Episode 042 - Is Your Legacy a GoFundMe? | Life and Legacy Planning


Manage episode 305521923 series 2829522
By Steve Valentine and Bernie Espinosa, Steve Valentine, and Bernie Espinosa. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Here at Thinking OTB we talk a great deal about legacy. What you leave behind for your loved ones is a huge part of working and investing in real estate. Part of what legacy means is not only what you leave behind, but how you leave behind when it’s your time to pass on. Life planning is not something that people like to talk about much, but it’s a huge deal for those that are going to be settling your affairs when the time comes. Having a plan can bring so much piece of mind not only for your loved ones, but for yourself.

Settling Accounts

Having a life plan is not only for those of us with assets to deal with, but for anyone. The reality is that this is a situation that every one of us is going to have to deal with or leave behind, so having a plan is something that everyone needs to think about no matter what age or state of health you’re in. It could be as simple as talking with a financial planner about where you’re at and where you’d like to be that can start you on the path to being prepared.

“Who do we want to raise our kids? But who do we want to manage the money? It’s two different things.” – Steve

Just these two simple questions can show how complicated a life plan can get, and so needs the necessary amount of time and investment that you would give to any one of the day-to-day tasks that you would normally devote your time to. That’s the mindset that we want to stress is needed for thinking about end-of-life planning.

Life planning is just another form of investment that needs to be done by everyone. It’s about taking care of those you leave behind and not being a burden on them. Losing a loved one is hard enough without having to untangle business dealings and assets and who is going to be taking care of who. Being truly successful is managing yourself as much as possible so that your loved ones can concentrate on what is important when the time comes that you pass: remembering and mourning.

“My dad had a small life insurance policy, but there was also a lot of debt and a lot of unknowns and a lot of untangling things. It took years to help my mom to get through it but there could have been things done differently to set that up. But what happens is we get so busy in our day to day lives that we don't think about it. And then the worst-case scenario happens somebody passes.” – Steve

“An estate planner is going to go through all the different scenarios, like should you be doing a will? Should you be doing a living trust? All these different things, because what they're going to do is they're going to ask you all the questions.” - Steve

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52 episodes