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What is an Estate?

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What is an Estate? Learn more as Colleen and Eugene uncover misconceptions about estates.

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Speaker 1:

It’s a question we should all be asking ourselves, no matter what our age or income. Do we have an estate plan in place for our family?

Speaker 2:

Here with more this morning is Greg McIntyre with McIntyre Elder Law. Greg, good morning. Thank you for being here.

Greg McIntyre:

Good morning. Thank you for having me, I appreciate it.

Speaker 2:

Of course. Let’s start with this question. What is an estate?

Greg McIntyre:

Sure. Well, I mean, many people think it’s to the manor born. I have a large estate, this huge house, the dogs and the Jaguar. Which I love, great cars, you know? But that’s a misconception. Let’s talk about what an estate really is. It’s what you acquire during your life. It’s the house that you worked 30 years to pay for, it’s the retirement that you saved for your entire career. That’s your estate, the things that you acquire during your life and most people have an estate. Most people have an estate, not just the uber noble and wealthy.

Speaker 2:

You’re so right though, that word conjures those images.

Greg McIntyre:

Sure, it does. It does.

Speaker 2:

Yes.

Speaker 1:

So why should people protect their estate and their assets and the things they have accumulated? You can spell a little bit more of those things out a little bit more.

Greg McIntyre:

Sure. For me and for my clients, usually it’s because of love of their family. I love my wife. If I pass on, it’s going to cost a bit to send our six children to college, right? Or later on to provide for and help my grandchildren. I love my children. Plus, I’m working really hard and my clients work really hard for what they acquire during their lives. So let’s talk about protecting that, minimizing taxes, maximizing what you pass to your loved ones, and helping to craft a better life for them.

Speaker 2:

Okay, so walk us through that. How do we protect our estates?

Greg McIntyre:

Sure. You could use trust, irrevocable, revocable trust, accumulation trusts. Those are new terms. Deed planning and protection can be used. We could talk about traditional estate planning, simply having foundational documents in place. All those work together, depending on your plan, to help you protect your assets and pass them along.

Speaker 1:

If you don’t protect your assets, what happens to your assets if you have no plan in place at all? Does the government get it? Who gets it?

Greg McIntyre:

Well, the state has a plan already in place for you, and it may or may not be what you want and you’re not able to necessarily pick your executor for your probate estate, your will, and you would simply be leaving it to what the government already has on the books, it’s called the laws of intestate succession, and chance. So I would suggest taking control. It’s always better if we take control over our destiny and our fate and our estate.

Speaker 2:

People who are watching and listening to this right now, Greg, they can set up a meeting with you and your firm.

Greg McIntyre:

Sure.

Speaker 2:

Tell them what they can expect in a first meeting.

Greg McIntyre:

I had an attorney I was talking with recently and he talked about he and his mom used to sit down at the kitchen table and hash out problems. Anytime he had a problem he could go talk to Mom at the kitchen table. It’s not much different with us. It’s sitting down at the conference table and talking about what your assets are, what your goals are and how we’re going to achieve those. Whether it’s the kitchen table or the conference table, let’s sit down and let’s talk about a plan.

Speaker 1:

Now, you wrote a book called Saving the Farm.

Greg McIntyre:

Right.

Speaker 1:

It probably covers a lot of these issues. How can people get a copy, and what will they find in this book?

Greg McIntyre:

Sure. I spent two years researching and writing that book. They’re going to find all kinds of great content regarding estate planning and it’s going to be a nice guide for them. Somebody I worked with called it a reference book that reads like a novel. You can get that book … We’ve sold tens of thousands of copies and you’re free to buy it for I think it’s 20 bucks on Amazon. However, for our viewers today, you can go to McElderLaw.com/SavingTheFarm and download that ebook or audio book free of charge. Okay?

Speaker 2:

Very good. You’re giving that away for free today.

Greg McIntyre:

I am, absolutely, for our viewers today. I appreciate them watching.

Speaker 2:

Very good. Well, thank you for doing that, Greg.

Greg McIntyre:

Yes.

Speaker 2:

Again, McElderLaw.com/SavingTheFarm. It’s right there on the screen. If you go there today, you can get a free copy of the book Saving the Farm, that outlines all this information that Greg was talking about. You can also call 704-749-9244, again, 704-749-9244. You can call to set up an appointment if you’d like, sit at the conference table with Greg and his team. Thank you so much for being here.

Greg McIntyre:

Thank you very much for having me.

Speaker 1:

[crosstalk 00:04:38].

Speaker 2:

All right, coming up on Charlotte Today, the relaxing experience of float therapy. It’s easily one of the most unique gifts you can give this Valentine’s Day. We’ll tell you about True Rest Float Spa.

Speaker 1:

And whether you’re changing your career or earning your GED, South Piedmont Community College can help you reach your education goals.

 

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