Estate Planning for Families with Non-Taxable Estates With Rachel Dodson

Rachel Dodson

Rachel Dodson is the Principal at Ayoub & Dodson LLP, a law firm in Oakland, California, specializing in estate planning, trust administration, and probate law. A certified specialist in estate planning by the California State Bar, she has over a decade of experience guiding families with young children and individuals with non-taxable estates to create practical and personalized estate plans. Rachel also serves as a Professor of Wills & Trusts at UCLaw SF (formerly Hastings) and has been recognized as a Northern California Rising Star each year by Super Lawyers since 2015.

Here’s a glimpse of what you’ll learn:

[1:16] Rachel Dodson delves into the true meaning of estate planning
[4:44] How to overcome estate planning fears
[6:53] When should you start thinking about estate planning?
[9:18] Why creating an estate plan is crucial
[10:46] Simplifying estate planning decisions
[12:38] How to navigate guardianship decisions for young children
[16:56] Avoiding the pitfalls of DIY estate planning by hiring professionals instead
[20:38] What are the core components of an effective estate plan?

In this episode…

Estate planning is often thought of with trepidation and as something reserved for the ultra wealthy. But in reality, it's easier than it seems and is important for most people who have assets, young children, and specific wishes for the future. To learn why estate planning so universally important and how you can navigate its intricacies ... tune into this conversation with Rachel Dodson.

Rachel Dodson, an estate planning expert, provides crystal-clear answers as she underscores the importance of foresight and professional guidance. Rachel explains that the concept of an estate extends beyond lavish properties; it includes your everyday belongings and most importantly its about the people you care about. Developing a plan for your estate can be much more manageable than you might think, and she encourages a proactive approach to organizing your assets. It’s essential to create a revocable trust so heirs can avoid the costly and lengthy probate process. A trust facilitates the management of an estate when an individual cannot make decisions due to incapacity or death. The essence of estate planning is designed to ensure the efficient transfer of assets by creating essential documents such as trusts, wills, and health-care directives.

In this episode of the Pillar6 Podcast, Roman Polnar hosts Rachel Dodson, Principal at Ayoub & Dodson LLP, about creating a tailored estate plan that resonates with individual needs and circumstances. Rachel analyses the vital components of a robust estate plan, shares insights on common pitfalls, such as writing your own will, and highlights the peace of mind that comes with a structured plan.

Resources mentioned in this episode:

Quotable Moments

"Your estate is just your stuff, right? So pretty much everybody has stuff, and maybe you have a lot of stuff, and maybe you have less stuff."
"I think of estate planning sort of as an insurance policy that you're making for what you would want to have happen if you're not able to manage your own stuff."
"I find that planning actually gets really hard for people if they actually do have some kind of diagnosis or they are close to the end."
"It's really a gift to the people you leave behind to have a good plan."
"If this is weighing on you, just do it right. And you know, I get it; like some people, you don't have the funds, or you're between jobs, or times are tough, or whatever."

Action Steps

Create a health-care directive: It's essential for everyone over 18 to have a health-care directive, which allows someone you trust to make medical decisions on your behalf if you are unable. This addresses the challenge of unforeseen medical situations and ensures your health-care preferences are carried out.
Consult with a professional to create a revocable trust: Avoid the pitfalls of do-it-yourself estate planning by consulting with a professional, especially regarding revocable trusts, which can help your heirs avoid probate and distribute your assets according to your wishes.
Name guardians for minor children: For families with young children, it's crucial to designate guardians to care for them in the event of your passing. This ensures your children are cared for according to your wishes and helps avoid legal battles or uncertainty in the future.
Review and update your estate plan regularly: Life changes such as marriage, divorce, children, or significant changes in your financial situation should trigger a review and possible update of your estate plan.
Educate yourself on estate planning basics: Understanding the key components of an estate plan — like wills, trusts, power of attorney, and health-care directives — empowers you to make informed decisions.

Sponsor for this episode

This episode is brought to you by Pillar6. Pillar6 is a wealth advisory firm for successful individuals and families with active lifestyles.

Our clients appreciate having clarity and control over their finances and the peace of mind in knowing that their financial decisions are aligned with their core values, goals, and priorities. We provide financial planning services and wealth management services.

Schedule your complimentary discovery call to talk to us.

To learn more, go to www.pillar6.com or you can email us at hello@pillar6.com.