Fins to the left, fins to the right
Everything in our world today seems to be expensive, doesn't it? When I was a child, which was, admittedly, a long, long, long time ago, my Mom used to drop me off at the local movie theatre to watch the latest Elvis film (...a long, long, long, time.....). She'd give me a dollar to spend. The price of admission was 50 cents and then I could get a large coke and popcorn for the rest of it. Have you tried taking your family to a movie lately? There's a good reason to come and see a financial planner, right there!
Well, we know how expensive everything in life can be, but have you considered dying? Kicking the bucket can be one of the most costly endeavors ever, especially if no estate planning has been done. Does the thought of giving away 30-60% of your children's inheritance give you a warm and fuzzy feeling? That's not the case for most.
There are lots of expenses that come into play when you die. Court costs, executors fees, attorney fees, taxes, filing costs, and the funeral costs are among the top. You might be interested to see how the estates of some of our most famous Americans have been plundered:
||Value at Death
||Value After Probate
|John D. Rockefeller
You can see from the chart above that not only does having a good estate plan makes sense, but not having one can be a very expensive mistake. One interesting note....you'll notice that one of the folks in the table above, J.P. Morgan, was a financial professional. Hmmm...