Table of Contents

• Here’s the lineup of the Estate Planning Series:

• The Basics: What is an Estate?

• What is Estate Planning? 

Here’s the lineup of the Estate Planning Series:

1. Estate Planning Basics: Wills and Trusts - Discover the foundational elements of any solid estate plan, why they matter, and how to start crafting your own.

2. Designating Your Legacy: Beneficiaries, Guardians, and Executors - Learn how to ensure your assets and loved ones are cared for exactly as you wish, by designating the right people for the right roles.

3. Advanced Planning Tools: Life Insurance and Real Estate Trusts - Dive into the more nuanced tools of estate planning that can protect your assets and save your family time and money.

4. Healthcare Decisions and Powers of Attorney - Tackle the tough topics of health care directives and powers of attorney to keep you covered in any situation.

5. Asset Protection and Medicaid Planning - Explore strategies to shield your assets from unforeseen events and ensure eligibility for care without draining your resources.

6. Understanding Estate and Gift Taxes - Navigate the tricky waters of taxes to maximize what you can pass on to your loved ones while minimizing the IRS’s cut.

7. Estate Administration and Closing Your Estate - Get a clear picture of what happens after you pass and how to streamline the process for your executors.

8. Estate Planning for High Net Worth Individuals - For those already well on their way to amassing significant wealth, discover tailored strategies to protect and perpetuate your financial legacy.

So stay tuned, and let’s get this planning party started! 🚀💼

The Basics: What is an Estate?

Wondering what makes up your estate? It's not just about the big stuff; it encompasses everything you own - from your living room sofa to your LinkedIn profile. Here’s a quick rundown:

• Your Belongings: This includes all your personal possessions - furniture, gadgets, jewelry, cars, and real estate. Surprisingly, these items can add up in value quickly. And, without a spouse, they could default to your parents in many parts of the US.

• Retirement Accounts: Yes, your 401(k), IRAs, and other retirement savings are part of your estate. They play a key role in planning for your future.

• Life Insurance: Any personal or employer-provided life insurance policies you have are also part of your estate.

• Pets: Your pets are considered part of your estate too. It’s vital to plan for their care, ensuring they’re looked after in case anything happens to you.

• Children: If you have kids, appointing guardians is crucial to avoid legal battles. You can also set up trusts to manage their inheritance.

• Digital Assets: Your online life, including social media and digital accounts, is part of your estate. Decide who gets access and how these assets are handled.

• Sentimental Items: Items with sentimental value, even if not monetarily significant, should be considered in your estate planning. Deciding their fate ensures they end up with those who value them most.

What is Estate Planning? 

Estate planning? It's like crafting your personal legacy blueprint. In simpler terms, it's deciding who gets what from your life’s collection and how they get it. Perfect for Millennials and HENRYs (High Earners, Not Rich Yet) who are navigating the great wealth transfer. Let’s dive in with language that feels more like us.

Who’s Getting Your Treasures? 🏡👶

This is all about pinpointing who gets your stuff and who’ll step up if life gets twisty. From your sneaker collection to your Spotify playlists, and yes, even who'll take care of the kids or fur babies. It’s your say on safeguarding your assets and ensuring your loved ones are looked after.

Where’s Everything Going? 🎁

With estate planning, you’re the director of where your prized possessions land. That could be leaving your vintage guitar with a sibling or donating part of your estate to the shelter where you found your dog. It’s about placing what you value where it matters most to you.

Smooth Sailing: How It All Unfolds 🚀

Estate planning is your playbook for making sure things go according to plan without causing a headache for your loved ones. It outlines everything from trusts that give your kids a financial head start to tricks for keeping your estate out of the lengthy probate process. It’s about making your legacy last with the least amount of fuss.

Why It Matters for You

For Millennials and HENRYs stepping into significant wealth, estate planning isn’t just smart; it’s essential. It’s how you protect what you’ve worked for and ensure it supports the people, pets, and causes you care about when you’re not around. Think of it as the ultimate form of adulting – taking charge of your future and leaving a mark that matters.

Wills: Your Personal Legacy Blueprint

A will is essentially your voice from beyond, detailing who inherits your assets and who's in charge if things go sideways. Without a will, you're leaving the fate of your hard-earned assets up to state laws, which might not vibe with your personal wishes.

Crafting Your Will: Begin by cataloging your assets. Yes, everything counts: your tech gadgets, your online presence, even your sneaker collection. Next up, think about the key players: who inherits, who executes your wishes, and if you have kids or pets, who steps in as their guardian. Given the legal nuances, touching base with an estate planning attorney isn't just smart; it's essential. They'll ensure your will is not only valid but also airtight. 📝

Trusts: The Elite Strategy

Trusts take your estate planning to the next level, offering a more controlled, efficient way to manage and distribute your assets. They're like having a personal assistant for your estate, handling everything exactly how you'd want, often bypassing the need for probate court. 🛡️

Revocable Trusts: Think of a revocable trust as your flexible friend. It allows you to keep control over your assets while you're alive, with the option to alter the trust as your life evolves. This flexibility is perfect for the dynamic lives of Millennials and Gen Z, ensuring your estate plan can grow and change as you do.

Irrevocable Trusts: On the flip side, irrevocable trusts are set in stone. Once established, you can't change them, but they offer significant benefits, like protection from creditors and potential tax advantages. It's a trade-off: control for security.

Setting Up a Trust: Decide which assets go into the trust, who benefits, and who will manage it (your trustee). This process can be intricate, highlighting the importance of consulting with an estate planning expert to tailor your trust to your specific needs and goals. 🔒

Here is where to begin:

Curated For You

• Estate Planning Basics

• Insight On Estate Planning

• 5 Steps To Create An Estate Plan

Read past editions here

Noyack Wealth Weekly is the leading wealth management newsletter published by CJ Follini & Noyack Wealth Club, a nonprofit dedicated to free financial literacy for younger generations. Feel free to tell us what you think of our little newsletter.