Volatile swings in the Stock Market have a tendency to freeze many of us. There is a sense of a lack of control, concern for the future, and for some – outright fear.
We know historically that the Stock Market moves up and down and that when it is down it is a good time for those who are looking to grow their wealth to buy stocks.
One of the interesting things to me is that if the Stock Market goes down people will feel that they no longer have an “estate” to plan for. Therefore, they have another excuse for not doing, and keeping updated, their Estate Plan.
If you do not have a well-designed and carried-out Estate Plan, the Government has one for you. It is better that you decide where your “Life’s work™” goes. Everything you have earned over your lifetime should go to people and causes that you care about. It should not be directed by the Government to some shirt-tail relative that you do not know or like. Therefore, you do need to do a well thought out and prepared Estate Plan with an Estate Planning Attorney that limits their practice to Estate Planning. You will need to keep that Estate Plan current because three (3) things are always changing: (1) the Law, (2) what you own, and (3) your relationships – those who would run your Estate Plan after you are mentally disabled or gone and the loved ones or charities you plan to leave your assets to.
Remember everyone in the room laughs when someone says “I’m from the government and I’m here to help”. It regularly becomes chaos when the government controls matters. You want to be in control in the event you become Mentally Disabled, when your spouse passes on, and after your passing so that what you own goes to those you love and the causes you care about.
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.