Is more of hard-earned money going to your loved ones or the government?
A comprehensive financial plan covers every area of your financial life, from investments and real estate to insurance risk mitigation, retirement planning, and tax and estate planning.
There are a number of financial planning areas that a financial plan may take into account; all based on your current unique circumstances and where you want to be later in life, and what do you want to happen should life uncertainty throw a curve-ball at you or a loved one(s).
While nobody likes thinking about it, planning for a future after you’ve passed away is an important process to go through for your family’s sake. It is essential if you don’t want your loved ones to face financial or legal distress after you’re gone. But that’s exactly what could happen if you don’t make the effort beforehand to put your estate in order.
But there’s good news. It may be easier than you think to get your affairs in order so that the people and/or organizations you care about most will benefit from the estate you have created over your lifetime.
It’s very important to review your estate plan to ensure it continues to reflect your wishes and desires going forward, while still making maximum use of potential tax-reduction strategies available.
Courtesy: AGF Management Ltd -Personal Finance
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