Join my discussion with Jeanette Lucas, CFP®, ChSNC™, CDFA®, partner with Condor Capital Wealth Management. She gives a lot of great information on estate planning and why it’s important to get your financial planner involved in those conversations.

For more info on Jeanette and her services, check out her website:

00:00 Intro
00:27 Financial Planner’s role in Estate Planning
02:54 Will vs Trust
05:49 Online Estate Planner vs Estate Attorney
09:36 Updating your estate plan
10:13 Estate planning for minor children
11:58 Estate tax planning
16:03 Incapacity or Disability
17:19 Document storage
18:11 Estate plan updates
20:03 Estate planning mishaps
21:04 First step to estate planning
23:34 Considerations in picking estate attorney
24:14 Jeanette’s info

Disclaimer: The information provided is for general informational purposes only and should not be construed as financial, legal, or tax advice. Always consult with a qualified professional before making any financial, legal, or tax-related decisions….(read more)

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Episode 23: The Intersection Between Estate Planning and Financial Planning

In the world of personal finance, two essential components often go hand in hand – estate planning and financial planning. Though they may seem distinct, these two aspects are closely interconnected, ultimately working towards securing and growing your wealth while ensuring your loved ones are adequately provided for. In the latest episode of our podcast series, we delve into the intersection between estate planning and financial planning, exploring the significance of both and how they can complement each other in your overall financial strategy.

First and foremost, it is essential to grasp what each of these terms entails. Financial planning deals with managing your current wealth effectively, determining how much you need to save, invest, and spend to achieve your financial goals. It involves budgeting, investing, and protecting your assets, ensuring you have sufficient funds to fulfill short-term and long-term objectives.

On the other hand, estate planning focuses more specifically on protecting and distributing your wealth after your passing. It involves decisions about who will inherit your assets, how they will receive them, and any other specific wishes you may have regarding your estate. Estate planning also includes setting up legal documents such as wills and trusts, appointing guardians for minor children, and designating healthcare proxies or powers of attorney to make decisions on your behalf if you become unable to do so.

One crucial aspect to note is that financial planning should always be considered as the foundation of estate planning. Without solid financial planning, it becomes challenging to build a strong and sustainable estate plan. Understanding your financial situation, goals, and aspirations are vital for creating a comprehensive estate plan that aligns with your values and ensures your loved ones are taken care of long after you’re gone.

Furthermore, estate planning can significantly impact your financial plan. For instance, if you plan to leave substantial assets to your heirs, proper estate planning can help minimize estate taxes and ensure a smooth transfer of wealth. Estate planning also provides the opportunity to plan for any potential incapacity, ensuring that someone you trust is designated to manage your financial affairs and healthcare decisions if you are unable to do so.

Another crucial element in the intersection between estate planning and financial planning is the concept of retirement funding. Financial planning involves strategies for accumulating sufficient funds during your working years to sustain your lifestyle after retirement. Through proper estate planning, you can also safeguard and transfer your retirement accounts efficiently, maximizing their benefits for your beneficiaries.

One common misconception is that estate planning and financial planning are solely important for the wealthy. However, regardless of the size of your estate or the amount of wealth you have accumulated, estate planning and financial planning offer numerous benefits. They provide peace of mind, ensuring your wishes are carried out, minimize potential conflicts among family members, and mitigate the tax burden on your estate.

To navigate the complexities of estate planning and financial planning effectively, seeking guidance from professionals such as financial advisors, attorneys, and accountants is crucial. These experts can work collaboratively to help you understand the nuances of both planning aspects and develop a comprehensive strategy tailored to your unique circumstances.

In conclusion, the intersection between estate planning and financial planning plays a pivotal role in securing your financial future and protecting your loved ones. Incorporating both into your overall financial strategy is essential for achieving holistic and long-term financial well-being. By understanding the significance of estate planning and financial planning and seeking professional advice when needed, you can set yourself up for a financially secure and lasting legacy.