Estate Planning 101: Protecting Your Loved Ones

Can you confidently say your family’s financial future is protected? Staring down the barrel of a life-altering moment, I was forced to confront the fragility of existence and the critical importance of having one’s affairs in order. That harrowing experience became a catalyst for today’s soul-searching episode of the Money Advantage podcast, where we navigate the often-neglected waters of estate planning. This isn’t your typical run-of-the-mill chat; it’s a deep dive into preparing for the unforeseeable, ensuring that your family and cherished assets are shielded when you’re no longer here. Estate planning transcends mere financial arrangements—it’s about crafting a legacy that encapsulates your values and survives through the ages.

As I walk you through this with the wisdom I have learned from estate planning attorneys who share our philosophy, we touch on themes beyond the balance sheet. A personal close call serves as a stark reminder of life’s unpredictability, prompting the critical need to act now. But it’s not all somber reflections; this episode is imbued with hope, offering a powerful free tool to help you sculpt a robust plan tailored to your life’s blueprint. By the end, you’ll be equipped with the insights and resources to take decisive control of your estate planning, crafting a legacy that ensures your loved ones thrive for generations.

Do you know you need to do estate planning, but you’re struggling with the motivation to get started because it seems time-consuming, complicated, and hard?

When it comes to estate planning, procrastination is so common that it seems normal.  And that’s simply because most people are missing the one key thing they need to be able to move forward.

So, if you’d like to make progress in just a few minutes, tune in today to find out the one question you need to ask yourself so you can get started?

Podcast: Play in new window | Download (Duration: 18:15 — 20.9MB)

Subscribe: Apple Podcasts | Spotify | Android | Pandora | Youtube Music | RSS | More

Estate Planning 101

Estate Planning is such an integral part of financial preparation, and yet it seems like something so complicated and so encompassing that it has the potential to consume all of your focus. However, estate planning does not have to be as scary as all that. 

Estate planning is the process of legally planning to take care of your loved ones and take care of your financial assets ahead of time so that when you die, your affairs are sorted. While death isn’t fun to think about, having these plans is so crucial. Otherwise, you risk leaving your family and financial affairs to the whims of the probate courts. So, while you’re alive, it’s so powerful to use the financial wisdom that you have now to ensure that your wishes are carried out when you’re gone. 

By taking care of this essential step, you can live your life with a greater peace of mind that what you care most about will be taken care of, no matter what. While life insurance is a piece of that puzzle, there are some other considerations to take care of, and hopefully, this post can make the process just a bit easier for you. 

Getting Started with Estate Planning

As you ready yourself to get your affairs in order, know that you must do this work with a licensed estate attorney who is licensed in the state where you live. What we’re sharing with you today is a preliminary conversation, so that you can feel confident going into the process. However, the actual planning must be carried out with the correct professional. 

The benefit to working with a professional is that they can look at your family, your assets, and your goals and turn that into something customized that works for you. We have some estate planning attorneys on our team who create plans for families in a way that is congruent with the Infinite Banking strategies we employ. 

The Number One Question to Start

In order to start your journey, the best way to start is to ask yourself this one question:

“Do I have a spouse, children, future children, or a family that I care about deeply, and that would be impacted financially if something happened to me tomorrow?”

When you ask yourself this question, you want to rate how true it is for you on a scale of 1-5, with 1 meaning it’s not true at all and 5 being completely true. You can rate yourself for each of these categories, too (spouse, children, etc.). This one question will help you to determine how ready you are to start the estate planning process. 

While you’re thinking about this, give yourself time to put some significant thought into how your loved ones would or would not be impacted. Would your spouse have to get a new or second job if you died? Could your family remain in the home? Do you have aging parents that you expect to be responsible for? How will your children’s needs change over time?

Doing this self-diagnostic puts estate planning into the appropriate frame, and helps you not only to decide whether you’re ready but also helps you go to your attorney and explain what matters to you and why.

A Personal Story

You can tell someone to think about estate planning until you’re blue in the face, but at the end of the day, it only happens when you’re internally motivated to do so. You must have a reason to do so that outweighs the discomfort and stress of undertaking a project like this. 

For my family, the ah-ha moment came when I had a near-death experience in childbirth. It was the delivery of my second child that led to complications which involved surgery and a complete blood transfusion. The prognosis was not good, but thankfully, by God’s grace, I’m here to tell the story today. 

This isn’t a story I share lightly–it was the catalyst for our family to really evaluate the systems we had in place, because I knew then, beyond just a superficial knowing, that my life is not guaranteed, regardless of my plans for a full life.

So how do you balance this knowledge with the desire for a full, rich life for yourself and the ones that you love? It’s all about one thing: protection. How do you protect what you have now so that it isn’t a weight on your shoulders? So that you can live your life fully, without regrets or fears?

One of the great gifts of estate planning, from this perspective, is that you are not only able to gift resources and assets to your children and loved ones. You’re also able to gift knowledge and values that will help them be good stewards of the inheritance you leave for them. In that way, estate planning isn’t just about death, it’s about life for generations to come. 

So remember, PROTECT. Protect financially, legally, and relationally to live life to the fullest today.

How Prepared Are You to Protect Loved Ones?

Take our free assessment to get insight on the current health of your estate and legacy planning: https://sevengenerationslegacy.com/quiz

Determine How Prepared You Are To:

• Pass on a legacy of traditions, values, and purpose
• Ensure your children are prepared to steward their inheritance 
• Protect your estate from creditors, lawsuits, and taxes
• Preserve and grow multigenerational wealth

Book A Strategy Call

Are you ready to take control of your finances and legacy? We offer two powerful ways to help you create lasting impact:

1. Financial Strategy Call – Discover how Privatized Banking, alternative investments, tax-mitigation, and cash flow strategies can accelerate your time and money freedom while improving your life today. Let us show you how to align your financial resources for maximum growth and efficiency. Book a Strategy Call with our team today.
2. Legacy Strategy Call – If you want to uncover your family values, mission, and vision, and create a legacy that’s about more than just money, we can guide you through the process of financial stewardship and family leadership. Save time coordinating your family’s finances while building a legacy that lasts for generations. Book a Legacy Strategy Call to learn more about how we can help.

We specialize in working with wealth creators and their families to unlock their potential and build a meaningful, multigenerational legacy.