The Weight of Legacy Planning
Kristoffer Fu, CFP?, CEPA?, CPWA?
I work exclusively with Families and Business Owners to Simplify the Complexities of their Financial Success and Guide them through Life Transitions | Holistic Wealth Advisor | Business Exit Planner | Doodle Dad
New Podcast Episode Alert! Your Legacy, Your Rules: Understanding Estate Planning with Hanna Yang
Estate planning, often overlooked, has the power to shape the lives of our loved ones after we're gone. It isn't just about money; it's about securing your legacy and safeguarding your family's future. Join me in a conversation with estate attorney Hanna Yang as we delve into key aspects of this vital process.
The Value of a Plan
Life is uncertain. We yearn for long, prosperous lives but frequently dismiss the essential plans required to protect our legacies. This disregard is common among those who see estate planning as exclusive to the "ultra-rich" or "I have time to get to it later." The reality is that everyone, regardless of wealth or age, can benefit from a thoughtfully designed estate plan.
Planning for Young Families
Estate planning is particularly crucial for young families. Many young parents feel they don't need to consider trusts or estate plans until later in life. However, with minor children, determining their guardianship in case both parents pass away is vital. Proactively addressing these decisions prevents court intervention and brings stability during tumultuous times.
Shifting our mindset to see estate planning as an act of love and protection for our families can make this uncomfortable topic more approachable. It's not solely about planning for death—it's about ensuring your family's well-being after you're gone.
No Legacy is so Rich as Honesty. ~ William Shakespeare
Navigating New Laws
Business owners should be mindful of the recent Corporate Transparency Act. Effective January 1st, 2024, this law mandates businesses to report their beneficial owners to a federal database within 90 days of formation. Noncompliance could result in daily fines or imprisonment. While combating money laundering and illicit activities, it also imposes significant reporting responsibilities on small business owners.
Stay Informed
Understanding your options and potential estate planning consequences is crucial. This conversation emphasizes the importance of transparency, knowledge, and proactive decision-making in securing your family's future.
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The Gift of Security
Regardless of your relationship status or occupation, estate planning is vital to life. With the guidance of an experienced attorney like Hanna Yang, Esq., you can navigate this process effortlessly, ensuring you protect your wealth and legacy while providing a secure future for those you love.
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CEO at CO Consulting | We Help Tax & Financial Firms scale to multi 7 figures by getting them more HNW & UHNW clients.
8 个月Just listened to your chat with Hanna Yang on estate planning and it's got me pondering about my digital legacy. Any tips on securing that digital footprint?