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Sound Financial Group - Bothell, Washington


SFB012 Planning For Your Future and Beyond

| May 09, 2016
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Episode Summary

Sound Financial Group (SFG) is excited to Welcome you to Sound Financial Bites, where we bring you bite sized pieces of financial knowledge to help you design and build a good life. In the 12th episode, Paul Adams, CEO and President of Sound Financial Group, chats with Thomas (Tom) Lofton, an attorney in the Estate and Business Planning arena located near Seattle, Washington, licensed in Oregon, and a member of the Wealth Council. Tom’s client services include wealth counseling, estate planning, business structuring, probate, trusts, tax solutions, etc. He represents the law firm of Oseran, Hahn, Spring, Straight, and Watts P.S. Tune in to hear answers to questions people have in regards to planning for their future and beyond. 

What Was Covered

  • 04:16 - What happens to your kids if you are incapacitated or never make it home?
  • 05:40 - How to implement a Care Giving Plan.
  • 06:01 - Why doesn’t the Last Will and Testament help if you become debilitated?
  • 06:57 - Why you need to have an emergency plan legal documents.
  • 08:16 - Your babysitter should have authorization on the HIPPA document.
  • 09:14 - If you don’t have a plan in place, your kids will go to the Health Care Authority.
  • 10:45 - Make sure you have a backup parent that is close to home, as to not disrupt the child in case of you
  • 13:30 - When should you start your Estate Planning?
  • 14:56 - What’s the difference between a Will and a Trust?
  • 16:00 - How does a Uniform Trust of Minor Account function?
  • 17:14 - Why a back-up parent is essential.
  • 20:56 - What happens if you die without having a Will?
  • 22:25 - Why your assets could be frozen.
  • 24:24 - What are the 3 routes to avoid probate costs?
  • 25:30 - How does a Living Trust work?
  • 30:45 - What’s Federal Estate Tax?
  • 33:00 - Nobody will show up at your door when your spouse passes; you need to know the law.
  • 34:51 - What three people have you chosen to implement your plan?
  • 36:16 - What is the #1 Rule when it comes to Estate Planning?
  • 37:11 - How often should you update your Will?


"If something happens to you, who would take care of your kids?"

"If you have minor children you are going to need a Trust."

"Nobody will show up at your door when your spouse passes; you need to know the law."

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