Estate Planning

“Estate planning is something that everybody should be involved in,” says Ben Bush, managing partner at Northeast Sequoia Private Client Group. For many people, estate planning isn’t at the top of their priority list. While it can be difficult to prepare for all of life’s challenges, putting together a plan isn’t just beneficial to you, it’s crucial for your friends and family. In today’s episode, host Jon Harris sits down with Ben for an in-depth conversation about the ins and outs of estate planning.

According to Ben, estate planning should begin the moment you begin to make money. For many people, that starts before the age of twenty. While estate planning can be complex, Ben explains that every person should have an established will, healthcare proxy, and power of attorney. Even though statistics show that you are likely to live a long life, nobody can ever guarantee it, so having a well-established plan will honor your wishes, prevent the court from interfering, and assure you to leave behind a legacy for your loved ones. 

The best time to plan for the future is now, so tune into this week’s episode of 21st Century Dentistry for a conversation about the importance of estate planning. Learn more about the three ways to mitigate risk, how assets can be distributed, and why everyone needs a will no matter their age. 

 

Quotes

• “Regardless of income levels, estate planning is something that everybody should be involved in.” (03:27-03:30 | Ben Bush)

• “Estate planning begins the day you start working and making money.”  (06:04-06:09 | Ben Bush) 

• “Sometimes estate planning is a little daunting for people. But to make it simplified, it's really just keeping control over your assets even when you're not around to necessarily make decisions.” (06:30-06:42 | Ben Bush)

• “Earning a lot of money is not necessarily very beneficial to everyone without the proper protections in place. Because if you leave this life with a lot of liability, that's going to be a burden on your family.” (08:51-09:04 | Jon Harris)

• “If there is no will, the court will distribute via their intestate laws.” (13:29-13:35 | Ben Bush)

• “Try to avoid making permanent decisions under temporary laws whenever possible.” (37:09-37:12 | Ben Bush)

• “Even if you have a lot of unrealized gains, they continue to get tax benefits and penalties for accessing that money in order to promote saving for retirement.” (44:27-44:41 | Ben Bush)

• “There's no permanency to how estate planning is done. You need to be cautious with it. You need to really think about what are your desired outcomes from a legacy perspective, make sure that you have satisfactory streams of income for your life, and then work with advisors to create an estate plan that has some flexibility in it for when laws change.” (45:23-45:52 | Ben Bush)

 

Links

www.northeastprivate.com

www.mblawfirm.com 

 

Connect with Jon Harris on Facebook:

https://www.fortunemgmt.com

https://www.facebook.com/jon.harris.39545

https://www.facebook.com/fortunemgmtmidsouth

https://www.facebook.com/fortunemgmtgeorgia

 

Follow Jon on Instagram: 

@jonharris_ 

@21stcenturydentistry

 

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