E6: Estate Planning Insights for CRNAs

Estate Planning for CRNAs

In this episode, Brett discusses the importance of estate planning for CRNAs and how to get started.

One of the great things about hosting this type of show is that we often will get questions from listeners. Recently, we received one from a CRNA asking if I’d talk about estate planning.

What exactly does estate planning mean and why is it important?

Now, I know this isn’t a fun topic to talk about, but it is a great question and definitely a major pillar of any financial plan. So, let’s spend this episode answering the question:

What is an estate plan, and why is estate planning important for CRNAs?

From a personal finance perspective, there are many ways to give. We typically think of charities. However, estate planning is a form of giving by which we outline what will happen to our assets after we die, perhaps leaving them to family, a loved one, or a charitable cause.

But we can also give gifts during our lifetime. We certainly don’t have to wait until we die. And I like this type of giving, as you get to see the blessing of your gift on the recipient and feel the benefits of giving in your own heart.

We can also give our time. As with money, it doesn’t have to be given to a charity. We can give our time by helping anyone in any way we can, which in turn helps us feel connected to those around us.

If you do give financially, let’s say to a charity, the best gifts are donations that matter to you, that can lower your tax bill, and that don’t take away from the necessary saving and investing you’re doing to reach your financial goals.

Now, on the other side of giving is receiving. Inheriting money isn’t always as easy as it sounds. While receiving an inheritance can solve financial problems, many people feel negative emotions about receiving a large sum of money. What may seem like a blessing to one can feel unearned or even oppressive to another.

Additionally, those receiving inheritances after someone dies would often rather have the loved one than the money. Therefore, estate planning needs to be done thoughtfully and fairly to achieve your desired outcomes.

It always helps to think of results first. This will help you create the best path for your money to pass on to the next generation.

Episode Highlights

[01:37] Understanding estate planning basics.

[04:38] Who needs an estate plan?

[06:24] The importance of creating a detailed estate plan to prevent disputes and secure your legacy.

[12:27] Exploring the core documents of an estate plan.

[21:51] Executing and storing your estate planning documents.

[24:44] Designating beneficiaries.

Looking for more financial planning tips and resources for CRNAs? Check out the MoneyRx for CRNAs Podcast home page for additional podcast episodes.

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