Estates and trusts for the rest of us

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Estates and Trusts for the Rest Of Us BY RENEE MICHEL, MBA, AND JOE SWEENEY, CFP® , FINANCIAL ADVISORS AT SWEENEY & MICHEL, LLC

“Estate Plan” really is a terrible term. I’ve got images of marble busts, a dusty map, and wrinkly rich people leaving a fortune to their chihuahua.

Still, “Do you have a trust?” is probably a question you’re asked when meeting with your CPA, advisor, or banker. In short— they’re asking about your estate plan, because if you don’t have one, California will, and it’s not pretty.

Modern estate planning deserves some respect and attention; it’s so much more than “who gets your bucket when you kick it?” Having a plan in place is the first step in making sure your wishes (during and after life) are carried out as you’d like. Some keys points are:

Who: Who will sell the house or speak for you when you can’t?

How: How should we direct assets in a blended family or provide to the charities we love during and after our lives?

It also outlines where the assets are, when they can be accessed, and why.

The why is where it’s really valuable.

Many people assume their children and/or beneficiaries will read the words in their trust and simply follow through on their wishes with kindness and love. Unfortunately, that’s not always the case. Estates are contested every day in our state for one reason or another.

Sharing with family as you build or revise your estate plan goes a long way with heirs. We’ve seen it firsthand. It’s an opportunity to have meaningful discussions about your journey, values, legacy and lessons learned along the way. The conversation costs nothing but is worth its weight in gold.

If you’ve got questions about how estate plans impact your finances, feel free to reach out. We’re happy to discuss them with you and help you find a great attorney if you don’t have one already.

Renée Michel, MBA and Joe Sweeney, CFP® | 196 Cohasset Road, Suite 100, Chico CA 95926 (530) 487-1777 | renee@sweeneymichel.com | joe@sweeneymichel.com | www.sweeneymichel.com

This is not tax advice. | Sweeney & Michel, LLC is a Registered Investment Adviser. This brochure is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Sweeney & Michel, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Sweeney & Michel, LLC unless a client service agreement is in place.