Coordinating estate planning with financial plan

I am joined today by Sean Rengering, a Legacy Planning Advisor at Wealthquest. Sean has been in the industry for over two decades. He's very knowledgeable about multiple areas from income planning to investments to insurance to estate planning. Today, we dive into estate planning.

Sean breaks down what it is, why you would need it, and some of the benefits of having an estate plan. We also talk about the journey from just starting out to having a more complex situation and when having an estate planner would benefit you most. We also talk about the value versus cost and things you can do to begin the planning process.

Episode Highlights:

[01:33] Sean Rengering is a Legacy Planning Advisor at Wealthquest. He has about two decades of experience in the industry. He's knowledgeable in multiple areas like retirement, income planning, investments, estate planning, and insurance.

[02:10] At Wealthquest, we take a fully integrated approach to the financial planning process. You can take care of everything all in one place for one simple fee.

[02:26] This allows Sean to assist clients through the journey of establishing an estate plan or creating a new estate plan. Sean can be the liaison between you and your attorney to form a comprehensive estate plan.

[03:45] Estate planning is preparing for what will happen to your property and finances when you pass on or become incapacitated.

[04:09] Everyone should have an estate plan. The estate plan will protect you and your family.

[05:51] Estate planning is vital to your overall plan. You want to make sure that your loved ones are taken care of in a manner that you want.

[06:59] Another benefit of estate planning is minimizing the stress your loved ones will go through.

[07:28] Estate planning can also help minimize the tax burden.

[08:07] Online platforms can be great for young families who are still in the wealth creation phase. As your situation becomes more complex, an engaged planner can be really helpful.

[10:19] A DIY plan will be a few hundred dollars and includes a trust, a will, healthcare power of attorney, health directives, and a living will.

[10:38] When you meet with an attorney, it could be a few hundred dollars to thousands depending on the complexity of your situation.

[12:19] Your estate plan should reflect your dreams and what you want for your family.

[13:11] Sean talks about probate and how it's expensive and can take years to go through the courts.

[17:00] We talk about the review process. You should review your plan every 3 to 5 years or when significant changes in your life happen.

[18:14] At Wealthquest we'll do a comprehensive deep dive into your document. We also coordinate everything along with your financial plan to identify any key risks.

[19:28] Sean talks about situations that are more complicated that may need more in-depth planning.

[21:42] Sean talks about situations where substantial amounts of money were left to pets. Oprah Winfrey is planning on leaving $30 million dollars to her dogs.

Resources & Links Related to this Episode

• Wealthquest Get Started

• Living a Rich Life: The No-Regrets Guide to Building and Spending Wealth