Estate Planning for Common Stock, Livestock and even beloved Packer's Stock
Yes, even Green Bay Packers, Inc. shares can be part of an estate plan. (Above photo by Alex Voerman (aviper2k7), CC BY 2.5 <https://creativecommons.org/licenses/by/2.5>, via Wikimedia Commons)
Your Game Plan for Passing On Your Assets (including any Green Bay Packers Stock, Season Tickets, and more)
With the NFL season kicking off this week, why not tackle a topic close to many of our hearts: how your estate (including any Green Bay Packers stock certificate, season tickets, and more) finds its way to the right end zone (a.k.a. your beneficiaries) with ease. Just as the Packers strategize their plays, you too should have a game plan for your estate.
1. The Draft: Starting with Your Assets
Like any solid draft pick, choosing where your assets will go after your time is crucial. Start by making a comprehensive list, and don't forget those sentimental items like that Packers stock certificate and the season tickets! Consider also who will be throwing passes (i.e., your personal representative and/or trustee).
2. Training Camp: Understanding the Value
With your assets listed, it’s time to understand their value. While Packers stock might not appreciate like Berkshire Hathaway Inc. stock, its emotional value to fans can seem higher than a Lambeau Leap. Similarly, while it’s easy to be mindful of the monetary value of assets, don’t overlook the emotional value that some assets may hold.
3. The Playbook: Your Will and Trust
The core of any estate plan, much like a team's playbook, is the will or trust. This is where you detail your wishes. Want to ensure that your Packers tickets (or other asset(s)) end up with your cheesehead buddy? Or give them to your kids? Here's where you make the play. Don’t leave your intended receivers with a non-catch (like a 2014-playoffs Dez Bryant!).
4. Special Teams: Powers of Attorney, Advance Health Directives, and More
Like the unsung heroes of special teams, these tools might not get the limelight but can be game-changers. Powers of Attorney allow you to designate someone to make important decisions on your behalf should you be unable to do so (avoiding guardianship). Advance Health Directives lay out a scripted game plan, so your loved ones aren’t stressed or fighting about making tough calls at the goal line with seconds on the clock and no timeouts remaining.
5. Avoiding Penalties: The Probate Process
Without a clear game plan, your estate could end up in probate, a sometimes lengthy and costly court process. Just like avoiding penalties in a game, having a clear and updated estate plan can save time and money.
6. The Hail Mary: Charitable Giving
Maybe you’re sporting a cause on your cleats, and you’d like a part of your legacy to show some support, too. Think of it as your Hail Mary play; a last-minute move that leaves a lasting impression. Your estate plan can include donations to charities close to your heart.
7. The MVP: Your Estate Planning Attorney
Finally, never underestimate the power of a good coach—or in this case, a seasoned estate planning attorney. Van Slett Law, LLC is here to guide you through the process, provide valuable legal advice, answer questions, and ensure you have the well-advised plan you deserve.
End-game Thoughts
Whether you’re a die-hard Packers fan or just someone who recognizes the value of careful planning, creating an estate plan is a surefire way to give you and your loved ones peace of mind. Your cherished Green Bay Packers stock certificate, season tickets, and your other valued assets deserve a careful, well-advised plan.
So, as we cheer on our favorite teams this season, let’s also make a winning move for our families’ futures. Go Pack Go! And happy planning!