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Do you think you are financially secure?

Do you think you are financially secure?

| April 17, 2018
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It seems that every year goes by faster than the last. One minute your children are making their first communion and the next they are off the college. You’re so busy with life that you can often push away the fact that one day you won’t be here to support your family. The death of a parent can create chaos for a family unless strong contingency plans have been made.


I see so many people come to me with the idea that they are financially secure. But after looking into their assets and files, they come to the realization that there is so much more to be done. It is so important to have EVERYTHING in order. You never know when tragedy can hit. Having that sense of security is beneficial to your well-being.


Sometimes people wait until they are in failing health to decide it is time to update their estate planning. You’ll get good advice from sophisticated planners, and implement strategies designed to help you minimize estate taxes.


Unfortunately, if you pass a few months after you implemented your plans, there could be several undesirable results:


  1. The IRS could argue that your estate planning is too aggressive, and that your estate owed an excessive amount in taxes and penalties. Ultimately, your heirs could have to settle with the Service for much less than expected.
  2. Your heirs may not have the guidance or understanding if your wishes and make bad judgement calls after your death.
  3. Your family could get into arguments with each other over their inheritance.


While updating your estate plan when bad news hits is smart, it is a big mistake to wait until it is too late to implement your plan. Update your plan BEFORE you get bad news.


While every family is unique, it doesn’t change the idea that successful business continuation planning and estate planning can be hard.  Very hard.  There are so many potential issues that need to be deftly handled—during the planning process and after—to achieve a good result. 


Have you made detailed, written plans for the continuation of your closely held business?  Have you made plans to manage the transfer of your wealth to family and to minimize taxes?  Are those plans complete and up-to-date?  I can help you match your intentions to your actual plans.  Don’t wait until it’s too late. Give me a call today.

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