parents to
make sure they are taken care of in the future.
- 20:23 – A little bit of prevention is better than a lot of a
3 Key Points:
- People falsely assume that estate planning is only for rich
- Advisors can break down the complexity of estate planning into
doable action steps for their clients.
- Death, divorce, kids moving out of your house, and inheritances
are often unexpected situations that require financial
- “Most people, some 70%, do not have a will.” – Bill Bush.
- “Powers of attorney do end when you die. That is when your will
kicks in. But at the same time, you are planning against these
contingencies that just say, ‘you know, that is a good safety net
to have.” – Pete Bush.
- “For a current income tax-type planning, which has really
bubbled up with these new tax law changes, is you can set up a
donor advice fund. Even though you may not know who or when you
want to gift it yet.” – Pete Bush.