Thread by @frazerrice

You need to get your estate plan in order- what does that mean?
Some Basics . . . 1/x

When Should You Update an Estate Plan?

-Marriage
-Birth
-Divorce
-Death
-Job Change / Retirement / Business Sale / Windfall / Relocation
-Change of Law
2/x

5 Estate Planning Docs Everyone Needs:

-Will
-Living/Revocable Trust
-Durable Power of Attorney
-Advanced Medical Directives
-Letter of Instruction / Letter of Intent
-Contact List of Important People
3/x

Good Estate Planning Practices

-Pick Good Trustees/Fiduciaries
-Contact List
-Document Repository
-Asset Inventory (& access information)
-Communication with Those Affected
-Consistent Fire Drills
4/x

Powerful (but Underappreciated) Estate Planning Tools

-Charity
-Paying for Education or Medical Expenses
-Annual Gifting
-Intrafamily loans
5/x

Threats to Watch

The “Usual Suspects”
-Bad Investments
-Taxes
-Geopolitical Issues

The ACTUAL Threats (The 4 C’s)
-Consumption (and other bad habits)
-Communication
-Creditors
-Concentration
6/x

Asset Protection (h/t @IKE_DEVJI )
Good Practices

1) Identifying the risks around daily life (and business)
2) Being a good citizen & acting responsibly
3) Avoiding behavior that causes harm & litigation
4) Putting in processes and procedures around riskier behavior (7/x)

Asset Protection (Cont.)

5) Insurance against risks you can identify ($$$)

6) Putting structure around wealth (Roadblocks or speedbumps for creditors)

-BTW, Things that can be good tax planning may not be good asset protection planning!
(fin/x)

(h/t @PeterLazaroff @TheRudinGroup @InvestSense @PeterMallouk @billsweet @ritholtz @preston_mcswain)
#Estateplanning #fintwit #wealthmanagement