As this year’s graduates cross the stage they’re filled with dreams of their bright futures. Rightly so – they’ve worked hard to get to where they are. They’re thinking of their careers, their earning potential and getting started on this business of life.
We often hear about the need to provide for our families, and protect their financial security through the use of various insurance products. We’re always preparing for what happens when we die, or become ill. It’s important to plan for the inevitable, or the unfortunate, but let’s take a step back for a moment.
You’ve done a good job accumulating assets and establishing your financial security. These assets will funnel down to the next generation, but at what value? What will the tax consequences be? Will these assets pass directly to your intended beneficiaries, or will they be stuck in probate? What impact will it have if your spouse dies first?
Life insurance can be a very effective tax and estate solution to ensure that the value of your estate is maximised. You’ve worked hard to create this asset – take the steps to protect it. Let’s discuss options to preserve your estate.
Consider the following facts:
Advances in medical science means that you have a better chance of surviving a critical illness. However, a critical illness often is accompanied by a huge financial burden to you and your family.
Are you out of your debt comfort zone? Does it seem as though you’re paying too much to bill collectors and not enough for savings and the things you enjoy in life? If so, it’s a good idea to figure out just how much debt you have and compare that to how much you earn. This will give you clear understanding of your financial health.