It's Never Too Early To Make A Plan

“One of the first questions we were asked in our call with AWP was what we felt was ‘enough’ to leave our kids….It was a thoughtful and strategic conversation.” - Bob

Bob and Carissa Youssef knew they wanted to make a will to ensure their two young daughters were taken care of should anything happen to them. But they had no idea estate planning was for them. In their late 30’s with a modest income, Bob and Carissa didn’t think their average assets constituted “an estate”. 

Then, thanks to FH Canada’s partnership with Advisors With Purpose (AWP), they had a free and eye opening conversation with a financial specialist who helped them realize the potential of what was already in their hands. 

You're only in your early 40s—aren’t you too young to be estate planning? 

Bob: You mean 30’s! We did our plan seven years ago. Haha. I guess we may be an anomaly as a couple but milestones in your life – marriage, moving, kids, home ownership – these are all smart triggers to make sure you are planning well. 

Carissa: And we wanted the peace of mind that our family would be cared for and would know our desire to make a difference even after we are gone. 

Was there anything new you learned about estate planning or legacy giving that surprised you?

Carissa: There are so many tax implications! Oh, my goodness. I’m so thankful for experts in this area so I don’t have to know everything. Even though Bob and I felt we didn’t really have a need for an estate plan (we didn’t feel we even had what constituted an estate!), we learned so much about what to prepare for or how to structure a plan for our assets to most benefit our kids and the charities we care so much about. I had no idea how valuable estate planning would be – even before you think you have one! 

In what ways did your point of view shift through your conversation with an AWP financial specialist? 

Carissa: Estate planning initially felt too big for us as I was focused more on the guardianship aspect of a will, but our AWP advisor walked us through a discussion document that helped Bob and I have important conversations that weren’t really on our radar before. 

Bob: One of the first questions we were asked in our call with AWP was what we felt was “enough” to leave our kids. That really caught our attention. AWP offered us a thoughtful stewardship perspective on how to think through how we wanted to provide for our kids based on our values rather than just an inheritance of whatever size estate we had at the time of our passing. That got us really thinking about what we wanted our kids to understand about our perspective on money and giving and how our estate could be part of that legacy. 

 

It was an incredibly valuable experience because it also resulted in Carissa and I determining three directions of giving we wanted to commit to both in our working years and later through our estate. It was a thoughtful and strategic conversation. 

“There are so many tax implications!” - Carissa

What has been one personal priority for you in this process of estate planning?

Carissa: We want the charities we support to know we are “all in” even though we likely don’t qualify as major philanthropists. I mean we have braces and tuition to consider, right? AWP allowed us to show intention and commitment by offering us ways to plan and hopefully allow the charities we have included the encouragement of knowing that a middle-aged couple is cheering for their ongoing success.  

What advice would you give other 40-year-olds who think estate planning is only for the old or rich?

Bob: The call to AWP is free [because of our tie to FH] and the consultation is completely private and personal! We learned so much and started valuable conversations with our family that helped us increase our giving potential, meet our children’s future needs, and reflect the impact we want to make both now and when we are gone.

“We view our assets differently now, as vehicles for impact!” - Carissa

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As a thank you for your support toward ending poverty, FH Canada has a special partnership with AWP so our supporters—that’s you!—can access a confidential consultation with an AWP financial specialist. Whether you’re nearing 40, or over, this service is for you! Because it’s never too early to make a plan that will take care of the people you love and extend your impact far beyond the present.

Get in touch with an AWP specialist today. Call 1-866-336-3315 or email [email protected]