episode 151 | Estate Planning | Podcast | Rea CPA

episode 151 – prepare your plan or plan to fail (estate planning 101)

Rea estate planning legend, Dave McCarthy, joins unsuitable on Rea Radio to talk about the importance of planning ahead for life after you pass away.

What would you do if you had $80 million? Maybe you’d buy a few houses, a big boat, go on some trips… you know, splurge on some luxuries and experiences you can enjoy right now. After that, you will probably start thinking about its long-term value and the impact you can have after you’ve passed away – but if you don’t leave it in writing, you could be leaving a mess for the people you leave behind.

Well, after the Queen of Soul Aretha Franklin died in August 2018, it was revealed that she left behind an $80 million estate and no will or trust. As a result, a lot of discussions about estate planning are being had right now. So we could think of nobody better to join us for this conversation than estate planning legend, Dave McCarthy.

Estate Planning 101

Putting together a will or trust isn’t just about money – it’s more about making sure there’s an orderly plan and that your assets go to the people or organizations you want them to go to. The first thing you need to do is draw up a will, and we highly recommend having an attorney write it so that it is definitely valid. You always want to establish a durable power of attorney, so that there is someone in place who can make decisions should you become incapacitated.

The third document you should have is the health care power of attorney, which does not necessarily have to be the same person who you declare to be your durable power of attorney (although it can be).

If you aren’t going to live forever, you should probably pay attention to these other topics discussed in this episode:

  • How often you should be updating your estate plan.
  • What happens when you fail to put together a will or trust?
  • What you should know about tax reform and tax planning in the estate planning process.

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articles & insight

Give Estate Planning The R.E.S.P.E.C.T. It Deserves – Aretha Franklin Left No Will Or Trust, $80 Million Estate Will Be Managed By Probate Court.

Do You Have A ‘Get-Out-Of-Business’ Plan? – There are many ways to leave your business, but whichever road you chose, know that there will be a lot of planning involved. Read on to learn more about your options.

official transcript

Click here to read the official transcript for episode 151, “prepare your plan or plan to fail (estate planning 101)”