Today our podcast is the second part of estate planning. I would like to thank Nicole for all her time and for sharing her knowledge. You can find her at http://www.smartplanning101.com/ or http://miestatelawyer.com/
Nicole is an attorney in the state of Michigan and is also licensed in Hawaii. She is here today not as an attorney, but to give general advice on this topic. She suggests you seek an attorney for specific information to your situation.
Her law practice is called, The Family and Aging Law Center. They help families manage crisis and prepare for a crisis.
“Estate planning is an act of love, When you fail to plan, it causes a burden.”
We start off the second half of the interview talking about how you can make decisions and what you need to do to make them legal when leaving money to children or grandchildren.
Nicole recommends that children do not have control of money until they are 25. “There are ways of lovingly incentivizing your children to be responsible.”
The ways Nicole shares to teach your children are not to punish them, but if you just give them money they become spoiled.
You don’t want them to go without anything, but you don’t want to give them too much responsibility either.
If you are 18 or older, we all need to have powers of attorney. I was on the hot seat, but I had ended up in the hospital with serious heart problems and did not have anything written down.
Nicole shares some tips to help you get your will done. If there is conflict, in making decisions, she has a few ideas to help you get through it and leave with a will.
Planning for your parent’s old age is very important. We have a lot more older people in our countries than ever. It is causing a burden on the Canadian and American countries.
How are we going to ensure that our parents are getting the care they need? How do you afford it? That type of care is not necessarily paid for by the government.
The cost of care, where Nicole lives, is about $8,500.00 a month. That is a lot of money, and not everyone is aware that it is that high. If you have aging parents, you should know about this.
If you have had a near-death experience, you may wonder how this relates to you. For myself, I had a realization that every day is precious, as I know that it could be my last.
It is really important to me to plan ahead now. I want to make sure if I leave this planet before my family; they are all taken care of. This gives me peace of mind and happiness.
Another way I see it, is that if I live to be very old and need to be in a home; I want to be prepared to have it taken care of so I am not putting a burden on my family.
I would love to hear your thoughts on this, and how you feel about it. Please leave a comment below or email me at email@example.com/gina