In today’s episode, we are joined by Estate Planning Attorney, Elizabeth Neyens. Elizabeth talks about the importance of Estate planning in general and after divorce. Estate plans cover everything from a home to financial planning for your children and animals! Elizabeth also talks about career planning and the significance of LLCs. Tune in today to learn more about estate planning and how to handle it after divorce.
In this episode:
[2:07] What made Elizabeth decide to become an attorney and go into the estate planning space? [5:20] Elizabeth shares tips about what people need to do after a divorce? [7:18] How does creating a new estate plan post-divorce look? [9:30] What does it look like if a parent passes away and a guardian wants visitation rights? [10:53] Other things people need to think about when doing estate planning. [14:55] Elizabeth touches on career desires and how to move forward with your career. [16:00] Why is it important for someone to set up an LLC? [17:23] What does pet planning look like with estate planning?
Key Takeaways:
When planning your beneficiaries and decision-makers, they can all be different. You may want a different person handling your financial items and another handling your medical decisions. Make sure to update your guardian's post-divorce, as many states will kick off your spouse. Create a trust for your children, determining the monetary amount they can get and when. You can create multiple milestones for payment, for example, some at 18 for college, then some at 25 years old, etc. Also, indicate the decision-making that a financial decision maker has access to make, so money doesn't fall into the wrong hands. When starting your own company, create it under an LLC. This protects your personal assets if something should happen. If you do not create an LLC, your business and personal assets can be taken.
Quotes:
“One of the easiest and quickest things you can do is update your beneficiary designations on your life insurance, your retirement accounts, brokerage, any type of account you have; a lot of them can be beneficiary designated. That’s a quick thing you can do fairly fast.” - Elizabeth Neyens
“Not that we often see divorce as an exciting time, but we can change the story of divorce and change it to something that is expanding your horizons.” - Lesa Koski
Guest Bio:
Following a successful sales career, Elizabeth Neyens attended law school to pursue a profession that would provide an opportunity for her to help solve families’ problems during difficult times. Elizabeth graduated from William Mitchell College of Law. She currently practices in Oakdale, Minnesota, primarily in the areas of estate planning and probate, which are two areas that involve family transitions, challenging circumstances, thoughtful decisions, and careful planning. Elizabeth aims to be not only a legal advocate but also a calming influence.
Resources:
Neyens Law Website
Neyens Law PLLC Facebook Page
Neyens Law Instagram Page
Elizabeth Neyens LinkedIn
Phone number for consultation: (651) 478-8999
Lesa Koski Website
