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Two Things You Can be Certain of...
Death and Taxes. Yes, these are such fun topics to discuss. No sarcasm here....
Good old Ben Franklin said it like this "but in the world nothing can be said to be certain except death and taxes." Focus on the word "Certain." It doesn't leave much room for exceptions; unless you happen to be Jesus or decide to criminally evade taxes (but we all know that's a BAD idea).
We just survived another eventful tax time and I recently faced the realities of death while standing at a graveside burial. Both are certain to occur and both require thoughtful planning. These are the realities all must plan for.
You can be Certain in your planning
Taxes and Death (estate planning) are not simple issues to address. Taxes can invoke some to worry, stress and write large checks. When considering death, it touches all of our humanly "levels" from the emotional, spiritual and of course the eventual physical end.
These events are certain to occur, but you can also be certain on how they play out. It should be your goal to be a good steward of your resources and have your wishes fulfilled. Tax planning should be efficient, aiding your accumulation of assets and withdrawal strategy. Planning is especially imperative if you own a business, own valuable properties, have major life events occur (marriage, divorce, birth of children/grandchildren, inheritances, death, etc), own stock options or have an anticipated large taxable transaction approaching. Estate Planning and evaluating your legacy wishes involves answering critical questions, such as: Who do you want to receive your estate? How should they best receive it? And when should it smoothly transact? Your tax situation and the recipient's tax situation comes into play, the ages of your beneficiaries, possible special needs of your beneficiaries, desired requests to guide unwise heirs or protect from the "all too eager" inheritors.
Complete your Plans and Regularly Update
Although not licensed to perform your taxes or write your will and trust, I do help steer you along the way in regards to taxes and your estate plan so they compliment and fulfill your financial plan. Then once we have your wishes determined, I work alongside your trusted CPA or Attorney (often recommending a qualified referral if you need one) to place your legacy plans into action. Remember your financial plan encompasses numerous different areas and is the road map to implement your goals.
Be Certain of that!
Any opinions are those of Luke Fields and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Raymond James does not offer tax or legal services and you should discuss any tax or legal matters with the appropriate professional.
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