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Five Key Estate Planning Matters to Consider Annually

Callie Geist
Callie Geist, CFP®, J.D., MBA

Senior Integrated Wealth Advisor
952.230.6706
Email Callie

  Working with our clients' finances is very personal, and for them to allow us into that space is a real privilege.  

Professional Biography
Callie Geist is a Senior Integrated Wealth Advisor at Carlson Capital Management. In this role, Callie partners with clients and their families, providing the firm's fully integrated wealth management experience including investment management, retirement modeling, estate and educational planning and all other aspects of general financial planning and client care. Callie also connects clients with the firm's specialists for overall portfolio management as well as direct access to expertise in areas such as tax planning and insurance analysis.

Callie holds a Bachelor of Arts degree in Organizational Communication from Creighton University where she graduated cum laude. She went on to earn a Juris Doctor from the Creighton University School of Law, and is a member of Phi Delta Phi, an international legal fraternity. In addition, Callie holds an MBA from Kaplan University, and the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards.

Callie joined CCM after serving as a Tax Staff Accountant at a South Dakota company. As a law student and undergraduate, Callie clerked with the Kellogg & Palzer firm in Omaha, Nebraska, and worked in human capital with the SilverStone Company. Callie grew up in Northwest Iowa, and now telecommutes from Sioux Falls where she resides with her husband, Aaron. She is a fan of Minnesota sports teams, enjoys cooking and spending time with her family, friends and her faithful dogs, Brin and Charlotte.

Personal Thoughts
My interest in financial planning began when I was sixteen years old and working at one of my very first jobs. This job was in a wonderful gift shop with a small café in my hometown of Storm Lake, Iowa. I enjoyed every aspect of this job: unpacking merchandise, wrapping gifts, prepping food in the kitchen, waiting on tables, etc. However, my favorite part of the job was getting to know the customers and helping them find exactly what they were looking for. One such customer was Don, a businessperson in his 60s who was a regular patron of the café. He would come in almost daily at the end of every lunch service. I loved sitting at the table with him and chatting.

During one of our conversations, he shared with me his number one financial recommendation: open a Roth IRA and save 10% of your income into that account. Don’t worry about the dollar amount you’re contributing, he said, but focus on creating the habit. We talked about the impact that this could have on my finances long-term. So I went to the local bank where an incredibly kind woman, Julie, took the time to walk me through opening this account and answer all of my questions. Every two weeks when I was paid, I would go the bank to cash my check and contribute 10% into my Roth IRA. While the dollar amount was small, I felt empowered about making smart financial decisions. I knew that I was doing the best I could with what I had at the time.

In my role as an advisor, I love building strong relationships with my clients and learning about the people and things that matter most to them, the goals and dreams they have, and the things that keep them up at night. Just as Don and Julie helped educate and encourage me many years ago, my goal as an advisor is to walk alongside my clients as they navigate the financial obstacles and opportunities in life, so that they can feel empowered and energized in knowing they are doing the best they can with what they have.

Callie and other members of the CCM Advisory Team regularly post articles of interest on financial planning which you can find here.

Callie Geist
Callie Geist, CFP®, J.D., MBA
Senior Integrated Wealth Advisor

Co-Authored by Katy Vermeer

Estate planning is one of the key components of the integrative wealth management process. However, for many people, absent major life changes, drafting or updating estate documents is a process they may only consider every five to ten years. We recommend, however, that clients consider the following five key related items on a more frequent basis:

Beneficiary Designations
Beneficiary designations are a very important part of one’s broader estate plan because they list the person or entity who would benefit when the account owner passes away. For many, beneficiary- designated accounts represent the majority of their assets so it is critical to be deliberate about who is named to receive these assets. These include Individual Retirement Accounts (both Traditional and Roth), 401(k)s, pensions, annuities, and insurance policies. We encourage clients to name both primary and contingent beneficiaries and review these designations annually to ensure they are consistent with their intentions.

Asset Titling
If one has a trust-based estate plan, it is critically important to properly title the assets in the name of the trust. Assets may include primary residences, vacation homes or cabins, bank accounts, and brokerage accounts, among others. Assets not titled in the name of one’s trust will likely go through probate, which may be contrary to the intentions of a trust-based estate plan. We recommend that clients regularly review the ownership of all of their assets to ensure titling is consistent with the design of their estate plan.

Incapacity Documents
The two main incapacity documents are a healthcare directive and a financial power of attorney. These legal documents allow a person to name an agent who may make medical and financial decisions on their behalf during times of incapacity. Note that these documents vary by state, so if an individual has a second home or spends significant time in a state other than where the documents were drafted, the individual may want to ask an attorney about drafting additional incapacity documents for that other state.

Charitable Gifting
For testamentary charitable gifting, we encourage naming preferred charities as beneficiaries on qualified retirement accounts. We encourage this practice because a charity named as a beneficiary of a qualified retirement account will receive distributions free of any income taxes. On the other hand, an individual named as a beneficiary of a qualified retirement account will pay ordinary income taxes on all distributions.

Annual Review
Understandably, clients are concerned about maximizing what they leave behind to their heirs or to charities. To ensure current gifting preferences are accurately reflected, we recommend conducting an annual review of the gift amounts intended for various beneficiaries. At the same time, one should regularly monitor and review (with their advisor) any changes to federal and state laws governing estate tax exemption amounts. In fact, the state of Minnesota recently passed a tax bill that increases the estate tax exemptions. (More information about this change is available in the July 2017 Update from the Tax Team.)

In addition to the aforementioned considerations, we encourage conversations with family members about estate planning intentions. These conversations are opportunities to communicate what is important to you, to pass on family values, to achieve a better understanding of desires and goals, and to best plan for the future. Our team at CCM is here to facilitate that process, and step through the above review items, with you and your family at any time.

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Published July 27, 2017 Topics: CCM Women's Initiative, Estate Planning, Financial Advisors, Financial Planning, Financial Planning for Women, Integrated Wealth

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