On January 18, 2024, many IWCF members and guests braved icy roads and winter weather to attend the first IWCF educational event of the year. They would not be disappointed.
Shaila Buckley, the founder of Shaila Buckley Law and law partner, Rachel Murphy, shared essential information about estate planning in a clear and easily understood presentation.
Whether members were very knowledgeable about financial and estate planning or knew very little about the subject, they all gained very useful and important information.
“Estate planning is something everyone should do.” “Estate planning provides piece of mind for you and people you care about by protecting your loved ones, your values and your assets.”
- Name a guardian for your minor children. “You know your children better than anyone else.” If you don’t name one, a court will make the decision for you.
- Set up inheritance trusts for your beneficiary or beneficiaries. Trusts protect your inheritance in the event of a divorce, credit issues, etc. Trusts allow you to keep assets in the family.
- Put documents in a separate account.
A surviving spouse or others have access to funds but cannot change the distribution provisions.
A surviving spouse or others have control of funds and can change distribution provisions.
Charitable Giving : Another Tool for Estate Planning
-Arrange to have RMD’s (Required Minimum Distributions) sent directly to charities
-Name a charity or charities as the beneficiary of a tax deferred retirement account
-Gift highly appreciated stock to a charity
Shaila Buckley and Rachel Murphy provided each participant with a copy of their book: Estate Planning for Idahoans: Wills, Trusts and Everything Else You Need to Take Care of Yourself and Your Loved Ones
We thank them for their generosity. Their book will be a valuable resource for us.
Note: Lisa Derig, founding partner of Headwaters Wealth Management and IWCF member, was scheduled to be one of the presenters. She became ill the night before the event. We are sorry that she wasn’t able to join us.