The 3 Parts to a Perfect Estate Plan – Part 1a: Planning for Incapacity
Big Picture Retirement®
Devin Carroll
4.7 • 545 Ratings
🗓️ 14 April 2025
⏱️ 31 minutes
🧾️ Download transcript
Summary
Today kicks off a brand-new series on estate planning.
Estate planning is one of those things everyone knows they should do—but far too many people put it off, sometimes until it's too late. And the truth is, whether your financial situation is complex or pretty straightforward, having a solid estate plan isn't just about what happens after you're gone. It's also about making things easier for your loved ones—and protecting yourself—while you're still here.
That's why we're launching this special series to break estate planning down into simple, practical steps. We'll walk through the essential documents you need, the common mistakes that can derail a plan, and some of the more advanced strategies for protecting and passing on your wealth efficiently.
Whether you're starting from scratch or just need to update an existing plan, this series will give you the roadmap you need.
Now, we originally thought we could cover the first part of this in a single episode—but planning for incapacity turned out to be too important to rush. In this episode, we'll cover why incapacity planning is essential, real-life scenarios that make it critical, and the foundational documents every adult should have: Financial and Medical Powers of Attorney, and Advance Directives.
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.
📍Contact Devin's team at https://carrolladvisory.co/podcast1
📍Contact John's team at https://www.rossandshoalmire.com/
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.9 | Hey, everyone, welcome to the Big Picture Retirement Show. I'm your host, Devin, joined by my co-host, John K. Ross Espire. |
| 0:19.9 | Howdy. John, happy to have you back. It's been a little while since we've been able to sit down and record. Your schedule's been busy. Mine's been busy. And now here we are late spring of 2025. And we're heading in the summer, and I know it's only going to get crazier. That's right. But technology. |
| 0:38.5 | True. |
| 0:38.9 | Right? Part of the delay. |
| 0:40.4 | It has been. Has been the technology. Yeah. Because, you know, somebody is listening right now. They're sitting in their car. They're on their way to work. They're like, oh, new episode. Yes. I'm going to download that. That person doesn't know, though, that they could watch this. |
| 0:54.6 | On YouTube. |
| 0:55.4 | On YouTube. |
| 0:56.2 | Right. |
| 0:56.7 | Which I knew would be a big hairy bee. I'm going to download that. That person doesn't know, though, that they could watch this. |
| 0:54.6 | On YouTube. On YouTube. Right. Which I knew would be a big hairy beast to slay. And sure enough, |
| 1:00.0 | it was. And it has. If you would like to know how you can buy equipment and then realize you only |
| 1:07.8 | bought part of the equipment and then you have to buy more equipment. |
| 1:11.9 | And then the more equipment you bought was the wrong equipment. |
| 1:15.3 | Yep. |
| 1:15.5 | And so you've got to buy different more equipment. |
| 1:18.3 | You need equipment to run that equipment now. |
| 1:20.0 | And you need equipment to run that equipment. |
| 1:22.0 | Right. |
| 1:24.3 | That's a recording and audio podcast is so easy. It's relatively simple. That's right, which is why so many people do, right? That's why there's a million out there. But when you turn the cameras on, things change. It does. Things change a lot. Yes. So, you know, on this podcast, John, we have talked a lot about estate planning. Uh-huh. Sure. And this is a topic that we have gone over and over, maybe because that's what you do professionally, right? |
| 1:47.1 | It could be. a lot about estate planning. Uh-huh. Sure. And this is a topic that we have gone over and over, maybe because that's what you do professionally, |
| 1:46.8 | right? |
... |
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