Why Estate Planning is the Ultimate Valentine's Gift

Valentine’s Day isn’t just for romantic love - it’s about any kind of love! 

Here at Gretchen Rehm Financial, I love operating my own, independent business. I love our community, and thinking of great ways that I can give back to it. I love our area teachers and all that they do for our children. I have lots of love to give, and Valentine’s Day is a great time to remind anyone you care about just how much they mean to you.

One way to show people that you care is through responsible Estate Planning. From protecting your children to giving funds to your favorite charity, a well-planned estate is a true gift from the heart.

What Is Estate Planning?

Estate planning is a phrase I rank up there with “Wealth Management.” It is a bit misleading. Just as you don’t have to be wealthy to deserve access to the benefits of a financial planner, “estate planning” isn’t a lofty term reserved for millionaires with big houses!

No matter what you make, what you own, or who you care about, there are matters in anyone’s life that should be handled before your death.

Estate planning is simply managing what will happen to your assets (cash, ownership in a home, car, property, business, etc.), as well as your kids if you have children under the age of 18. Estate planning is ensuring that your wishes are honored after your death.

Estate Planning to Help Protect Your Children

As a mother of three school-age kids, one of the things I think about, should my husband and I pass away suddenly, is what would happen to my children. By planning out our directives for guardianship, we can ensure that our kids go to the people who will care for them, and those people will have the funds necessary to raise our children. 

Even if you don’t have children under the age of 18, estate planning is also the perfect time to review your life insurance policies, be sure your beneficiaries (those who would be paid if you passed away) are in place correctly, and fully understand the steps that would be necessary to file a claim once you're gone. 

That way, not only are your children protected with a guardian of your choice, but they also have the financial ability to continue on to their future goals.

Estate Planning to Help Protect Your Wishes

No matter your marital or parenting status, someone will be left to handle your wishes once you have passed on. Even the most in-debt college student or young professional will likely have material possessions, pets, or wishes they’d like to see carried out once they are gone. 

Would you like your retirement balance to go to your siblings or perhaps a favorite charity? Estate planning helps you prepare these arrangements. 

If nothing else, someone is left with the financial burden of your funeral arrangements, burial or cremation, and organization/closing of your business, if you are self-employed. Prepare that person with a planned estate, so that no one is left wondering what you might have wanted, and instead will have a clear picture of your precise wishes.

Estate Planning to Help Protect Yourself

If you can’t motivate yourself out of a love for others, motivate yourself for yourself! That’s right, you may in fact be the one who benefits from careful and detailed estate planning. Do you have a Healthcare Directive? Do you have a power-of-attorney assigned, should you be incapable of making medical decisions for yourself? 

Questions like “Would you want to be removed from life support?” are very personal, and even those who love you most may not be able to make these tough choices, especially if they are in a state of grief.

By outlining your wishes ahead of time, you will not leave anyone (including yourself) suffering in a way you wouldn’t want to be.

Who Can Help Me Plan?

While I am happy to handle many of your financial matters, and my husband through Rehm Insurance can help you out with life insurance planning, you will likely need an attorney to handle items such as wills or power-of-attorney privileges. I am happy to make a qualified referral to someone local, if you call my office. 

Reach out anytime, and show love to those you care about, through Estate Planning!