Estate Planning

Greetings all,

We hope you enjoyed a great holiday weekend with your family and friends. The summers are invariably a slower time here at Bona Fide Finance where we take some time away to rest and recharge. Taking this time out in the summer allows us to focus on our ‘why’ for doing the work we do; our families and taking care of the people we love. One of the most important aspects of taking care of loved ones is having a sound estate plan. This is one of the things that is most often put off by clients. It’s simple, no one wants to think about end-of-life planning, much less go through the nitty-gritty details of setting everything up. In this newsletter, we’d like to provide you with some resources and insights to assist you in making sure your loved ones are taken care of in case of the unexpected.

Read – 
Not so much reading as a good resource for getting yourself organized, Mass Mutual provides some useful guides for making sure your ducks are in a row. This PDF guide outlines the different steps you’ll need to take in case of a death of a loved one. Things are organized according to a timeline and key documents that might be needed are listed. There is also a nice Estate Plan Inventory Guide that helps you make sure everything is organized. In our relationship as your financial planner, we can provide assistance in completing these steps and making sure that you’ve shared this information with your loved ones. 

Listen – 
If you are interested in a deeper dive around topics of end-of-life planning, we recommend listening to the Complete Estate Planning podcast. This is a great podcast that is well-produced and currently active, diving into all topics around estate planning and trusts (which can plan a crucial role in estate planning). Episodes are generally 20 to 30 minutes long and straightforward in their presentation so you can get the info you need without suffering through too much fluff. Some interesting episodes include, ‘Student Loans After Your Die’ and ‘When Should I Give My Children Their Money?’.

Watch – 
An important concept to understand when thinking about the estate planning process is ‘probate’. This is a legal term referring to the presenting of the last will and testament to a court for its administration and disbursal. Depending on the size and complexity of the estate, you may need legal help in this step and it can take anywhere from a couple of months to years. If going through probate after the loss of a loved one is something you’d like to spare your family from, you may want to look into steps to avoid probate. There are a number of strategies that you can take, some as simple as titling assets in the name of a loved one and others that are more complete like setting up a trust, to pass items outside of probate. Most people agree that taking the time and energy to avoid probate is well worth the upfront trouble. If you’d like to learn more about the probate process and why you may want to avoid it, check out this video from Rabalais Estate Planning.

We hope you’ve found the above information helpful. Estate planning is an incredibly important aspect of any holistic financial plan. Please reach out to us if you have any questions or concerns about your own estate plan.

Sincerely,
The Bona Fide Family

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Bonnie Martinek

Administrative Assistant
Bonnie (Ben’s mom!) is a mother of 9 and a grandmother of 17. She has lived in rural Indiana her whole life and has a master’s degree in Special Education. In her own words, she’s done a little bit of everything but is a master of none (teaching, construction, manager of a corn maze, CNA, farm work, cashier, auto bodywork, and the list goes on!). Widowed in 2019, she is reinventing herself through her work in the day-to-day operations of Bona Fide Finance and client relations. Bonnie loves getting to know our clients and is happy to serve them well!

Deb Martinek

Relationships Specialist

Deb has been with Bona Fide Finance since its inception in 2015 and long before that with her support of Ben studying for the CFP designation and the dream of starting the business of helping individuals and families meet their financial goals.

She fills the Relationships Specialist role – Deb is typically the first encounter our new clients have as she walks them through our service offerings and introduces them to the map of financial literacy.

She has a bachelor’s degree from Ball State University and a master’s degree from the Franciscan University of Steubenville. Deb lives in Bismarck with Ben and their two young daughters, is a card-carrying member of the CDL club (read more about those adventures here) and is happiest reading an epic novel, solving a 1000-piece jigsaw puzzle, or working in her kitchen where she can serve love to the people in her life through quality food (clients enjoy her holiday shipment of homemade goodies each December!).

Ben Martinek

CFP®, EA, CSLP®, RICP®, Founder and Advisor

Ben Martinek, CFP®, EA, CSLP®, RICP®, is the founder and lead advisor at Bona Fide Finance, an independent, fee-only firm dedicated to helping doctors, young professionals, and growing families take control of their financial future. With a deep understanding of student loan debt—having tackled his own—Ben specializes in guiding clients through debt repayment strategies, smart investing, and comprehensive financial planning so they can build wealth with confidence. Ben’s passion for financial planning comes from his desire to provide honest, objective advice tailored to each client’s unique situation. He loves seeing the impact of his work, whether it’s helping a family pay off student loans years ahead of schedule, setting up an early retiree for financial freedom, or giving clients the peace that comes from knowing their finances are in order. His clients appreciate his thoughtful, high-touch approach, often saying that working with him has changed their lives.

Before launching Bona Fide Finance in 2015, Ben’s career path was anything but conventional. The fourth of nine children, he grew up in rural Indiana and initially pursued a path in academia, earning a B.A. in philosophy and classical languages, followed by a master’s degree in philosophy. Along the way, he explored careers in construction and truck driving—logging over 600,000 miles across the U.S. with his wife, Deb—before finding his true calling in financial planning.

Now based in Bismarck, North Dakota, Ben and Deb stay busy raising their two daughters, Edith and Virginia. Since their truck-driving days, Ben is happiest on a long road trip—preferably behind the wheel of his TDI Volkswagen Jetta. He enjoys sailing on Lake Sakakawea, camping in their vintage ’90s pop-up camper, and smoking a pipe by the grill. A lover of strategy board games, he favors Clans of Caledonia (mostly because Deb refuses to play Risk with him). When he’s not working with clients, he can be found smoking meat, gardening, hiking, or diving into The Lord of the Rings or Dune. Ben also serves on the school board for his daughters’ Montessori school and is actively involved in pre-marriage ministry in the Bismarck Diocese.