Estate Planning

Today, Bruce and Jon are joined by Alex Koury, a wealth advisor with Hosler Wealth Management from the Scottsdale office, speaking about Estate Planning in this episode.  

We delve into the critical topic of estate planning in a clear and straightforward manner.  Bruce begins by emphasizing the essential role of a Will, especially for parents with minor children.  A Will determines who will care for the kids in unforeseen circumstances, avoiding potential family disputes.

The conversation then shifts to the significance of beneficiary designations.  These designations play a pivotal role in asset distribution, particularly for accounts like IRAs and life insurance, often taking precedence over what's outlined in a Will.

Bruce and Alex also shed light on recent changes affecting IRAs, notably the SECURE Act of 2019, which has altered the rules regarding IRA distributions. This change has significant implications for how these accounts are passed on to heirs.

Another key aspect discussed is the evolving role of life insurance in estate planning. Given recent tax law changes, life insurance is gaining popularity as a tax-efficient tool for wealth transfer. It's not just for the very wealthy anymore.

Alex stresses the importance of regular updates to estate planning documents to keep them aligned with life changes, warning against common mistakes, such as assuming estate planning is unnecessary or neglecting document updates, which can lead to unintended consequences.

Lastly, we cover planning for incapacity, focusing on durable financial and medical powers of attorney. These legal instruments ensure that someone can make critical financial and healthcare decisions on your behalf if you're unable to do so.

Please seek professional guidance for your estate planning needs. Ultimately, estate planning is about securing one's legacy and ensuring the well-being of loved ones, making it a vital but often overlooked aspect of financial planning.

For more information about anything related to your finances, contact Bruce Hosler and the team at Hosler Wealth Management: Visit them online at https://www.hoslerwm.com/

Or call them in their Prescott office at [phone] or their Scottsdale office at [phone].

For more podcast episodes, visit our podcast website at https://hoslerwm.com/protectingwealthpodcast/

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