Retirement Readiness, Episode 24: Estate Planning in Retirement

[Key Timestamps and Topics]00:03:14 - Tim explains the role of trusts in estate planning and how they help distribute assets.00:05:23 - Estate planning can seem overwhelming, but with a methodical approach, clients can make informed decisions in a 45-minute to 1-hour long session.00:09:16 - The hosts discuss the potential downsides of leaving all of your assets to your children at once, including the risk of the money being spent quickly and not fulfilling your intended legacy.00:12:32 - Trusts can be set up to benefit young children, with a trustee overseeing the use of the money for their benefit until they reach a certain age.00:13:42 - Tim and Katie discuss the importance of legacy planning for your children. They talk about creating trust funds and how they can provide flexibility for your children while also ensuring that they receive the money when they are more responsible.00:14:30 - Tim and Katie explain how leaving retirement accounts to your children can result in them paying income tax on the inheritance. They also provide an example of how leaving money to a church through a retirement account can be more tax-efficient.00:17:44 - The hosts discuss the importance of knowing what you don't know when it comes to legacy planning.From selecting the right professionals to reviewing and updating your plan as life circumstances change, Tim and Katie offer actionable steps to help you on your estate planning journey. Prepare for the Future with Confidence. We have the expertise and experience necessary to help you create a plan – whatever your future holds. Click here to connect with a member of the PrairieView Wealth team today. Facebook: https://www.facebook.com/Prair....ieViewWealthPartners https://www.linkedin.com/compa....ny/prairieview-wealt https://prairieviewwealthpartners.com/Estate Planning Disclosures: Investment advisory services offered through Thrivent Advisor Network, LLC., (herein referred to as "Thrivent"), a registered investment adviser. Clients will separately engage an unaffiliated broker-dealer or custodian to safeguard their investment advisory assets. Review the Thrivent Advisor Network Client Relationship Summary, Financial Planning and Consulting Services, Investment Management Services (Non-Wrap) and Wrap-Fee Program brochures for a full description of services, fees and expenses, available at Thriventadvisornetwork.com. Thrivent Advisor Network, LLC's Advisory Persons may also be registered representatives of a broker-dealer to offer securities products. Advisory Persons of Thrivent provide advisory services under a "doing business as" name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. This Report does not provide legal, tax, or accounting advice. Before making decisions with legal, tax, or accounting ramifications, you should consult appropriate professionals for advice that is specific to your situation. Advisor is not a licensed attorney and legal advice is not part of any engagement for financial planning or estate planning services.