Search Results for: estate planning

 

Estate Planning Basics

Laurie Siebert, CPA, CFP®, AEP® and her guest, Attorney Judith Harris from Norris, McLaughlin & Marcus, discuss:

CR3360_WUAArs3I“Estate Planning Basics” during National Estate Planning Awareness Week (October 19-25, 2015).

(Original air date October 21, 2015)

RELATED SHOWS: PA Power of Attorney    |    Estate Planning for Every Stage of Life

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Oct. 21 – Estate Planning Basics

Judith A HarrisLaurie Siebert, CPA, CFP®, AEP® and her guest, Attorney Judith Harris from Norris, McLaughlin & Marcus, will discuss:

“Estate Planning Basics” during National Estate Planning Awareness Week (October 19-25, 2015).

Laurie and Judy will take your questions live on the air at 610-758-8810 (Wednesday from 6-7 PM) or right here on yourfinancialchoices.com – CONTACT LAURIE.

Get to know Attorney Harris at nmmlaw.com.

Get to your your host, Laurie Siebert, at valleynationalgroup.com.

RELATED SHOWS: PA Power of Attorney    |    Estate Planning for Every Stage of Life

 

Estate Planning

Laurie A. Siebert, CPA, CFP®, AEP® and her guest, Attorney Dennis Pappas from the Law Offices of Vasiliadis & Associates, discuss “Estate planning in a box – the cautions of using software for your most important documents.”

(Original air date February 25, 2015)

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Feb. 25 – Estate Planning

Laurie A. Siebert, CPA, CFP®, AEP® and her guest, Attorney Dennis Pappas from the Law Offices of Vasiliadis & Associates, will discuss “Estate planning in a box – the cautions of using software for your most important documents.” Laurie will take your questions live on the air at 610-758-8810 (Wednesdays form 6-7 PM) or right here on yourfinancialchoices.com – CONTACT LAURIE.

 

Top 10 Estate Planning Ideas

Host Laurie A. Siebert, CPA, CFP®, AEP®, and her guest,Anthony Rachuba from Fitzpatrick Lentz & Bubba Attorneys At Law, discuss “top 10 estate planning ideas.”

(Original air date December 10, 2014)

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Dec. 10 – Top 10 Estate Planning Ideas

Laurie Siebert, CPA, CFP, AEP and her guest, Anthony Rachuba from Fitzpatrick Lentz & Bubba Attorneys At Law, will discuss “top 10 estate planning ideas.”  Laurie will take your questions live on the air at 610-758-8810 (Wednesdays form 6-7 PM) or right here on yourfinancialchoices.com – CONTACT LAURIE.

 

Estate Planning for Every Stage

Laurie Siebert, CPA, CFP, AEP and guest, Attorney Judith Harris from Norris, McLaughlin and Marcus, discuss estate planning for every stage of life. (Original air date May 14, 2014)

RELATED BLOG: Estate Planning

RELATED ARTICLE: Estate Planning: Why, When, Who, What, Where and How (Published in Lehigh Valley Woman magazine October/November 2013)

RELATED PODCASTS: Estate Planning & Fiduciary Responsibility  |  Family Conversations & Estate Planning

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Laurie’s Weekly Blog – Estate Planning

Do you have your estate planning documents in order, in particular, your Health Directives or Advance Directives?  Sometimes these are called a Living Will.  This is a written document that details your wishes if you become incapacitated as to what care you want provided or not. You may not realize how difficult it will be for someone to carry out your wishes if you have not documented this. As a Pennsylvania resident, understand your rights and what your options are by visiting the PA Department of Aging website.  |  RELATED PODCASTS: Taking Care of Loved Ones Estate Planning & Fiduciary Responsibility   |  RELATED ARTICLE: Estate Planning: Why, When, Who, What, Where and How

 

Laurie’s Weekly BLog: Estate Planning Week

This week is National Estate Planning Awareness Week (October 21-27, 2013).
Read more about estate and financial planning at http://www.estateplanninganswers.org/
RELATED ARTICLE: Estate Planning: Why, When, Who, What, Where and How
RELATED PODCASTS: Taking Care of Loved Ones  |  Estate Planning & Fiduciary Responsibility

 

Estate Planning: Why, When, Who, What, Where and How

Lehigh Valley Woman – Finance Section – October/November 2013

by Laurie A. Siebert, CPA, CFP®, AEP® Vice President, Valley National Financial Advisors

RELATED PODCAST: Estate Planning & Fiduciary Responsibility (Listen/Download)

The “Why” is in the “When”
When you take a trip to a new place, do you look up directions?  Do you get a map or put the destination in the GPS?  Would you send your loved ones on a trip with no directions? You are doing just that if you do not have an estate plan. When do you plan to have an accident?  When do you plan to have a disease?   When do you plan to die? You don’t.  That’s why your “when” has to be now and your “why” is because without a map, directions, or a GPS, those left behind are lost concerning your affairs.

Who?
When we talk about the “who” of planning, we need to put faces to that beyond ourselves. If you are single, maybe you don’t have anyone who relies on you but will you have to rely on someone if something happens to you physically or mentally? Who is the first person that you would have to ask for help?  If you haven’t had conversations with that person or those people, now is the time.  Will they be there for you and able to help?

If you have minor children, who will be their guardian if something happens to the primary caregivers?   When you consider the “who,” it might include geographical locations, financial means, religious beliefs, stability or relationship. But, don’t assume it has to be a family member.

The same applies for your executor or trustee and power of attorney selection.  The person who will be the guardian of your minor children is not necessarily the same person that will be your executor or trustee.  You may intentionally separate the duties.

There has been an inherent misunderstanding about estate planning in recent decades that estate planning is about avoiding estate taxes.  People get so worried about avoiding taxes that they forget to think about the “who” in their planning.  Who do you trust to carry out your wishes?  We might not know all the “whos” so we have to plan for the unknowns like future children or future marriage and substitute representatives.  Do you want individuals or charities to benefit from your estate? They require very different planning.

A March 7, 2013, Wall Street Journal article, entitled “Lost Inheritance” said that 70% of inherited wealth of affluent US residents was gone by the end of the second generation and ninety percent was gone by the end of the third generation.

The Lost Inheritance article went on to say that the primary reason for the lost wealth was not taxes or poor investments but a lack of trust and communication breakdown among family members.  You need to have the conversations.  Kids, have them with your aging parents and parents, have them with your kids.

What?
Take an inventory of your assets, liabilities and insurances.  Understand what your estate looks like and to whom you want it to go.

Where?
You need to think about the “where” of your twilight years and your long term care living arrangement. Do you live in a state that has an Inheritance tax, like Pennsylvania or New Jersey?  Do you have assets, like real estate, outside of the state where you reside which will trigger long distance management or when you die, ancillary probate?  And, where are all the people that you will need to help you in these endeavors?  They all make a difference in your planning.

How?
Get help from trusted advisors.  An in-depth review will allow us opportunities to develop strategies to mitigate the confusion and consequences of improper, or lack of, planning.

Who? – Beneficiaries, executors, trustees, attorney, advisor, decision makers

What? –Assets, liabilities, insurance, health

Where? –Location of assets, important papers, beneficiaries, agents

When? –Now and ongoing periodic reviews

How? –Documents, asset titling, transfers on death, gifting

We feel that it is critical to understand the “who, what, where, when and how” of your estate planning.  To make it easier for you, we start with an Estate Directives Worksheet so that you can start the process. Any questions?  Email me at lsiebert@valleynationalgroup.com for more information.

Be proactive, not reactive, and make the best of your choices.

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein. Valley National Financial Advisors is the marketing name for Valley National Group, Inc. and its affiliates. Securities offered through Valley National Investments, Inc member FINRA, SIPC, 1655 Valley Center Pkwy, Suite 100, Bethlehem, Pa 18017 (800) 383-8297.