Purple Rain YES, Purple Will NO!!!
Ok, now that the sting of Your Royal Badness aka Prince death has subsided and all of the t.v. specials are over, I think it is appropriate to talk some financial planning, mainly the lack of a Will.
Your estate plan can have an impact that can reach far beyond your financial issues and can be a very complex endeavor.
According to a survey approximately 61% of adult Americans do not have a will, and an estimated 32% of Americans have filled out a living will.
So as you sit there reading this pondering whee to start, here are six steps, you should consider taking:
* Create a will so that your wishes will be honored
* Make sure that your beneficiary designations are up to date on all of your life insurance policies and other financial accounts.
* Establish health care directives (living will)
* Talk to a financial professional before you begin to consolidate your retirement assets
* Use gifting strategies to reduce estate tax liabilities
* Establish a trust as a step to avoid probate
I submit to you, if you start your estate planning with these six steps, once you are called to shuffle off of this earthly coil, your relatives will remain friends.
And the fighting will not be over who gets what, but rather, how wonderful you were while you were here.
IF YOU CHANGE YOUR FINANCIAL THINKING, YOU CAN CHANGE YOUR FINANCIAL FUTURE!
Rick Knight, Licensed Financial Professional, Author
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