Estate Planning in the New Year #053

Simply Tax

Guests Emily Kembell and Gretchen Cliburn recently met host Damien Martin for lunch where they got to talking about the often intimidating subject of estate planning. Listen to their follow up conversation to get practical tips on approaching the complex world of estate planning within the context of the complex emotional realities of life.

TIME STAMPS OF WHAT’S COVERED

• Estate planning? @3:32
• Common estate planning myths @4:34
• Key definitions @5:41
• Why does your financial planner need to know about your estate plan? @8:17
• Working with an estate planning attorney vs. using an online service @11:05
• No one wants to talk about their death @13:51
• The cost of doing nothing @15:13
• Why you need a team of advisors @16:38
• Getting ready for an initial meeting @24:11
• When and how frequently do you need an estate planning checkup @26:50
• Advice for getting started @30:00
• It’s not your job to know all of the answers @31:50
• Get all of your advisors involved @33:52
• Pay now or pay later @34:59
• Ways to save money on estate planning @35:50
• A lunch conversation between your financial advisor and your estate planning attorney @37:44
• Asking the “what if’s” @42:14
• Asset protection planning @43:56
• You can change your plan @45:41
• Deciding on a guardian for minor children @46:54
• Dividing an estate when you have a family business @49:08
• Having a multigenerational conversation @53:37
• Family disharmony after you're gone @55:58
• The best day to have an estate planning conversation @ 59:27

BIO FOR GUESTS

Emily Kembell is a partner in the Springfield, Missouri office of Kirkland Woods & Martinsen LLP. Emily focuses her practice on estate planning of all types, trust and probate administration, transfer tax planning, issues relating to business succession planning and adult and minor guardianships.

Connect with Emily on LinkedIn

Gretchen Cliburn is a director at BKD Wealth Advisors, LLC in Springfield, Missouri. Gretchen is a Certified Financial Planner™ (CFP®) and a Certified Divorce Financial Analyst® (CDFA™) and coordinates investment management with tax, retirement, financial education and estate planning.

Connect with Gretchen on LinkedIn

RESOURCES MENTIONED IN THE EPISODE

Previous episodes of the “Simply Tax” podcast:

• Episode 52: Choice of Entity for Family Businesses Part II
• Episode 47: Tax Planning for High-Net-Worth Families After the TCJA
• Episode 30: A Leadership Pipeline

GET MORE “SIMPLY TAX”

A complete archive of our episodes is available on our website and YouTube playlist.

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