“Estate planning is thinking about how to prepare so that if you are incapacitated, or you die, you have a plan in place,” says host and estate planning attorney, Liz Smith. In today’s episode, Liz takes a deep dive into how trusts work and explains the importance of planning for the end of life.
One of the most commonly discussed topics in Liz’s career is incapacity. She has seen too many times the consequences of not planning for unexpected events. Many young people often think they can put off thinking about the end of life, but in reality, you just never know when tragedy may strike. According to Liz, the first step you want to take is to designate power of attorney to someone you trust ASAP. Many clients are concerned about the potential gray area when it comes to incapacitation, but Liz explains that it would take inputs from several physicians to determine whether or not you are capable of making your own decisions. Even though you may feel like you have enough trust in your family, it is required to have some form of legal documentation in order to pass decision-making responsibility onto someone else. Liz can’t stress the significance of getting this process started now to save you or your family time and money in the future.
Tune into the first solo episode of the What’s Next podcast for a conversation with Liz Smith about end-of-life preparation. Expand your knowledge about planning for power of attorney, wills, and trusts so that you can better protect yourself from anything life may throw at you!
Quotes:
Links:
For all of Liz Smith’s resources give her a like on Facebook: https://www.facebook.com/lizsmithlaw
Free AK Power of Attorney: https://courts.alaska.gov/shc/family/docs/poa-booklet.pdf
Free AK Healthcare Directive: http://dhss.alaska.gov/dph/Director/Documents/advancedirective.pdf
Five Wishes: https://fivewishes.org/
Dementia Directive from End of Life Washington: https://endoflifewa.org/tools-for-planning/dementia-directives/
Dementia Directive from Dartmouth: https://sites.dartmouth.edu/dementiadirective/
Webinar regarding end of life planning - with Vance Sanders and Liz Smith, hosted by the Foundation for End of Life Care: https://www.youtube.com/watch?v=NXNrgVg6AWI
Ramit Sethi Podcast, I Will Teach You to be Rich: https://www.iwillteachyoutoberich.com/podcast/
Podcast production and show notes provided by HiveCast.fm
How Will I Make Healthcare Conversations for You? A Personal Conversation Between Liz Smith and Her Mother and Aunt
Capturing Family Stories: A Legacy Conversation Between Liz Smith and Her Mother
How to Prepare Your Family for Your Memorial Service (And Theirs)
Planning Ahead for Your Funeral, a Gift to Your Family!
Estate Planning Awareness Week 2
Grief: Resources to Cope With Our Own Loss and to Support Our Friends and Family Going Through a Loss of Their Own
Estate Planning Awareness Week
Navigating the Social Security Retirement System with Cynthia Gibson, CFP Cynthia Gibson, Certified Financial Planner
Sustainable and Responsible Impact Investing with Jonathan Thomson, CFP, CSRIC
Taxes, Capital Gains, Community Property, Basis, and What to File After Someone Dies
Navigating Logistics After a Sudden Loss...and What Comes Next
Launching Our Parents at the End of Their Lives (And Other Thoughts About Navigating the End and Healing)
What’s up With the Markets? Switching From Saving to Preserving in Retirement, Inflation, and Working With a Financial Advisor
Navigating Care in Alaska with a Care Coordinator Heidi Young
Cyber Security: Protecting Your Digital Identity & Legacy
The Whale Whisperer Who Grew Up On Shelter Island
The Third Option: Human Body Composting
Learning About the State of Alaska‘s Long Term Care Ombudsman
Hospice and Home Care Services in Juneau, Alaska
Working With a Professional Personal Representative or Trustee
Create your
podcast in
minutes
It is Free
The Meaningful Life with Andrew G. Marshall
The No-Frills Teacher Podcast
Heal, Survive & Thrive!
The Jordan B. Peterson Podcast
The Mel Robbins Podcast