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Jeana Goosmann, Attorney and CEO Part Two: Advanced Estate Planning

On the second and final part of this series, Thomas continues his estate planning discussion with Jeana Goosmann, CEO and Managing Partner of Goosmann Law Firm to talk about complex estate planning issues that can impact educators. In part one of the series, Jeana shared estate planning basics that educators should consider to ensure they have a proper plan in place for the future.

To begin the episode, Jeana gives an overview of what advanced estate planning is and explains what type of individual would want to consider advanced estate planning instead of opting for a more basic approach. She shares how often times, high net worth educators will want to use advanced planning and what factors go into it such as probate avoidance, trust creation, increased privacy and more. Jeana talks about how estate planning can get really complicated for those who climb the ladder of education and have property in different states and how if issues arise, it can take multiple attorney teams and court cases that can potentially turn sour. Jeana recommends taking a holistic approach to estate planning in this case and shares advice for combatting this issue for educators. She discusses asset protection and the varying trusts available for educators to utilize and how it’s crucial to plan these things before you are in a potential lawsuit.

Thomas and Jeana then dive into estate taxes and how it’s been a hot topic of discussion with the new presidential administration coming in and how her team partners with clients to pay down their estate taxes. Jeana talks about the tactics educators can use to assist in paying estate taxes including gifting, life insurance, charitable planning and more. She urges people to be proactive with their estate taxes and to work with professionals to get a proper plan in place to avoid paying the government more than needed. Similar to the first episode, Thomas then asks Jeana to highlight common mistakes that she sees in advanced planning. To conclude, Jeana talks about the time commitment required to work with an attorney on estate planning and what the overall process looks and feels like.

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