Terri Hilliard, PC’s Post

I recently read an article by @moneywisecom titled “'I am playing in extra innings': Warren Buffett gets candid about death and his kids' 'awesome responsibility' of executing his will—here are 3 estate planning tips to ease the burden.” The article shared about how Warren Buffet is 93 years old and how his family agrees that dynastic wealth “is not desirable.” Buffet’s children range in age from 65-70 and are named trustees of the charitable trust that will receive 99%-plus of Buffet’s wealth after death. The piece shares about how Buffet has accumulated an immense wealth and seems to be at peace with how he plans to leave his legacy. I love how the article then discusses three ways to help your loved ones so they can grieve your loss in peace. It says to write a will, trust in trusts and consult with a professional—all sound pieces of advice if you ask me. It was a quick and interesting read, and I recommend looking it up. If you do, I’d love to hear your thoughts. What do you think of Buffet’s plan? Let me know in the comments. Related Topics: estate planning asset planning power of attorney wills living trust wealth management asset management legal services #wills #assets #estateplanning #poa #assetplanning #attorney #attorneys #strategicplanning #wealthmanagement #elderly #lawyers #financialpeace #caregiversupport #assetmanagement #livingtrust

As summer comes to an end, this is the time of year that many families reconnect. Whether it’s a family reunion or a backyard BBQ, take a moment to think about your family's future. It's a perfect time to discuss how to protect and transfer wealth across generations. A well-thought-out estate plan can protect your assets, minimize taxes, and ensure that your wealth is passed down according to your wishes. Here are five key strategies: 1. Trusts for Asset Protection: Use generation-skipping trusts (GST) to protect assets from creditors and avoid double taxation. 2. Philanthropic Goals: Include charitable giving to leave a lasting legacy and reduce your estate's tax burden. 3. Careful Trustee Selection: Choose trustworthy and competent trustees to manage your assets. 4. Generational Education: Teach younger generations the importance of financial responsibility and philanthropy. 5. Seek Guidance: Estate planning laws vary by state, and an experienced estate planning lawyer can provide tailored advice. Learn more today: buff.ly/4dQ45QW #estateplanning #digitalassetprotection #lastwillandtestament #executor #TrustPlanning #assetprotection #blendedfamilies #estateplanningforminorchildren #probate #estateadministration #trusts #specialneedsplanning #specialneedstrusts #powerofattorney #Medicaidplanning #longtermcareplanning #eldercare #elderlawattorney #elderlaw

Have you seen Warren Buffett's estate plan!? 👀 👀👀 There's lessons we ALL can learn from his decisions. Flexibility: ✅ Buffett has updated his will several times as his children matured. ✅ Estate-planning documents should be flexible and revisited periodically. ✅ Consider reviewing documents after significant life changes, like divorce or moving across state lines. Transparency: ✅ Buffett opted for a simple will instead of complex trusts. ✅“The disposition of my assets will be an open book—no ‘imaginative’ trusts or foreign entities.” ✅This transparency manages his children’s expectations and aligns with his philanthropic goals. Communication: ✅Buffett has clearly communicated his estate plan to his three children. ✅His children must unanimously manage the family’s charitable trust. ✅While this reflects trust in their shared values, it also raises concerns about potential conflicts due to the unanimity requirement. Donor Intent: ✅Buffett’s decision to trust his children with the charitable trust underscores the importance of clear donor intent. ✅Recent controversies, like Valparaiso University’s attempt to sell valuable paintings against the donor’s wishes, highlight the risks of not defining donor intent clearly. Buffett's estate plan is a masterclass in balancing flexibility, transparency, and communication. Clients at any wealth level can learn from these strategies. Bravo to WealthManagement.com and Anna Sulkin Stern for the article, and a special shoutout to David Haughton, JD, CPWA® for his thoughts. #estateplanning #wealthmanagement #highnetworth

At some point, you’ll want to share your estate plans with your loved ones – and the first step in this process may be to hold a family meeting. During this meeting, you may want to cover these three areas: First, explain your wishes, in a general way, regarding your goals as far as what you want to leave to your loved ones and possibly to charitable groups. And be sure to listen to your family members’ questions and concerns. Next, discuss your estate planning documents, or the ones you plan to create, including a will, living trust and powers of attorney. Also, talk about the roles you have envisioned for your family members in carrying out your estate plans. For example, you will need an executor for your will and a trustee for a living trust. Plus, you might mention your initial thoughts on who you’d like to serve for health care and financial powers of attorney. You may need to hold additional family meetings in the future, but by laying the initial groundwork, you will have taken a big first step in establishing the legacy you’d like to leave. This content was provided by Edward Jones for use by Chad Mitchell, your Edward Jones financial advisor at 479-498-7086. Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. Member SIPC

A financial plan is more than company provided insurance and a 401(k). A financial plan begins with the end in mind. Is there a certain age you want to be financially free? Do you have dreams of building businesses? Does your giving align with your family values? Do you want to be debt free? Do you have a team of experts in your corner setting up your estate? You have the power to start setting up your financial plan today. Start with your why and who? Why do you want to be financially free? And who do you want to be free with? With your why and who in mind, set goals that are SMART: 1. Specific 2. Measurable 3. Achievable 4. Relevant 5. Time bound Here's an example: "I want to be financially free, so I will be able to give 45% of my income to faith-based charitable organizations by the time I am 55 years old." It all begins with a plan that is unique to you and your family's financial goals. Let's be good stewards! God bless, Elisha VOTD: "The thief comes only to steal and kill and destroy; I have come that they may have life, and have it to the full." - John 10:10 #finance #personalfinance #401k #business #faith #family #why #who #SMARTgoals #goals #letsbegoodstewards

✅🔒 Did you know? Estate planning goes beyond having a will. It involves strategizing to minimize taxes, protect your wealth, and ensure your loved ones are well taken care of. 💪💸 🌟💼 For high net worth individuals, estate planning becomes even more critical. With significant assets at stake, it's essential to have a comprehensive plan in place to preserve your wealth and pass it on to future generations. 🌿🏦 🔐📚 Trusts, foundations, and other legal instruments play a crucial role in estate planning for high net worth individuals. These tools allow you to control how your assets are distributed, protect your privacy, and potentially reduce estate taxes. 💼💡 💡🤝 Moreover, estate planning provides an opportunity to support causes close to your heart. By establishing charitable foundations or trusts, you can leave a lasting impact and contribute to the betterment of society. 🌍🤲 📅📚 Don't wait until it's too late! Start thinking about your estate plan today. Consult with professionals who specialize in estate planning to ensure your wishes are fulfilled and your wealth is safeguarded. 💼🔒 #EstatePlanning #HighNetWorth #WealthManagement #LegacyPlanning #FinancialPlanning #SecureYourLegacy #ProtectYourAssets #PlanForTheFuture

According to recent research from PricewaterhouseCoopers, only about one-third of family-owned businesses in the U.S. have a documented succession plan.1 And yet, two-thirds of those owners engage in some form of charitable giving.2 Of course, the lack of succession planning is most often the result of one (or more) of the following: * Procrastination; * Unwillingness to think about the future, for a variety of reasons; or * Lack of information on options in succession planning. It seems curious, though perhaps noble, that a vast majority of business owners would prioritize their communities and charitable causes over the future of their businesses (and by extension, their families). But such a position would assume the two are correlated. I think they are not. Giving back feels good. It does good. And it provides an immediate tax benefit to the business and its owners. Obviously, for many (based on the statistics cited above), succession planning doesn’t provide such an immediate impact, although I believe most anyone would admit that having a plan in place provides much-needed peace of mind and will leave their families – and business – better-positioned. To learn more about this, visit: https://lnkd.in/grcuQQ7s Kickstart your legacy planning journey. Contact Houck Menninger Law at (937)985-0059 or visit https://lnkd.in/d4rBUZJH #HMLaw #HouckMenningerLaw #AssetProtection #Probate #EstateSettlement #EstatePlanning #Medicaid #Trusts #Estate

Why don't we know the power of trusts? Trusts aren't just for the ultra-wealthy—they're powerful tools for anyone wanting to protect and grow their legacy. By establishing a trust, you can ensure your assets are managed according to your wishes, provide for loved ones, and even support charitable causes close to your heart. Trusts offer unparalleled flexibility and control, allowing you to plan for life's uncertainties with confidence. Wealthy individuals often use trusts not only to secure their financial future but also to minimize taxes, avoid probate, and maintain privacy. Whether it's for estate planning, asset protection, or passing on a family business, trusts are a strategic way to preserve wealth across generations. Secure your future and leave a lasting impact. 💼✨ #WealthManagement #LegacyPlanning #TrustFund"

Happy Labor Day from Wealth Planning Law Group! 💼 As we celebrate the contributions of hardworking individuals across the country, we’re reminded of the importance of planning for the future — both for ourselves and our loved ones ✨ This Labor Day, take a moment to consider how estate planning can help protect the fruits of your labor and secure your legacy. Whether it's planning for retirement, safeguarding your family's future, or creating a charitable trust, we're here to guide you every step of the way 🤝 Wishing everyone a safe and relaxing Labor Day! #EstatePlanning #WealthPlanning #LaborDayWeekend

Life throws curveballs, and your plan needs to adjust too. Here are five key moments to revisit it: • Wedding Bells: Say "I do" to a secure future! Update your plan to include your spouse and review beneficiary designations. • New Arrivals: Welcome your little one! Designate guardians, create trusts, and ensure your wishes are clear. • Empty Nest: Kids flown the coop? Reassess asset allocation and consider charitable giving options. • Moving On Up (or Down): A change of address means a shift in probate laws! Ensure your plan is valid in your new state. • Financial Fluctuations: Hit the jackpot (or face setbacks)? Update your plan to reflect your current assets and liabilities. Remember, your estate plan is your roadmap for peace of mind. Don't wait for life's surprises – schedule a review with Bassett & Gabriel Law Office today! 🔗 https://lnkd.in/gcqs5dgq #IllinoisLawFirm #TrustedLawyer #WoodRiverLawFirm #WoodRiverAttorney #FamilyOwned #MadisonLawyer #MadisonAttorney #RealEstateLaw #EstatePlanning