Your estate planning goals are yours alone.
You are in the Baby Boomer generation, just like yours truly.
Perhaps you are uncertain whether you will be able to leave a large inheritance for your children.
Should you feel guilty if you do not?
According to a recent CNBC article titled “Don’t hold out for that inheritance from your rich grandpa,” you should not feel bad.
The PNC Financial Services Group conducted a survey of 500 individuals in this demographic.
Each has at least $50,000 in investments.
Most were planning to spend their money rather than leave it to heirs.
Having peace of mind is their greatest estate planning goal.
They want to live comfortably in retirement and enjoy the life they have.
Often this includes travel.
When it comes to planning for your retirement, you will also need to consider your estate planning to reach your goals.
They are intertwined.
How do you accomplish this?
First, you must identify and state your goals.
This will help you make wise financial decisions to accomplish this task.
With your goals in mind, you must create a plan.
Budgeting, saving, and investing are all essential components of a good plan.
As you implement your plan, you should review it and your progress regularly.
Working with an experienced estate planning attorney and financial advisor will enable you to reach your unique estate planning and retirement goals, regardless whether that includes leaving an inheritance to children and others.
While you are at it, be sure to factor long-term care costs into the calculus.
Failing to do so may mean the only thing loved ones may inherit - is you!
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: CNBC (November 14, 2017) “Don’t hold out for that inheritance from your rich grandpa”