Published: December, 2021
Benjamin Franklin once said, “If you fail to plan, you are planning to fail.”
Life presents all of us with circumstances – some good – some bad. We all believe that we will live forever, healthy and vibrant, yet, life as some of us know it throws us all curveballs. Whether we are 20 and just beginning a career or 50 and seeking to retire, we must all seek better methods for planning our futures.
You work hard throughout your life building assets. And you probably do this to ensure financial safety and security for your loved ones. But what would happen to these assets on your sudden demise? Have you given a thought to it?
That’s where estate planning comes into the picture.
Estate Planning is not only for the Rich and the Old. And it is not an exercise to be looked after post-retirement.
Why bother with estate planning?
It is easy. You get to plan where your money goes. How it gets invested. How to minimize tax implications and heaven forbid at time of incapacity or death, someone else gets your money other than Uncle Sam.
The goal here is not to scare you but to help you understand your options, minimize taxes, and plan for a liquid financial future.
Estate planning involves some considerations: lifetime planning and testamentary planning.
Unfortunately, individuals do not enjoy speaking about planned death as the thought makes them very anxious. Yet, good planning when conducted correctly will help individuals with or without large amounts of wealth with plans for stable income during their sunset years.
CEO and Leadership Change Expert Stevens Performance