plan your legacy

Posted by Pamela Arnsberger 
on Jun 09, 2016
 
 
Announcements and Reminders
The Toast and Roast is at Gilroy Gardens on June 23rd. Deadline to sign up is on the 15th. To sign up, see Al.
Michelle announced that the American Red Cross Heroes breakfast is on the 17th at 8:00 AM at Twin lakes Church. They will be honoring 11 local people. She is putting tables together. Let her know if you would like to go as her guest.
Keith’s party is on the 26th. If you haven’t signed up yet and are coming let him know.
Tim announced that as usual on the 4th of July we’ll be pouring the beer at Aptos Park. 11-4 will be the pouring time. Volunteer for a two hour shift.
 
Doug introduced our Interact scholarship students. They were a distinguished group including the valedictorian at Soquel High, a competitive dancer, a water polo player winning the coach’s award, a winner of all conference honors in various sports and is a  CSF president and life member. They discussed their community service projects including restoring a trading post for the Nez Pierce Indians, doing a child care project in Guatemala, volunteering  for Helping Hands which partners with people with disabilities to assist with household tasks and at Camp Hammer. Doug noted that all the students have had life challenges and have used them as motivation for their lives.
 
Karen Calcagno  was our speaker today. The topic was “Your legacy have it your way”. She is the founder of Advantage Business Center, helping with estate planning  and other issues. She is credentialed in coaching and mediation and focuses on financial and inheritance issues and helps people with the hard conversations.
 
 
 
 
 
She began by explaining the difference between a legacy and an inheritance.  A legacy is larger than an inheritance and should be a legacy of love. She emphasized that you need a plan because every family has its issues and you want there to be an orderly process.
How can we strengthen this process? 1. Don’t leave litter behind e.g. have an advanced health care directive 2.Have a trust and speak to the trustee 3.Have an estate attorney write your trust. Don’t do one on line 4.Plan for at least two generations downstream. 5. Choose the right person for the trustee who has good relationship skills and has an orderly mind; not someone who is in financial trouble themselves.
She spoke about the 70/40 conversation. When parents are in their 70’s and adult children in their 40’s is a good time to have this conversation. Go into the denial spot (this will never happen to me) and deal with it. How would you provide for a caretaking child? Does anyone know what your passwords are? Safety deposit box key?  Insurance policies? Property?  Where are the records? We need a list of all these things. Pretend you’re going away on a long trip and you are leaving someone enough information so that someone can take over if necessary. Leave the information in one place and tell them where to look for it.
She stressed that this is a great opportunity to share family stories. Have many conversations. Also an opportunity for you to tell family member something they don’t about you..e.g.  your values. She shared with us a story about inheriting a family vacation home as an example of a legacy and an inheritance coming together successfully in her family and giving them a cohesive focus.
For more information see karenc@advantagebc.com