Ep 55: Sorting Out What’s Important About Legacy Planning

Most people realize that it’s usually best to have an estate planning attorney helping them with their estate plan, but it’s also important for the financial advisor to be part of that conversation.

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The Game Plan

On this episode, we’ll explore the role an advisor plays in the estate and legacy planning process and uncover some of the basic mistakes people often make when trying to sort all this out on their own.

As an advisor, we need to evaluate how in-depth your estate plan needs to be. For most people, you probably won’t need a trust. However, it will depend on your situation. If you want to pass money in your IRA on it’ll be a lot easier to look at your beneficiaries. These are some aspects that an advisor would help with. It’s about focusing on your retirement first and strategizing separately for your legacy whether that is separate savings or through life insurance. Estate planning is an ongoing process, make sure you are updating your beneficiaries and reviewing your plan regularly.

The X’s & O’s

Check out the timestamps below to skip around to specific topics on the show.

[1:01] Merry Christmas!

[1:57 ] What role does an advisor play?

[4:19] How do people view their legacy?

[7:05] What are some basic mistakes?

[8:15 ] Beneficiary designations not up to date

[9:21] Dale’s story with a client

As an advisor, what my roll is, is really to evaluate the need of how in depth the estate plan needs to be. For a lot of people, they don’t need to have a trust. 

– Dale Tondryk

More To Explore

The Financial Calendar

Join us in this episode of The Retirement Playbook podcast as Dale dives into the essential financial matters you need to address throughout the calendar year. He provides valuable insights into maximizing retirement contributions, managing required minimum distributions (RMDs), and making strategic financial moves to optimize your retirement savings.

Financial Therapy

Financial discussions and retirement planning can come with many emotions. From counseling couples with differing financial views to providing support during challenging life events such as divorce or medical issues, financial professionals wear many hats, including the role of a therapist. In this episode, Dale discusses the impact of having a financial professional guide you through life’s most stressful moments.

Ep 88: The Retirement Lifestyle

We’re taking a quick break from the Xs and Os of retirement finances today. Instead, we’re going to talk about some other important pieces of forming your retirement lifestyle. Join us as we discuss staying busy, the significance of social connections after you’ve stopped working, and maintaining your physical and mental health throughout retirement.

QUESTIONS FOR DALE?

MORE WAYS TO GET IN TOUCH

952-401-1671

dale@tondrykfinancial.com