Click below to listen to Episode 125 – The Basics of Estate Planning






The Basics of Estate Planning

When was the last time you updated your estate plan?

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We discuss the basics of an estate plan, documents that should be included, and the importance of a financial power of attorney. How long has it been since you last updated your estate plan, or do you even have one? There are obvious considerations, like having a new child, and not-so-obvious reasons like your child just became a legal adult.

No matter your rationale, it is crucial to keep your estate plan as up-to-date as possible, usually every 3-4 years. These topics and more are broken down into an easy-to-follow conversation to help you better understand the importance of updating and creating an estate plan.

HOSTED BY: Bob Barber, CWS^®, CKA^®
CO-HOST: Shawn Peters

Mentioned In This Episode













Christian Financial Advisors



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Bob Barber, CWS^®, CKA^®



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Shawn Peters



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EPISODE TRANSCRIPT

[INTRODUCTION]

Welcome to “Christian Financial Perspectives”, where you’re invited to gain insight, wisdom and knowledge about how Christians integrate their faith, life and finances with a Biblical Worldview. Here’s your host Christian Investment Advisor, Financial Planner, and Coach, Bob Barber.

[EPISODE]

Shawn:

Welcome to another episode of Christian Financial Perspectives. Whether you’re joining us right now online, on one of our videos, or if you’re listening to us on one of the many podcast sites, thank you so much. We know you could choose to do other things with your time, so we’re glad you’re here virtually with us. Bob, what do we got for today?

Bob:

Well, Shawn, we have a subject that’s really important to me because I’ve seen people’s lack of it and we’re gonna be talking about estate planning. And so before we even start today, I have 14 questions and if we’re gonna get through the day, we’ve gotta go through these questions just really quick, one after another, but before you tune out thinking, estate planning, I don’t need any estate planning. I just updated my will three or four years ago, we’re gonna have some good questions for you. So we’re gonna start off right into that and we’re gonna get pretty deep into this subject. But I will tell you, I’ve seen people pass away without an estate plan many times in my career of over 35 years, 38 years, whatever it is now. It’s a lot. And it’s a tragic thing when someone doesn’t have their estate plan in order.

Shawn:

Now, Bob, this is something really doesn’t matter till you’re in your fifties, right?

Bob:

Yeah, no. You need it right now. Especially you, Shawn, with a couple young children that are minors. You’ve gotta think about all those things.

Shawn:

So for those listening or watching, the point in that is that just because you’re not in your fifties or sixties does not mean this doesn’t apply to you. And really, I would say if you’re married, if you’re married with kids, no matter what age you are, this is something very important to look at. So please don’t tune out.

Bob:

That’s right. So, in each one of these, we’re actually gonna say in the last three to five years, because I just want you to really think about that, Shawn. In the matter of time, I’m gonna do one and you do one. So we’ll just go back and forth. So, in the last three to five years, have you had any new children or grandchildren in your family?

Shawn:

Yes. Yes, I have. In the last three to five years, do you have any new family members through marriage? Like a son-in-law or a new daughter-in-law?

Bob:

In the last three years, have any of your children become legal adults now?

Shawn:

Yeah, it definitely makes a little bit of a change. In the last three to five years, did you obtain new assets or did you sell any?

Bob:

In the last three to five years, have there been any major health changes with anyone in your family?

Shawn:

That’s a good one. In the last three to five years, have there been any deaths or disabilities in the family?

Bob:

Number seven. So we’re nearly halfway through. In the last three to five years, has there been a death or divorce of a spouse in the family?

Shawn:

Number eight. In the last three to five years, have you remarried or both of you have children from your first marriage?

Bob:

That is a really important one. We’ll discuss that later. In the last three to five years, have you relocated to a different state? Think about that here in Texas when about half of everybody that lives here now is from California.

Shawn:

Number 10. In the last three to five years, have you bought any new real estate, especially out of your state?

Bob:

That’s correct. So you are under the probate laws of that state? So as an example, you know I love Colorado. If I were to buy a second home in Colorado, I’m under those laws up there.

Shawn:

Gotcha. There’s also that one about if you’ve moved to a new state, it’s important, too, because the laws there may be a little different.

Bob:

That’s correct. We’re in number 11 now, right? Okay, go ahead.

Shawn:

In the last three to five years, have you had any major financial changes like an inheritance or a good investment paid off?

Bob:

Number 12. In the last three to five years, have you started any new businesses?

Shawn:

Number 13, in the last three to five years, have you taken out a large life insurance policy?

Bob:

That creates an estate right there? I mean, a million dollar policy for somebody your age is, what, $25 a month or something? I don’t know. It’s cheap. And then the last question, in the last three to five years, has any oil or gas been discovered on land you own or any mineral rights that you might own as well? You may not still own the land, but you may own the mineral rights. So, there’s 14 really good questions, and hopefully as I was saying that, Garrett, I want you to make sure that each one of those questions goes up as we’re doing that so people see that. Because I will bet you that just about everyone would say, Yeah, in the last three to five years, one of those things has happened.

Shawn:

Probably one of those. And if you answered yes to any of those 14 questions, then you need to listen to the rest of today’s episode, and update your estate plan as soon as possible.

Bob:

So we’re gonna go into what an estate consists of, and basically it’s everything you can think of that you have control over. It’s gonna be your bank and savings accounts.

Shawn:

Retirement accounts.

Bob:

Brokerage accounts.

Shawn:

Annuities.

Bob:

Real estate homes, vacation homes, investment properties, any kind of land, farm, or ranch. Just think of anything else you can think of that comes up into real estate.

Shawn:

Life insurance benefits. So like that policy.

Bob:

Right. Other assets like art, antiques, collectibles, automobiles, boats, precious metals, business interests. Some of the boats I see down in Rockport are like a hundred thousand dollars boats. So, that’s a big asset right there.

Shawn:

Maybe we could throw in cryptocurrency and what’s the the other fungible tokens? What do do they call those again?

Bob:

I can’t remember them right now.

Shawn:

And then you’ve got NFTs. Thank you. And then you’ve got royalties from oil and gas, water, et cetera.

Bob:

And that’s all included in your estate as well. And that is something like, we wanna do some really good estate planning to get those oil and gas interests or royalty interests, things like that. Get that out of the estate and put that over in a partnership of some sort.

Shawn:

So the next part that you want to be thinking about is documents that should be part of an estate plan are number one, a will. Most people probably think of that. It must be probated, and the public can see it.

Bob:

That’s true. And I don’t like that.

Shawn:

A probate court decides the legal validity of the deceased person’s will and grants its approval, also known as granting probate to the executor.

Bob:

So I’ve seen some really sad cases here where wills have been contested. We had a client that had a lot of oil and gas interest, and the will was contested and it went on for 18 months, Shawn. And it just raked the family through the coals, as the old saying goes. It was really sad.

Shawn:

So not only that, but all the extra cost too. When it’s not taken care of ahead of time, now you have these assets of either your beneficiaries, your family, or from the estate itself just being wasted.

Bob:

But the will was contested, because it can be. So this is what I like about the second thing that we talk here. Now, a lot of wills have a trust built into them, but another document that needs to be a part of a estate plan is a trust. And you can go ahead and form that trust now. Have like a living trust. Why is that helpful, Bob? Because it makes your assets private. They don’t go through probate.

Shawn:

Gotcha.

Bob:

So when you put them in trusts, it’s a living document that doesn’t die when you die. So it’s completely private, and doesn’t have to be probated. And there’s two different kinds of trust. There’s a revocable trust, and there’s a irrevocable trust. Now, think of that revocable, irrevocable. When you think of revocable and irrevocable, what does revocable thing say to you?

Shawn:

Well, here’s my glass of water. Now, I’m gonna take it back.

Bob:

Exactly. That’s exactly right. But if it’s irrevocable, you can’t take it back. So why would you do an irrevocable trust? One of the things that life insurance is an example of that – to get it completely out of your estate and away from there. So number three of the documents that you need is…

Shawn:

A healthcare durable power of attorney allows another person to make healthcare decisions for you if you’re unable to do so.

Bob:

That’s right. And boy, that’s somebody you really wanna trust.

Shawn:

Right. Yes.

Bob:

And then along with that comes a living will that’s also known as a directive to physicians. We had to use this with my dad who had a stroke, and I knew that he was just gonna be a vegetable, and we let him go be with the Lord because I knew where he was going.

Shawn:

Now Bob, how’s that? Can you explain to our viewers and listeners a little bit of how is that different than from the healthcare durable power of attorneys? Is that, from my understanding…

Bob:

It just goes deeper. It goes deeper. It could be the healthcare power of attorney cannot be life ending like a living will can. So, the living will, like I have here, provides guidance for medical treatment to be withheld, like in the case of being brain dead.

Shawn:

So like if, for example, your further on in years and at your age, the resuscitation process may not really be worth it because of all the broken ribs and bruising and your quality of life may not…

Bob:

Well, I really think if brain dead or in a coma, those two things. There’s been a lot of news about that. I remember about 15, 20 years ago, there was a big, big case that was well known in the media about that because the person had been in a coma for three or four years, and they wanted to let them go, but they didn’t have a living will.

Shawn:

Gotcha. So, that living will allows you in your estate planning to dictate what are the certain conditions -like if you’re in a coma, you’re brain dead, to basically say you can let me go.

Bob:

That’s right. So I’ve given that, as you can imagine, in my own life, I gave that to Rachael. She can make that decision, and I can make that decision for her if there’s a prolonged coma, no more oxygen to the brain, completely brain dead.

Shawn:

And this is a really fun topic today.

Bob:

Yeah, it is. It really is.

Shawn:

But very important.

Bob:

Yeah, it is. And the last one of those estate planning documents that we mentioned…

Shawn:

Is the financial durable power of attorney. Now, this one allows another person to make financial decisions if you are unable to do so. So for you, think today, who can make financial decisions in your best interest in your absence?

Bob:

That’s right. So again, Rachael and I have each other for that. And then next in line actually we’ve got your wife, our daughter, Jenna, that can make those decisions. And you’re a part of that too. If we were in a major accident and we went into a coma and financially, things need to keep going. So, you can help us with those financial decisions and even pay bills for us.

Shawn:

Really think about that, for those of you listening, that it doesn’t necessarily need to be your oldest child. It doesn’t necessarily have to be one of your children.

Bob:

No, it doesn’t. Not at all.

Shawn:

Like in my family’s case, my brother is a doctor, a medical doctor, very smart guy. But considering I’m a financial advisor, my dad has me set as the one with the financial power of attorney and the executor of the will because that’s my background. That’s what I kno,. And so my brothers as the oldest, he’s like, Well, yeah, that makes sense.

Bob:

Well, and if you have three or four children, you’re gonna wanna pick the one that is the best with finances.

Shawn:

Find the one that’s frugal and will stick to what you want, and they’re gonna make good decisions.

Bob:

So, before we end today, we’ve given you a lot of information very quickly. So before we end today, there’s some more questions I want to ask. And then you’re probably thinking by now I need to update my estate planning, and if you’re thinking that, it’s probably true. If it’s been three to five years. I’m about to update mine, and it’s been about four years since I updated mine, but a lot of things have happened in the last four years. I mean the new grandchildren and we’ve had some assets that we’ve sold that were major assets in the form of real estate. So, who do you want to inherit your property? These are some things to think about as you’re putting this estate plan together, and what percentages do you want each heir to receive? It’s not just equal across the board. It has to do with how well they can handle it as well.

Shawn:

Yeah, yeah. I mean, just like when Jesus told the parable of the different servants when the master was going away and they didn’t all get exactly the same.

Bob:

And now, that’s funny you mentioned that because I believe in what’s called a pre inheritance experience, and that’s where you give say $5,000 to your three children. In our case we have three, but maybe or four if you give them each $10,000 or $5,000 and go back six months and see what they did with it. So that’s a pre inheritance experience to see did one just go spend it on junk and then another go invest it and maybe one invested half and went and spent the rest of it. You have three children, four children they’re all gonna operate differently when it comes to finances.

Shawn:

Yeah, yeah. And the second one is legal guardians. If you still have children under 18, who do you want to take care of them if both parents died at the same time?

Bob:

That’s a tough one.

Shawn:

Very important.

Bob:

How do you want your assets distributed? Do you want them distributed right away or slowly over time? Shawn, in my estate plan, even the one I have now but I’m about to update, it’s still that same way. We’re only actually gonna distribute 3% of our estate per year. So it’s gonna be distributed very, very slow. It would take 33 years if estate didn’t grow at all to distribute that estate out.

Shawn:

So basically, you want it to last longer. You don’t want it to just necessarily all go at once. And that’s also really important, too, like if say you did that pre inheritance or pre estate planning type test with your children, and one of them did very well, they were very responsible with it and the other two not so much. Well, having it set up to where your estate is distributed solely over time is actually to the benefit of the children who wouldn’t handle it as well. They don’t just spend it all and then it’s gone.

Bob:

We’ve made podcasts right here, remember we called it sudden wealth syndrome. So sudden wealth syndrome can really happen quickly, and this is why we see about 80% of inheritances spent the first three to five years what took mom and dad 35 years, 40 years to save up. So think about the maturity of your heirs, as well as the financial ability of each one. And I’ve mentioned that again, most estates are spent in two to three years.

Shawn:

And the next one, number four is, is professional asset management needed for your assets at your demise?

Bob:

This is where you bring in a corporate trustee, and this takes the pressure off. Maybe you have four children or you have even two and one is really good with finance, but the other one’s not. By having a corporate trustee, it takes the pressure off that child. And a corporate trustee has to go by the way the documents are written. How are your present assets held? Individually, joint tendency, the limited partnerships are set, et cetera. And this is real important for estate planning.

Shawn:

Number six, for retirement accounts, your IRAs, 401ks, TSP, 403b, there’s a lot of different ones. Have all beneficiaries been updated recently? And we say recently, again, within the last few years.

Bob:

We see this all the time. All the time. I mean this is such a simple thing, but people forget to do that. So who will be the executor or trustee of your estate? This is somebody you’ve really gotta trust a lot. And like I say, it doesn’t necessarily have to be a child. It could be somebody that’s really good with finances.

Shawn:

And then the eighth one, which is next to last, who will be the trustee and co-trustee in your absence if you have a trust? There are many advantages to having a corporate trustee like we mentioned earlier.

Bob:

And last, would you like a charity or charities to receive a percentage of your estate after you’re gone? We’ve set ours up where 20% of our estate is gonna go to a donor advised fund, and then that can be distributed out how the children want it. But we set it up for Christian charities or ministries, and we set it up with a Christian organization so that it can’t go to support something like Planned Parenthood that we do not believe in. So just think about the church you’ve attended for many years or a ministry that you love and support. Like my wife and I, we love Focus On The Family. We love Compassion International, and those are things that we want to continue to have support. So it all boils down to this, and we’ve given you a lot of information today, Is it…

Shawn:

Time to update your estate plan?

Bob:

Yes, and I have a feeling it is for most people. You need to update that every three to five years. If the answer is yes to that, we want you to give us a call at (830) 609-6986 or visit us on our website www.christianfinancialadvisors.com to see how our team here may be able to help you and get you in contact with a local Christian attorney that can help you out and that’s through our affiliation with Kingdom Advisors. We did a whole program on Kingdom Advisors, and we know a lot of Christian attorneys and we have an attorney that we work with directly that’s also a financial representative with our company that can help you if you’re in the state of Texas or California. I know he’s licensed there, too.

Shawn:

That’s right. Thank you so much for being here with us today. God bless. And until next time.

[CONCLUSION]

That’s all for now.

We invite you to listen to all of our past episodes covering many financial topics from a Christian Perspective. To make sure you don’t miss any of Bob’s upcoming episodes you can subscribe to Christian Financial Perspectives on iTunes, Google Play Music, Spotify, or Stitcher. To learn more about integrating your faith with your finances, visit ciswealth.com or call 830-609-6986.

[DISCLOSURES]

Investment advisory services offered through Christian Investment Advisors Inc dba Christian Financial Advisors, also known as Christian Financial Advisors, a registered investment advisor. Comments from today’s show are for informational purposes only and not to be considered investment advice or recommendations to buy or sell any company that may have been mentioned or discussed. The opinions expressed are solely those of the host, Bob Barber and his guests. Bob does not provide tax advice and encourages you to seek guidance from a tax professional. While Christian Investment Advisors believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability.