PODCASTEpisode 20 – Estate Planning as a Team Sport (Part 1)
It takes a village to raise a child—but does it take a village to plan your estate?
In Part 1 of this two-part series, Dave Shaffer and Hannah Cannon explore why effective estate planning requires more than just a lawyer. From coordinating beneficiary designations to calculating insurance needs and projecting future estate tax exposure, this episode highlights the critical role financial advisors, life insurance agents, and tax professionals play in creating a comprehensive estate plan.
Dave and Hannah break down a key distinction many people overlook: not all assets pass through your will. Retirement accounts, life insurance policies, and joint bank accounts transfer based on beneficiary designations—not what's written in your estate planning documents. They explain how attorneys and financial advisors must work together to ensure beneficiary forms align with your overall plan, especially when trusts for minor children are involved.
The episode wraps up with a cautionary "Show and Tell" segment featuring a real-life case where an estate planning attorney failed to coordinate with a life insurance agent—resulting in a million-dollar policy being unnecessarily included in the taxable estate. The lesson? Collaboration isn't optional—it's essential.