2014 was a trying year for a number of client’s families. Family members had passed, but luckily they seemed to have prepared well and had plans in place. I am finding that this is not always the case with some younger clients or some of the older clients.
As usual at this time of year, since I am seeing all of my clients; I am inquiring about the status of estate plans and when they were last updated.
We have clients who married, divorced, had kids, changed jobs; started new businesses and have had other major life changes. During all this, I also want them to understand the need for planning for the ultimate future.
There are life insurance needs, the need for health care powers of attorney, wills, trusts, and basic estate planning.
I have talked to clients well into the top 10% rate of wage earners who are not saving anywhere near enough money.
So they now need to step back, decide what they need and want to do, and start putting that plan into place.