Navigating a clear course toward your financial security.

Procrastination Costs Money

Over 25% of affluent Americans have not properly planned the disposition of their estates. Among less wealthy Americans, the percentage is far higher.  The major reason for this inaction is simple procrastination.  People do not plan on dying any time soon, so what’s the rush? The reality is that we never know when we will die.

In the next 50 years, there will be a wealth transfer of over $40 trillion dollars. Of that amount, about $25 trillion will go directly to heirs.  The $15 trillion dollar difference amounts to “friction” during the transfer process. The friction appears in the form of needless legal fees and unnecessary estate taxes. With proper planning, the transfer wheels can be greased to reduce the friction.

Start by creating an inventory of your assets. Subtract your liabilities.  Add in the face value of your life insurance policies. The total is the value of your estate.

With these figures in hand, make an appointment with an estate planning attorney. If you are unsure about this, call us and we will review your situation and recommend one.  Setting the date with the attorney is key – you now have initiated the process.  The details about the necessary documents and what you need to do will fall into place.

Once your documents are executed, it is vitally important to review beneficiary designations on each of your retirement plans and insurance policies. You need to be sure that these documents reflect the wishes expressed in your estate plan. If you created a revocable living trust, you need to retitle your assets in the name of the trust(s).  Once these details are completed, you can go on and live your life without the nagging feeling that you have not attended to your estate planning.

Creation of an estate plan does not mean that you are going to die soon.  Rather, it means you love your family enough that you want to do what is best for its future security when you are no longer around.  Stop procrastinating.  Get it done!

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