Think Planning Is Too Expensive?
We are all going to die one day. Call it morbid or glass half empty—it’s just the truth. The government is counting on it; and when that day comes, someone in your family must complete IRS form 706, on which you must list every asset in your estate.
It may seem expensive to pay an amount between one and three percent of your gross estate for planning. But the truth is, you’re millions of dollars removed from simple, which means you have the option to pay it now or the requirement to pay it later.
Pay it now and it’s an investment in your life and your legacy. If you wait, others will be required to do it later without the benefit of knowing the details of your life and estate. If you think one to three percent is expensive, think about this: If you do nothing, you may pay the IRS up to 55 percent.
You can’t put a price on getting wealth planning done right. When properly done, it isn’t really a cost but an investment, with compounding return, in the life of your spouse, your family, your legacy, and society.
Wealth is more than money. Don’t just plan for your future, live it right now. Pass it on and share the insights like this that you find valuable.
“My favorite things in life don’t cost any money. It’s really clear that the most precious resource we all have is time.”
Steve Jobs