February 27, 2024

Stuff About Money: Basics of Estate Planning for Everyone with Ryan McBride

47 minutes

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA and Xavier Angel, CFP®, ChFC, CLTC, are joined by Attorney at Law Ryan McBride to discuss the basics of estate planning. They discuss what estate planning is, the importance of beneficiary designations on life insurance and retirement accounts, and finally one of the core tools used in estate planning, a will.

Episode Highlights:

Ryan shares his non-linear journey to becoming an attorney, starting from pre-med to obtaining a finance degree, then exploring business ventures before eventually specializing in estate planning and probate law. (5:37)

Ryan discusses the importance of professional estate planning to cover wills, asset distribution, and powers of attorney for both health and financial matters. (13:21)

Ryan emphasizes the need for coordination between financial advisors and estate planning attorneys to ensure comprehensive estate planning, focusing on asset distribution, guardianship for minors, and the best interests of the child. (21:38)

Ryan explains the critical role of choosing an executor for estate management, mentioning the benefits of an independent executorship for streamlining the process and reducing costs. (24:13)

Ryan emphasizes the need for primary and contingent beneficiaries for probate and non-probate assets to avoid unintentional distribution of retirement funds and life insurance proceeds. (29:08)

Ryan explains the difference between community and separate assets and how inheritance and ownership decisions affect asset distribution to spouses, children, and siblings without a will. (36:33)

Key Quotes:

“Everyone should consider putting together an estate plan. Spouses should do it together, you know, because there are a lot of obviously, interconnected assets and concerns.” - Ryan McBride

“It's important to have your financial advisor and your estate planning attorney working together, because it's really imperative that the attorney knows what's going on, from a financial standpoint, what your plans are in financial, and things to be able to properly prepare for your estate planning.” - Ryan McBride

“I really encourage clients to make sure they have a first and then a contingent choice on their life insurance beneficiary, so that that's not something that happens because a lot of times that money may end up in the hands of folks that they don't want that money to get to.” - Ryan McBride

Resources Mentioned:

Ryan McBride LinkedIn

McBride-Legal

McBride-Finance

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

...more

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By Agency Intelligence

4.7

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