Financial Planning: Estate Essentials for Older Adults (Queens County)

A practical two session course on wills, probate, executors, personal directives, and key financial decisions later in life. This course provides a practical, plain language overview of the key financial matters older adults should understand as they plan for the eventual transfer of their assets. The course is based on the instructor’s experience with the most common — and often unexpected — issues faced by individuals and their executors. It is a financial course and will not provide legal advice, for which you should contact a lawyer. Participants will learn what actually happens financially upon death, with or without a will, and how to make thoughtful decisions now to reduce stress and confusion later. Use of trusts and matters related to corporations will not be discussed, for which you should be working with both a CPA and a lawyer for planning. Time for questions is built into each session, and topics may be adjusted based on the interests of the group. Session 1: Core Estate Planning Foundations • What happens to your property upon death • Why your Will matters — and how to choose the right executor • Understanding probate: what it is, what it costs, and when it’s worth avoiding • Issues related to assigning beneficiaries to certain accounts and policies • Joint ownership: risks, benefits, and common misconceptions Session 2: Key Documents and Special Planning Situations • Special will considerations: second marriages, blended families, foreign assets, and cross border issues • Powers of Attorney and Personal Care Directives • Advance Care Planning and Health Care Directives • Life and travel insurance considerations • Taxes on death • Charitable giving and its financial benefits Housing and real estate issues, as well as CPP timing, are covered separately in Financial Planning: Housing, Care Options, and Your Home — What Older Adults Need to Know and Financial Planning: Understanding Government Pensions (CPP, OAS, GIS) and RRSP/RRIF Decisions. If you are using joint ownership and informal trusts to try to achieve some estate goals, consider attending Financial Planning: Hidden Tax Traps in Home Ownership, Joint Title and Informal Trusts also.

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