Is Estate Planning Only for the Rich?

February 4, 2012

Is Estate Planning Only for the Rich?

by John Bearss, Retirement Specialist

Is estate planning only for the rich? Let me answer that with one word: No.

Estate planning allows you or anyone to implement certain tools now to ensure that your concerns and goals are fulfilled after you die. Your objective may be to simply make sure that your loved ones are provided for. Or you may have more complex goals, such as avoiding probate or reducing estate taxes.

Estate planning can be as simple as implementing a will (the cornerstone of any estate plan) and purchasing life insurance, or as complicated as executing trusts and exploring other sophisticated tax and estate planning techniques. Therefore, estate planning is important whether you are wealthy or whether you have only a small estate. In fact, estate planning may be more important if you have a smaller estate because final expenses will have a greater impact on your estate. Wasting even a single asset may cause your loved ones to suffer from lack of financial resources.

You may also want to plan your estate if you have special circumstances such as any of the following:

  • You have minor children or children with special needs 
  • Your spouse is uncomfortable with or incapable of handling financial matters 
  • You have property in more than one state 
  • You have special property, such as artwork or collectibles 

It is important that you plan your Estate for future events so take time to make sure everything is how you want it and thank you for joining me this week for your retirement minute.

Interested in learning how to reduce the taxes on your Social Security income? Contact Retirement Specialist John Bearss by email: john@cfanetwork.org


The Retirement Minute with John Bearss

John Bearss, Retirement Specialist (Christian Financial Advisor Network) 

John R. Bearss is a Retirement Specialist with the Christian Financial Advisor Network. He has been successfully helping clients nearing retirement generate lifetime income streams for 25 years. He can be reached directly by email at john@cfanetwork.org

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