Mattina, Kent & Gibbons, P.C. along with the Athena Financial Group, presented an estate planning workshop titled Train Your Trustees that drew 110 people to the Rochester Community House on Oct. 27. Vince Mattina, C.P.A., managing partner of MKG, said the topic resonated with the Rochester community.
"Senior citizens, their children and middle-aged couples came to the workshop to get a better understanding of the nuts and bolts of estate planning, including trust and wills," Mattina said. "There's definitely interest by Rochester residents to prepare now for an estate plan that fits their goals and the needs of their families and surviving spouse. They want to have confidence that the people entrusted to manage their affairs when the time comes are best suited to the task and either have or know where to obtain the knowledge to be an effective trustee and fiduciary."
Scott McGovern, C.P.A., partner at MKG and leader of MKG's firm-wide trust and estate tax practice, served as a presenter and said estate planning can sometimes be a daunting task, but it doesn't have to be.
"While preparation is important, it is also imperative that the people handling one's affairs have the information they need to carry out the individual's wishes," McGovern explained. "This knowledge will ensure that assets are rightfully allocated to heirs instead of the state."
McGovern relayed some of his own personal experiences in his presentation, including serving as executor of his mother's will when she passed away, and encouraged attendees to speak with family members now about their wishes. He also expressed the challenges of parents who keep financial secrets.
"Many parents can be very secretive about their finances and may actually hide information on bank accounts and life insurance policies," McGovern said. "This adds a new layer of challenges to sorting through financial records when a loved one passes. Having an estate plan and a list of all assets, bank accounts, real estate and insurance policies alleviates the additional stress that accompanies the death of a parent."
Individuals interested in learning more about trusts and estate plans should contact Scott McGovern at (248) 601-9500.