Show Summary:

Ben Franklin once said that in this world, nothing is certain but death and taxes.  We will discuss taxes on a later show, but we are talking about death today.  

Why?  Because no one likes to talk about it, most people are woefully underprepared for what will happen to their family and assets when they die.  Are you one of those people?  The odds are that you may be, as nearly 60% of Americans do not have an estate plan

Today, on episode 108 of the Fat & Broke Podcast, we welcome Attorney Emily Spector to the show to discuss all things Wills & Trusts! 

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Topics Discussed:

• Asset Protection
• Incapacity
• Guardianship
• Wills
• Trusts
• Probate
• Beneficiaries
• Taxes
• Estate Tax
• Power of Attorney
• Health Care Proxy
• Living Will

Action Items:

• Assign beneficiaries to all of your accounts, especially financial accounts. 
• Have a will drafted.  Something is better than nothing.
• If you have assets, you probably can benefit from a trust to avoid probate.
• If you have children, you want to make sure you have assigned guardianship legally.
• Planning in case you are incapacitated will make sure your wishes are honored and it takes away decision-making from your family.
• Contact an estate planning attorney to help guide you with what you need for your particular situation. 
• Find an attorney that you actually like and fits your personality.
• Review your estate plan every three to five years.

Resources:

• Emily Spector, Ganz Law Group
• The Tail End, Wait But Why Blog