Estate Planning with Sky Kurlbaum | Truth in Lending Show

Posted on May 2, 2012

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We enjoyed having our special guest, Sky Kurlbaum, on the Truth in Lending Show last weekend.

Something we try to tell all of our listeners is that it’s not just the wealthy who need to have a plan for their estate. Whether your estate is a 10 bedroom mansion with an elevator, or a 3 bedroom, single-car ranch home in Kansas City, everyone needs to have a plan in place for their assets and long-term goals. Plus, estate planning isn’t just planning your financial assets. Estate planning involves all sorts of things about our lives and our families that we must consider. As Sky said, “There is no such thing as a plan, just planning…”

Sky brought his enthusiasm for planning into our studio. He showed us this helpful chart to think through when planning for an estate:

estate-planning-chart

Estate Planning doesn’t just impact wealth

What is a person’s “net worth” -really?

Sky explained to our listeners that most people think only in terms of their financial assets when answering the “net worth” question. Yes, financial assets, like cash, IRAs, 401ks, home, etc.are all important. But your net worth is broader than that.

All Aspects of a Person’s Net Worth

Your net worth can involve many areas outside of the financial realm. When estate planning, you must evaluate all of these areas. Not only will planning for your “net worth” help you in the future if something happens to you, but will also impact your life now. Maximize your time now, and plan ahead so that your family is protected, by evaluating the following areas of your life:

•    Intellectual capital (investment in education of self and family);
•    Spiritual capital (investment in spirituality);
•    Family capital (investment in family? quality time?);
•    Relationship capital (investment in the relationships around you);
•    Health capital (investment in your personal health and those around you).
•    Mental capital (investment in your good mental health, hobbies, fun, excitement, adrenaline rushes…)

Prioritize What’s Most Important To You

Sky reminded listeners that despite “multi-tasking,” no person can truly be “in the moment” two places at one time. Take stock of all that is important to you, and realize, time spent on one of these in lieu of another is still time well spent. Don’t feel guilty when you’re at your kid’s recital instead of the office. Both are important to you and build personal capital.

don'tknowhowshedoesit

These themes are not new, as showcased in the Sarah Jessica Parker movie currently in theaters, I Don’t Know How She Does It. Women and men alike must both sit down and evaluate what’s important in life, and how to put first things first.

Like clutter in your home, life can become full of clutter. Regularly get rid of things that take up time but do not build on one of your life’s important areas of activity. This will allow you to live a full, rich life where you have no regrets in the end.

Also Covered in the Truth In Lending Show…

Our show also included great questions and answers from listeners like buying property in Kansas City with FHA loans.

Check out Sky Kurlbaum’s website for more information on Estate Planning.

Listen to our Truth In Lending Show on Sept. 18th, or read a synopsis.

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