If you haven’t heard of estate planning, you can think of it as the way you want you and your life to be remembered. The items and your wealth you have gathered over your lifetime must be organized before you pass in order to ensure your estate will be handled exactly the way you want. Otherwise, your family will be burdened with numerous decisions and legal battles that are aimed at accomplishing their own wishes and desires.
While thinking about the end of life is not anyone's favorite activity, it is a necessary evil. Without an estate plan in place, the government will come in after you pass and see to how your possessions are distributed. Even if you wanted to leave everything to your children, the government will now own everything you’ve ever accumulated in your lifetime. In order to prevent this, you must sit down with an estate planning attorney and let them know your intentions.
Consider Prince, the celebrity who passed in 2016. His estate was worth millions, but he never created a will, trust, or estate plan. His family fought to attempt to recover his estate that the government has seized. If the family had won in court, the estate would have been substantially smaller as the costs of the court battle will come from Prince’s millions. However, the judge ruled in April 2020 that the family would not have access to Prince’s estate.
If you want to save your family the hardship of fighting for your estate after you pass, take the time to begin estate planning today. You will have control of how your life’s work is remembered and ensure the only hardship your family must endure is your passing.
Once you have your estate plan in place, it is still important to maintain financial responsibility. Now that you have told your attorney you will leave your children your fortune, you need to ensure you have a fortune to pass on. Our exceptional team can help devise a plan where you continue to live the lifestyle you have always dreamed of while maintaining your estate.
Most of the biggest decisions we make in life will always come back to money and our financial responsibility. If you haven’t already realized how vital financial planning is in your smallest and largest decisions, I encourage you to read my book, If I Should Wake Before I Die. It’s your financial wake up call that can help anyone over the age of 18 make the right financial choices for the rest of their lives.
If you’re ready to take control or ensure you continue to make the right financial choices, please contact our office today. We are still open during the coronavirus pandemic and offering virtual sessions. Our team of financial professionals are ready and available to assist you with any questions or concerns you may have regarding your finances.
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Paul Harris is licensed and authorized to conduct life insurance business in Florida. He is also licensed and authorized to conduct securities related business in Florida. This website is in no way to be construed as an offer for the sale of insurance or securities products in unauthorized states or countries.
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