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The Value of a Financial Advisor: Leaving a Legacy, Life Transitions, and Caring for Others

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 the future.

 

Episode Highlights:

 

  • 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 legacy?
  • 08:07 – There is a moment in time when it is too late to designate a power of

             attorney.

  • 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

             planning.

  • 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 cure.

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3 Key Points:

  1. People falsely assume that estate planning is only for rich people.
  2. Advisors can break down the complexity of estate planning into doable action steps for their clients.
  3. Death, divorce, kids moving out of your house, and inheritances are often unexpected situations that require financial planning.

 

Tweetable Quotes:

  • “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.

 

 

Resources Mentioned: