#40 Securing Your Estate: An In-Depth Look at Probate and Wills

10/01/24 • 15 min

What happens to your assets after you're gone? Join us for our 40th milestone episode of the Fiscal Physical Podcast, where Aaron Hoisington and Ryan Nelson guide you through the essential aspects of wills and the probate process. We'll cut through the legal jargon to provide a clear understanding of how a last will and testament can safeguard your wishes, and explain the often confusing probate procedure. Dive into why consulting an estate planning attorney is crucial for either setting up a will or a trust, potentially sparing your loved ones from a drawn-out probate process.
Navigating multiple marriages and blended families in estate planning can be a minefield, but we've got you covered. Ryan Nelson shares his personal strategies for setting up beneficiaries and transfer of death designations, even touching on the creation of holographic wills as a stopgap measure. Plus, we indulge in a lighter conversation about our love for sports—from the Green Bay Packers to local college teams, capturing the excitement of live events. Remember, while our insights are invaluable, they're for informational and entertainment purposes; always seek personalized advice from qualified professionals tailored to your financial needs.

Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk

If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!

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Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk

If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!

Previous Episode

#39 Preparing for Tomorrow: The Ins and Outs of Long-Term Care

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How prepared are you for the inevitable complexities of aging? We kick off this episode by confronting a common oversight: long-term care needs, particularly among individuals in their mid-30s. Ryan Nelson joins us to emphasize the critical importance of early planning. From understanding what Activities of Daily Living (ADLs) entail to recognizing that regular insurance often doesn't cover long-term care services, we break down why this aspect of financial planning should be a priority. Licensed insurance professionals can offer invaluable guidance, and Ryan underscores the importance of differentiating between insurance and investments in a well-rounded financial strategy.
Planning for the future can be daunting, especially when it involves predicting long-term care costs. Did you know that around 70% of people over 65 may require long-term care? We dive into scenarios where substantial savings might allow one to self-insure versus relying on federal resources like Medicaid. Evaluating your personal financial situation is crucial in determining whether purchasing long-term care insurance is the right move for you. We explore the benefits and drawbacks of self-insuring versus opting for external insurance policies, offering insights to help you make an informed decision.
Fascinated by demographics? You'll love our trivia segment on the median age in the United States and Japan. Discover why the median age in the U.S. is 38.9 years and why it's significantly higher in Japan at 49.9 years. We also clarify the difference between median and average, explaining why the median is often more useful in financial contexts. As always, we encourage you to subscribe, leave ratings, and explore additional resources like the Alchemy Wealth Management website and the book "Fiscal Physical." Join us as we stay informed and prepared for the financial aspects of aging.

Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk

If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!

Next Episode

#41 Strategic Trusts: Securing Your Financial Future

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Ever wondered how financial trusts can simplify your life and secure your assets? In this episode, we promise you'll gain a clear understanding of what trusts are and how they function. Join us as we chat with Ryan Nelson, the founder of Alchemy Wealth Management and author of "Your Fiscal Physical." Ryan breaks down the complexities of financial trusts, making them accessible and easy to understand. He elaborates on the benefits of revocable living trusts, providing the flexibility to manage your assets while still alive. Plus, he stresses the importance of consulting with an estate planning attorney to ensure everything is set up correctly.
But that's not all—get ready to be inspired by Ryan's incredible journey of embracing risks. From the physical challenges of Ironman triathlons to a daring career shift from engineering to financial advising, Ryan’s experiences are nothing short of motivational. Hear about his adventures, like studying abroad in Costa Rica without knowing the language and moving to Reno with limited resources. These stories highlight how taking calculated risks can lead to life-changing and rewarding outcomes. Tune in to glean both financial wisdom and life lessons from someone who has truly walked the talk.

Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk

If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!

The Fiscal Physical Podcast - #40 Securing Your Estate: An In-Depth Look at Probate and Wills

Transcript

Speaker 100:00:01.965

Welcome to the Fiscal Physical Podcast . Join us each week as we sit down with the founder of Alchemy Wealth Management and author of your Fiscal Physical , Ryan Nelson . Tune in to gain valuable insights and practical tips as we simplify complex financial concepts into digestible lessons . From budgeting to retirement planning , this podcast is your go-to resource for mastering financia