No matter how volatile the world economy seems to be, the need for estate planning is still of primary importance to everyone. Here are some questions to ask yourself, and are relevant no matter what is going on around us in our nation or worldwide.
At my death, will there be sufficient cash to maintain my family’s standard of living, put my children through school, and keep up with inflation after paying off debts, administrative costs, and state death taxes. Do I personally have sufficient income for retirement or if I become disabled?
If I died today, if the assets I own are passed outright to my spouse, children, and grandchildren, are they mentally, emotionally, legally, and intellectually equipped to handle an outright disposition? Should I set up a trust or other investment device for them?
Have I stabilized and maximized the value of my business and other key estate holdings? Am I using my business or professional practice as effectively as possible to solve problems and accomplish my objectives?
Is there a better way to share, promote, and preserve my family values and encourage my children and grandchildren to carry on my ethical and philanthropic goals? Can I cut down my own income tax burden and pass more wealth and assure greater financial security for those I love? What do I need to do to protect my loved ones from creditors, and “predators”?
These are just a few of the ongoing issues involved in estate planning.
Although in 2019, world affairs seem to dominate our minds and thinking, the need for our own personal planning should still be a paramount concern. Be Educated! Be Proactive!