thread Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning in Archived Discussions (Read Only)

Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

jalsobrook — Mon, 15 Jul 2024 20:47:26 GMT

Hello Seller Community,

On Tuesday, March 22, we were honored to have guest author, Chairman, and CEO of First Independence Bank, Kenneth Kelly, join our forums. His work focuses on economic equality and he has extensive experience with community banking, minority depository institutions, and working minority business owners.

Kenneth recently authored a book that covers legacy planning – Prepared Before I Go: Preserving Your Possessions Through Proper Planning – which provides his views on how to create a strategy for after we're gone. His book addresses how to keep your hard-earned savings and belongings in the family, and intentionally pass on values and beliefs that are the most important part of your personal legacy.

We know many businesses represented in the Seller Community are family-owned, and wanted to create the space for you to ask our guest author questions about planning ahead, particularly in these areas:

Will & Trust
Healthcare Directives
Power of Attorney

We're grateful to all the sellers who shared their questions and experiences. Take a look at the comments below for a recap of Kenneth's replies and and more information.

Please note that Kenneth Kelly is not an employee or consultant of Square. The information he provides solely reflects his views and is not endorsed by Square. This Q&A is limited in scope and is only intended as a high-level overview of the topics discussed. Block, Inc. (including its affiliates, subsidiaries, employees, officers, directors, attorneys, and tax advisors) undertakes no obligation to fact check or update the information Kenneth provides for future changes in the law. Nothing in this Q&A is or should be used as tax or legal advice. In particular, this Q&A cannot be relied upon for the purposes of avoiding taxes, penalties, or other obligations under applicable law. For guidance or advice specific to your business, you should consult with a qualified tax and/or legal professional.

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

sugarlab — Wed, 09 Mar 2022 22:00:51 GMT

I'm 100% new to any sort of planning, especially estate planning. I just had my second child 6 weeks ago, and our first will be 2 on Saturday. Right now, my husband and I don't have any plan in place if something were to happen to us. I want to make sure our families don't have to stress about that and that our kids are set up financially as best we can. Where should we start, as in, what is most important and should be done this year?

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

Thevioletfox — Thu, 10 Mar 2022 16:42:51 GMT

Things I think most of us don't think about early enough/young enough! Always better to be prepared!

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

homeprogreen — Fri, 11 Mar 2022 19:16:07 GMT

Planning is always a good thing

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

Doran — Fri, 11 Mar 2022 20:05:45 GMT

I feel like I'm in the same boat. Where do we start? I put a very basic will together when I had my daughter but so much has changed since then. I'd hate to leave a mess behind. And, what happens to my business...

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

JUYBoutique20 — Fri, 11 Mar 2022 20:11:01 GMT

Definitely need to get as much info about this as possible. How do we get started with planning? Is it costly?

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

MudFire_Dex — Fri, 11 Mar 2022 23:21:53 GMT

How can I leave my business to someone not in my family to reduce their tax liability etc? Is a trust the best solution for that?

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

blackberryhouse — Sat, 12 Mar 2022 17:28:47 GMT

My family has been discussing this very topic lately. Here are a few of my questions.

1. What is the differences/disadvantages/advantages in an irrevocable trust vs a revocable trust?

2. What moves should I make now to keep my estate out of probate after my death?

3. What type of life insurance policy should I have to fund my business after my death?

4. What do I need to prepare now to leave my business in someone's hands after my death?

Looking forward to hearing the answers. Thank you.

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

Stacelyn24 — Mon, 14 Mar 2022 01:10:37 GMT

This is all very new to me...but definitely very interesting (and something that I need to have a better understanding in). I have a few questions:

How do set up a living trust that can help fund your future businesses?
Where is the best place to start?
What books do I need to help me understand (in plain terms lol) in setting up a living trust, estate planning etc.

can’t wait for you to come back with fantastic answers:)

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

betseylou — Tue, 15 Mar 2022 17:25:05 GMT

Do we need to use a lawyer to initiate a trust or even just a will, Adv Healthcare Directive or Power of Attorney? Or can we follow a template from another trust (say our parents).

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

Ravenbeer — Tue, 15 Mar 2022 17:40:03 GMT

I would like to know if you recommend doing any of the planning ourselves versus hiring an attorney/tax accountant..

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

EKHVACLLC — Tue, 15 Mar 2022 17:49:36 GMT

This is the perfect question and I'm in the same boat however with four kids. Cant wait to hear the answer!

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

ELS123 — Tue, 15 Mar 2022 17:51:06 GMT

How do I provide real estate for each of my children so they have a roof over their head. However, one of them I need to regulate the money so it lasts, but I want to make sure they cannot sell the properties or add anyone else's name to the property. They can leave to their children, but only if biologically theirs. Also, if they have no children then I would want that they have the option at 40 years old to sell the property if they need money for medical, bills, etc... They will always be able to pull equity out of the home. I want to leave money so the property taxes are paid automatically every year for each property. There is no mortgage.

How do I set this up - in a trust with how it is to be managed or funds released?

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

FrankDreier — Tue, 15 Mar 2022 18:42:52 GMT

what is a low cost legacy planning option? are the useful online options?

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

Pbenda — Tue, 15 Mar 2022 19:27:47 GMT

I'm not even sure where to begin. with planning. Maybe a bit of story might be enough for me to start on this path of mine. can't wait to listen to it. I am a student at the University of Utah.

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

kevans — Tue, 15 Mar 2022 19:34:53 GMT

I'm 63 with no family and few close friends. I don't want to burden any of my friends with my "estate" after my death. Do estate lawyers handle selling property and distribution of money in bank accounts? Is there anything I should know?

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

Tom — Tue, 15 Mar 2022 20:06:27 GMT

Thanks for checking in @Pbenda! I agree, there's a lot to consider. I also wanted to make sure to clarify — this Q&A is all text-based within this post, there isn't a video/recording.

If you have any questions, be sure to reply in this thread with them. Otherwise, keep watch for Kenneth's replies to other folks' questions after March 22nd and I hope that'll help get you started with taking next steps. 💯

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

M8uban — Tue, 15 Mar 2022 19:57:09 GMT

Hello, I would like to know your thoughts on Trust. Is it possible to prepare a trust yourself online and have it notarized for authenticity . Trust are very expensive to have an Attorney to prepare. Mine would not be extensive, but I wanted respected.

My adult kids don’t treat me well at all and I am ill, they claim they don’t want anything for me, yet, One of them had the nerve to say, when I die, they were coming to live right here in my home. I am afraid they my get jealous of who I leave it to, and cause issues, they are jealous of each other and turn each other against me.

I am in the process of putting things in writing now. I will leave letters for them and have my signature notarized indicating I am in sound mind, which I definitely am. Please help.

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

JuicyJournaling — Tue, 15 Mar 2022 20:30:17 GMT

I’m single and have no kids, but I really want to set up a trust for my family.

Re: Q&A with Author Ken Kelly: Let's talk about legacy and estate planning

Miracle — Tue, 15 Mar 2022 22:47:39 GMT

My husband and I only have a will that we created ourselves. Where do we start with estate planning?