Name: Brian Hughs
City: Canadian, Texas
Family: Wife, Laura, and four children
Occupation: Funeral home owner
Modern Woodmen representative: Landon Landry
Why is estate planning important?
For the future of my kids. I don’t want them to have to worry about selling off things to make the estate pay off at our death.
How is Modern Woodmen helping you with your estate planning needs?
Landon has helped me with Modern Woodmen annuities and whole life insurance. That plays a huge role in my overall estate plan.
My parents own land that will be passed down to us, and we have two funeral homes. Somebody’s going to have to take care of the estate when we pass away. The amount of life insurance we have between my wife and I will take care of estate taxes and help protect our kids. And it’s tax free, so that’s a huge plus to me.
What advice can you offer others?
I deal with families who experience death every day. You’d be amazed how many people don’t have their business in order. The families just look at you and say, “What are we supposed to do?” Plan now, and save your family time and trouble down the road.
Who needs an estate plan anyway?
Estate planning is not just for the wealthy. If you own any property or have someone who is dependent on you, then you need an estate plan. It helps you address how, when and to whom you want your assets to be distributed after your death.
Starting your plan can be as simple as making sure all of your beneficiary designations are up to date.
You may also need to utilize a number of tools to accomplish your goals, such as:
- Wills.
- Trusts.
- Life insurance.
- Powers of attorney.
- Charitable gifts.
Estate planning is one of several key areas of financial planning to address throughout your life. Talk to your representative to learn more.