In this episode, we’re talking about estate planning. As in wills, trusts and powers of attorney. I know, it’s not sexy, but it is important.

Estate planning isn’t just something for people with a lot of money. It’s about making things as easy as possible for your loved ones when you’re gone, and whether you’ve got $10 or $10 million in assets, that matters. If you’re thinking that having a will takes care of this, you may be surprised to learn that a will doesn’t do that much - and can create serious legal and financial headaches for your beneficiaries.

Furthermore, if you have children, I cannot stress this enough: please get an estate plan in place along with appropriate life insurance. If you get in trouble and really need life insurance or estate planning documents in place, it’s often (unfortunately) too late, and whether you’re new parents or retirees making plans for your golden years, it’s highly likely that you need more than just a will to protect your family and your assets. If you’re wondering what to do next, today’s episode of Profit Boss® Radio is for you.

I’m joined by wills, trusts, and estates attorney Laura Cowan. Based in New York City, Laura was named a 2019 Rising Star by Super Lawyers, an award only given to the top 2.5% of attorneys in the Greater New York area, she’s spoken at the UN Headquarters about estate planning for non-citizens, and she has been featured in Forbes Magazine. Most importantly, Laura is an attorney who can actually speak to people about this complex topic without overwhelming them!

So, are you ready to truly understand the difference between wills and trusts, learn how to best protect your life’s work and your loved ones, and find out how to build an estate plan to best suit your needs? Then you don’t want to miss this episode. Tune in to Profit Boss® Radio today!

Here’s what you’ll find out in this week’s episode of Profit Boss® Radio:

• Why having a will and not a trust guarantees that your beneficiaries will end up in probate court - and why this process often costs up to 5% of your estate and takes years to complete.
• Which of your assets cannot be passed down in a will - and how naming minors as primary beneficiaries to assets like life insurance and 401(k)s can leave your money in a stranger’s hands until your children turn 18.
• Why most people choose to create a living trust instead of a will - and the components that go into an estate planning package.
• The dangers of letting minors collect their whole inheritance at 18 - and what happens if you don’t name a successor guardian for your minor children.
• How asset protection trusts differ from living trusts - and how to best protect your assets from creditors.
• How a trust can protect your assets in the event that your spouse dies and you remarry.
• Why you shouldn’t create your own estate plan online - and why you should choose to work with a flat-fee estate planning attorney over one who charges by the hour.

MoneyWise Segment: Should You Refinance Your Mortgage?

If you listened to last week’s episode, Coronavirus & Your Money, you heard all about what NOT to do during a crisis. And while your investments are likely down, so too are mortgage rates. I have heard from people who are getting quoted on refinances at remarkably low rates and a lot of people are wondering, “should I refinance my mortgage?” Don’t miss today’s MoneyWise segment where I answer that question and share my best advice!

Show Notes

To get access to the full show notes, including resources mentioned, transcript, and a complete breakdown of the End of Year Wealth Building Checklist, visit HilaryHendershott.com/159.

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In this short episode, we’re talking about what’s happening in the stock market in the aftermath of the coronavirus outbreak.

Unfortunately, the coronavirus (COVID-19) is here. My heart goes out to all of the individuals, families, communities and countries that have been affected. Many of us remain on high alert, myself included, because we are the parents or children of immune-compromised individuals who are especially susceptible. The purpose of today’s episode is to help you make sense of what’s happening in the investment markets recently and in the near term future, so that instead of focusing on your money, you can keep your focus on remaining healthy.

It’s definitely true that companies that depend on global travel and complex international supply chains could be in serious trouble. But how will this outbreak affect you and your money?

If you’re invested in the stock market with a diversified basket of investments designed to serve your needs and meet your timelines, your accounts are probably down. As you watch values drop, it’s easy to get scared and think to yourself, “Wow, I need to sell before this gets worse.” That’s a normal feeling, and I experience it too!

However, trying to time the market is what the best investors in history have called the loser’s game - and I explain why in today’s episode.

It’s important to note that temporary declines are not rare. Since 1927, there have been 158 2-day periods where the market has declined 4% or more, 49 2-day periods with a decline of 6% or more, 15 2-day periods with a decline of 8% or more, and 5 2-day periods with a decline of 10% or more. Further, the S&P 500 is higher now than it was after downturns following past outbreaks like SARS, Avian Flu, and Zika. So, have no fear, this too shall pass!

Beware media magnification! If you rely on the national financial news media for financial advice, they’ll have your emotions whipsawing. I design Profit Boss® Radio to be your voice of rationality and even-handed, evidence-based wisdom.

If you want to better understand what’s going on in the markets and make better sense of the story the media is trying to spin right now, you don’t want to miss this episode. Tune in to Profit Boss® Radio today!

Here’s what you’ll find out in this week’s episode of Profit Boss® Radio:

• What the coronavirus is, who is at risk, and why it is impacting the markets so significantly.
• Why watching the markets go down right now could be an unfamiliar feeling - and why pulling your investments out is a surefire way to lose money.
• How the media assigns causality to market events, and why no one really understands why the market moves when it moves this fast.
• Why predictions have so little bearing on the stock market - and why risk is already reflected in stock values.
• How to remain calm and confident that the markets will recover.

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Perhaps you’re really starting to come into your own as an earner and thinking you could benefit from working with a financial advisor. Maybe you’ve met with several people who all call themselves financial advisors, but were surprised to discover that there was no consistency at all in what they did or the services they offered. You may also be wondering why so many advisors charge for their services in completely different ways.

If your initial research into the world of financial advisors has left you with more confusion than clarity, today’s episode of Profit Boss® Radio is for you.

A great financial advisor is someone who you can trust deeply - and who prioritizes your success above everything else. They should help you create a world-class investment experience uniquely suited for your needs, give you the tools to thrive in life, and help you create a legacy and estate that you’ll be able to pass on to the next generation.

So, do you want to know the most important questions to ask, the red flags to look out for, and what a great relationship with a financial advisor can do for you? Then you don’t want to miss this episode. Tune in to Profit Boss® Radio today!

Here’s what you’ll find out in this week’s episode of Profit Boss® Radio:

• Why there’s so little consistency between people who call themselves financial advisors.
• Why I don’t like annuities - and why I don’t consider financial advisors who predominantly sell life insurance to be real financial advisors.
• The qualities to look for in a potential financial advisor.
• Understanding the difference between a fee-only and fee-based financial advisor.
• How to work with a financial advisor to create a world class portfolio that’s low cost, high performance, diverse, evidence-based, and built to weather market cycles.
• Why tax minimization, lifestyle coaching, insurance recommendations, and mortgage analysis can all be provided by the right financial advisor.
• What an empowering, meaningful cash flow actually looks like.
• Why almost every prospective client I speak with has horror stories about past advisors - and how to find someone who you can actually trust.

Show Notes

To get access to the full show notes, including resources mentioned, transcript, and a complete breakdown of the End of Year Wealth Building Checklist, visit HilaryHendershott.com/157.

Follow Hilary on:

Twitter
LinkedIn
Instagram
Facebook
YouTube

Subscribe to The Retirement Years on Profit Boss® Radio
Apple Podcasts
Overcast
Spotify
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Google Podcasts