Why taxes aren’t the real wealth villain
The looming fiscal cliff is a minute to minute discussion flooding the media it seems. At the center of the issue for the affluent is the estate tax, (death tax) burden.
CNBC recently wrote about just how significant that burden is in the wallets of the affluent.
I used to think that estate taxes were the villain. And they certainly are a formidable foe that must be contended with. There are two bigger villains than Uncle Sam and ‘his’ ever changing tax code.
The biggest villain is procrastination. Many wait to take real action to seize opportunities and overcome challenges to only have time run out on present advantages.
For instance, 2012 there was over $5.1 million reasons to do estate planning yet many dismissed it for any number of self-conceived reasons – don’t know what I want to do; don’t have an estate that allows me to use the exemption. These justifications without every reviewing the possibilities with a specialist.
The second villain is akin to procrastination, which is making estate planning about the tax code changes. The tax codes never determined when an entrepreneur would start a business or how the business would be run. And neither should wealth planning.
The key to successful wealth and estate planning is first having a clear picture of your desired future, accurate thinking about the obstacles that stand in the way, and clarity about your present situation – financial, family, and tax.
Waiting and not estate tax leads to regrets for you, family and causes that matter to you deeply. Don’t wait. Ask to speak to a specialist today!