Guests: Andrew Cohen – Lawyer; Mark Teheri – Mayo Dental; Randy Salzer – ItsaGeek.com; Randy Armour – Lawyer; Nathan Bertke – Qdoba; Chuck Morris – Vietnam Memorial Wall; Reggie Ferraz – Photographer; Kathy Norris – VIA; Jorge Meza – HBW Advisory Service; Elaine Wright – The Wright Way to Feng Shui; Flo Lawrence – People Hunter
Welcome to the Santa Clarita Business Chamber of Commerce Business Spot Light right here on Santa Clarita’s Home Town Station AM 1220 KHTS.
Today I have with me in the studio Andrew Cohen, Lawyer. The subject today, I really like it, it is of estate planning. The reason I like estate planning is because you want to take care of your own business, at it is so important for overall financial goals. So tell us, what is estate planning? Estate planning is you planning for your life. It is a way to take everything you have earned and worked for and plan for your life while you are alive and to take care of your loved ones when you are gone. We are here for such a short amount of time and we want to leave a legacy. If you are not here to speak for yourself who does? The alternative is the Government Plan. You want to avoid that. The cost and the agony of it is too much.
So let us talk about it. Let’s break it down. So what are some of the basics, like the will. The will is actually a small part or estate planning. Good estate planning is based around a revocable living trust. And a trust enables you to control your assets while you are alive and lets you leave good instructions on how to distribute and transfer wealth. When you are alive you can do whatever you want with it. You can set it up for lifetime planning. You can protect your kids from creditors or future ex-spouses. You never know if you give your kids a lot of money in inheritance, you wouldn’t want someone to take advantage of it for the wrong reasons.
I believe if you have children, you need estate planning. Say something happens to you, who is going to raise your children. If you have nothing in place, it will be up to the court. Say you have 3 brothers or sisters, just because one of them has more money, that doesn’t mean that they are better for your children.