Many Cleveland residents have probably heard about revocable living trusts. This is because many people, attorneys, financial professionals and others, actively promote them as a way to avoid probate and accomplish other estate planning goals.
Probably one of the biggest causes of the so-called middle class squeeze is the high cost of healthcare, particularly as a person ages and requires more medical assistance.
How to steer your clients in the right direction Estate planning provides your clients with a wealth of opportunities to strategically grow their net worth while also planning for their families' future comfort and security. Opportunity brings risk, but also the potential reward of deeper, longer-lasting client relationships.
People often spend a lot of time and energy attempting to plan their estate carefully. The end goal is both the ability to control how their assets get distributed after they die and minimizing the risk of probate court for their families. Any estate that does not have a plan or a last will will likely wind up in probate court. The same is true for any estate challenged or contested by a family member or potential heir.
There are many people in Cleveland, Tennessee as well as other parts of the greater Chattanooga area that have loved ones with special needs.
If you close your eyes and think about the things that are most important to you, what comes to mind? For many people, they would first say their loved ones, like spouses and children. Maybe your dog or other family pet jumps into your mind and perhaps your favorite vacation home or the car you drive. Well, no one lives forever, so it might be time to think about an estate plan to take care of those things you love after you pass on.
There are a number of financial tools that are designed to help protect wealth. One example that can serve this purpose is an annuity.
Is estate planning at the forefront of your mind? Are you hoping to make your way through this process in the near future? Do you need to make some adjustments to the plan you already have in place?