Estate Planning.....that's only for rich folks right? WRONG! Either way, who wants to spend time planning their own funeral - that's what my kids are for - right? REALLY?
I can't tell you how common these attitudes and perceptions are towards estate planning. Yet most statistics out there say that over 50% of adults in the United States do not even have a Will. Not only is this likely the most expensive outcome - is it really fair to burden your kids with the duties of dividing up your stuff?
Ironically, by definition, estate planning is a process designed to help you manage and preserve your assets while you are alive! It's also about conserving and controlling their distribution after your death according to your goals and objectives. Yet, how it pertains to you, depends upon a number of factors: your family status, age, health, wealth, lifestyle, life stage, goals, and many other factors that determine your particular estate planning needs.
For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple Will is probably all you'll need, yet don't be mistaken - a Will is an Estate Plan.
You may have minor children and want your monies directed to them in a specific manner over time. While a Will can direct an adult executor to manage this, a trust can be much more specific.
Alternatively, you may have adult children who have trouble managing money, and want to be specific about how their inheritance is paid to them over a course of time. In this case a trust is needed.
Or, you may have a large estate, and minimizing any potential estate tax impact is your foremost goal. Here, you'll need to use more sophisticated techniques in your estate plan, and a variety of Estate Planning tools may be needed.
Whatever your situation, having an Estate Plan is needed. Otherwise, you're just leaving the job for someone else.
Focus Financial Network, Inc.
1000 Shelard Parkway, Suite 300
Minneapolis, MN 55426
952-225-0344 direct | 952-591-9770 main office
Securities offered through Royal Alliance Associates, Inc., member FINRA/SIPC. Insurance and investment advisory services offered through Focus Financial Network, Inc., a registered investment advisor not affiliated with Royal Alliance Associates, Inc.