The Basics of Financial Planning and Estate Planning
This week, instead of blogging, we've created a video. It can be viewed here. The transcript is below.
Today we’re going to talk about a financial plan and an estate plan in their simplest forms. A financial plan is something you put together while you’re still alive to take advantage of tax laws, and accumulate income and assets and protect your families and those you love.
The estate plan comes in place after death and talks about how you wish your estate to be distributed, who to receive what, and how to tax effectively pass those assets on while avoiding probate, government taxes, and the erosion of your estate.
Both parts of the plan are important, the financial plan and the estate plan to everyone.