So You’ve Created an Estate Plan. Now What?

A lot of people tend to think that once they’ve created their estate plan, they’re done. But that

isn’t the case. That is just the beginning. Now that you have created your legal documents — you need to consider your financial goals and what it will take to support your estate plan.

For example, do you know how much it costs to have full-time in-home care? 

The average cost to have full-time in-home care is $7,000/month in California. Many of our

clients want to live at home as long as possible before moving into an assisted living facility.  Since their estate plan states this desire to live home — the question is did they financially planned to ensure that they can stay home and if not at home, are they able to afford an assisted living facility? 

Another example is where our clients expressed a strong desire to leave a legacy and support for their family after they are gone. the question is, what does that legacy look like to them and how would their agent be able to fulfill their wishes?

That’s why the first step we recommend once you’ve created your estate plan is to create your professional team around you: a financial planner; a CPA; a home/health care provider to name a few.

The two main reasons why financial planning is the next step after creating your estate plan are: 

  1. Leaving a legacy and support for your family. Did you know you can create sub-trusts to pay for education, or for the care of family members with disabilities? Your trust can be as creative as you want it to be, but you need to have the finances in place to support it. 
  2. Self-care. Whether you want to live at home as long as possible, as in the example above, or you want to have the highest level of healthcare available, you want to have a financial roadmap to help make that a reality when the time comes.  

That’s why the first step we recommend once you’ve created your estate plan is to meet with a financial planner.

Don’t have a trust or an estate plan? Contact us to get started today!

  • 9 Aug, 2019
  • Löan Shillinger

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