Back in the days when Egypt was the most powerful empire in the world, the pharaohs certainly seemed to have it made. There was nothing that wasn’t given to them and done for them. And since so many of them were only boys when they took the title, most of the time, some all-knowing advisor was the one who spoke for them, and really, had all the power.
In America today, as the rulers of our own estates, we are giving away too much of the power to an “all-knowing” advisor who doesn’t truly have our best interests at heart: Uncle Sam. And when it comes to some of the most important decisions, we are letting him call the shots.
So, what are some of the most common estate-planning issues?
- How much do I want each of my heirs to receive from my estate?
- Do I want them to receive the funds outright or in a trust?
- How much do I want to give to charity?
- How would I like to pay my estate taxes?
If you don’t answer these questions now, Uncle Sam will answer them for you later.
Let’s say you’ve answered the above questions. Have you wrapped up everything that’s important? Maybe you have—or maybe not. If your heart and emotions were absent from the planning process, something could still be missing.
How would you FEEL to know you’ve exhausted all the available planning options? Questions like this can direct you to a more meaningful wealth-planning experience because they can unlock what’s inside your heart and allow you to be the one calling the shots in your own kingdom.
Wealth is more than money. Don’t just plan for your future, live it right now. Pass it on and share the insights like this that you find valuable.
– Mark Twain