No matter what the size of your current income is, proper estate and financial planning are crucial to everyone. Without them, there is no guarantee your hard-earned money will ever reach the people who are most important to you. When it comes to estate planning, there’s no time like the present to get started, and Brooks Reitzel | Financial Planning Services in High Point, NC, is here for you every step of the way.
Here are three reasons you need to begin estate planning sooner rather than later:
- Your Family: Any money you leave behind through estate planning can be left to your kids, even if they are underage. This is important because if your children are still minors when you pass away, there is no guarantee they will ever see any of your money. You must specify who gets your assets when you die, and the estate planning process makes this a priority.
- Bad Luck: Unfortunately, there are no guarantees in life. Accidents and illnesses often come out of nowhere, and you must be prepared. If you are unable to run your estate and have not assigned someone to do so, the court will choose someone for you. Bankruptcy becomes a risk in this case because court fees add up quickly, so having a solid estate plan will keep your property out of the courts and in the hands of people you trust.
- Taxes: The death tax cripples many inheritances. Proper estate planning, though, can greatly diminish its effect. This form of financial planning ensures the people you want to inherit your money will get the majority of it, not the government.
Knowing your loved ones are taken care of no matter what happens to you will give you and your family great peace of mind. To begin the estate planning process, call Brooks Reitzel | Financial Planning Services in High Point at (336) 885-7900. You can also visit their website for more ways to get in touch.