As you get closer to the finish line of life, it’s important to start thinking about your wealth distribution in three different ways. (more…)
This will be the last and final part on Heritage Planning. Last week we covered the first 6 of the 12 Elements of Preserving Family Wealth. I would invite you to go back and read the first 6 elements if you missed last week. Today I will cover elements 7-12.
PROVERBS 20:21(NASB) AN INHERITANCE GAINED HURRIEDLY AT THE BEGINNING WILL NOT BE BLESSED IN THE END.
An estate is comprised of everything you own—cars, homes, other real estate, checking and savings accounts, investments, retirement accounts, mineral rights, life insurance, personal possessions, collectables, etc. Estate Planning includes protecting these assets while living, as well as pre-planning for the distribution of them upon your death to your loved ones. A well thought out Estate Plan creates a defense for asset protection. Can you provide for your beneficiaries and charitable giving goals, minimize estate taxes and other expenses and lower the stress and chaos for those left behind upon your death? It has been estimated that 85% of the American population does not have any kind of estate plan, not even a simple will. Are you one of them?