Death Doesn't Discriminate Make a Plan Now

Let's talk about what end of life planning is.

Why is it a concern for you to get all this information and what do you need to do? So information without implementation is a waste of time.

So I hope by the end of the program tonight, you understand the importance of end of life planning and then you make a plan to either come into our office or call us with any additional questions that you have.

Now, 72% of women and 59% of men in a recent survey said they do not have an end of life plan.

The top reason cited for those that have not created a plan is they believe they do not have enough money to warrant one.

Now, if I told you that if you have about $209,000 in assets, you need an end-of-life plan, you might be shocked.

But that's the reality, that if you have about $208,850 in assets, meaning assets, Bank account, real estate, personal items, your car, jewelry.

If you add all those things up and it equals that amount or more, you need to have an end of life plan.

Now, a lot of listeners will ask me, well, I have a mortgage on my house.

Do I count the whole value of the house? Yes, you count the whole value of the house.

It doesn't matter if you have a loan.

Now, when you don't create an end of life plan, what happens? What is this plan that the state of California has? And why should we be concerned and not go through that process and create our own plan? Well, it's called probate court.

That is the plan that the state has for you.

And it is not ideal for many reasons.

One being that this process of probate court is extremely expensive.

So typically an attorney, a probate attorney, your family will have to hire one to go through this process, can charge under two ways, statutory fees and extraordinary fees.

Now statutory fees are based on the value of the estate.

So for example, the first 4% of the estate is they can take, I'm sorry, on the first $100,000 of the estate value, an attorney can take 4%.

On the next 100,000, they take 3%.

On the next 800,000, the attorney takes 2%.

And on the next 9 million, they can take a percent.

Okay, so this all adds up depending on the value of the estate.

But in addition to statutory fees, extraordinary fees are also included.

This means that if there's any litigation issues that the attorney has to deal with, if there's the sale of real estate and any other issues that arise through probate, the attorney can charge an hourly fee.

So if you add the statutory fees and the extraordinary fees, this becomes very, very expensive.

Let's talk about what end of life planning is.

Why is it a concern for you to get all this information and what do you need to do? So information without implementation is a waste of time.

So I hope by the end of the program tonight, you understand the importance of end of life planning and then you make a plan to either come into our office or call us with any additional questions that you have.

Now, 72% of women and 59% of men in a recent survey said they do not have an end of life plan.

The top reason cited for those that have not created a plan is they believe they do not have enough money to warrant one.

Now, if I told you that if you have about $209,000 in assets, you need an end-of-life plan, you might be shocked.

But that's the reality, that if you have about $208,850 in assets, meaning assets, Bank account, real estate, personal items, your car, jewelry.

If you add all those things up and it equals that amount or more, you need to have an end of life plan.

Now, a lot of listeners will ask me, well, I have a mortgage on my house.

Do I count the whole value of the house? Yes, you count the whole value of the house.

It doesn't matter if you have a loan.

Now, when you don't create an end of life plan, what happens? What is this plan that the state of California has? And why should we be concerned and not go through that process and create our own plan? Well, it's called probate court.

That is the plan that the state has for you.

And it is not ideal for many reasons.

One being that this process of probate court is extremely expensive.

So typically an attorney, a probate attorney, your family will have to hire one to go through this process, can charge under two ways, statutory fees and extraordinary fees.

Now statutory fees are based on the value of the estate.

So for example, the first 4% of the estate is they can take, I'm sorry, on the first $100,000 of the estate value, an attorney can take 4%.

On the next 100,000, they take 3%.

On the next 800,000, the attorney takes 2%.

And on the next 9 million, they can take a percent.

Okay, so this all adds up depending on the value of the estate.

But in addition to statutory fees, extraordinary fees are also included.

This means that if there's any litigation issues that the attorney has to deal with, if there's the sale of real estate and any other issues that arise through probate, the attorney can charge an hourly fee.

So if you add the statutory fees and the extraordinary fees, this becomes very, very expensive.