InfoAugust 29, 2014 · Financial
Singer James Brown Inspires Financial Adviser Steve Juetten to Offer Estate Plan Tips
Inspired by the recent movie “Get On Up” about rock icon James Brown, fee-only financial adviser Steve Juetten suggests that the most common estate planning mistakes can be overcome with a just a few soulful song titles to remind and inspire them.Press Release VideoLoading the player...Details(prREACH)
The recent release of the movie biopic "Get On Up" about the life and times of singer/songwriter and rock icon James Brown inspired fee-only financial adviser Steve Juetten to think about the most common estate planning mistakes he sees people making and how to avoid them.
Juetten was inspired to create this list of estate planning blunders because the multi-million dollar estate of Mr. Brown has been tied up in multiple lawsuits since he died almost eight years ago. Not a penny has been distributed to any of the beneficiaries named in Mr. Brown's will, including a trust that he set up to provide education funding for dis-advantaged youth in Georgia and Tennessee.
Borrowing from James Brown's song titles, here are five common estate planning mistakes:
- "Get Up Offa That Thing". The most common mistake according to Juetten is that too many people don't have even the most basic estate documents. According to Juetten, "About half of working people have a will and only about 30% under age 34 have one." Yet, it's not that complicated Juetten says, "We all need at least four documents: a will, medical power of attorney, regular power of attorney and a medical directive. Husbands and wives both need these basic documents."
- "There Must Be a Reason". Juetten cautions, "Think about your estate from all angles and choose a good executor that will carry out your wishes effectively and efficiently. There should be a good reason for every part of your will or trust."
- "Out of Sight." People forget about their pets in their estate planning. Actor Lauren Bacall recently passed away and she divided her $26 million dollar estate to her three children, but still left $10,000 to her dog Sophie. She was thinking about her total estate and made sure that her dog was not out of sight and out of mind when she was no longer around.
- "Money Won't Change You." Juetten hopes Mr. Brown was being ironic in this song title because he knows from working with clients that money can definitely change a person. To prevent large sums passing to younger adults from affecting young adults, Juetten recommends that clients consider trusts to pass on money at different ages, for example, when a descendant becomes age 21, age 25 and 30.
- "Papa's Got a Brand New Bag." Life changes happen, Juetten notes. "People get married, have children, start and stop jobs, get divorced, remarried, partners pass away, and all of these life events need to be reflected in your estate documents. Update your documents when something changes in your life and don't procrastinate. Make the changes right away."
Mr. Juetten states, "The "Payback" for effective estate planning is peace of mind and confidence that your wishes will be carried out after you're no longer around to watch over your assets. If you don't want your heirs to become "Super Bad" fighting over assets or "Waiting in Vain" for he courts to settle things, then "Please, Please, Please" take care of your estate plans now."
About Fee-Only Financial Adviser Steve Juetten
Fee-only financial adviser Steve Juetten works with a select group of working professionals to help them create, implement and maintain their personal financial plans. The author of Smart Money Rules™ Little Green Book he is also a CERTIFIED FINANCIAL PROFESSIONAL and the Managing Member and Principal of Juetten Personal Financial Planning, a fee-only Registered Investment Adviser firm in Bellevue, Washington. Steve and his team work collaboratively as trusted advisors to help their clients achieve their financial goals and don't sell products or take commssions. Learn more at http://www.finpath.com.LinksImagesContact
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