Disney Cast Member Benefit – Legal Plan
Should I Use the Disney Cast Member Benefit Legal Plan?
It’s almost October, meaning open enrollment for benefits is just around the corner. There are many different benefits that Disney cast members have access to through their employee benefits. Over the next few weeks, I will focus on some of the offerings and why you should consider using them. Let’s start by looking at why you need an attorney using the Disney Cast Member benefit legal plan.
Several years ago, I was talking with a prospective client. This gentleman was a professor, a doctor, and in his mid-80s, looking for some help with just a small piece of his financial situation. Because one financial component may impact another, I like to know the complete financial picture and discuss the different moving pieces and parts. I quickly realized he had not utilized any estate or incapacity planning and was reluctant to discuss it. In a reasonably gruff manner, he shut down the conversation.
Over several meetings, I built a relationship with him and learned about his highly complex family situation. He was married but separated from her and living with his ex-wife. He had family and children from both marriages and substantial net worth. Understandably, he didn’t want to address the situation’s complexity, no matter how important.
Because he was in his 80s, I advised him that life is full of unknowns and that a sense of urgency was needed to get his planning in order. He responded, “Oh, I’m fine. I’m healthy. I’ve got time to figure it out.”
That was the last meeting I had with him.
A few months later, I received a phone call from his daughter. He had fallen down a staircase, was injured, hospitalized, and eventually passed away. Nothing was in order: no trust, no will, and no appropriate beneficiary designations. Unfortunately, he left his family with a financial situation that was a mess. He thought, like many people, that he had time. It’s a harrowing story that often happens where finances are concerned.
If you are a current or retired Disney cast member, you know that courtesy is one of the five keys. Being courteous and thinking of others is how you work and do business. Regarding our financial lives, we should be courteous to our family by having the appropriate plans in place should something happen, whether death or incapacitation.
One of the best Disney Cast Member benefit is a legal plan that provides documents that might otherwise cost $1000s or more to procure on your own. You get a lot of value for a minimal weekly fee out of your paycheck. Most people use it for regular estate planning documents though it does offer assistance for contract reviews and even traffic tickets. From a financial planning standpoint, having the appropriate legal documents in place is paramount.
What Type of Documents are available in the Disney Cast Member Benefit Legal Plan?
1) Wills
Many people are familiar with the last will and testament. This document outlines what should happen upon your passing. Where do you want your assets to go? Some people think not having many assets makes it simple. They may have some retirement plans and a house. Things like life insurance, cars, and personal effects, are often forgotten. While having a will is great, the downside is that those assets, if going by way of a will, must go through probate. Probate can be a challenging and long process for beneficiaries.
2) Trusts
To make the process simpler in these situations, many will use what’s called a trust. There are revocable, irrevocable, and living trusts. Sometimes people think they need to be a multi-millionaire to use a trust, but that is not always the case. Trusts for tax purposes require a very high net worth of $10-$20 million or more.
Using a trust for estate planning creates ease of ownership transfer by keeping your assets out of probate. Setting up a trust is often a good thing to avoid probate and simplify the process for your family. Another advantage is that it can help protect those assets from potential predators down the road. It’s essential to ensure that all your assets are lined up appropriately.
3) Power of Attorney
Another crucial document is the durable power of attorney. This allows a designated person to make financial decisions on your behalf. People often think that because they are married, their spouse will have full access to make these decisions. That’s not the case, at least in the state of Florida.
Everyone should consider having a power of attorney in place. Whether married or single, you should name someone that can act on your behalf financially in case you become incapacitated. If you do not have one in place and an unfortunate event happens, you will again go into the sometimes onerous and troublesome probate process.
4) Living Will
This document outlines your wishes for care if you cannot grant informed consent. It is often aligned with advance directives. If something prevents you from responding on your behalf, the living will takes effect. It may outline what treatments you would or would not agree to or even how long you should be kept alive.
In Florida, there was the famous case of Terri Schiavo, a seven-year court battle over whether or not to keep her artificially alive, and went all the way to the White House. This case between her husband and her parents teaches that it is best to have a living will. Do not assume that marriage will automatically grant your spouse the right to make those decisions.
What’s the Cost?
As you can see, the Disney Cast Member benefit legal plan offers many options. The exact pricing is available in your benefits enrollment package. When considering the plan, think about the peace of mind that having these documents will provide you and your family. The highest cost is in not having your affairs in order.
Of course, I’m not an attorney and am not giving any legal advice. This is simply a high-level look at some of the offerings, what they are, and the pros and cons of having or not having them. Being a financial planner does mean I believe every Disney cast member should consider talking to an attorney about which ones would work for them. I like to help my clients tie the pieces together and keep things simple. The Disney Legal Benefit is a great way to do that.
If you have questions about financial planning for your situation, schedule an appointment with me for a no cost, no obligation introductory meeting.
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