• Estate Planning Basics

  • Aug 9 2023
  • Length: 16 mins
  • Podcast

Estate Planning Basics

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  • Summary

  • Podcast Show Notes: Introduction: Welcome to the first episode of "Small Bites of Business Insights" focusing on Wealth Planning and Estate Planning with special guest Becca. The episode delves into the basics of estate planning, aiming to educate listeners in three parts. Estate Planning Basics: Estate planning involves determining how assets are distributed to beneficiaries after the individual's passing. It includes wills and trusts, allowing one to specify asset distribution and whether it occurs immediately or through trusts. Is Estate Planning Only for the Wealthy or Older Individuals? Estate planning isn't exclusive to the wealthy or elderly; it's about deciding how to distribute assets, regardless of wealth. Without an estate plan, state laws decide asset distribution, which may not align with personal preferences. Concerns Regarding Lack of Estate Planning: Without an estate plan, state laws determine asset distribution, often resulting in unintended outcomes. Effective estate planning helps minimize taxes, ensuring more wealth goes to family rather than to the government. Understanding Wills: A will, created during one's lifetime, dictates asset distribution upon death, often involving the probate process. Probate involves transferring assets from the deceased individual to beneficiaries through a court-supervised process. Executor and Guardian: The executor administers the estate after one's passing, overseeing tasks like tax filing and asset distribution. A guardian cares for minor children in case both parents pass away, ensuring their well-being and managing any inherited assets. Probate Process: Probate is the legal process of transferring assets from the deceased to beneficiaries, involving court oversight. Assets are collected, debts settled, and assets then distributed according to the deceased individual's will. Joint Tenancy and Alternatives: Joint tenancy can bypass probate by automatically transferring assets to the surviving joint owner. However, more complex estates might benefit from a revocable trust to avoid probate effectively. Conclusion: Becca provides valuable insights into estate planning, emphasizing the importance of taking control of asset distribution through proper planning. Stay tuned for the next episode, where the discussion will delve deeper into the world of trusts in estate planning. stage business planning. Hosts: Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence www.business.louisville.edu/yumcgfe Rebecca McDade, JD - Attorney https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
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