What professionals do you need to involve

Reference no: EM13820070

Discussion 1

From Your Instructor: As a former Financial Advisor, I can tell you people are very resistant to talking about Estate Planning. It may even be a topic that people dislike more than talking about life insurance. In either situation, many people think that one or both of the individuals doing the estate planning have to pass away for the plan to be implemented.

Actually a well designed estate plan can accomplish a number of things during a person's lifetime, give them comfort that their wishes will be carried out after they leave this world, and give them the pleasure and satisfaction of gifting to their heirs while they are still alive. If more people understood this maybe they would be more willing to discuss estate planning.

Another drawback of estate planning is that it is very expensive, and the more complex a plan is, the more expensive it is. When I spoke with clients about this I would remind them that the cost of an effective estate or gifting plan can save millions of dollars in taxes, and years of hardship for your heirs. Depending on what you are passing on to your heirs, it could even help keep the family business in the family, rather than having to be sold to cover taxes.

Estate planning is one of those things you do not want to enter into without the guidance of a professional. Errors in estate planning can be very costly if a plan is not properly prepared.

As you craft your posts, think of the pros and cons of estate planning. Is it necessary for everyone? What happens if there is no plan in place? What are the costs? What professionals do you need to involve? I look forward to your posts.

Reference no: EM13820070

Questions Cloud

Whats the difference between a filter and a query : Whats the difference between a filter and a query

Can any moral issue be resolved without scrapping bruce : Does this situation present any moral dilemmas for Bruce or his supervisor? Explain. Can any moral issue be resolved without scrapping Bruce's organizational plan completely?

How would you rate the leadership skill of ohlins management : How would you rate the leadership and communication skills of Ohlins management? Explain your rating. What suggestions do you have for improving the leadership and communication skills of Öhlins sales managers?

Accessible technology solutions : Accessible Technology Solutions

What professionals do you need to involve : As you craft your posts, think of the pros and cons of estate planning. Is it necessary for everyone? What happens if there is no plan in place? What are the costs? What professionals do you need to involve?

Describe the history and development of probation : Write an essay to describe the history and development of probation, including how it is organized and used today.

Assignment on python problems : Python problems

Analyze the financial performance of the organization : Interpret the operating indicators used to analyze the financial performance of the organization. Indicate specific ways in which this information will help management improve the performance of the organization. Provide support for your rationale..

Write essay supporting the veracity of the theme statement : The argument should include a discussion of the differences between corporate social responsibility and the triple bottom line concepts. Write a persuasive essay either supporting or denying the veracity of the theme statement;

User Account

All Pages