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From What IF to WHEN…Thinking of Estate Planning – Finger Financial Five #60

Jeremy
Jeremy

“Death is not the opposite of life, but a part of it.” – Haruki Murakami

Have you ever asked yourself, “What if ____?” 

What if the market goes down? Will I still be able to retire? Can I still be retired? 

What if we moved? Would we be ok financially? 

What if,….

What if,…

What if,…

“What if” is about things that MAY happen. This is typical in retirement planning. Many people save for retirement. Very few plan properly for their life during their retirement. Even fewer people plan for AFTER their retirement.

What is after retirement?? Death. Estate planning is planning for something that is an absolute certainty. The only thing about estate planning we don’t know is WHEN we are going to need it. 

Preparing for this inevitability can help determine how smooth the transition to the next generation will be. Unfortunately, I have seen families torn apart when things were not planned properly. I have also seen families grow closer together in times of loss. 

What is the number ONE thing you can do to make estate planning go well? Communicate. Have a conversation with the next generation. Yes, it may be uncomfortable, but many worthwhile things involve a little pain. 

Think about who does what and what goes where. Topics can include thoughts on educational planning, charitable giving, your own retirement, and financial assistance — just to name a few. If you don’t know exactly everything yet, that is ok. Work toward it.   

The decisions you make can have a positive or negative effect. It’s up to you on what extent you would like that to be.  

I will go into this in more detail in upcoming Finger Financial Fives. In the meantime, feel free to reach out to me at [email protected].  I have some educational material on estate planning I can share and can put you in touch with estate attorneys, as well.  

On the lighter side, Iren said she found something in Elliott’s bedroom. The two seconds before she said what it felt like eternity. Come to find out it was a list of things he wanted to complete over the Christmas holiday. Study for the SAT, get a physical exam for the tennis team, and a couple other good things. I laugh now at my brief moment of fear and am happy and excited to see Elliott grow.

Hope all is well with you and your family,

Jeremy

By the way, here is a video we did on health insurance during retirement.

https://www.youtube.com/watch?v=YgirmN9qASw

Finger Financial Five – 5 points in 5 minutes or less – is to provide you with a weekly shot of useful financial information.  My intention is to share principles, so that you will have more clarity and peace, that help you make better financial decisions.

Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor; DBA Riverbend Wealth Management.

This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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