Webinar Replay: Empowered Futures: Building an Intentional Legacy
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Joe, I'm gonna kick it off to you.
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All right, thanks. All right, thank you, Rachel. Good afternoon, everyone. I appreciate everyone joining. It truly is an honor to be able to participate in today's event.
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But even more than that, I'm just incredibly proud of the fact.
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That the bulk of the subject matter expertise that's going to be shared in today's meeting.
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Is going to be shared by incredibly talented women that I and others in Key Wealth had the pleasure of working with every day.
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Um, and when I think about the… today's topics, it's… it's really… it's just… What I love most about it is it talks about financial planning.
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And how do we use those financial planning techniques in order to leave a legacy that we would all be proud of?
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But when you think about that content, think about it in two, you know, I'd ask you to separate those two things, and.
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Think about the financial planning processes. We all have complex lives, and that includes financial objectives, things that we are trying to achieve between now and whatever date.
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Um, you're trying to accomplish them by… and trying to plan and account for those different financial objectives over time.
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Can be an overwhelming experience at times, and when you think about the financial planning process.
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What we really try to do is take inventory of what are those financial dreams and objectives that we all have.
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How do we plan for them simultaneously? And in the process of building that roadmap, what we have found is it gives people a tremendous amount of confidence in the decisions they're making today, and how those impact.
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The future of themselves and those around them. And it also gives them a remarkable amount of clarity. So, like, the clarity and the confidence that you can gain.
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From the financial planning process is incredibly important. And then secondly, when you think about, as you accumulate those assets, and you start to think about.
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What do I want the intended purpose of these assets to be? I.e, what kind of legacy do I want to leave behind? Some of our clients have.
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Philanthropic, uh, aspirations. Some have… charitable passions. Others want to take care of future generations. Whatever that is for you.
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I think you're gonna find that some of the techniques and the tips and advice.
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Um, that Kathy and team share to be incredibly valuable. So for all those reasons, Rachel, key wealth is super proud to be able to partner with Key for Women in today's event. As I throw it back to you, I'll just thank you again for having us.
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Thank you, Jill. And Joe is being very humble. Jill, as our president of Key Wealth that manages all of our wealth services across KeyBank's footprint.
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He has been an avid supporter since day one of joining KEE, and even updating some of our processes to ensure, if he's in town and absolutely changing his schedule when he can.
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To attend all of our Key for Women events, and to be.
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A huge supporter, Sir Joe, thank you, thank you, thank you for all that you continue to do.
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To support the program and support women in business. Yes. So, as we talked about.
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Thanks, Rachel.
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There's so much to layer on to what Joe said as we deep dive into our conversation today. And as Joe mentioned, legacy planning isn't just about what you leave behind, it's how you live today.
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And with clarity and confidence. And for many of us, that means making informed decisions about our wealth, our family, and our businesses.
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So today's session will explore all of that, how to build.
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That legacy that's both intentional and resilient. You'll hear from our experts on how to navigate estate planning, protect your assets.
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Care for loved ones and create a succession plan that supports your long-term goals.
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We encourage you to fully engage, as always. Leverage that chat, ask questions, take notes.
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As Joe mentioned, this is unique to each person, so you may have particular questions.
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Don't be afraid to shout them out. Kathy is a fantastic facilitator, and she's gonna take as many of those questions throughout our program as we can, because building.
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A wealth legacy isn't just about numbers, it's about values. Vision and impact.
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So, without further ado, I'd like to introduce my colleague and facilitator today, Kathy O'Malley-Carney.
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Kathy is the national head. Of key private bank, and a member of both the Wealth Leadership Team and Keys Executive Council.
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She leads the strategic direction and performance of private banking. Delivering integrated wealth solutions, including investment management.
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Financial planning, fiduciary advice, and customized lending to affluent clients nationwide.
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Previously, Kathy held leadership roles as national head of key institutional Advisors.
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National Head of Trust Chief Fiduciary Officer of Key Corp. And president… oh, I'm sorry. And president of…
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There's so much, Kathy, of… of the National Trust Company of Delaware. Kathy serves on the National Investment Committee of the American Heart Association and sits on the board of the St. Luke's Foundation and St. Joseph's Academy.
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She's been honored by the YWCA as a woman of professional excellence.
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Kathy earned her JD from Cleveland State University College of Law, and a BA from John Carroll University.
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Kathy, thank you so much for you, Leah, Suzanne, and Kelly.
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For being here today, please take it away.
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Well, thank you, Rachel, and we are so proud to be here.
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And I have to say, uh, that welcome was very kind.
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But I am most excited about the team that is with me.
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It is a wonderful group of women who are knowledgeable and will have great advice and stories to share with you.
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So let me begin with Kelly Goliott. Kelly is the Director of Tax, Trust, and Estate Planning for Key, advising individuals, families.
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And business owners on strategies to minimize estate and gift tax exposure.
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She helps our clients develop. Personalized estate plans that are really aligned with their financial and philanthropic goals.
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Um, using advanced estate planning techniques. Such as wealth transfers and valuation discounts.
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To meet their needs. Before joining KE, Kelly spent 13 years at Bank of America Private Bank, where she focused, again, on.
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Estate tax, particularly preparation of returns. Post-mortem planning and audit coordination.
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Kelly has an LLM in taxation from Villanova. She has her law degree from Cooley Law School.
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And a Bachelor of Arts in English from John Carroll University.
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Kelly is also licensed to practice in the state of Texas. So welcome, Kelly!
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Thank you, Kathy.
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And next, joining us is Suzanne Rundy. Suzanne is a senior fiduciary Strategist at Key Private Bank.
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Suzanne advises our clients on estate, trust, and charitable strategies. To meet their financial goals and preserve wealth for future generations. So.
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Very relevant to our conversation today around legacy planning. With over 25 years of fiduciary experience, she specializes in complex trust and estates.
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Working very closely with high net worth individuals and nonprofits. Suzanne joined Key in 2006 and holds a Certified Trust.
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And fiduciary advisor designation. She earned her BS in Behavioral Science from the University of Maine.
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And completed Cannon Trust School. Suzanne serves on the Board of Directors for the Maine Estate Planning Council, where she is a past president.
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And volunteers with several nonprofits, including the Preble Street Soup Kitchen.
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And the Salvation Army. And finally, last but certainly not least.
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I welcome Leah Jones. Leah also is a senior fiduciary strategist.
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Leah specializes in customized planning that aligns with clients' overall wealth management objectives.
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Before joining Key in 2022. Leo led planned giving efforts at the University of Akron.
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And served as Director of Alumni and Development for its School of Law.
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Her background enables her to collaborate effectively with clients and their other advisors.
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Leah holds her JD from the University of Akron School of Law.
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And has a Bachelor of Arts in Communication from Denison University.
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She serves on the Jackson Local School District Board of Education.
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And the Akron Symphony Orchestra. Welcome, Leah and Suzanne!
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So, thank you all for being with us today. We are so pleased to have you.
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Uh, and Rachel gave a great introduction to the concept of legacy and what it means.
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So the planning we talk about today. Uh, is not so much.
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Planning for death, but planning for your future. And minimizing taxes.
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Simplifying your life. And assuring that.
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The funds that you have built. Are protected in a way that allows them to invest in the legacy that you want for your family and your community.
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So with that, I just want to share a little factoid before we… we start our questions.
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By 2030. Women will control $34 trillion in the U.S. Economy.
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So, that is 38% of the assets in the United States.
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I think that just drives home how vital it is. That we have a plan for building our legacy.
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So in order to do that, let's just chat a little bit about the fundamentals.
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So, Leah, we hear people talk about a will, or a trust.
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When should we consider one or the other, or perhaps both?
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Thanks, Kathy. I think this is a great place to start, because it's really a question that comes up all the time in conversation with our clients.
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At its, um, core, a will is a document that governs the distribution of assets upon our passing.
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It also includes guardianship provisions for anyone who might have minor children.
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And a trust can function very similarly. But it has a longer time horizon, or it can have a longer time horizon. It can…
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Function both during one's lifetime and continue for long after we're gone.
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So, when we're talking with our clients about what document makes sense, I think.
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One of the most important things to remember is that. It's not a one-size-fits-all approach.
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We have to really take a look at. What are your assets? Who are your beneficiaries?
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Um, what are your goals and priorities? What concerns might you be planning for? So those are some of the questions that we.
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We start to ask when we weigh whether. A will is sufficient for us, or maybe a trust does make sense.
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The three categories that always come to mind for me in conversation with our clients.
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Our privacy. Flexibility and asset protection.
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And when we're looking at privacy, this can be a really important component.
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When we're looking at wills, they're administered and governed by the probate court system.
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So, any assets that are flowing under the terms of a will, they're going to be a matter of public record.
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So, are we comfortable with that? Are we comfortable with. Anyone, really, through a search of the probate court docket.
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Knowing not only what assets we had that are passing under the terms of the will.
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But also, who's inheriting that money? Is that something that we're comfortable.
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Um, being publicly available in the public domain, to know that.
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Perhaps a young or a vulnerable beneficiary received a large inheritance. So those are some of the things that I think about.
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In the context of. Privacy as it pertains to wills.
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But by contrast, trusts are private documents. The only people that are entitled to any information about a trust.
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Are the people who are directly named in the document, the trustee, the beneficiaries.
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Um, it's a… it's a pretty narrow window, so it creates the opportunity for that… that privacy that can be very important to some people.
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When we move on to think about flexibility, that can mean something different for everyone.
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Um, one of the things that I think about is the importance of putting a monetary value.
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To the inheritance that one of our beneficiaries might receive. So, it's not uncommon at all for us to hear.
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You know, maybe parents are talking about what distributions are going to their children. Oh, I've got two kids, 50% to each of them. That sounds great at its phase, and it might be a perfect scenario.
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Given your circumstances. Or, once you start to add a monetary value to that, you might say, ooh.
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That's a lot of money going to that person outright without any guardrails.
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Without any level of protection. So. When we think about assets that are passing under the terms of a will.
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They are great documents and serve a really important purpose. But they can be rather black and white.
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So, if there's a distribution that's scheduled to go outright to a beneficiary, it's probably going… under the terms of a will.
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It's probably going to go directly to them. Without any guardrails, not being paced out.
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If the idea of. Pacing out distributions over.
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An extended period of time, maybe multiple years, or even throughout the whole life expectancy.
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Of that beneficiary is appealing for one reason or another. Trusts can provide that level of flexibility.
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From a different perspective, the same is true if you say, you know what, I want this person to have this amount of money, but I want to add some guardrails.
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Maybe you're addressing, um, a spendthrift. Type concern, or… Um, perhaps someone has an addiction issue that you don't feel comfortable facilitating, that.
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That, um, large distribution without those guardrails. Trust can provide that level of flexibility.
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And I think that can be very appealing for some people. It's not necessary for everyone.
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And then, really, the last piece that I always look at is.
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The benefit of asset protection that a trust provides. During our lifetimes, trusts are revocable.
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They can and should be updated, amended. Many times, as our life circumstances change. And the same is true for a will.
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Wills can be updated as many times as you'd like throughout life.
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And, um, as different life events happen, as circumstances or levels of wealth change, they can and should be reviewed.
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The same is true for wills and trusts. Um, the one difference when it comes to.
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The asset protection benefit of trust planning, though. Is upon one's passing. If you've got a revocable trust that you've established.
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During your lifetime, that trust becomes irrevocable. Once you're gone. The terms of that trust get locked in.
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But, at that moment in time, it also gets its own tax ID number. It almost functions like its own little entity.
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And that's really what provides the benefit of asset protection, particularly to beneficiaries.
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So what does that? It's protected. Protection against a creditor, and that can look different.
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For any… for any number of people. It might be… a divorce, a car accident.
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Bankruptcy, bad business deal. Really anything that one could be sued for, that money is protected, because.
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It's a trust asset. It's not distributed outright to that individual beneficiary.
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And there's a real value in providing that level of protection, particularly.
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Um, the more assets that are in trust, the more that wealth may need to be protected. So that's another.
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Benefit of, um, trust planning. And I think I would be remiss if I didn't add.
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That there are a number of, um. Tax planning strategies that can be built in through trust planning.
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And that becomes particularly relevant for those who have taxable estates.
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Thanks, Leah. Suzanne, anything else you'd add there?
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I would say it's important to be mindful of the process that will ensue.
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Frequently, the surviving spouse doesn't appreciate the implications of the probate process.
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Right? Assets are going to be tied up. You have to make sure that the personal representative, executor is appointed by the courts.
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In some states, that's a slow process just to get the employment in place.
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And so, is there liquidity available to the beneficiaries? Is there a need for immediate cash flow to support an individual?
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Be that a surviving spouse. A child, a child with special needs.
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So, think about the process. In regards to the liquidity available at the passing, either at the first or the second spouse, and then the implications on the family.
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A trust will provide for that smooth transition over. The trustee is immediately able to step up and act on behalf of the beneficiaries and move on.
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Whereas the will, there's some limitations there of going through the probate process, and that's kind of… held up by each state, depending on what's going on in their courts.
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Thank you so much. Now, Kelly. Question for you. We heard from Leah how important it is to update on a regular basis to account for.
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Uh, you know, changes in the tax law or divorce. Death, that sort of thing.
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One of our audience members, uh, sent us a question asking.
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How they could plan for a legacy before they have children.
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I think that's a person who is really planning ahead. Do you want to share some ideas for them, Kelly?
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Yeah, so, first of all, it's important to maintain an up-to-date estate plan.
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Um, because taking a proactive approach helps ensure that your estate plan reflects your current wishes.
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And also complies with current law. And at KeyBank, we typically suggest that you review your estate plan every 3 years with your relationship manager.
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Or, um, and your other professional advisors. But there are several circumstances which may warrant you revisiting your estate plan a little sooner than every 3 years.
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And one of these being the occurrence of a major life event. So, as you mentioned, the birth of a child, or adoption of a child, this could be.
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A marriage or divorce, the death of a beneficiary or a loved one.
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Relocating from one residence to another, or a major change in your health status.
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A second, uh, event that might warrant revisiting your estate plan would be any major change in the laws.
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And we recently saw this, um, in July of 2025 with the passage of the One Big Beautiful Bell Act.
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Um, an estate planning review can ensure that your estate plan remains.
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Tax-efficient and also legally compliant. Because what was once an effective strategy at one time.
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Might no longer be the best approach today with any changes in laws.
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And another situation that might warrant revisiting your estate plan. Would be any changes in your financial situation, or a change in assets.
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And this could be you receiving an inheritance, or buying or selling real estate.
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Selling a business or an acquisition of a substantial asset. So, I think it's important to have regular check-ins. It's key to an effective estate plan.
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Otherwise, you risk your estate plan not necessarily aligning with your goals.
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Or you may miss opportunities for more effective planning strategies.
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Thank you so much, Kelly. Um, you know, there are a number of steps in creating a legacy.
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And, uh… Many people will take part of those steps, but not completely accomplish it.
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So with that in mind, Leah, for the benefit of our guests here.
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What are some of the common mistakes that people make when planning their estates?
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And… and how can they avoid that?
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Yeah. A really good question, and it feeds. Into what Kelly was just talking about, really. I think.
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Not aligning assets. Um, with the comprehensive plan. Suzanne, you went dark. Not aligning.
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Assets with a comprehensive plan really can kind of throw a wrench into things. One of the things.
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That is so important to remember is that beneficiary designations trump.
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Any dispositive distributions that might be embedded in the terms of a will or a trust.
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If you've got a beneficiary designation that directs assets elsewhere. Not flowing through the trust, or not.
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In line with a plan that you've otherwise put in place.
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Um, it really does… you do run the risk of, um.
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Undoing some of the planning that's been put in place. So, one of the things that.
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I always talk with our clients about, is there's not a right or wrong way to do all of this.
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Um, as long as you're being intentional. So, you might have an account that is very intentionally titled.
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In a way that distributes differently than your will or your trust distributes assets. That's okay.
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As long as you're doing it intentionally. So what we talk with our clients about.
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As a way of avoiding this issue. Is put together a balance sheet.
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A personal financial statement. Um, that really lists all of your different assets.
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We talk with our clients about listing the assets, listing how they're titled, if there's a beneficiary.
00:22:00.000 --> 00:22:05.000
That's always helpful to know the general market value of those assets as well.
00:22:05.000 --> 00:22:13.000
But, use that as a checklist to go through and say, okay, is this asset properly titled? And when I'm talking about making this list, I talk with our clients about.
00:22:13.000 --> 00:22:20.000
Um, how anything, if it has an account number, a title, or a business interest, it should be included on the list.
00:22:20.000 --> 00:22:30.000
And that can be really helpful in just framing. Framing a point of reference to say, oh, I really do need to think about everything. It doesn't matter if it's an account with a relatively small balance in it.
00:22:30.000 --> 00:22:34.000
We need to look at that to make sure it aligns properly with the plan.
00:22:34.000 --> 00:22:39.000
Um, another piece, and again, piggybacking on what Kelly mentioned a little while ago.
00:22:39.000 --> 00:22:45.000
Is the… the set it and forget it mentality, where estate plans are updated.
00:22:45.000 --> 00:22:49.000
And then they're kind of put on the back burner. Oh, I've got my estate plans done.
00:22:49.000 --> 00:22:55.000
Well, they may be estate plans that perfectly accomplished your goals 10 or 15 years ago.
00:22:55.000 --> 00:23:00.000
But so much has changed, whether it's in your life circumstances, whether it's changes in the law.
00:23:00.000 --> 00:23:08.000
Or even changes in your wealth. When we're suggesting that we revisit and review estate plans at least every 3 years.
00:23:08.000 --> 00:23:14.000
We're not necessarily suggesting that you change your estate plans every 3 years. It's that you take a fresh look at them.
00:23:14.000 --> 00:23:20.000
Because a lot can happen over time, and we want to make sure that whatever plans you have in place.
00:23:20.000 --> 00:23:24.000
Are really doing exactly what you want them to do, because.
00:23:24.000 --> 00:23:28.000
As we discussed earlier. Whatever documents you have in place at the time of your pass.
00:23:28.000 --> 00:23:37.000
Of your passing, they become irrevocable. That gets locked in. So we want to make sure that whatever those documents say are really consistent with your intentions.
00:23:37.000 --> 00:23:43.000
Um, and then finally, I would say that the third mistake that I see come up with clients is.
00:23:43.000 --> 00:23:51.000
Is people not truly understanding what their estate plans say? And estate planning can be overwhelming.
00:23:51.000 --> 00:24:00.000
It can be complicated. Um, but these are documents that govern, um, not only the distribution of your assets, but.
00:24:00.000 --> 00:24:11.000
But your legacy. And it really should be something that. You should take the time to understand and ask questions. Don't be embarrassed if you don't know the answers. You know, when you read the document, it can be a very.
00:24:11.000 --> 00:24:17.000
Complex document. But talk with your advisors, talk with your estate planning attorney, talk with a member of our team.
00:24:17.000 --> 00:24:24.000
We can help you digest those documents. Um, to really make sure that they're doing what you want them to do.
00:24:24.000 --> 00:24:32.000
There isn't a one-size-fits-all approach. As I've said before, so… Um, just because this is a way that works for some people.
00:24:32.000 --> 00:24:37.000
We want to make sure it works for you, too, and the plan that you're putting in place really is addressing.
00:24:37.000 --> 00:24:41.000
Whatever questions or concerns you're trying to plan around.
00:24:41.000 --> 00:24:49.000
Leah, I'm gonna piggyback on that. I think it's important, over the years, I've found that a lot of clients are overwhelmed, right? They don't want to admit.
00:24:49.000 --> 00:24:55.000
I just don't know where to begin. And then furthermore, I'm not sure how to make this change.
00:24:55.000 --> 00:25:04.000
How do I accomplish this goal? And so these conversations ensue with us and our clients, and they really become invaluable to just help them visualize.
00:25:04.000 --> 00:25:10.000
The ideas that they have, and how to accomplish them, right, over time.
00:25:10.000 --> 00:25:27.000
And so, we find, and the team here at Key Private Bank, um, does a nice job. We're willing to take a look at those documents that you have in place today. I always like to have the benefit of a conversation with the clients to appreciate at least a little bit about their circumstances and needs.
00:25:27.000 --> 00:25:34.000
Um, to have everything in proper perspective, but then we engage, you know, with a… healthy conversation to appreciate.
00:25:34.000 --> 00:25:40.000
Well, these documents really don't accomplish what you think they do, and these are the changes that we would recommend.
00:25:40.000 --> 00:25:43.000
So, I just wanted to share that.
00:25:43.000 --> 00:25:48.000
That's an excellent point, Suzanne. Um, and, you know, I think the…
00:25:48.000 --> 00:25:53.000
The first bullet point, Leah, that you mentioned around unintended consequences.
00:25:53.000 --> 00:25:56.000
There are a lot of very simple things that people do.
00:25:56.000 --> 00:26:05.000
With the best of intentions. That can really undermine their plan, and I'll just share, I've seen a number of clients who have.
00:26:05.000 --> 00:26:12.000
Created a trust, and then put. Say, a child is POD on a large bank account.
00:26:12.000 --> 00:26:18.000
And then that child got divorced. Well, the child's the co-owner of that bank account.
00:26:18.000 --> 00:26:26.000
So now, that bank account becomes a marital asset. So, it was really well-intentioned, but going through and understanding everything you have.
00:26:26.000 --> 00:26:32.000
When it's titled properly makes a big difference, so… Suzanne and Leah, great points here.
00:26:32.000 --> 00:26:38.000
And Kathy, if I could jump in also to answer a question that I saw pop up in the chat that.
00:26:38.000 --> 00:26:39.000
It kind of aligns with what… what Suzanne, um, was talking about.
00:26:39.000 --> 00:26:41.000
Thank you.
00:26:41.000 --> 00:26:47.000
Our team at Key, particularly in the private bank space. We talk with our clients to help.
00:26:47.000 --> 00:26:54.000
Think through different estate planning structures. Um, we… while many of us are licensed attorneys.
00:26:54.000 --> 00:26:59.000
Um, we don't practice law in our position, but we partner with members of the local legal community.
00:26:59.000 --> 00:27:07.000
So, you will always need to, um, lean on an estate planning attorney to actually do the drafting.
00:27:07.000 --> 00:27:10.000
But we help many of our clients think through that process.
00:27:10.000 --> 00:27:16.000
Help them formulate the plan that they might want to put in place, and oftentimes even join them for meetings with their estate planning attorneys.
00:27:16.000 --> 00:27:26.000
To make sure that they're really accomplishing those goals, so… Our role is never to replace an estate planning attorney, but really to partner with our clients to make sure they're.
00:27:26.000 --> 00:27:32.000
Their goals and objectives are being met, and sit on the same side of the table as them in those conversations, because.
00:27:32.000 --> 00:27:38.000
Really, as Suzanne mentioned, we spend a lot of time getting to know our clients, and sometimes what we may know is.
00:27:38.000 --> 00:27:46.000
An important or relevant piece of the conversation that may. Directly impact the plan. They may or may not think to mention immediately to.
00:27:46.000 --> 00:27:50.000
The estate planning attorney, so we have the opportunity to kind of.
00:27:50.000 --> 00:27:56.000
Have that broader, um, base of knowledge that can contribute to the planning process as well.
00:27:56.000 --> 00:28:06.000
Great point. Um… excellently made, Leah. We… we kind of help our clients prepare for those conversations, right? And perhaps even facilitate them.
00:28:06.000 --> 00:28:12.000
So that, uh, they're not… they're not doing all that in real time, or perhaps having unnecessary meetings.
00:28:12.000 --> 00:28:17.000
Um, so… If you think of where we are in the world today.
00:28:17.000 --> 00:28:24.000
Many of us, uh, regardless of our actual generation. Are part of what's known as the sandwich generation.
00:28:24.000 --> 00:28:29.000
Who are caring for elderly parents. And we're caring for children.
00:28:29.000 --> 00:28:36.000
And so we actually received a few questions on this in advance of our discussion, um, so that just hammered home that.
00:28:36.000 --> 00:28:41.000
These were important topics for us to discuss. So, in that spirit.
00:28:41.000 --> 00:28:46.000
I wanted it to, um… kick off with a question for Suzanne.
00:28:46.000 --> 00:28:51.000
What are the pros and cons of using long-term care insurance?
00:28:51.000 --> 00:28:54.000
Versus self-funding. Elder care.
00:28:54.000 --> 00:29:01.000
It's a tough question to answer with an audience that we're not familiar with, so there again, know your client.
00:29:01.000 --> 00:29:10.000
Um, the financial resources you have available. Will drastically change, right, how we'll approach your needs.
00:29:10.000 --> 00:29:21.000
Um, if you are an individual, high net worth. Um, and perhaps you have, uh, plenty of, um, financial resources to dig into.
00:29:21.000 --> 00:29:32.000
And cover this expense going forward in life. Um, think taxable estate, right? Taxable estates today at the federal level, 13.99 million going to 15. So, right, it's…
00:29:32.000 --> 00:29:45.000
A high market value for those individuals. And then in contrast, right, you have the other end of the spectrum. So in between is where we find long-term care insurance can play a role.
00:29:45.000 --> 00:29:53.000
And I have found over the years, I believe it's probably been 30 years since long-term care insurance was introduced, uh, out in the marketplace.
00:29:53.000 --> 00:30:03.000
In the early version of this was a fairly healthy premium payment that was paid monthly, quarterly, annually, whatever it was.
00:30:03.000 --> 00:30:13.000
And you may die happily in your sleep, never having used long-term care insurance. And so folks were getting frustrated by that expense in their budget.
00:30:13.000 --> 00:30:32.000
And not ever actually reaping any reward. Uh, so the industry pivoted, as you can imagine. Life insurance and long-term care insurance have kind of melded into a hybrid-type structure, where you could go out, um, with the assistance of your insurance advisor, of course, and we have those here.
00:30:32.000 --> 00:30:37.000
Um, that I partner with personally in regards to these conversations.
00:30:37.000 --> 00:30:47.000
And maybe you want to subsidize that long-term care expense. You don't want to fully cover it, right? But let's think about, you know, is it $100,000, $200,000 that you'd like to subsidize?
00:30:47.000 --> 00:30:55.000
And so those payments would pay toward the long-term care expense over the months or years as needed, or not.
00:30:55.000 --> 00:31:05.000
And if you died happily in your sleep, what a wonderful thing. The death benefit will go and pay out, so folks don't feel like it's necessarily a loss of their resources.
00:31:05.000 --> 00:31:21.000
Um, so that's an element to take into consideration. The other piece is on the, um, less fortunate individuals in regards to their net worth, and it's hard to qualify that, right? Um, we engage with folks who I would consider high net worth.
00:31:21.000 --> 00:31:27.000
And they're worried about qualifying for Medicaid and losing all their assets to the government.
00:31:27.000 --> 00:31:32.000
And… and so that, um, is a challenging proposition to appreciate.
00:31:32.000 --> 00:31:39.000
First and foremost, to gift away your assets, you really need to plan ahead. There's a 5-year look back at those gifts.
00:31:39.000 --> 00:31:45.000
And so, potentially, if you made the gifts last year and you step into a Medicaid situation for long-term care.
00:31:45.000 --> 00:31:52.000
Those are going to be back into your estate. And the government could actually go and grab and attach to those in the future.
00:31:52.000 --> 00:31:58.000
So, plan, right? Be with the right advisors that can help you make those decisions.
00:31:58.000 --> 00:32:03.000
Whatever spectrum of the equation you're on.
00:32:03.000 --> 00:32:13.000
Thanks so much, Suzanne. Great options. Uh, Kelly, as we're considering, you know, these different tools that Suzanne mentioned.
00:32:13.000 --> 00:32:19.000
What legal documents do we need to have in place. To support the financial planning that.
00:32:19.000 --> 00:32:22.000
That we're doing with our clients.
00:32:22.000 --> 00:32:28.000
Yeah, so I saw a question, um, on this in the chat, so I think it's important to address.
00:32:28.000 --> 00:32:41.000
It is very important to have the appropriate legal documents in place, one, so that your desires are respected and your needs are also met. And this can be for anyone, for someone who's.
00:32:41.000 --> 00:32:48.000
Headed off to college, or for someone who's heading into retirement, it's important for everybody.
00:32:48.000 --> 00:32:54.000
Uh, what's also important is making sure you have the legal documents in place before they're actually needed.
00:32:54.000 --> 00:33:04.000
There are several common and very helpful, um. Documents that, uh, individuals can have in place. One is a healthcare power of attorney.
00:33:04.000 --> 00:33:12.000
This allows you to appoint an individual to make medical decisions on your behalf if you're incapacitated.
00:33:12.000 --> 00:33:21.000
Or you don't have the ability to make those decisions. And staying in line with the healthcare power of attorney is something called the Living Will.
00:33:21.000 --> 00:33:27.000
And this outlines medical treatment preferences in the case of incapacity.
00:33:27.000 --> 00:33:37.000
Or if you experience a medical emergency, um… And then working in tandem with those two documents is something called a HIPAA form, and this.
00:33:37.000 --> 00:33:47.000
Grants, um, access to medical records to designated individuals. So. It helps the healthcare power of attorney have immediate access.
00:33:47.000 --> 00:34:00.000
To your medical records. And then speaking from the, um, financial realm, there is a document called a Durable Financial Power of Attorney, and this authorizes.
00:34:00.000 --> 00:34:13.000
A trusted individual that you name, um, to manage your financial affairs in the event of, uh, incapacity, or if you're unable to do so. So this could be something like paying bills, if you're incapacitated.
00:34:13.000 --> 00:34:20.000
So it makes, um, everything quite seamless. And then, as Leah had mentioned earlier, there is something called the Last Will and Testament.
00:34:20.000 --> 00:34:26.000
And this controls your assets upon your passing. It allows you to name an executor.
00:34:26.000 --> 00:34:33.000
And specifies how property that is titled in your name will distribute upon your passing.
00:34:33.000 --> 00:34:38.000
And finally, uh, the revocable Living Trust, as Leah had mentioned.
00:34:38.000 --> 00:34:48.000
Earlier, um, this is a very important document. You can amend it during your lifetime. You can change your beneficiaries, you can change your dispositive provisions.
00:34:48.000 --> 00:34:54.000
And it grants the trustee the ability to distribute property on your behalf if you.
00:34:54.000 --> 00:35:04.000
Are unable to manage your affairs or… upon your passing, um… But overall, there are so many benefits to having legal documents in place.
00:35:04.000 --> 00:35:14.000
Um, if the appropriate documents aren't in place. Decisions might be made by the court or family members who might not understand or know your wishes.
00:35:14.000 --> 00:35:21.000
And having these legal documents in place allows you to name a trusted individual to.
00:35:21.000 --> 00:35:25.000
Step in and make decisions without having to go to court. So this.
00:35:25.000 --> 00:35:33.000
Will, um, alleviate any stress and time and money that you would have to spend otherwise in court.
00:35:33.000 --> 00:35:42.000
It also helps protect your assets from financial mismanagement. And, uh, in the… in the medical realm, it helps.
00:35:42.000 --> 00:35:48.000
Medical staff know and understand your wishes and may prevent any unwanted procedures.
00:35:48.000 --> 00:35:56.000
Uh, but I think the most important thing to… most important reason to have legal documents in place.
00:35:56.000 --> 00:36:04.000
Is because it provides peace of mind to both you and your family, knowing that your preferences and.
00:36:04.000 --> 00:36:07.000
Your legacy are protected.
00:36:07.000 --> 00:36:12.000
Excellent points. And so, if… if someone was saying, oh, you know.
00:36:12.000 --> 00:36:17.000
I'm the average person. I have, you know, an average bank account and a home.
00:36:17.000 --> 00:36:31.000
Car and, you know, maybe retirement plan. Really, it still makes sense to have a healthcare power of attorney, a financial power of attorney, and a will, just to be clear about what your wishes are, particularly if.
00:36:31.000 --> 00:36:38.000
Someone were to become ill. Or, um, needed assistance, right? It's… you have a plan so that.
00:36:38.000 --> 00:36:49.000
You know, you can deal with the unexpected. Wonderful. Good ex… excellent point. Um, we do have…
00:36:49.000 --> 00:36:50.000
Yes.
00:36:50.000 --> 00:36:55.000
Kathy, I'm gonna… can I interrupt you, Kathy? I'm gonna piggyback. I think Jolene is the individual asking a question about, um.
00:36:55.000 --> 00:37:01.000
Somewhat to the scenario you were mentioning. Um, I would challenge you in regards to what state you're living in.
00:37:01.000 --> 00:37:18.000
Um, some states with common law. Might have unintentional consequences in regards to where these assets flow. Uh, the surviving spouse may not get 100%, maybe your children are going to be part of that equation, despite that they're adult children married and no longer on the payroll, as we like to say.
00:37:18.000 --> 00:37:28.000
Um, so keep those in mind. It's absolutely a great idea to have a will. It might be basic, you might not feel a need for bells and whistles, and that's absolutely fine.
00:37:28.000 --> 00:37:35.000
But to die without a will? Presents some challenges that you may not want to experience, or at least your heirs certainly don't.
00:37:35.000 --> 00:37:41.000
Excellent point, Suzanne. We also had, um, a few questions about.
00:37:41.000 --> 00:37:47.000
What high net worth means with regard to long-term care insurance?
00:37:47.000 --> 00:37:48.000
And I'll share my interpretation, and then we can throw it out to the group.
00:37:48.000 --> 00:37:51.000
Yeah.
00:37:51.000 --> 00:37:59.000
Um, I think that depends on where you live. What your health circumstance is, if you're married.
00:37:59.000 --> 00:38:04.000
What your spouse's health circumstances. Um, if you have children who may need.
00:38:04.000 --> 00:38:09.000
Care, you know, if you have a dependent. Child, um, and…
00:38:09.000 --> 00:38:17.000
You know, what sort… what your expectations are. In terms of the type of care that… that you would be seeking.
00:38:17.000 --> 00:38:22.000
So, what we advise, typically, is to do a financial plan.
00:38:22.000 --> 00:38:30.000
And understand your financial situation, your health situation, your family history, that's usually one we ask about, you know.
00:38:30.000 --> 00:38:35.000
Your mother was in a nursing home for 5… for 5 years because she had a massive stroke.
00:38:35.000 --> 00:38:45.000
And the same thing happened to her father. Um, there's probably some planning you want to do there, or one of the spouses has a pre-existing medical condition.
00:38:45.000 --> 00:38:48.000
You may want to plan differently, but each plan is a little unique.
00:38:48.000 --> 00:38:52.000
And that would really determine. Based on your resources.
00:38:52.000 --> 00:38:57.000
How you invest in long-term care, but I would turn it over to the panel.
00:38:57.000 --> 00:38:59.000
What would you add?
00:38:59.000 --> 00:39:05.000
I couldn't have said it any better myself. I think the plan is really the foundation for everything that we do.
00:39:05.000 --> 00:39:13.000
Um, from the estate planning side to the long-term care planning side, everyone's circumstances, as Kathy so eloquently noted, are unique.
00:39:13.000 --> 00:39:23.000
And, um, it really is difficult to, um, just throw out a number and say, hey, if you've got… if you've got a level of wealth that hits this number, you're going to be fine, because it really does, um.
00:39:23.000 --> 00:39:30.000
Depend on all of the variables. So, leaning on the financial plan and revisiting the financial plan regularly.
00:39:30.000 --> 00:39:33.000
Um, can give you the peace of mind to know that.
00:39:33.000 --> 00:39:39.000
You know, I am comfortable proceeding in this way, or maybe I should explore long-term care coverage to help, um.
00:39:39.000 --> 00:39:41.000
Soften that burden.
00:39:41.000 --> 00:39:49.000
Definitely. So we have another question in the chat. But it's… it's a little bit of a general one, because it says.
00:39:49.000 --> 00:39:52.000
Is it true that with the new tax laws passed this summer.
00:39:52.000 --> 00:40:00.000
That irrevocable trusts are no longer hands-off for Medicaid. Medicare nursing home expenses.
00:40:00.000 --> 00:40:10.000
I think there's more to that than meets the eye. Um, but team, do you want to share your insight there, and recommendations?
00:40:10.000 --> 00:40:18.000
I have not picked up on that, so I'll be taking a closer look at the big, beautiful bill for that.
00:40:18.000 --> 00:40:23.000
I think we would also want to add that there are very specific irrevocable trusts.
00:40:23.000 --> 00:40:36.000
That address those, um, specific types of government services. So, in general, an irrevocable trust wouldn't necessarily protect assets from.
00:40:36.000 --> 00:40:48.000
From, um… or make you eligible for those services. Um, so I think… in the spirit of the fact that these are very custom situations and custom drafting.
00:40:48.000 --> 00:40:53.000
It's probably a one-on-one conversation to have there to talk about it.
00:40:53.000 --> 00:40:58.000
So, let's move on to the other side of the sandwich generation.
00:40:58.000 --> 00:41:09.000
Planning for our children and our legacy with them. And this is one, you know, we hear a lot about saving for retirement, planning for your legacy.
00:41:09.000 --> 00:41:20.000
And paying for college. So, um, Kelly. Do you want to discuss a little bit about the best strategies for funding children's education while preserving family wealth?
00:41:20.000 --> 00:41:25.000
Sure, yes, I would love to. Uh, this is a topic that's near and dear to my heart.
00:41:25.000 --> 00:41:36.000
Um, but there are several strategies that we often see when it comes to funding education for children. Uh, these include 529 plans.
00:41:36.000 --> 00:41:42.000
Education Trust, Dynasty Trust. Direct tuition payments and lifetime gifting.
00:41:42.000 --> 00:41:53.000
Um, the 529 plan, it's a very popular strategy, and it's… an investment vehicle that allows investments to grow tax-free.
00:41:53.000 --> 00:42:06.000
And withdrawals for qualified education expenses are also tax-free. And, uh, the recent one, Big Beautiful Bill Act actually expanded what, um, constitutes a qualified education expense.
00:42:06.000 --> 00:42:15.000
So this is really good news because it allows for more flexibility, um, for what is considered a tax-free expense.
00:42:15.000 --> 00:42:28.000
Um, one of my favorite things about the 529 plan. Is that it could be funded using your annual gift tax exclusion, which for 2025 is $19,000.
00:42:28.000 --> 00:42:36.000
Per donor, per individual, and, um, actually, you can. Front-load, um, the 529 plan and use.
00:42:36.000 --> 00:42:50.000
Up to 5 years' worth of gifts. Um, per donor, uh, into one year. So, essentially, you can fund the plan in one year with $95,000. So, um, it's a neat little rule with the 529 plan.
00:42:50.000 --> 00:42:57.000
And, um, some other techniques that we, uh, often see. Um, our direct tuition payments.
00:42:57.000 --> 00:43:09.000
So, um, paying the tuition directly to the educational institution for the benefit of your loved one, uh, this is a great way to support your loved one's education.
00:43:09.000 --> 00:43:16.000
Um, because you're avoiding. Filing a gift tax return by paying the educational institution directly.
00:43:16.000 --> 00:43:22.000
But it's important to note that this only applies to tuition. This doesn't apply to, um.
00:43:22.000 --> 00:43:27.000
Educational expenses like books and room and board, so it's very limited.
00:43:27.000 --> 00:43:39.000
And then, um, a newer item that was passed in July, um, is the Trump account that we've been receiving a lot of questions regarding the Trump account.
00:43:39.000 --> 00:43:47.000
Um, so this is essentially a tax-deferred, um, savings account. That was formulated under the One Big Beautiful Bill Act.
00:43:47.000 --> 00:43:52.000
And if you have a child born between January 1st of 2025.
00:43:52.000 --> 00:44:00.000
Through December 31st of 2028, the government will actually contribute $1,000 in seed funding.
00:44:00.000 --> 00:44:09.000
To your child's account. It is also available for children who are under the age of 18. There are some limitations to this.
00:44:09.000 --> 00:44:21.000
The contribution limit is $5,000 per child, so… it's a little bit more narrow and limited. It's not as flexible as, uh, say, the 529 plan.
00:44:21.000 --> 00:44:27.000
Um, at… after the child turns 18, the account converts into a traditional IRA.
00:44:27.000 --> 00:44:36.000
So, uh, distributions are… um, taxable, and you do incur a 10% penalty if you take funds.
00:44:36.000 --> 00:44:45.000
Before the age of 59 and a half. However, if the funds are taken for, um, certain specified purposes, such as.
00:44:45.000 --> 00:44:57.000
First-time home purchase. Or education, you are not subject to that 10% penalty. It's important to note that we're still waiting on guidance regarding Trump accounts.
00:44:57.000 --> 00:45:04.000
Uh, as of right now, nobody can contribute any funds to a Trump account until at least, uh, July 2026.
00:45:04.000 --> 00:45:08.000
So that's worth noting, but it's important to work with your.
00:45:08.000 --> 00:45:15.000
Key relationship manager and your professional team to explore these various options to see.
00:45:15.000 --> 00:45:19.000
Which option works best for you and your family?
00:45:19.000 --> 00:45:26.000
Great, Kelly. Thanks so much. So, Leah, I want to discuss a staggeringly.
00:45:26.000 --> 00:45:32.000
Positive statistic, right? I want to take advantage of an opportunity to.
00:45:32.000 --> 00:45:36.000
Be excited about good stuff here. In 2024.
00:45:36.000 --> 00:45:43.000
Americans gave $600 billion to charity. I know if they had $600 billion.
00:45:43.000 --> 00:45:48.000
75% of those gifts. Were made by individuals.
00:45:48.000 --> 00:45:58.000
In the form of an individual gift. Or a bequest. So that means… The big foundations, the corporate foundations, the community foundations.
00:45:58.000 --> 00:46:03.000
They gave 25%. But the people writing the $25 check.
00:46:03.000 --> 00:46:07.000
And leaving a gift in their estate, or, you know, something more.
00:46:07.000 --> 00:46:16.000
They made up that 75%. That really is a, you know, I'll call it a staggeringly positive fact.
00:46:16.000 --> 00:46:24.000
What role does charitable giving and philanthropy play. In shaping a lasting family legacy.
00:46:24.000 --> 00:46:33.000
Oh my gosh, this is such a great question, and there are so many directions that we could go with this, but I think just the idea of giving back, and giving back in a meaningful way.
00:46:33.000 --> 00:46:44.000
So that's a great example for… for our loved ones. It shows what's important to us, it shows, um, what causes specific organizations or institutions are important to us.
00:46:44.000 --> 00:46:50.000
But that legacy, just like is true with anything else. It can take so many different forms, depending on.
00:46:50.000 --> 00:46:55.000
What's important to you? Um, so when we think about charitable giving, um.
00:46:55.000 --> 00:47:00.000
You know, so much of it also depends on the type of organization that we're supporting.
00:47:00.000 --> 00:47:06.000
Um, there are a lot of very well-established charitable. Organizations out there that are.
00:47:06.000 --> 00:47:14.000
Perfectly well equipped to handle large charitable donations. So sometimes it makes sense to facilitate our gifts directly to those organizations.
00:47:14.000 --> 00:47:22.000
And we can have the confidence in knowing that. That organization knows how to manage a large charitable gift.
00:47:22.000 --> 00:47:31.000
Some organizations do a lot of really, really good work. But they may not be equipped to handle a 6- or 7- figure gift that's coming through a person's estate.
00:47:31.000 --> 00:47:36.000
Um, so I think the way in which you facilitate gifts can depend a lot on.
00:47:36.000 --> 00:47:47.000
What types of organizations you support. But, um, if you are giving to, and especially giving over a period of time, maybe a combination of gifts during life.
00:47:47.000 --> 00:47:56.000
And upon one's passing through your estate plans. Um, to support a charitable organization, and there's a certain area within that organization.
00:47:56.000 --> 00:48:03.000
That is particularly meaningful to you. I would encourage you to develop a relationship with.
00:48:03.000 --> 00:48:10.000
That organization, someone, um, in the development office or leadership. Of that organization to communicate what.
00:48:10.000 --> 00:48:17.000
What type of legacy you want to leave there, because that's a lasting legacy that… that can continue on, and a connection that can.
00:48:17.000 --> 00:48:22.000
Hold true for, um, your family, and perhaps multiple generations at your family.
00:48:22.000 --> 00:48:35.000
In your family. Um, sometimes that might look like. You know, for the really large gifts, that might look like naming a room or a meaningful space in that organization, or maybe it's a named endowment that continues.
00:48:35.000 --> 00:48:43.000
In perpetuity, or maybe it's just something that is. A quiet gift where there's no public recognition whatsoever, and it's something that you're…
00:48:43.000 --> 00:48:49.000
Your family knows was meaningful to you, and you just established this tradition of.
00:48:49.000 --> 00:48:58.000
Of supporting organizations, and… There are so many different tools and vehicles that you can use to facilitate those charitable gifts.
00:48:58.000 --> 00:49:03.000
Um, the one thing that I always encourage clients to think about is.
00:49:03.000 --> 00:49:07.000
What asset they're using. To facilitate those gifts.
00:49:07.000 --> 00:49:11.000
So, um, in addition to the legacy piece and the impact.
00:49:11.000 --> 00:49:17.000
That individuals can have when facilitating gifts. Um, to these organizations.
00:49:17.000 --> 00:49:21.000
It's important to be smart about what asset you're using to make those gifts. So.
00:49:21.000 --> 00:49:29.000
Um, giving, if you're doing lifetime gifts, using appreciated stock. To facilitate those gifts.
00:49:29.000 --> 00:49:37.000
Or if you're at required minimum distribution age, or really, even if you're age 70 and a half or older, you can still do what's called a.
00:49:37.000 --> 00:49:48.000
Qualified charitable distribution from an IRA that goes directly to. A charitable organization, and there are some tax benefits to using those types of.
00:49:48.000 --> 00:49:55.000
Vehicles to facilitate the giving. But you might have also heard from a different perspective, about.
00:49:55.000 --> 00:50:04.000
Donor-advised funds, or charitable trusts, or even private foundations, and. This is kind of a different approach to establishing a legacy of giving.
00:50:04.000 --> 00:50:10.000
Because these types of, um… of funds and vehicles.
00:50:10.000 --> 00:50:18.000
Create an opportunity for you as the donor. To build in kind of a series of successor advisors.
00:50:18.000 --> 00:50:25.000
And what better way of instilling philanthropy and, um, the importance of charitable giving in.
00:50:25.000 --> 00:50:36.000
In your family, maybe future generations of loved ones. Then giving them the opportunity to step into your shoes, if you, by way of example, establish a donor-advised fund.
00:50:36.000 --> 00:50:44.000
And allow them, once you're no longer able to continue serving as an advisor, directing where those charitable.
00:50:44.000 --> 00:50:52.000
Dollars go on an annual basis, you give them the opportunity as your successor advisor, to step into your shoes, and then.
00:50:52.000 --> 00:50:57.000
Give them the chance to direct where those distributions go, and that can continue on for.
00:50:57.000 --> 00:51:02.000
Um, multiple generations, and it can be a really, really nice way of.
00:51:02.000 --> 00:51:13.000
Having a family say, you know, this is our… this is a… pot of money, we'll call it that, because it could take so many different forms, whether it's a donor-advised fund, or a trust, or any number of different, um, tools.
00:51:13.000 --> 00:51:21.000
To say, we want you to be involved. Long time, and you have a say in where this, um, these charitable dollars are going to make an impact on.
00:51:21.000 --> 00:51:32.000
Whether it's a cause that's important to. Um, the original donor, or maybe there's even flexibility built in that allows future advisors to pick and choose what organizations they care about.
00:51:32.000 --> 00:51:38.000
Um, but there are so many different ways to establish a legacy in philanthropy, sometimes very publicly.
00:51:38.000 --> 00:51:44.000
And sometimes, very privately. Kept to the confines of, um, immediate family, and…
00:51:44.000 --> 00:51:53.000
Either way, it's a great example to send, uh, and message to send to future generations, the importance of giving back, and just educate on.
00:51:53.000 --> 00:51:56.000
Different ways of accomplishing that goal.
00:51:56.000 --> 00:52:06.000
Wonderful. Thanks so much for that insight. And, um, uh, I think we have a… we had a question from, um.
00:52:06.000 --> 00:52:19.000
Our audience, actually, two that were very similar. The first question was, how do bankers, financial planners, and lawyers play a role? And then we had a second question about how local community foundations play a role.
00:52:19.000 --> 00:52:21.000
So, Leah, could you take that one for us?
00:52:21.000 --> 00:52:22.000
Sure, sure, I think…
00:52:22.000 --> 00:52:31.000
Yes. Before we get started, really quickly, before we lose everyone, I know we are getting close to the top of the hour, and I want to continue the conversation.
00:52:31.000 --> 00:52:37.000
Want to make sure that everyone has a chance. I saw a ton of questions that came through the chat.
00:52:37.000 --> 00:52:43.000
Please, please, please take this opportunity. This has been just a tip of the iceberg of.
00:52:43.000 --> 00:52:47.000
The first part of our four-part series of Women in Wealth.
00:52:47.000 --> 00:52:56.000
But in the meantime, if you do not have a key bank advisor, whether you feel you have a certain amount of wealth, I've seen those questions come in.
00:52:56.000 --> 00:53:03.000
Take the time to use the QR code, set up an appointment. If you don't feel like that's the way to go yet, we have a.
00:53:03.000 --> 00:53:08.000
Ton of bankers across one, almost a thousand branches in our footprint.
00:53:08.000 --> 00:53:21.000
To connect with. So go to Key.com, schedule an appointment, we're happy to do a financial wellness review. We work extremely closely with our private bank partners and our branch partners, depending on where you are.
00:53:21.000 --> 00:53:29.000
If you do need to go to our private bank, or you don't feel comfortable, please make sure you start somewhere. That's the main point, is that you start. So.
00:53:29.000 --> 00:53:33.000
Um, without further ado, also, if you are not a Kiefer Women member.
00:53:33.000 --> 00:53:44.000
Uh, as we always say, we will not spam you, but we want to give you great content that's complimentary, that you can use every single day, as soon as you walk away from this program.
00:53:44.000 --> 00:53:51.000
Please join us at Key.com slash joink for W. So with that, Kathy, I'll turn it over to you, and then we'll close this out in a couple minutes.
00:53:51.000 --> 00:53:57.000
Sure, Rachel, and just to add. Um, it's content, and to be aware of local events, right? Because…
00:53:57.000 --> 00:53:58.000
We have… we have things going on in local…
00:53:58.000 --> 00:54:12.000
Yes. Content, local events, webinar. I am here in Albany. We have Juliana Rancic coming tomorrow for our Albany Forum. Well, actually, tonight for an event, and tomorrow, so… Yes, there are events happening all across the country.
00:54:12.000 --> 00:54:21.000
All the time. We'd love to have you. That's the fastest way to get on that invite list, is that we do send those invites that are all complimentary to our members first, so.
00:54:21.000 --> 00:54:27.000
Please join us. We're open to all, no matter if or how you identify, as all of the topics that we.
00:54:27.000 --> 00:54:33.000
Have talked about today apply to everyone, so make sure you join us. Thank you.
00:54:33.000 --> 00:54:40.000
Thanks, Rachel. And to your point, I… we're going to wrap with this last question. So, Leah, do you want to take it away?
00:54:40.000 --> 00:54:50.000
Sure. It was a two-part question. I think the piece about community foundations is just knowing that community foundations can be a great resource.
00:54:50.000 --> 00:55:01.000
For identifying what organizations are in the community. Um, particularly if you've got a particular cause or mission that you want to support but don't really know which organization to.
00:55:01.000 --> 00:55:07.000
Um, earmark for that support, or where to direct the money. Community foundations are a fantastic resource, and oftentimes they'll do.
00:55:07.000 --> 00:55:18.000
The vetting for you, so you don't need to worry about that piece. Um, community foundations also often hold, um, donor-advised funds and can advise on pieces.
00:55:18.000 --> 00:55:24.000
That component of the conversation, but. Um, to the question that was who should be at the table? Who should be making these.
00:55:24.000 --> 00:55:29.000
Decisions with you, or… advising you as you make these decisions, rather.
00:55:29.000 --> 00:55:35.000
I think, um, the more people on your team that you have as a part of these conversations, the better.
00:55:35.000 --> 00:55:44.000
So if you've got established relationships, um, with different advisors, loop them all into the conversation, because they might view things from different perspectives.
00:55:44.000 --> 00:55:50.000
They might have different ways of looking at things, and um… the more people that you have.
00:55:50.000 --> 00:55:58.000
Looped into what you're hoping to accomplish, um. Sometimes there are really creative solutions out there that might be implemented as well.
00:55:58.000 --> 00:56:08.000
So I'd say, um, include everyone in the conversation, and, um, I'm sure that collectively you'll be able to come up with a really, really great and impactful result.
00:56:08.000 --> 00:56:21.000
That financial roadmap really helps you drive what you can support and what makes sense to support, so… Again, it all goes back to having that financial plan, right? Starting there, and then you can build everything around it.
00:56:21.000 --> 00:56:29.000
So with that, I know we have, um, we have a few questions that remain in the chat. We're just about at the top of the hour.
00:56:29.000 --> 00:56:34.000
Um, so Rachel, you'll help us figure out how we can… how we can address those.
00:56:34.000 --> 00:56:42.000
Um, but we want to thank you all for being with us and for your time today, and uh, you know, investing in your financial health.
00:56:42.000 --> 00:56:46.000
Is, uh, needs more than just the money you have in the bank.
00:56:46.000 --> 00:56:55.000
It is your physical health and your mental health. And it's so very important. And as Rachel mentioned, we have advisors in our branches.
00:56:55.000 --> 00:57:08.000
Uh, we're available to… to answer your questions, and if you click on that QR code, you can schedule time with one of our private banker relationship managers who can assist you with specific planning questions.
00:57:08.000 --> 00:57:12.000
So have a great day, everyone. We are so pleased to have had you with us.
00:57:12.000 --> 00:57:19.000
Yeah, and thank you, Kathy. That's so well said. You know, it's one of the things that we often say, is that.
00:57:19.000 --> 00:57:27.000
Your self-worth is not defined by your net worth, but your net worth will grow as that self.
00:57:27.000 --> 00:57:37.000
Worth grows. So, I encourage everyone to reflect on that, reflect on what legacy truly means. Thank you to all of you for joining. This was an impactful conversation.
00:57:37.000 --> 00:57:42.000
Based on the comments and questions that were coming in, I know that our team has gotten a lot of it.
00:57:42.000 --> 00:57:50.000
Again, it's individual to you, so make sure you schedule that appointment, whether you're planning for your family, your business, or community.
00:57:50.000 --> 00:57:55.000
Uh, you all know that I love a good quote, so I'll leave you with this, as Warren Buffett once said.
00:57:55.000 --> 00:58:00.000
Someone sitting in the shade today because someone planted a tree a long time ago.
00:58:00.000 --> 00:58:08.000
So that's the essence of legacy, and making those decisions today that can create the comfort, opportunity, and growth for others. So.
00:58:08.000 --> 00:58:12.000
We hope you leave you all inspired today to take action.
00:58:12.000 --> 00:58:17.000
Ask questions, and do not put it off. I know you're busy, but don't put it off.
00:58:17.000 --> 00:58:21.000
Make sure that you're building a legacy that reflects your pers… your purpose.
00:58:21.000 --> 00:58:26.000
And empowers future generations. So, thank you all again. I look forward to seeing you all. Part 2, November 3rd, at 1pm Eastern Standard Time. I hope to see you soon.
00:58:26.000 --> 00:58:36.000
Take care.Thank you
Watch an empowering session tailored to women business professionals and owners. This event provides essential insights into estate and tax planning, with a focus on the unique needs of women. Learn what questions to ask and how to protect your legacy, care for loved ones, and build a succession plan that helps you flourish long after you’ve transitioned from the business.
Key Takeaways:
- Personal Planning – Understand wills, trusts, and strategies to secure your future
- Business Continuity – Learn succession planning and tax strategies to protect your enterprise
- Elder Care – Navigate financial planning for aging parents and long-term support, while considering your own future needs
- Family Legacy – Explore tools for children’s education, guardianship, inheritance, and philanthropy
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This material presented is for informational and educational purposes only and is in no way to be construed as financial, investment, or legal advice. We cannot and do not guarantee its applicability or accuracy in regards to your individual circumstances. Any opinions, projections, or recommendations contained herein are subject to change without notice, are those of the individual author(s), and may not necessarily represent the views of KeyBank or any of its subsidiaries or affiliates. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal financial issues.
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