7 Key Questions
Below are 7 Questions EVERY comprehensive financial, investment, and estate plan should answer. Does yours?
- Do you know exactly what would happen to your family if you didn't wake up tomorrow?
- Do you know exactly what would happen to your family financially if you became disabled and could no longer work?
- Who will you need to, or just want to help, educate? When? And do you have your arms around what it will cost?
- How and when do you see yourself retiring? What will you do, and what will it cost to do it - not just the day after you retire, but 10, 20 and even 30 years later?
- Are your parents living, and if so, will you be expected to contribute to their support at some point? And have you made any provisions for the possibility that you may need nursing home or in-home care late in your own lives?
- How important is it to you to be able to intervene in the financial lives of your children and grandchildren - while you're still here, as legacies, or both? How do you plan to do it?
- Assuming, as we have to, that when you're both gone, up to half your estate will get taxed away, how do you want the tax to be paid? If you want the kids to just pay half, might they be forced to sell something you really wouldn't want them to have to sell?
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