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No Surprises: Estate Planning for your Family

Finishing Well / Hans Scheil
The Truth Network Radio
March 16, 2019 8:30 am

No Surprises: Estate Planning for your Family

Finishing Well / Hans Scheil

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March 16, 2019 8:30 am

John 14:2 says, “In my Father's house are many mansions: if it were not so, I would have told you. I go to prepare a place for you.” Jesus isn't just winging it, he has a plan for you and your estate. You shouldn’t wing it with your estate either. Having a plan in place and properly set up will save your family the frustration, confusion, and sadness of having to figure out your estate in their time of grief.


This week, Robby talks about his own personal situation regarding estate planning. His father is in his final stages of life, and Robby is going through and organizing this estate. Robby mentions he recently found out his father has an IRA, but he doesn't know who the beneficiary is. Hans mentions that the listed IRA beneficiary will trump whatever is in the Will. This means that if the IRA has Robby’s deceased stepmother listed as the IRA beneficiary, it will have to go into her estate and they will have to figure it out from there. This can be a very time consuming process. If there is a contingent beneficiary listed, then it will go to this person instead of the stepmother’s estates. This all gets really complicated, especially for your family trying to figure this out after you might be gone. Getting this sorted as soon as you can, and keeping up with it every few years, can really be beneficial for you and your family in the long run.


Hans and Robby also talk about life insurance, and how this money comes quickly and tax free. This is a great policy to have in place so your family is taken care of while the rest of your money, such as IRA money, is going through the estate.


How can you set up an estate so that your house does have many mansions? Proper planning is the answer. Don’t  forget, this probably involves talking to a professional.

Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on for free!


You can contact Hans and Cardinal by emailing or calling 919-535-8261. Learn more at

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You're listening to the Truth Network and Welcome to finishing well brought to you by Cardinal certified financial planner belonged to Schild, best-selling author and financial planner helping families finish well over 40 years of finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes.

Now let's get started with finishing well today show on fishing. Well, we are live with one voice and 1/2. I'm very excited actually about today's there's so much about this that biblical it's unbelievable to me. You know, one of my favorite verses in my house are many mansions writing and we think of our blessed assurance that can I go there to prepare, prepare a place for you right which indicated that Jesus is doing some planning, certified financial planner. I'm sure you can appreciate that you know Jesus didn't just winging it. He has a plan, a very sophisticated plan as far as your estate and so today show is kind along those lines is in my house are many mansions.

No surprises.

Right because you know my goodness, when you get into this this phase of life as you begin to understand you're going to get an inheritance from your parents and I'm actually in that phase right now.

It means so much to me that my father has really planned this thing and really wants to bless my life like Jacob and Esau are not using Isaac and Jacob in on Abraham, they all were very you know put a lot of planning and a lot of thought processing a lot of prayer undoubtedly to make sure that they bless their sons in such a way that they had an inheritance that would speak to whose they were yeah and with all the laws and stuff after the United States is. This is no easy thing to navigate right well were talking today about probate my voice is going. You may have to repeat some of the things I'm saying Robbie and were really talking about avoiding probate when we can. Were talking about get your act together while you're in your 60s and 70s so that when you get into your 80s and 90s, and you get to the end your life that things are orderly in their as you want them and try to do as little of that is possible through the probate process until today show over and talk about how we do that with have beneficiaries and transfer on death prior.

With these ideas that that you sent me actually part of the show to think about, you know what is your plan for the distribution of both your money in your assets. You know how do you want that to exactly go and if you're like me, the whole probate process is like a mystery in the idea of trust in all these things, just like oh that I'm navigate in waters that I'm really not all that sure about. And so it is really helpful to know that certain things are outside of that probate bucket, so to speak, and can be direct blessings to your children or to your heirs. That's a big part of the planning will.

It is, and so with like with life insurance.

Everybody knows is a beneficiary in for people even a very limited means you can buy a small life insurance policy and just leave a small amount of money to each one. Your children so that you can be assured of, knowing that your your children that you cared about them enough to pass on something and that I will promise you they will look upon it as a small small amount of money but the main thing about life insurance. As you begin to understand more about it is not only do you get the money without going through probate and you don't have to an attorney or somebody to figure out if you can get but it also comes tax-free right so I would literally quickly and so here comes this check for unit 5020. Whatever the amount may be to your beneficiary, but it also comes with no tax liability and their ability then to me and I'll use it for whatever they they may deem to and will and what a gift. And what a way to remember your prayer will I have a lot of clients that are on their second marriage in when they put their money together and knows can die first, and they've gotta leave all the money to the surviving spouse. And that's can it leave the children getting nothing in my recognization typically is to buy a small life insurance policy even if it's $10,000 and leave five or in to each kid just so when they come to the whole thing and they understand that all had to go to surviving stepmom that there's a check there for the inheritance.

It's just in. I will assure you that your kids will not look upon this it's it's it's it's just wonderful thing to do now and and as we found out just in my case today that another thing that doesn't go through probate is your IRAs because they also have a beneficiary and you know, here I am forcing with my father very close to passing on, and I found out just today actually know my goodness he eat.

It wasn't exactly sure who the beneficiary were on those IRAs and it would change a whole lot of stuff for a lot of people because those don't go through probate were just getting ready for the show and unmasking how he's doing and when the date is offering my help to me and all of a sudden he starts telling me that he discovered that a lot of his monies, IRAs, and I just said okay is the beneficiary and that set off all that you tell the rest of the story.

I said well I you know but since you said that I knew that with the state. That's not because I do realize my father had IRAs, you know, he that is in some that's one of the surprises were document you know that all of a sudden what's this, that and so I called him immediately and fortunately he still loosened and after that I was like that you know who the beneficiary is what I think it so-and-so, but it's no there through Edward Jones here make this phone call and so I called them and are as of this very moment. I don't know who the beneficiaries and that money could end up in a state and and actually have to reopen it. My stepmother's will and and also I mean them estate and all sorts of stuff can happen is a retaining stepmother's deceased.

If she's the beneficiary and she's deceased. It actually good have to go in your estate.

Unless, as a contingent beneficiary if there's a contingent and will just have to prove that she's deceased or she predeceased him and then file whoever it is down next. But if that's not all strata goes in the estate.

The estates can have to pay all the income tax and no income.

So you got a probate that because I have another estate was never probate and so that's what were talking about.

No surprises in understanding you know which II didn't understand that IRAs the beneficiary you know again it's got nothing to do with his will. It's is that beneficiary on that IRA. When you see that word come up in all suddenly changes things, but some can be said about your own bank accounts as well. Oh sure, most bank accounts have a transfer on death or TOD you want to repeat that Vanessa TOD Todd images tell you it most times accounts are not using those it's just skipped right over is an additional hassle for the banker, but all that means it works just like a beneficiaries you die.

If your spouse or another person is not on the account. They just pay the whole account balance out to the transfer on death. Whoever stated on the line, and so with that transfer that on death in place is not go to probate. There's no lawyers involved, or whatever. So you know, and I suppose you could put more than one person on any of these and so you know you want to separate you know, separated five kids without a lot of hassle through probate and all that stuff gets what they're in your you know bank accounts you know you can you can ask your banker wow I drive a transfer death thing on my account and which you do have that you just did know they never filled out, I wouldn't. I have lots of accounts. I never thought about it for one minute on what most salespeople, including me, have ADD that's what I have other people fill out applications.

I have assistants to see that in when they're in a hurry to make a sale. They just skip sometimes the most important part. I don't mean that beneficiary have been doing this for 43 years this summer and that was taught to me in the first year of me that's a serious thing. It's like were right know will right now and then as you servicing as were servicing clients to check these things and make sure that their up-to-date and so if anybody out there would like me to check some beneficiaries with you and if you can't find the stuff to check get on the phone with the financial institution you have to be on thereto. We do this for clients all the time is get all their beneficiaries. At least the same or make sure that the monies can end up going to they wanted to go to yeah and that's why we recounted title to show no surprises when it comes to my house as many mansions you know that there is a lot of surprises that come through the probate process and then somebody can have to pay an attorney to get these things done and there's ways that with some planning and getting some help from some he knows what they're doing to you know bless your children in ways that they can get it quickly when they need you delete we find ex-spouses that are named.

If it's never been changed. Guess it gets the money that can you imagine IRA right but that's it out there and you know you haven't been married this lady for 20 years and there's 130 grand and and you thought that it was in your will, and it was gone all your kids and your attorney didn't really understand there was a beneficiary on IRA and next thing you know bulimic ouster you don't think she's the essay also in out method that's a hard thing and that's a horrible surprise for your family who thought they had this IRA, and words a dead person simply predeceased you know we had to open up their state and put it through. There's no contingent listed and and so there's a neat thing about estates that it is a way to bless your family, but it can be a way to curse your family and you know their situations like that that they just require prayer saying God know how can I structure this and do some planning, like Jesus did to make sure that the house does you know have many mansions out today's show obviously brought to you by Cardinal maybe that's not obvious to you a certified financial planner with very little voice today half inch and it is get the book and the workbook you can put in the cargo but you gotta remember to put guide and there's the seven words tab which I think we can change the seven faith others like that were better but anyway there are seven things that we shouldn't worry about in one of those things that were worry about is estate planning and so that tab is there at the end. You can download a free PDF of course all you do is email Hans and asked for the whole book and you can have all these resources talk about these very things and in the in the documentation of of stuff that goes in there and I know it is another thing that that have a beneficiary so we had a lot more to talk about in the show.

Stay tuned. Hans is going to try to get his voice back for the second half of today's show in my house are many mansions.

No surprise they have finished Hans and I would love to take our show on the road to your church and Sunday school Christian or civic group. Here's a chance for you to advance the kingdom through financial resources and leveraging Hans expertise and qualified charitable contributions veterans aid and attendance IRA Social Security care and long-term care.

Just go to Cardinal and contact to schedule a live recording of finishing well at your church Christian or civic group contact contact Cardinal that's Cardinal welcome back to finishing well is from certified financial planner Hans Schild today show or talk about in my house are many mansions and no surprises and and and is fascinating to me really is constant you know God's been working this out actually in your physical inheritance like there's no doubt my mind that God brought Hans into my life for such a time as this.

And even today the record to show Ralston. Lo and behold, you know, we don't know who our beneficiaries are on stuff. It also is critical in the timing of things and that some could be straightened out today. We could really head off a catastrophe. Your dad's like everyone else in America. Most of these monies in an IRA and when he dies that monies going to whoever it says that beneficiary line the matter with Wilson's right and so it out and turn the break for thoughts and lives in his voice is very careful to write out some things for me which I think are wonderfully important in a number one. He has been here.

Lawyers are good bikers are not bent and by the way some of my best friends are lawyers and we need him. Yeah, I mean clearly very, very good, especially if if they pay attention to who beneficiaries are at and realize that the significance of okay well it's good that get the well all set up but those beneficiaries are critical part of somebody's estate and I can't tell you about the number of clients that just don't all resulting care of in the will. That's wonderful won't matter.

This money will be distributed to efforts as in the beneficiary. I am the same is true for annuities or bank accounts that have transfer on death that there is a map and life insurance policies as well as IRA, which is the one that you know stuck up and got us but the other thing you wrote down so beautifully is probate is good you know and and honestly before I start doing the show probate to me and I was, like the Carolina rig with a plastic worm, escrow and metadata what it is what is probate he wrote it down so he didn't have to say it is the process by which the state distributes distribute distributes. If you say that right your assets according to your will so the state is going to distribute these assets according to your will in. That's what probate really is and but essentially that's part of the legal process, so you need representation.

There we do. You also when you're writing a will you need for the attorney who by the way is good to acknowledge that not everything you have is can pass through this will and probate that there's financial things that handwrite assets that can go by beneficiary and will go by beneficiary. So we really need to get them out and this is a lot of what we do with clients as we sit down with them. We get with the attorney and we sit down we do all the stuff together so there are no surprises right and and and and it's it's a phenomenal opportunity. I really think you know when you look at how many times in the Bible that they talk about what their inheritances, you know what they're getting in the promised land or unit in order to get your inheritance and lookout careful God is to describe that which happens with Israel.

But the point is God's painting a picture of us of of a way that we can bless our families with a kingdom estate which is clearly something that is a great deal more important than our physical assets. However, you know these things all point to yell and a very important clearly you know Esau and Jacob had a heck of a battle in a going on because one was trying to get the inheritance and the other one, but it is a fascinating thing to me that when you watch Jacob's wrestling match that night right when these really can do at this point in time. His father Isaac is dead and he'd gotten all the goodies now based on his trickery. But watch what happens after the wrestling match. He turns around and blesses his brother tries to give all the stuff back to him because he realized his spiritual inheritances with a more important than the physical inheritance at an end and this this is something that he came to because again God was planning the whole thing all along, so that Jacob would see what what really is significant in life but nonetheless Jacob. Let no one hungry when all that happened you know Jacob had plenty as he is not you know anything blessed a lot by who he was and who his father was and when we think about it you know we talked about it before the show Hans that certain people that were brought up in certain families that we might call them bluebloods or whatever, but there's something that happens in their inheritance that they pick up that ability to really bless their families only do we insist even when they lose everything. The next generation seems to do well financially, and perhaps perhaps maybe not emotionally but it you know it's an inheritance beyond money. It is giving them. They picked up something in their upbringing that is fairly easy for them to repeat itself right right and I and I fancy that in my family very clearly that my father passed on his work ethic.

He passed on a lot of things that he did and so you know, none of that stuff is happening by accident.

So you know it's a test you're going. And Jesus is clear. I'm going to place that I prepared for you. So as we think about that preparation. You know in India using a lot of people Hans over the years. If you had an example of somebody just prepared well and you just thought man I want to do that for my kids. Oh yeah, when people by life insurance and it gets issued. I experience it all the time is they they feel great.

We need they walk away from that area interaction, feeling as though they've accomplished something in it.

It feels good to know that there's an inheritance that's all taken care of.

Annuities up can act kinda like life insurance as well. Right because dear tell me today that that one client of yours right had this annuity, but it turned out to have a $300,000 life insurance benefit on the end of it.

Yeah, I mean it's a it's just where the underwriter on it that allowed them to draw a letdown. It's with the balance went down as long as he stayed within those rules. It's canaps beneficiary the original amount he put in the annuity which is just like life insurance. If there is an annuity there is a beneficiary that needs to be identified and and kept up with as much or more so than I will because that sentence can happen just boom and you know it at that whole right and same thing with your bank accounts being your transfer on death yeah and a brokerage account, all you to have it Merrill Lynch or TD Ameritrade. Also on your regular brokerage accounts does have transfer on death as well. Absolutely.

It's very underutilized.

Yeah, but I would guarantee right now that my bank accounts. I never thought about anything, but there you go in brokerage accounts of the same way you can set that up so that transfers on your death and you can transfer to as many or however you want that done. And again that doesn't have to wait in of the boat.

Those things happen on death within days of your passing away. You note your inheritances going out to write the people that that you wanted to, but the challenge is this wreck that the people erupt, annuity, or the or the banker or the person that is got the brokerage account didn't wasn't thorough in asking that question right.

Just out of laziness work out of expediency like we don't have time for this. I just want to get it in the books, they don't bother to ask the question or cover that that wow you know let's make sure your families taking care of his brokerage account and that the transfer on death so somebody's doing a lot of this online stuff they may be missing that what that even Todd even means on that when they're filling out because nowadays a lot of people that brokerage accounts online. Right on, so she really didn't and that's the difference between financial planning and investment sales and that think and also having the experience I've experienced so many people were the stuff wasn't set up right that within my firm.

I'm draining all these young people to work with me that this is the most important thing that were filling out on the applications in order to get it right and really get the people. I think he could to see you know this was back earlier that they would have had a voice, but you know I was talking about. Later my dad as these IRAs of the very I mean it was like a millisecond the dynamite at half the IRA. Think of all who is the bit of immediacy is I've got about as big as quarters because what was the beneficiary. It is that it does that make all my goodness that the moment that that that that certificates issued in of that money is going to be distributed to have as beneficiaries are an end. In this case I do probably you know it would be to his deceased wife and that was lite. Robbie called his wife and the first question he asked her you know essentially stand still alive. Is he awake getting take a call them and he is literally on his deathbed. Then Robbie had a conversation with the Mason who is the beneficiary which I thought was kind of like well and your dad was pretty sharp. I mean I listen to the other side of it is a sharp newt but he still didn't exactly know you need to know whether he did after your stepmother past and you know hopefully we can work that out but it will end up taking care of. Well we know ultimately God is in charge of all that stuff. But you know and I and I firmly believe like you God ordained that the show what happened at that estimate we would at which ugly there's some listener out there non-old man.

I have no idea why RAI said that thing up 40 years ago, back when I was married to so-and-so and I'll bet you now bet you to that that that has never been updated in unit is the art of our financial planning process you come in. We do a plan for you. We do it on the phone working to check everyone your beneficiaries.

Just make sure there what you want right right so as we saved no surprise.

And and an understanding that lawyers are good.

Probate is good but have an up-to-date beneficiaries is is a critical part of your of your preparation, you know for what can happen in your financial plan and as far as your estate planning and then there's taxes and there's other things that obviously part of that plan but wow I mean the basics getting it covered. And so I ever talked about this is all covered in the wonderful book the complete cardinal guide to planning for living in retirement by certified financial planner Hongqiao cast. Of course you got a cardinal and get all this information, you can download this chapter, which is, of course, you know, estate planning at the seven were stamped there cardinal so we want to mention again that we have Charlotte offices. By the way in Charlotte, Greensboro, in Durham. Cardinal guide as I don't my work for toothbrush pecans has all those and oh by the way he's licensed in all 50 states and if you listen to the podcast you have to be in Iowa. We happen to be in in North Dakota today welcome. I'm glad you listen but you guys, by all means Hans would love to help you. You can just contact him by phone.

You go to the website.

Cardinal Well Hans, it's been fun even though even more quiet than usual and will understand and find out everything about probate for the rest of the day.

Thank you. Listeners, we hope you enjoyed finishing well brought you by Cardinal visit Cardinal for free downloads of the show previous shows on topics such as Social Security, Medicare and IRAs, long-term care and life insurance, investments and taxes as well as cons best-selling book, the complete cardinal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows you get Hans book go Cardinal if you have a question, comment or suggestion for future shows.

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