OGCatMan retweeté

If you die without a plan...
- The government takes 40% in tax
- Probate court costs $100k+
- Your kids get the scraps
If you love your family, here's every document you need to protect them:
(from a CPA & father of two)
1) Emergency Access List
This should include:
-> All bank account numbers
-> Investment account logins
-> Life insurance policies
-> 401k/IRA beneficiaries
-> Safe deposit box location
-> Password manager master code
Keep a digital & physical version for safety...
And make sure your spouse has access.
2) Legal Documents
-> Will (name guardians for kids)
-> Durable Power of Attorney
-> Healthcare Power of Attorney
-> Living Will/Healthcare Directive
Setting all of this up costs about $500...
($1,500 with an attorney)
But without them, the state decides everything.
3) Money Protection
Your family will need time to mourn.
Make sure they can do it without going broke:
-> Term life insurance (10x income)
-> Emergency fund (6-12 mo in a HYSA)
-> Retirement accounts with spouse access
4) The "First 48 Hours" Sheet
Write down clear instructions for your family:
Call this attorney: [Name/Number]
Call this CPA: [Name/Number]
File life insurance claim here: [Details]
Don't touch investments for 6 months
All bills are on autopay from [Account]
Grief destroys decision making.
This protects them.
5) Business Owner Addition
If you have a business, set up:
-> Buy sell agreements
-> Key person insurance
-> Business succession plan
-> Separate LLC owned by trust
If your company can't survive without you...
It's a 9-5 with extra steps.
6) Trust Setup
A proper trust can save your family $400k+ in probate costs.
But 90% of them are set up wrong:
-> Assets never get transferred in
-> Beneficiaries aren't updated
-> Pour-over will is missing
Here's how to fix that:
"Bulletproof" Trust System:
1) Revocable Living Trust
-> Avoids probate completely
-> Keeps finances private
-> Protects kids' inheritance
2) Pour-Over Will
-> Catches forgotten assets
3) Guardian Designation
-> Who raises your kids
-> How they get paid
Setting this up takes a weekend...
But ignoring it could cost your family everything.
So start before you're ready...
Because no one plans on dying.
Hope this helps!
Share with your spouse if you want to set this up...
And follow me for more 🤝🏻
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