A recent CNN Money article made me think of the problem I see families dealing with most in estate planning: overcoming procrastination. The article, citing a survey conducted by LIMRA, a trade association for the financial services industry, says that about 49% of Americans aren’t contributing to any retirement plan and only a quarter of Americans have worked with a financial professional to plan for retirement.
Is this surprising? No, not really. The fact is that, like estate planning, many people look at retirement planning as something they will do ‘later’ and put it low on their priorities list. However, in order to achieve the true benefits of a retirement savings plan – or an estate plan – you must act now, well before you actually need the plan to work for you.
Procrastination is something we all deal with in our lives; however, in estate planning failing to plan can have devastating consequences. Who wants to see their hard earned money eaten up by avoidable taxes and fees, leaving their family to deal with the repercussions in probate court? Who wants to tie their family’s hands in case of an emergency, and make them go to court to fight for the right to handle your finances, make necessary medical decisions or act as guardians for minor children? The answer is: no one.
Thinking about the future and creating a plan that works for you and your family does not mean you can’t enjoy today. It simply puts you and your family in a position to enjoy every day, now and in the future, to the fullest extent possible.
So stop the procrastination, contact the Heritage Law Center today to discuss how you can make a plan for your family’s success.