But the kids Jeff, what about the kids?
A big thing on all of our minds right now is our children. Which, looking at the state of the world – I don’t blame you.
I challenge you to look at the world through their eyes.
I can hear your objection. It’s foolish! They don’t know what’s out there!
True. But do we? With thousands of media outlets reporting and more and more information becoming readily available, I sense search engine fatigue is consuming us all.
Kids deserve more than this. Our fears exacerbate theirs. We’re supposed to be the ones with a plan.
The way I see it, kids are still associating this ‘flu without a vaccine’ with a few common themes…
1. Less handshakes, more fist bumps!
2. We just need to stay out of crowded places!
3. We just need to wash our hands!
It’d be a lot less stressful if we approached the unknown with a short action item list that gave us some peace of mind when we feel out of control. You know, instead of panic buying mouthwash by the case.
Let’s talk about your estate plan.
Remember that dusty old binder in your parent’s room? The one that decided who the REAL favorite child was. The one we all hope never has to be relied upon?
It seems like by not having it in place, some of us think it can be avoided.
Let’s scenario this out.
Jack is 45 years old. He’s built a multi-million dollar concrete company from the ground up and is the sole operating owner. Healthy as a horse and holds his company close. Jack’s wife stays at home with their 3 children who are all under 5 years old.
Business and family grew at an exponential rate which left little time for Jack to think about covering his bases in the event he was no longer able to provide for his family.
Unfortunately, Jack didn’t set his estate plan up just yet before an accident at work. With the amount of possibilities it was hard to figure out where to start, and now the path forward for his family comes with implications beyond his consideration.
In the end, the future he’d created for his family was decided by creditors and debtors.
Could this be your family’s reality in your current reality? Hard pressed to think these people would have your best interest at heart.
There’s a lot of unknowns in the world at the moment. Your legacy doesn’t have to be one of them.
Before you tell yourself this isn’t a priority and can wait, Take these 3 pieces of information from the Tax Strategist’s lens:
- A well-drafted estate plan can provide methods to avoid or reduce estate and gift tax (this is commonly referred to as the “death” tax)
- The estate and gift tax is currently assessed on taxable assets by the IRS at the rate of 40%.
- In the event that taxes cannot be avoided altogether, planning can provide for liquidity to pay estate taxes and avoid a fire sale of your assets at less than fair market value in an effort to raise funds to pay taxes.
It seems like a no brainer, you wouldn’t offer 40% off of your services to the IRS if they were your customer, would you?
It is not an omen to plan for your estate. You are creating a legacy that requires preservation. Preservation requires forward thinking.
Free yourself from the anxiety and worry of today by planning for tomorrow.
Keep thinking forward,