Adventure and Journey - Episode 4
I am so grateful for friendships, both old and new!
It was hard leaving friends behind in Fallbrook, but Lake Havasu has been so welcoming. Instantly, I've made fast friends with people from our new neighborhood and our RV Resort.
I love hearing the stories of what brought others to The Lake. It's a big leap to move from the comfort of a community you have known for years to move to a new location that is quite remote.
Above image: Sandi, Patty, and Marianne. The View Point Cadre girls!
It's friendships and activities that are keeping my sanity in check.
Below image: Dale, Diane, Mike, Marianne, and Nolte. The “Crew” at Havasu Falls RV Resort
While we build our new home, Nolte and I are living in what I refer to as The Tin Can. The Tin Can is our 25-foot toy hauler trailer. To conserve space we originally only brought one chair with us. However, after eating too many meals standing in front of the tiny kitchen sink, I'm pleased to state I now have a chair inside the Tin Can. Life is good!
While on our Adventure and Journey, we have both navigated many personal and business changes. I've moved my business out of state, we have purchased a new property and sold our California home. With other family dynamics in play, Nolte and I determined it was time for updated estate documents. This resulted in me reaching out to our Estate Planning Attorney Colleen Robinson, Esq.
Estate Planning is an essential part of your overall financial plan providing documentation of your wishes regarding various properties and assets.
Right off the bat, I want to state that I feel the business life of an Estate Planning Attorney may be a bit lonely. Few people want to face and talk about their potential death or incapacitation. Nolte was no exception. He wasn't keen on addressing future healthcare, funeral arrangements, etc. However, he graciously let me take the lead and now our estate plan is in good order.
When I contacted Colleen, she was able to refer me to a colleague who could assist with my Arizona business documentation, and she helped us establish an all-new trust, wills, and power of attorney for both healthcare and finance.
It is a huge relief to me to now have new estate documents in place! Nobody can predict when something catastrophic is going to happen. I didn't want to begin setting up our new lives in Arizona only to have our world crash down because of loose ends regarding estate documentation. Ahhh, a big sigh of relief :)
Escrow and Estate Document Tip
I am not a procrastinator. I love to plan and work ahead on projects whenever possible. However, while setting up the new trust, I learned an important tip. Escrow agents do not want a new trust entwined with an active escrow. If you have a current trust, do not sign a new trust until escrow closes.
Colleen was careful to ensure we had all estate documents drafted, reviewed, and read, but we did not sign the new documents into effect until escrow closed on our CA home. To make everything simple, Colleen's husband is a notary. We met the day our escrow closed and signed all documents into active status. How easy!
Trust and Wills
Previously, I wrote a blog post titled Homeowner Trust as Additionally Insured, where I tapped Colleen for input about the purpose of a trust and will. Her key comment about a trust is, “A trust is a legal entity that holds/owns assets for the benefit of the trustors/beneficiaries. For a trust to be valid, it needs to own assets, otherwise, it’s empty” (Robinson, 2023). A will provides documentation of your wishes regarding various properties and assets.
Estate Planning tips for when you move, by Colleen Robinson, Esq.
You’ve moved to your new house! Congratulations, perhaps that’s a new state, a new neighborhood, across the country, or just a few hours away. There is a lot that goes into moving regardless of how far away it is. However, have you given any consideration as to the potential impact of your move on your estate plan (if you have one)? (Robinson, 2023)
This is the perfect opportunity to pull out your Estate Planning Documents and have them reviewed. When was the last time they were reviewed? A few years ago? A few decades ago? Were your children minors? Do you have the same assets as when you first created the plan? Is that new house in your trust, if you have a trust? There are many considerations a new move may have on your plan and it may be time to make some changes to reflect your new move. (Robinson, 2023)
For example, some states may have different requirements and additional documents that may be helpful to you and your family depending on your Estate Planning goals. Make an appointment with a local Estate Planning Attorney, who will balance the location of your assets, your beneficiaries, and your trustees (or executors if you have a will-based plan), and local state laws with the potential need to make any necessary changes. (Robinson, 2023)
If you don’t have an Estate Plan, this is the time to get that accomplished! You have just bought a new house, which is the largest investment most Americans make during their lifetime. It’s time to protect that asset in the event of your death and incapacity. (Robinson, 2023)
An excellent Estate Planning Attorney will meet with you to discover not only your planning goals but also your financial goals (we are not financial planners but we need to be aware of the plans you have in place) as well as learn about your family. A great Estate Plan will marry all those goals and dynamics together to preserve what you have worked so hard to accomplish. So if you have been meaning to get this done, this is also the perfect opportunity to do so. (Robinson, 2023)
Conclusion
An important quote from Estate Planning Attorney Colleen Robinson, "Moving is stressful and requires a lot of work but it can also be extremely rewarding. This may be the perfect time to breathe new life into your Estate Plan. There may be new state laws that would benefit you and your family, so take the time to find a local attorney and meet with him/her and see if your Estate Plan needs some fine-tuning." (Robinson, 2023)
Do you have financial questions?
Please reach out:
Marianne Martini Nolte, CFP®
Imagine Financial Services
Website, www.imaginefinancialservices.com
Email, mnolte@imaginefinancialservices.com
Phone, (760) 472-5155
Do you have estate questions?
Contact:
Colleen Robinson, Esq.
Landon, Rainwater, and Robinson LLP
Website, www.protectyourfamily.law
Email, colleen@protectyourfamily.law
Phone, (951) 200-3079
About the Author
Marianne Martini Nolte, CFP® provides tax-savvy investment management and financial planning for women.
Contact Imagine Financial Services to learn about the services provided and associated costs.
If you want to schedule a complimentary meet and greet with Marianne Nolte, Certified Financial Planner™ click this Calendly link
Subscribe to the Imagine Financial Services monthly Newsletter HERE.
To stay informed on a variety of topics, subscribe to the Imagine Financial Services YouTube Channel.
