The common misconception, that wealth earned over a lifetime will automatically transfer to our spouse and children after our death, was crisply cleared in a Webinar hosted by IACCGH on September 15. Presented by Amiralli Dodhiya, the hourlong address was packed with advice on the importance of estate planning, common mistakes, and their solutions through real-life examples and clear-cut terms.
Executive Director Jagdip Ahluwalia welcomed the participants and introduced the speaker. Amiralli, a 17-year veteran in the field of Wealth Preservation and Strategies and a New York Life Insurance Agent has been the recipient of one of the industry’s top honors – the NAIFA National Quality Award for nine years in a row.
President Tarush Anand offered a brief outline of the Chamber’s activities. This was followed by the President of the Indian Doctors’ Association Dr. Jignesh Shah who spoke of Amiralli’s contributions and support of community activities.
Dr. Shah also touched on IDA’s efforts in providing educational awareness programs to the community in these pandemic times, financial support to vulnerable communities, and surgical supplies to front liners.
An Estate Plan is the creation of a definite plan for managing your wealth while you are alive and distributing it after your death. Diving straight to the point, Amiralli highlighted the first consequence of not having an Estate Plan or an outdated one. The State distributes the assets after your death, also known as Probate, and these may not be in the best interests of your near and dear ones.
Some common pitfalls were: Failure to plan for medical incapacity, Failure to make a Living Will, Failure to make a Revocable or Irrevocable Trust, Outdated Designations, Failure to do Asset Titling, Understanding the inheritance law in the Community Property States, and Outright Distribution of Assets:
Drafting an effective Estate Plan should protect your assets and must be in sync with your wishes.
Amiralli concluding by emphasizing the importance of finding a good Estate Planning attorney to protect your money, determine your overall objectives for the next 10, 20, or 30 years, secure the family’s future, and finally communicate your Estate Plan, location of your Will and name of the Executor to your family.
Disclaimer: The Webinar is for information and educational purposes only. IACCGH suggests meeting a professional advisor for all your legal and financial advice