US National Debt Clock : Real Time
Charting America’s Debt: $31 Trillion and Counting. Failing to plan is planning to fail!
What is Estate Planning and who is it for?
Estate planning is really an ongoing process and should be started as soon as one has any measurable asset base. As life progresses and goals shift, the estate plan should move to be in line with new goals and new asset accumulations. Lack of adequate estate planning can cause undue financial burdens to loved ones (estate taxes can run higher than 40% especially if you live in a state that has a state estate tax on top of the federal estate tax), so at the very least a will should be set up even if the taxable estate is not large.
According to Forbes: 64% of the public don't have a will. And even more shocking is the number has been steadily increasing!
Did you know that certain states have their own estate tax? Essentially, that could mean that your family may have to pay State and Federal taxes on your property!
Do you know how wealthy families stay wealthy? They set up their estate properly, and they manage their asset base with special trusts to help mitigate the tax burden – while leaving money outside of the estate to pay the taxes.