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.