Bigger Barns are Us: Breaking Down Estate Planning

Welcome to finishing well brought to you by Cardinal.com certified financial planner on six child best-selling author and financial planner helping families finish well 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. I really am very excited about this finishing well was certified financial planner Hans Schild today show.

Bigger barns are.

We have some as we as we look at some current events. It's kind of really amazing to see the Bible just come to life. The parables that Jesus told them in one of the parables, he told was in Luke chapter 12, where he talked about the man who got extremely wealthy and so wealthy that he needed to be billed bigger barns and no, he was throwing up all his wealth he was going to eat drink and be merry and unfortunately you know he was as if Jesus put it. His life is asked of them at night and you fool you know who's going to get the money that you stored up in it.

In the end of the parable being you know that those who weren't generous to God. You know ended up with absolutely nothing circus, like what was the outcome of these people's lives and so were seeing this live and in color right was for. We are in work get ready for today's show I sent Robbie a few articles about that. I read financial planners region journals about people that die and really don't leave an estate plan and then some. The due now so will first up and all Aretha Franklin. Oh my goodness it here.

You have some of it you know.

Start out singing in church and certainly was given, she had an estate of $80 million. And guess what, no will for children.

She definitely had a gift nobody sings so musically her right so you got an $80 million estate.

There's no estate plan.

There is no will and four points. The now have to kind of you know figure it out. Then I figured out with the whole group of lawyers that in Jack's people IRS people right because we can see that in the life you know here we are two years after Prince another member, charter member of the bigger barns or us. Prince went out of this world. No will. Same thing $200 million was his estate and two years later.

So what I had two years later you got a $200 million estate.

Not one of his heirs is gotten a single penny.

Not one penny. But when you look at how many millions the lawyers and the IRS of gotten to know you within those two years and so let me read the punchline again from Jesus's parable here and in Luke chapter 12. This is the 20th and 21st first. But God said to him, you fool, this night your life will be demanded from you then who will get what you have prepared for yourself. This is how it will be with him. Whoever stores up things for themselves, but is not rich towards God and so the thing that you see there in common is that it looked like they hadn't no desired outcome ponds for what can happen after I go the way you know what's can happen with my family. What's going to happen with God. What's gonna happen to that which I built up in my barn so that I could eat drink and be merry taking care your family is part of God's commandment units in the Scripture and to to have you know any amount of money to have amassed that much money and then to pass away in Aretha Franklin's case she had plenty of warning.

I don't really think Prince did, but should she did and we cheat sheet. She knew this was coming, so there's a question that I would ask myself, and I would think you know all of us should reasonably ask that question. You know, what does it look like at the end of my life when I'm gone to have been generous towards God and what with the outcome. What what I want with whatever estate I have more or even life and I may have small children that are still under my care.

All sorts of things that how would that what what what it actually look like for me to be generous with God at end. Chances are, I can't do that alone.

Hans will you you really can't and all of those things are for you to decide this like what do you want your state to look like. Who do you want to care for.

What do you want to happen to you. Things that are all those are your decisions to make, but to just not make up and to just leave things undone behind and surely these people have some counsel or some people or some agents or some attorneys and somebody has to have brought this up to them over the years, but that one chemical story in the middle of that is Burt Reynolds a little different story will yeah and so the story of Burt Reynolds is happening right now with the news because these these financial writers that I read there just hung for the stuff all the time and so I read kind of about every one of a moose convention with Burt Reynolds. Is he. They just found out that he left his son. Nothing in his will. Okay so so is his will was read are made public or whatever and he left his son nothing. But then there's more to the story than when you read down in the article he left everything in his will is to go to a trust for his son okay and the trust is private and so when you get to the end of this article there really same were not going to find out what's in that trust and what it was for so he didn't write his son out of his will so we both had a will, but he provided that things are going to be there for his son and they're not in the Republic were never criminal. Yeah, I which I thought I thinks phenomenal wisdom just for us and you know looking after assigned an end unit clearly had a desired outcome for you know what this is going to be for my family went in when I go well and it you know certainly if you Aretha Franklin had had a will and she most likely would have a trust then because with that amount of money there would be things you would do a necessity to put it in a trust, there would've been no store in new reprints either.

It wouldn't even have been in the financial publications they just wouldn't of been a story now removed Burt Reynolds when you read the whole story and I kind of been following that he entertain me a lot. Just watching those movies and as a kid and he up. He only had $5 million, which seems like a small amount and that's just an estimate and we have you quoted in there quite a bit and he said that you know there's plenty of actors who were very good with their money and then what he had said was, but most of them can act which, well, it kinda makes the point is not how you start. It is how you finish and and that's the line of the show is finishing well at and and so yeah I mean Vince may have had 200 million. But where did it it go, will you look at that article and you can see went to the lawyers and IRS and and things like that, but how cool would it be if Aretha Franklin set up a trust for her church a trust for her sons something to where you know is none of our business. How much money she gave to whoever was really my opinion is not but but it is interesting to see you know Jesus's parable play out and and and ask yourself that question, but just to get back for minute to let you know that you're listening to finishing well, a certified financial planner, Hongqiao, and as always, the what were talking about today is estate planning right life insurance and life insurance and you can find that in the seven worst habit there a cardinal guy.com.

And of course you can always get those chapters we talked about for free or even just email Hans from the website. Their cardinal guide and you can get a copy of the book and be glad to send you one note set so we didn't come on the air today to talk about a bunch of rich celebrities that died without a will, okay, and my guess is what I found interesting is a Robbie had not even heard of the stories until I made them aware of them and I think he's like a lot of people, I mean it's like okay so this person with a lot of money. Did you know the past where we were.

How does that apply to me. What would my care okay and will bring those up to just point out is that people of all situations.

The result of the neck story were to talk about is over half the people in this country don't have a will mean they just did never put pen to paper with an attorney or they've done one of those will things online or just something to say where their money so they die intestate, and that's fairly troubling to me and and and II feel as though it should be troubling to you, and I think that again that that parable Jesus asked that question to us. You know, what would it look like for you to be generous to God because the obviously restorative, our families, you know, I'm a steward of my family. I'm a steward of Mike having my churches the ministries I've invested my life into always different things. You know that that that I would want to see you. Now go on to through the kingdom and bring in a future generations to the kingdom and so but the whole thing that really brought it to life for me was was back at 911 will yeah and so I sent Robbie this morning and I sent this to them for the story that's in my book and the story is that of Kenneth Feinberg and Kenneth Feinberg was the person in charge of distributing the money to the victims of 9/11 and several other disasters.

So this guy is an expert very trustworthy and he is the one that takes several billion dollars and decides who gets what.

Okay putting a value on human life. In this article isn't really about the distribution of the money it's about his thoughts in 2015 when he was just finishing this thing up and writing about it and eat some interesting facts here is over half the victims had no will this just literally broke his heart. So over half the 3000 and something victims mean I don't have the exact number no will. The second thing that broke his heart over half of them had no life insurance at all, so that the they were very much in need of this money that he distributed to them. And the third thing is the first two things were about the victims and the third thing is about the survivors and he made through the fund available free financial planning. Okay so for absolutely free. Now that were going to the fund's gonna give you this money in compensation. Now you can plan out and come up with a desired outcome for your own life and only 78 of the 5300 people took advantage of it out and the first two group, or about the victims themselves. But interestingly, even though the victims were now aware of their loved ones who didn't do much planning now find themselves in. In a similar position. We have a lot to talk about that when we come back. You're listening, finishing well with certified financial planner Hongqiao course, all this information including podcasts previous show all their cardinal guide. We hope you are enjoying finishing well brought to you by cardinal guy.com is a cardinal guy.com for free downloads of preview shows including episodes about Social Security and Medicare. IRAs long-term-care life insurance, investments and taxes as well as Hans best-selling book, the complete cardinal planning for and living in retirement.

Plus the accompanying workbook. If you want to follow along with today's topic download free PDF cardinal guy.com by going to the seven worries tab of today's show topic, just scroll down to useful documents once again for free resources shows to get Hans book the complete cardinal planning for and living in retirement or the work go to cardinal God.com you have a question, comment or suggestion for future shows. Click on finishing well radio show and send us a word. Once again, that's cardinal guy.com cardinal God.com now finishing well brought by cardinal guide.com welcome back to finishing well with certified financial planner Hongqiao brought you by cardinal guide.com. Today's show is been a lot of fun work.

Talk about bigger barns are us are hopefully with Little League and learning from Jesus.

Bigger barns aren't no what is it mean to be generous with God and and we've kinda been looking examples of that.

Aretha Franklin, it's just estate planning, or the lack thereof yet.

We talked about Aretha Franklin. We talked about prints.

We talked about Burt Reynolds who just passed away and then we just finished up on talking about Kenneth Feinberg, which is in my book, which is shows based upon the end.

Really his perceptions in 2015 and what broke his heart and really what those things were is over half the victims had no will.

Over half the victims had no life insurance and then we get talking about the survivors is only 78 of the 5300 survivors who were all 5300 were offered free financial advice free financial planning from a professional and only 78 of them took advantage of the more I process that is as I was thing about drama share with you Hans more I realize, wow here we it. This is again the Bible, the life for me because I saw the sermon this weekend. I didn't see it I was there with my daughter in mobile and the Birmingham Alabama and this pastor was given a sermon on the stoning of Jesus and the ask a very penetrating questions and I love questions disciples love questions.

The question was what upset the crowd so much that in acts chapter 17. They stoned Stephen. They wanted to kill this guy because he just simply told them their own history.

If you look at the sermon or what it was that he said that day that they stoned him over what it what was it that got him so mad they wanted to kill them, and what this pastor said was in a be a friend of the gospel.

The thing that upset them so badly was that you can't do this by yourself, you can't save yourself. You need a Savior. You can't escape your sin without any help you need a Savior. All when I look at that of what Kenneth Feinberg discovered there only 78 of 5300 you know Jesus talked about a narrow gate that EE Centenary sees 5300 people that this absolute opportunity to get wisdom and understanding, so that they don't do what their loved ones did which was die without a plan die without any desired outcome in a not really think about what what it is that would be generous towards God.

So you don't end up with that guy that you know you full your life is been and who's going to get that well for me to think I'm just telling you personally. This is II secretly that the IRS and lawyers are going to be the ones that get everything I've worked my whole life, or because that's what these people face.

They worked their whole life and who got who got the results of princes peers. Two years later have a gun. I the lawyers of been paid the sum of right. I don't think the IRS is gotten their money up with they have that they can wait forever as they know they can get. So I read your book, honestly, and I when I read the story before. I thought wow, these people died without life insurance. I thought wow, these people died without a will both seemed like a total affront to me.

But the thing works only 78 of them got financial advice that seem to make sense to me because I probably would've either does it really that's that's got to how I felt.

But now I'm sitting or gone.

Oh my goodness. If I fallen victim to this self Savior attitude that you know what I can't do this on my own I can.

So let's talk about that for a second me. That's what the show is about and that's what I wrote the book is to try to break down financial advice for people that are coming upon retirement in retirement. Thinking about retirement and I tried to break it down and I did break it down into seven subjects, the one were talking about today's estate planning and life insurance.

There seven categories and we just can't talk in plain simple English. And so if we get to that one thing in the story Stephen Yan's so they wanted to stone him because they he told them and informed them of the obvious is is you can't you can't save yourself and you. You are incapable of doing really anything without God and Jesus and so the statistics with Kenneth Feinberg of 7850 300 people took advantage of free financial planning when they're obviously very much in need. I'm not so sure that the other 5200 people or whatever really thought they could save himself. I think that is just the either never got around to it. They didn't see the need for they don't trust institutions and all that's valid valid stuff and furthermore I think a lot of folks are intimidated by the whole financial planning, financial planners, lawyers, estate planning is is is just intimidating to call these folks up or call somebody like me and just say I don't know what to do. I know I got this problem.

I got that problem and you kinda have to hear what you see is your dirty laundry and just the whole thought of that just stops people and puts them into a procrastination. So what we want to accomplish on the show today is really just kind of break this stuff down and talk about sex or what do you need to do okay on the Internet. But getting back to that II find it fascinating that the more I thought about it the more I thought wow that's 73/5370 8/5300 really more important statistic than those at the dev life insurance, and those did not have a will, because those who don't have a plan. What in the will wasn't done in order to accommodate your plan or the life insurance wasn't done in order to accommodate your plan it.

In other words, those things are part of the plan and I got no plan. You know you those are those just kinda stand out there in a by themselves, and may be no help because when you look at, you know. An example would be, you know like Michael Jackson.

He had a will put all my gosh, what a mess because the plan wasn't the plan wasn't sound. It wasn't practical and we had a Beatles songs and he is on a percent of the Beatles songs but going on. For now, but but yeah without a sound plan, a great will or estate limited the ideas still get back to wow Robbie. I really need to ask myself the question you you even need to listen to the rest of what I have to say or read my book.

If you just got this one. Point is, you need to go to somebody you need to go to a professional and you need to sit down and say what I need and I'm a tell you pretty simply, Unita will but it's kinda hard to write a will. Unless you have a plan just so so but but you need a will is better for those people if they would have something that they could've taken to the court and dying intestate his legacy need a will and then importantly, you need beneficiaries on the stuff you have, like life insurance, like your IRA. All of those they need to be well-thought-out beneficiaries and they need contingent beneficiaries because sometimes a beneficiary, you name isn't alive.

When you die and then the contingent steps up into the first place. So you need an overall plan and what were suggesting in which is really a big part of the show is that your plan needs to be in line with God and in line with your face and what you want for the kingdom and taking care of your family after you're gone is a big part of the whole kingdom and in having them not to fall burden to the church and SNI. Life insurance is a critical part of that understanding the plan will yeah the life insurance is for us average folks that don't have 80 million or 200 million or resplendent a lot of what were making just to live and educate people and all that and the life insurance is just like a self completing estate plan is if you die before your time, there's a big huge check that shows up right when it's needed in there's no taxes on so that the life insurance and by the way. Usually these very rich people they own tons. Life insurance Diane and the vilest I was to cool your tongue about Burt Reynolds.

You know, he may only had 5 million in assets but probably know we had a $209 life insurance policy.

The sun was a beneficiary that the net that's the beauty of this trust is we don't.

I'm guessing that he did and that in the trust as the beneficiary of that and all that stays secret gay and it's not good to just go to his son so that he can go blow it, meaning just in any probably put in the trust, just so that he can make sure by the time his son gets to be an old man. There still plenty of money laying around. Another words he would live the rest of his life with a trust like Burt Reynolds listed well you know is Kellogg's already learned a thing or two. He was funny funny funny guy Smokey and the bandit was one of my favorite movies and I love the snow man driving the truck ran over all of them sent to Sally Field went on to be Lincoln's wife and I suspect that this amazing stuff on all sorts of levels but it it it does point back to it as as I've done more and more these shows with you Hans that to understanding. You know the advantages of what Solomon taught in in Proverbs that unit with many counselors plan succeed. Well, you know, being without any counselors succeed so you know at least one counselor would be really good idea. So if you want to get some information on all of the subjects is all there Cardinal.com you can look under the seven worries tab in each one of these individual subject areas is there and like for instance today's his life insurance and estate planning, and then the chapters relevant in both the book and the workbook are there for free. You can just download them. You can read them.

You can also find both my books on Amazon are fairly inexpensive. If you send me a message you tell me you'd listen to the show and you'd like a copy of the book Doran Cardinal guy.com quick book offer a be glad to send out either a digital version or all send you one in the mail the book and be glad to do it.

No charge right so we're just thrilled to have had you on our bigger barns for us show today with a good time with this again. You can find all this information at Cardinal guy to get up with a guide. After Cardinal Cardinal guy.com thanks Hans, what a great time thinking. We hope you enjoyed finishing well brought you by Cardinal guy.com visit Cardinal.com for free downloads of the show previous shows on topics such as Social Security, Medicare and IRAs, long-term care and life insurance, investments and taxes as well as constant best-selling book, the complete Cardinal guy to planning for and living in retirement and the workbook once again for dozens of free resources past shows what you get. Hans book go to Cardinal.com if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word. Once again that's Cardinal guy.com Cardinal guy.com