Host John Chapman of the John Chapman Show talks with Morgan Smith, Financial Advisor at WorthPointe Wealth Management. Morgan joins John in a valuable discussion about how to take care of elderly parents, settling their financial affairs and their estate, and how to take a proactive approach. 

Episode Highlights:

• How did Morgan Smith come about becoming a financial advisor? 
• What has Morgan Smith gone through in his life in the last 5-10 years? 
• How old was Morgan’s dad when he developed dementia? 
• What did Morgan’s estate look like prior to his dad’s health issues? 
• At what point did Morgan have to get more involved in his parent’s estate?  
• What are some of the things involved in settling a parent’s estate?  
• What is the role of a private fiduciary or a corporate trustee? 
• What is the emotional connection generally like to financial assets?  
• Morgan Smith provides resources for estate planning.
• Get the courage to have the family meeting about estate planning. 

3 Key Points:

1. Figure out who is in charge of a parent’s estate. 
2. Private fiduciaries can file tax returns, gather investment statements, and assign investments over. 
3. Many people build assets that are difficult to divide such as a business or real estate. 

Tweetable Quotes:

• “If you do good work, that niche comes to you and it can develop naturally.” – Morgan Smith
• “It’s one thing to have the trust in place. But you really got to understand and have access to things like durable power of attorney for healthcare directives.” – Morgan Smith
• (Preparing for parental decline in health) “Probably the best support is maybe reading a book. Talking to other people that have been through it, which is exactly why I am doing what I am doing.” – Morgan Smith

Resources Mentioned:

• Linkedin: John Chapman
• Morgan Smith: Linkedin
• Worthpointeinvest.com