Many think they have nothing worth passing on or are intimated or confused about the idea – that’s hardly ever the case. People generally have more to lose than they realize and very often simple planning can usually minimize or eliminate this. The primary goal of an estate plan is that it enables the estate owner, regardless of income or assets, to control their legacy.
The aim of every estate plan is to assure that your wishes are fulfilled. Think of it as your best chance to make everything official, including keeping assets in the family and in the way in which you believe they will be best kept. But like with many financial planning matters, an estate plan should not be intimidating, nor should it be something to postpone. The most important thing to do is to get started.
Today estate planning is no longer “only for the wealthy.” This is largely due to rising, long-term real estate values and other investments, however, stratospheric medical costs can erode even a hefty nest egg – which is why estate planning makes sense. Remember that the efficient transfer of what you’ve very often spent a lifetime earning should be a key part of your long-term planning.
Consider the alternative: if you don’t make decisions for your estate, the government -- federal and sometimes state -- will do so, with little regard for tax liability or your considerations and can take years to complete. And best of all it’s relatively quick and painless.
Financial Planning articles to offer advice and help on many different topics.
If you haven’t done much retirement planning or saving there are several steps you can take to get your planning on track. At our office we regularly meet with clients, creating financial plans to
None of us knows if or when the stock market will suffer a so-called “correction.” What we do know is that when managing your investments, look beyond the volatility of the day focusing instead on
Strategic investing, the idea sounds obvious. Shouldn’t all investing be of a strategic nature with the goal to achieve a certain objective? What’s Strategic Investing? Strategic investing