Tag Archives: Estate Plan

How does someone with a $300 million net worth NOT have a Will?

Recently, a famous musician, especially popular in my generation, passed away suddenly at the very young age of 57. While very fond of his music, his planning was disappointing.

Not only will he be missed, but his lack of a basic planning tool, may lead to many terrible outcomes.

No Will ?

It is estimated the Prince’s net worth is near $300 million. Certainly he had been advised to create an Estate Plan with the appropriate documents to help ensure a fluid transition, should he pass.

For whatever reason, by Prince not having a Will, his estate may have some of the following challenges.

  • Unknown spirit of wishes – The courts will decide who gets what, rarely a desirable outcome.
  • Massive extra expenses – While the courts decide who gets what, the extra avoidable expenses are certain to mount.
  • Delay – It would not be surprising to us for it to take a decade (yes, 10 years or more) to completely settle the estate.
  • Friends/relatives come running- Just as a lottery winner finds she has many new friends and unknown relative, $300 million will certainly draw attention and confusion.
  • Taxes- Prince’s estate will be subject to multiple levels of taxes, not all would have been avoided, but without any planning, the federal government stands to receive much more than otherwise would have been necessary.

It will be interesting to find out why Prince chose not to have any plans….heck, we may never know. No matter, while his music has left a legacy, his mistake certainly can teach us all an easy lesson!

Have a Great Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.




The Power of Attorney …

As summer travel season nears we thought a quick reminder to make sure you have all of your Estate documents (Wills, Trusts …) in order, and especially one document we find extremely useful.

The Power of AttorneyLivingTrustEstatePic

This document frequent comes in two forms, both very powerful.

  • Financial Power of Attorney
  • Health care Power of Attorney

Both documents provide the named person to act like you in case you are not available. Both documents are extremely powerful … be sure you have the correct person named. Both documents can be an invaluable part of your Estate plan … be sure we have a copy too, for easy access. Last but not least, both documents are relatively simple, and usually only a couple of pages in length.

Have a Great Monday!

John A. Kvale CFA, CFP

8222 Douglas Ave # 590
Dallas, TX 75225


Q 4 2014 J.K. Financial, Inc. Newsletter Announcement … “Black Ice” Investing and Estate Planning

The final touches have been completed for our final Newsletter of 2014, Q 4. It can be found here on our newsletter tab of this site and here on our newsletter tab on our main company site (slightly fancier viewing options) as well as a few past years.

Black Ice Investing and Estate Planning Theme

Much like a musician never knows what song is going to be popular, we are frequently surprised on our subject matter popularity as well. Hopefully this will be a top the charts newsletter!14Q4_JKFin_Newsletter

We are VERY proud of our “Black Ice” investing parity article and have a teaser overview in the coming Cover letter for Quarterly Reports as well as a full eventual reprint her. We feel it is that important!

Estate Planning has dominated our conversations over the last several quarters, with both personal loss and many related.  We dug deep for a very broad description of the tools for a good Estate Plan.

We understand the novelty of a paper newsletter, but think it so old, might be new again. A paper copy is headed your way  ….  ENJOY ! …  John and The Gang at J.K. Financial, Inc.

Have a Great Monday!

John A. Kvale CFA , CFP
8222 Douglas Ave # 590
Dallas, TX 75225



Question of the Week, Including a Personal Story…. “How Frequently Should I Review My Will?”

Our question of the week, this week, comes from our field of dream clients again (that’s you guys), but is also part of our regular repertoire of questions we ask when meeting new clients. This weeks answer comes with a slight twist due to possible tax law changes.

From our question one can infer we recommend everyone have a Will. Even if your situation is relatively simple, a lack of Will directives can extend the process in time and increase financial costs.  As an example, my Uncle passed away about 13 years ago and was single with no children. Unfortunately his Will could not be found. While his estate was not complicated, the lack of organization and direct beneficiaries strung the settling of his estate process out to almost 2 years, and greatly increased the expenses.

We recommend a review of your Will at least every 5 years or earlier if your situation changes. By dusting off that Will and reviewing the major players (Executor, Trustee, Guardian, Power Of Attorney) you may find someone in the document you have lost contact with, or whom a better person may fit today. Take action and call your Attorney to have these folks updated, it is an easy process and well worth your time in the long run. 

Here is the Twist:

There are possible major Estate law changes on the horizon which we will constantly be notifying you of over the next several quarters. Given this fact dramatic estate planning changes may be ill-advised at this time. Please do not take this as a reason to procrastinate necessary updates, but there are significant tax laws sun setting at the end of this year. 

We are not attorneys or attempting to practice law so see your attorney for that, but do dust off that Will if it has not seen light in over 5 years, you might be surprised at what you find!

Next week, we have a CFA related event that brings Donald in town for a whirl wind tour and a meeting of self-professed expert forecasts for the year 2012 (we will bring you the commentary.)  Office upgrades continue as this week brings a new high-tech trading platform and a Tamarac system,  which we will explain soon.

Have a Super Day and A Great Weekend, and don’t worry Zigg is doing fine!