James Kroshus discusses the importance of long-term care & estate planning
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-james-kroshus-president-of-treasure-valley-retirement-shield-discussing-long-term-care-estate-planning/
James emphasized the importance of having a trust in place to avoid the costly and lengthy probate process. He shared real-life examples, including a case where an attorney charged exorbitant fees for a trust that wasn’t properly funded, leading to significant financial loss for the heirs. He also highlighted the dangers of not having a co-trustee, which can result in family assets being transferred to unrelated parties.
In the journey of life, one inevitable truth remains: none of us can escape death. While this may seem a morbid reality, it serves as a powerful reminder of our responsibilities to those we love. As discussed in a recent podcast, the act of planning for the future of our loved ones is not merely a legal obligation but a profound expression of love and care. The conversation highlighted the necessity of estate planning, emphasizing that those who love others should take proactive steps to ensure their well-being even after we are gone.
The essence of estate planning lies in its ability to safeguard the future of our loved ones. When we pass away, the impact of our decisions—or lack thereof—can resonate through generations. If we fail to plan, we risk leaving our family members with the burden of navigating complex legal and financial landscapes during an already difficult time. As the podcast host pointed out, “If we mess it up, we mess it up for our kids.” This sentiment underscores the importance of taking the time to create a comprehensive estate plan, one that reflects our wishes and provides for our family’s needs.
For those who have loved ones they wish to protect, the first step in the estate planning process is to connect with a knowledgeable attorney. The podcast featured James Kroshus, an expert in estate planning, who provided valuable insights into the process. He emphasized that reaching out to professionals can help individuals navigate the intricacies of estate planning, ensuring that their assets are managed according to their desires. As James stated, “When you love someone, you plan.” This simple yet profound statement encapsulates the essence of why estate planning is essential.
One critical aspect of estate planning is the establishment of a trust. However, creating a trust is only part of the equation; funding that trust is equally vital. A trust that is not adequately funded can lead to complications, including the potential for probate, which can delay the distribution of assets and increase costs. By ensuring that a trust is properly funded, individuals can protect their assets, minimize expenses, and ultimately provide peace of mind for their loved ones.
James shared: “Experience is our greatest teacher. experience is more valuable than titles, designations, or certificates hanging on a wall. there is no substitute for wisdom created by years of experience.”
In conclusion, the importance of funding your trust cannot be overstated. Proper estate planning involves not only creating a trust but also ensuring that it is adequately funded to avoid the pitfalls of probate. By taking this crucial step, you can protect your assets, minimize costs, and provide peace of mind for your loved ones. As highlighted in the discussion with Jim, working with the right attorney can guide you through the process of funding your trust, ensuring that your estate is managed according to your wishes and that your heirs are shielded from unnecessary complications. Ultimately, proactive estate planning is an act of love for your family, allowing you to leave a legacy that is both meaningful and well-preserved. By taking the time to plan effectively, you can help safeguard your family’s future and maintain the bonds that matter most.
About James Kroshus
James has devoted his life to assisting, clients, friends, and family by protecting their assets through insurance and estate planning. James has been in the world of finance and insurance since 1979. As James matured right along with his clients, James became painfully aware of the need that comes at the other end of rainbow, when remaining assets are passed to the next generation. His focus expanded beyond just protection and accumulation to the distribution of wealth after the passing of a loved one. With over 45 years of experience, James has nearly seen it all.
For more information, go to: http://jameskroshus.com/ or call 775-233-2203
Recent News & Interviews:
- James Kroshus discussed Achieving Financial Peace of Mind https://authoritypresswire.com/james-kroshus-president-of-treasure-valley-retirement-shield-interviewed-on-the-influential-entrepreneurs-podcast-discussing-achieving-financial-peace-of-mind/
