Your last day….

Yup, you read that correctly. What would you do if today was your last day? I am not sure if this article was inspired by watching “The Bucket List” last night or hearing Nickelback’s song “If today was your last day”. There is a sad truth that we all have to face is that none of us get out of here alive. However we can make a difference while we are here. You can make an impact (in the world of business, the arts or for a cause), but better yet you could leave a legacy.

Leaving a legacy is a much better move than leaving your family holding the bag. That is what could happen if you leave pre-maturely intestate, that is what they call it when you die without a will. What could also happen in this case is you could also make the government your largest beneficiary. Here is the alternative, get in-touch with a good family lawyer to help you do up a will. It is actually a relatively simple and painless process. At this point you may think that’s all there is to it. However I know this from personal experience of having lost both my Mom and my wife’s Mom, that there is more to be considered.

Life insurance, yes life insurance. As exciting as that sounds it is necessary if you have dependents and or debts that exceed the total of your assets. At least that is what most insurance salesman or financial planners would tell you. If this is the case then they are leaving out something very important. The other reason you should consider insurance is to offset any potential estate taxes.

Picture this, you have worked very hard all your life and have built up a sizable nest egg and have very little debt. You have thought ahead and prepared your will and even have insurance. However your insurance policy is old and has not been updated and your nest egg has grown very well over the years. What happens when you pass is your will goes into probate and the end result is your dependents will get what is left after the government takes a huge chunk for estate taxes. So the moral of this story is, get a will and talk with a financial advisor or insurance expert to make sure that you have adequate insurance to provide for your family and to offset any potential estate taxes.

This article was written for the sole purpose of illustrating that estate planning should be part of any complete financial plan. Live each day as if it were your last. Find joy in what you do, see the good in others and pass it on.

As Always, I look forward to hearing from you.

Cheers,

Pat

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