In this episode, Paul sits down with estate planning attorney Derek Wayne Jensen to demystify what estate planning really involves and why it's far more than drafting a simple will.

Derek explains how planning evolves over a lifetime, beginning with young adults choosing beneficiaries, through major life milestones, to complex multi-generational legacy planning. They explore the biggest misconceptions, including the belief that estate planning is "one and done," and discuss why outdated beneficiary designations routinely undermine even the best plans.

Derek also highlights triggers that should prompt a review: health scares, major purchases, business exits, new children or grandchildren, and significant increases in wealth.

The conversation ends with practical guidance for high earners, business owners, and anyone whose documents are more than five years old.

About Derek:

Derek W. Jensen, JD, LLM, is a tax attorney and the founder of the North Seattle law firm, Jensen Estate Law, to assist individuals and their families with complex issues surrounding federal income tax, state and federal estate tax, estate law, business law, elder law and asset protection. Derek is a trusted advisor, with over 25 years of experience helping clients achieve their estate and tax planning goals. He makes it his priority to listen and mold documents for each unique case that happens upon him, while addressing all concerns his clients may have.

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Instagram: @ jensenestatelaw

Facebook: Jensen Estate Law

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Timestamps:

01:11 – What estate planning really is (beyond wills and trusts)

02:15 – Why planning starts with young adults and evolves over life

03:37 – Biggest misconception: estate planning is "one and done"

05:05 – When to DIY vs. when to hire an attorney

06:29 – Why beneficiary designations often override your will

09:47 – Estate tax thresholds and the "life-stage" planning framework

13:00 – Essential documents every adult should have (POA, healthcare directives)

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