Thursdays are for Tips and Trix! Today’s Tip: A major health diagnosis serves as a good trigger to strategize an estate plan to ensure the right community of support around you as you face a major health diagnosis and to review estate planning documents in order to pass along assets in the event of death.
If you follow any media in recent weeks, you heard the news about Rush Limbaugh’s advanced cancer diagnosis and his vow to fight it. In 2011, Rush discussed estate planning with his listeners and remarked, “Every year estate planners want to talk to me about estate planning and it seems that they think that the primary objective of any estate planning is going to be to keep money away from the government. So they want to structure trusts, charitable donations, foundations, any number of things, and I always say to ’em, “Yeah, but the problem with doing that is I am getting rid of all my money before I die.”
From an outsider’s point of view, here are a few guesses of some issues Rush and his attorneys discussed. They are:
1. After the separation from his fourth wife, updating beneficiary designations on various accounts and choices for powers of attorney regarding healthcare and financial matters.
2. Review succession planning for his radio show.
3. Choosing, if not done already, a literary executor for his published works.
4. Reviewing a list current assets. Rush owns a beach front estate in West Palm Beach, Florida, a vast collections of cars, and a private jet.
5. Charitable giving. From supporting various military organizations to the Leukemia and Lymphoma Society, Rush has donated generously to various causes.
What else would you add?
Again, a diagnosis of a major illness serves as a good trigger to discuss estate planning early with trusted advisors so one can focus energy and resources with the medical team for a best course of treatment.