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Robert Olivan's Wake Up Call - The Three Phases of Life - Part 3 Legacy

Robert Olivan's Wake Up Call - The Three Phases of Life - Part 3 Legacy

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Published by Robert Olivan
Robert Olivan's Wake Up Call - What Legacy will you leave. It's not just about money... Develop your WHY, your PURPOSE and live out your dreams!
Robert Olivan's Wake Up Call - What Legacy will you leave. It's not just about money... Develop your WHY, your PURPOSE and live out your dreams!

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Published by: Robert Olivan on Dec 08, 2011
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12/15/2011

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THE THREE PHASES OF YOUR FINANCIAL LIFE
THINGS ABOUT MONEY YOU MUST KNOW TO AVOID FAILURE –PART 3 LEGACY 
Pedro M. Adao, Financial Counselor
 
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This is the third and final part of a three part series that we have been in titled the three financial phases.
I have suggested to you that there are three financial phases that each of us will go throughshould we be blessed with longevity, those phases being: Accumulation, Distribution, and Legacy
We have said that accumulation is the period where you are working, earning income, and savingand investing surplus for a future time when you can no longer work or chose not to work.
We have said that distribution phase is that phase in life where we begin to make withdrawalsfrom the various assets that have been accumulated to provide for our needs now that our bodyis no longer at work.
We have spent the past two days exploring the common mistakes that 95% of Americans aremaking each and every day that have them on a path to a future that they do not want to live in.
To recap all that here would take far too long so of this is the first message you are hearing fromthis series then be sure to go back and listen to the previous two recordings.
What is Legacy or Transfer Phase: This is the phase where you no longer need material wealthand transfer all your assets to the people and causes that you care the most about.
As you are probably seeing each phase is highly dependent and influenced on how someone hasdone in the first phase. For example: Just like in our triathlon example 2.4 Mile swim, then a 112mile bike ride, then a 26 mile run. If you come out of the swim 30 minutes behind the leader thenyou know that if you want to win you not only have to keep pace but pick that 30 min up in thenext two events.
DISCLOSURE: I AM NOT AN ATTORNEY AND THIS IS NOT BEING GIVE OR SHOULD BE TAKEN ASLEGAL ADVICE. PRIOR TO MAKING ANY CHANGES OR CREATION OF ANY LEGAL DOCUMENTS YOUSHOULD CONSULT WITH AN ATTORNEY. ADDITIONALLY THE COMMENTS MADE BY ME ARE NOTNECCESARILY ENDORSED BY ACN, ROBERT OLIVAN, OR LEADERS IN THE ORGANIZAION.
Intro to Legacy
 
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Practically speaking how and when do you do Legacy or Transfer? Several ways
Traditionally we think about legacy/transfer as something that happens at death.
Therefore, Beneficiary designations and title on real property accomplish legacy transfer. Theseare common in the following :
How you take title to real property. Joint Tenants, Community Property w/ right of survivorship, tenants in common…
Beneficiary designations on IRA or 401(k) accounts, beneficiary on annuity or life insurancepolicies, beneficiary on checking and or savings accounts.
Aside from beneficiary designations wills and or trusts serve as the legal instruments that carry out desiresas it relates to transfer. There are several potential process that must occur to transfer assets to thepeople or causes that you care about the most.
The default plan or the “no plan, plan”. Not having a plan is still having a plan because it means you get thedefault plan that the government has set up for you.
That is called Probate. Here are some highlights about probate in California
Petition is filed by a personal representative to the court –public process
Official notice printed in local paper to give notice to any potential creditors
Court process by which your entire life is made public record of the court, can take 6 –9 monthsand cost tens of thousands in legal fees and can take 6 to 9 months
Intro to Legacy

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