The 4 Essential Estate Planning Documents

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Enjoy it shared the most of all, thank you for listening to the Truth Network podcast. This is the Truth Network welcome to finishing well brought to you by Cardinal guy.com certified financial planner belonged to child best-selling author and financial planner helping families finish well for over 40 years of finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started with finishing well welcome to finishing well, a certified financial planner Hans today's interesting topic to a Halloween topic of you think about it. Since today is in fact a Marine for your people her with this episode the first time, but the title of the show is actually last will and testament and so along those lines, you know it's if it's a wonderful thing Hans that Paul gives the Starbright we don't know the writer of Hebrews wrote this and some save it for maybe it was Barnabas but whoever was it wrote Hebrews. In chapter 9 verse 17 wrote for a will takes effect only at death, since it is not in force as long as the one who made it is alive and so you know, honestly Hans you challenged me by. You know how Robbie was the word testament come after last will and I got the Old Testament and New Testament, and it really is a beautiful thing to think about that the entire Scripture or people testifying like you would if you were watching somebody or our wills require two signatures and so you're testifying that this is what this person's will as well. You know, the whole Scripture is kind of a lot of different 66 books of the Bible, testifying to what you know we pray every morning God, you will be done and data files to all extended Hans that we are testifying to what we believe God's will is your ability to Christians to plan out our faith and to plan out, you know, like where were going to go for eternity. And you know are you to go after you die, and in line with that we have a responsibility to our family and the people that live beyond us on this earth to have it in writing and to have a last will and testament and have a current last will and testament and so that's what were talking about today is that in a few other documents that I'm going to recommend that we recommend to most people are coming to us for retirement plan as comical as I think about this, other documents and I was referred. Hans is my go. These are well. I think Paul talked about. You kick against the garden of adults telling you you need to go get these documents that I need to go get these documents done.

But as I was processing the whole concept of will is all of these documents indicate what your will is healthcare powertrain. These different things about financial obligations, even while you're alive, are still your will, you know, the one document that comes up in sort of your last will, but that they are providing legal documents, legal ways for people to know what you actually want to have happen.

Yeah, you know, most people that come in to me. Don't come and ask what their looking for is some Social Security advice Medicare advice, take out their 401(k) and they want to know, like how my going to distribute that the taxes in my going to play and then as they come in with questions. What we do is we attempt to influence them to prepare in all seven areas and seven worries of retirement and this is clearly one of the people really come in asking for this. This is more of us just checking in and people usually interesting LOL week.

Yet we have those that we we we did those when the kids were small and we we we need to redo those AMI people will interrupt me when I'm bringing up the subject like we need to do that, you know, it's kind like will no kidding, to some extent right now I think of these like there the basics like Vince Lombardi held that this is a football so can you come to give us that what what are the basics of these of these documents you need a last will and testament and sometimes people will call this the second document is called a living will and it goes against the Scripture that you read to us is how can a living will be a thing effective when the person that made it not dead, but you know what a living will is where you just expressing your wishes of your fear. You know if it's your brain is asleep and that I got shot living on the machines or that kind of thing about you know whether they would stop resuscitative care and that can soak so you neither will last will and testament and the new unit was part of that were separate document you need a living will and then the other three documents are. You need a financial power of attorney and that is somebody that can basically do business on your behalf and in your interest and you people are married couple coming out. Obviously the first power of attorney is the other spouse but you need to put somebody down younger like one of your most responsible adult children is the second power of attorney because your spouse may not be in position to do this but vacation in a financial power of attorney and you need a healthcare power of attorney and it just gives you authority over healthcare decisions.

It gives you the ability to forgive somebody else ability on your behalf to make a deal with the within assisted living me just to check in and write a check in, given the credit card and to to look at your medical record to you just just any type of healthcare decision. Decide whether you need surgery or whether were going to do it or not when you're incapable and then the fourth one is what what's called a hippo relationship is just simply people are familiar with HIPAA when they go to the doctor. A lot of them will interrupt me until we we signed all that the doctor will that's fine and good for that knocked her into that person. We wanted to hippo release that another person can go and see your medical records when they really need to elect one of your adult children or something when you have when you're incapacitated and they can get in there and look at things to come up and take him to another specialist.

You noticed all those kind of things they can call in and ask about your treatment, your care can pay your bills, that sort of thing so it relieves the doctor of the HIPAA problems for them so that when you get that document they can just talk to you like you're the patient through the adult child so there's no way I can express what God sends. Hans was to me on this subject because you know most of the very first time I met him is like you need to have these documents and so I immediately went to my dad. It was at that point in time, you know, in relatively good mind and all these things I said that we gotta have all the stuff we had to have a power of attorney for Nina so that we could sign on his financial stuff at the bank of all that stuff and we we had the living will and we had the healthcare permit. We had almost documents and I had no concept that the time that we got those documents done that within three months I would use every single one of them, and in some case save my dad like $10,000 when you know that an alarm company tried to rip them off the back of the power of attorney and as soon as I started trying to throw their weight around. I was like oh well, I've got this right here will send it to as well since I saw that note, they backed off immediately and realize that there deal with me, not my dad and also all sorts of things changed and we got that that part undone. But then on the on the medical stuff like oh my goodness you know he did that they were taking him into all these rehab centers and all these decisions have to be made. And he was not in it a point Hans really where he really understood or could act on his own behalf, and in so you had always financial things that always bills. It had to be paid.

II just can't even begin to express my goading friend here is doing things for your family that just going to be wonderful if we will get these in place in a while was still able to get it done and they really are. Every one of them really just explaining what your will is when you're not capable of providing it right yeah and Phyllis could recommend. Very few people disagree with me that they need to get this done just so that this is probably the easiest sale that I make in the whole process, but I have trouble closing the sale. Okay you and others people sale. We need to do this now, we actually need to go do it and what I've set up and you actually use the service it's only available in North Carolina, but let it get to you folks outside of North Carolina.

The second how we deal with that.

But we have an attorney right in our office in Durham and then you know she can be available in our Charlotte office and in their Greensboro office, but she doesn't even have to come there like I can go there we can just get her on the phone and we can walk through everything.

Most of the Dylan's people do with me and then you know we get her on the phone and she asked a bunch of questions and she just but most people don't need a real sophisticated stuff here okay and to the extent that it sophisticated that usually financial, is that part of it and she relies on me for the guidance on that so she doesn't charge a lot to do minutes you know it's like put both Sisley six 700 bucks for a couple for eight documents and over time and electron stuff and you know when we get somebody that's a very limited means. You know sometimes I talk during the just just a couple hundred bucks or something to cover me work where will do the work. We wish to get the work done for people and then you know obviously if somebody needs a trust you know that it's going to get into a few thousand dollars to put together a trust and write up a trust for most people need trucks coming all they need is these four documents and we do that she can do that anywhere. North Carolina so if you want to get in touch with us and have a meeting and we weren't asked that we want to look over all your finances and your Medicare insurance and long-term care insurance and life insurance your IRA and 401(k) because all that's relevant to your will, and relevant to financial planning.

If you want to bring this sin is the primary thing that you want to get started with will be happy to help you out. So we got up moved to break. We wanted remind you of course. The show was fronted by Cardinal guy.com you can go to Cardinal God, Maren, and then all these documents are well. This explained in Hans's book the complete cardinal guide to planning for living in retirement because really are just the basics of finishing well here is it that you communicate with everybody legally what you actually want in and eased different kinds of situations which these documents are phenomenally helpful in my opinion and finishing well you can get all this information. Obviously Cardinal guy.com this email and when we come back we got lots more goodies when it comes last will and testament right. Hans and I would love to take our show on the road to your church, Sunday school, Christian or civic group. Here's a chance for you to advance the kingdom through financial resources and leveraging Hans expertise and qualified charitable contributions veterans aid and attendance IRA Social Security care and long-term care. Just go to Cardinal guy.com and contact Tom to schedule a live recording of finishing well, your church, Sunday school, civic group, contact Tom Cardinal guy.com that's cardinal guide.com welcome back to finishing well today show last will and testament which you know the Bible is also a testament so God's will is is is testified to in he's given us a picture of something that we can do in our own lives to help us finish well and and and Hans, you are saying and what could be done in the state of North Carolina.

If people knew the services but you an answer for every everybody everywhere clients over the we've never met face-to-face. We feel like we know them and serve them better over the phone with her then and in most of them relate to the people.

Maybe right down the street near town that they can see regularly… The modern thing is weak, we can serve people in 50 states and the District of Columbia, and as far as insurance work were licensed in all 50 states and believe me that's a deal to get all the licensor done and it's a big cost but were there and also you know in the financial business.

We got all that stuff covered in almost every state. There's a couple that are out of the deal, but we have a way to work around that.

And then when it comes to the legal stuff anything it's federal and tax-free. You need a lawyer. I mean our lady here can help you or help us help you when it's federal but when it gets down to the stuff that were talking about today which is your last will and testament your power of attorney. Financial power of attorney health care power of attorney and HIPAA release that needs to be done specifically in the state you live in because the laws are different in every state and so what we do with that is I simply find some you may already have your own attorney and if you do, then I'm gonna still talk to him or her to make sure he knows or she knows to give my book, you're going to give my book to just to make sure that were in line and were thinking down the same way you know and I bet a lot of people don't have that are there attorney just doesn't specialize in this stuff and so I just find him an attorney now takes me about an hour them if they don't answer their phone there deleted, you know, when I was waiting in the service and call you nothing to talk to me. I want to call me back then they can get deleted me that Megan could be a little different in some small towns, but you know I generally then I go through and I tell him what the people want Natomas little bit about the people situation and I want to make sure that they are of a similar mind to me and then I can start recommend a bunch of stuff that people maybe don't need don't want and I will find much to charge if it's over a thousand bucks and less were in New York City or Los Angeles or some are even there I'm maybe I'll try to do a little negotiating, but a lot of times it's just… I have to call for five people.

I don't talk to him very long and then all of a sudden I can just tell after a short conversation. Here's my person and then you know I'm in a do that with her proximate to the people in Cusseta minutes. It should have done that many many times and the people are very satisfied and the attorneys are very satisfied and you don't need to find. Mason to defend your community and this is pretty routine stuff. After we get the weld on the interesting thing that you help me understand this. Now we need to figure out what we can get done to get outside the will yeah meet probate. The probate process which is what probate means is you go open up an estate after somebody dies and you're the executor you get a good man, Maren. You gotta go through a bunch of legal hassle and this can be fixed in real time, as you know, personal robbery through which you been through with her father IN MOST PEOPLE LISTENING YOU KNOW I HAVE BEEN TOGETHER FEW YEARS. I KNEW YOU BEEN THROUGH THIS AND STUFF GETS TIED UP FOR EVERY GOVERNMENTAL LEGAL STUFF AND TAXES IN IT FOR LONG TIME BEFORE PEOPLE GET THEIR MONEY.

THAT'S JUST THE WAY IT IS TO GO THROUGH THE LEGAL AFFECTED. HOPEFULLY YOU HAVE A WILL, BECAUSE IF YOU DON'T HAVE A WILL AND YOU DIE INTESTATE THE STATE AS A WILL WRITTEN FOR YOU, BUT WHAT WE WILL TALK ABOUT HAVE WILL HAVE IT WRITTEN UP AND IT'S REALLY ABOUT THE ONLY WAY TO TRANSFER PROPERTIES IN YOUR HOUSE NEEDS TO BE IN THERE YOUR CAR AND POSSESSIONS THAT YOU HAVE BUT MOST THINGS THAT ARE FINANCIAL WE CAN SET THEM UP IN SUCH A WAY THAT THEY BYPASS THE WILL YOU WANT TO REALLY AVOID THINGS GOING THROUGH THE ESTATE AND BY WILL AND FOR TRANSFER, IF AT ALL POSSIBLE TO MAKE SENSE. WELL, IT MAKES SENSE TO ME WHAT THIS TWO YEARS AGO, BUT YOU KNOW IT'S ACTUALLY WONDERFUL THINGS THAT I SAW THAT TOOK PLACE BECAUSE MY FATHER'S IRAS AND CERTAIN ACCOUNTS THAT WERE OUTSIDE THE WILL BANK ACCOUNTS OR WHATEVER THAT HAD YOU KNOW, WAS A CALL TRANSFER ON DEATH DOD. NONE OF THAT STUFF WAS LOOKED AT WITHIN THE WILL OR LOOKED AT WITHIN ESTATE TAXES A MINUTE WAS ALL OUTSIDE OF THAT, AND IT WASN'T AS YOU SAID IT WOULD. IT JUST WASN'T ANYTHING TO DEAL WITH, BUT OTHER THINGS THAT MY DAD HAD THAT HE DID NOT PASS OUTSIDE WERE SOME FINANCIAL ACCOUNTS AND OH MY GOODNESS, THE TIME IT TOOK TO GET GOLD MEDALLION STAMPS IN AN THINGS THAT I NEVER EVEN KNEW OF HER FINANCIAL INSTRUMENTS AND DIFFERENT KINDS OF LAWYERS AND PEOPLE INVOLVED. ALL BECAUSE THIS STUFF WAS INSIDE OF THE WILL IS INSIDE OF HIS ESTATE WHICH COULD HAVE BEEN WITH A GOOD FINANCIAL PLAN, YOU KNOW, AVOIDED AND PASSED RIGHT OUT RIGHT JUST TRANSFER ON DEATH OR YOU KNOW I HAD A BENEFICIARY LIKE A IRA OR SOMETHING WILL YEAH TALK ABOUT LICENSURE THE WILL PORTION THE LAST WILL AND TESTAMENT WORKER OF LIFE INSURANCE POLICY IS BENEFICIARY DESIGNATION. THIS IS SO SIMPLE BENEFICIARY DESIGNATION SAYS HANS CHILD, BORN JULY 2, 1958 AND THEN MY SOCIAL SECURITY NUMBER WHICH I'M NOT CAN READ IT OUT TO YOU BUT KNOW THAT NEEDS TO BE ON THERE AND THEN THEY WANT A PHONE NUMBER AND ADDRESS. THEY WANT A PERCENTAGE OF IT SIGNIFICANTLY TO PEOPLE THEY WANT TO KNOW THE EACH GET 50% OF WHATEVER SULFUR HANS CHILD AS YOU GET HUNDRED PERCENT OR 50% OR WHATEVER THAT HIT YOU NEED A LAWYER INSURANCE AGENT FILLING OUT THE APPLICATION FOR YOU. YOU DIE, THEY SEND A DEATH CERTIFICATE INTO THE INSURANCE COMPANY AND THEY JUST SEND A CHECK MADE OUT TO YOU THE BEST LAST WILL AND TESTAMENT, OR ANOTHER WAY WE COULD PUT IT. IT'S A WAY TO FUND YOUR WISHES OF THE LAST WILL AND TESTAMENT SMALL POLICY LOOKS LOOKS THIS TAKE SOME OF MY CLIENTS WORK WITH A LOT OF SECOND MARRIAGES OUT THERE, ESPECIALLY WHEN YOU'RE SITTING IN RETIREMENT AND PEOPLE THAT HAVE BEEN MARRIED FOR THE SECOND TIME FOR A LONG TIME, BUT THEY HAD THEIR KIDS WITH THEIR FIRST SPOUSE, AND SO THEY GOT HER KIDS AND HIS KIDS AND THEY'RE ALL KNOW WHEN THERE ARE GOOD HAPPY FAMILY. I MEAN, THEY'RE ALL GET ALONG FINE. YOU KNOW A LOT OF THESE FOLKS HAVEN'T REALLY THOUGHT ABOUT THAT YOU KNOW A LOT OF PEOPLE IN TODAY'S DAY AND TIME WHEN THE FIRST SPOUSE DIES FIRST OF ALL THEY NEED TO HAVE WILLS IN PLACE WHICH IS WHAT SHOWS ABOUT AN YOU KNOW WHEN WE GET DONE SETTLING UP EVERYTHING AND ENDED UP THAT SURVIVING SPOUSE.

WHETHER THAT'S THE WOMAN OF THE MAN WE DON'T KNOW WHO'S GOING TO GO FIRST PERSON THAT LIVES ON NEEDS.

ALL I GOT, WHICH REALLY PRECLUDES LEAVING SOMETHING TO YOU KNOW THE LIKELIHOOD SINCE THE MAN DIES AND THEN SHE SURVIVES AND THEN WHAT ARE HER STEPCHILDREN.

HIS ADULT CHILDREN, YET WOULD WIN FINANCIAL PLANNING. WE CAN'T LEAVE ANYTHING TO THEM. WE HAVE DESTROYED ALL OF HER BECAUSE SHE DID ALL OF IT TO KEEP ON LOOK CAN BE REDUCED INCOME OR VICE VERSA. SO, LIFE INSURANCE IS A WONDERFUL WAY TO TAKE CARE OF THIS PROBLEM IN THE SENSE THAT EVEN A SMALL AMOUNT. IF YOU KNOW IF THERE WAS A $10,000 POLICY THAT WOULD BE PURCHASED 65 AND TWO KIDS AND GET 5000 EACH. THERE'S A WORLD OF DIFFERENCE BETWEEN ZERO AND 5000 WHEN YOU ATTEND YOUR FATHER'S FUNERAL AND EVERYTHING IS LEFT WHICH YOU KNOW IT HAS TO BE TO THE SURVIVING SPOUSE WAS YOUR STEPMOTHER. I'M JUST JUST TELL YOU HAVE BEEN THROUGH HUNDREDS OF THESE SITUATIONS AND JUST TO TALK THROUGH ALL OF THIS AND THEN PLAN FOR IT AND THEN LIFE INSURANCE CAN BE USED BY PEOPLE OF LITTLE MEANS THAT COULD BE YOUR CHURCH THAT YOU JUST WANT MAKE SURE YOUR CHURCH GETS 10 GRAND FOR YOUR CHURCH AND YOUR TWO CHILDREN.

YOU WANT ALL THREE OF THEM TO GET AN AMOUNT AND YOU COULD BUY ONE POLICY AND TO SET UP THE BENEFICIARY AND EVERYBODY GETS A CHECK. THIS IS COMPLETELY OUT OF THE WILL HAS NOTHING TO DO WITH THE WILL AND YOU KNOW YOU HAVE ANOTHER PRACTICAL THING THAT MY MOTHER KINDA DID VERSUS MY FATHER. SHE SAID I WANT TO GET DO ALL MY GIVING WHILE I'M LIVING IN SUCH FOLKS SEE YOU KNOW WHEN SHE KNEW SHE WAS GETTING CLOSE. SHE STARTED HANDING OUT ALL THE GOODIES YOU NOTE TO EVERYBODY BASED ON WHAT SHE WANTED TO DO AND THEY WERE JUST PLAIN GIFTS ALL I THINK ABOUT IT JUST GOES RIGHT TO AN COMPARED TO MY FATHER WHO I LOVE AND HE WAS A GREAT WAY BETTER IN A FINANCIAL PLANNER THAN ANYBODY I KNEW IN MY LIFE. EARLIER PRIOR TO HIM THAT HE HAD ALL THIS, YOU KNOW, HE BOUGHT GOLD AND HE BOUGHT SILVER AND HE WANTED IT DISTRIBUTED A CERTAIN WAY, BUT BECAUSE IT WAS INSIDE THE ESTATE. ALL MY GOSH WHAT I HAD TO GO THROUGH BECAUSE THEY WERE ALL IN THESE GOLDEN COINS, AND THEY COULD BE SPLIT EVENLY AMONGST THE PEOPLE. HE WANTED HIM SPLIT WITH SO I HAD TO SELL SOME OF THEM IN AND THEN THERE WAS ALL THE STUFF WAS TAXED BECAUSE IT WAS INSIDE THE ESTATE AND I JUST THOUGHT YOU KNOW G DATA II WISH I WOULD'VE ASKED DAD, DON'T YOU WANT TO JUST GIVE OUT THAT GOLD NOW ARE YOU KNOW YOU DON'T NEED IT.

WHY NOT JUST HANDED OUT AND WATCH THEM SPOTS A BIG SMILE ON THEIR FACE AND ENEMIES GOLD GOING ABSOLUTELY NO WHEN I'M MEET YOU IN YOUR 60S 70S AND YOU'RE STILL OF SOUND MIND AND PICTURE AND YOU MAY NOT WANT TO DO IT. THIS MAY NOT BE AT THE TOP YOUR LIST TO DO, BUT I JUST SAYING THAT YOU KNOW IF I'D MET YOUR DAD 15 TO 20 YEARS EARLIER AND THEN HE WOULD'VE SHARED.

I WOULD'VE GOTTEN ALL THAT OUT THEN I WOULD'VE TOLD WHAT TO DO WITH WORK. THAT'S JUST IT IS JUST VERY DIFFICULT WHEN SOMEBODY PASSES AWAY, AND I THINK YOUR DEAR DAD THOUGHT HE HAD DONE EVERYTHING PROPERLY AND EVEN DID THE STUFF YOU ASKED THEM TO DO COUPLE YEARS BEFORE HE DIED AND STILL THEIR STUFF THERE, AND SO WE JUST GO THROUGH A CHECKLIST OF PEOPLE WHEN THEY COME IN TO US FOR RETIREMENT PLANNING, AND REALLY SHOW THEM HOW TO DISPOSE OF ALL THE STUFF YOU MAKE SUGGESTIONS. A MAJOR DECISION YOU DO, YOU DO WHATEVER YOU WANT. DO YOU DON'T HAVE TO DO THE STUFF WE RECOMMEND BUT IT JUST IT'S ALL TO MAKE THIS AN ORDERLY PROCESS WHEN YOU GO AWAY SO YOU WHEN YOU PASS AWAY, SO YOU YOUR CHILDREN BECAUSE MORE YOUR SURVIVING SPOUSE CAN JUST HAVE SOME PEACE ABOUT THINGS AND NOT TALK ABOUT MONEY. IT'S ALL PART OF FINISHING WELL WHICH IS KIND OF WHY WE HAVE THIS WERE SO GRATEFUL YOU SPEND TIME WITH US TODAY. AGAIN, THIS INFORMATION IS A BIT COMPLICATED AND SELF-CONSCIOUS BOOK THE COMPLETE CARGO GUIDE TO PLANNING FOR AND LIVING IN RETIREMENT IT COMES TO ESTATE PLANNING STUFF IS AMAZING WELL WORTH IT. I AM STILL REALLY IS. JUST GO TO CARDINAL GUY.COM AND EMAIL HANSEL DOWNLOAD THE FREE PDF OF WHAT WE TALKED ABOUT TODAY. WE WOULD LOVE TO HAVE YOU DO THAT AGAIN. CARDINAL DIED.COM AND THANK YOU SO MUCH HANS FOR JUST A YOU KNOW WHAT THIS IS GOING TO DO FOR SO MANY PEOPLE YOU KNOWINGLY MAY BE ALL AND HAVING NO WHEN THEY LOOK OUT. THIS WORKED OUT. THANK YOU, THANK YOU.

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