One perfect example of the importance of estate planning is in Wisconsin. Everyone in Wisconsin has an estate plan by default. If you die leaving no instructions about whom gets your assets, the state has decided for you. It follows a pattern and it may be exactly what you want but one should check.
Someone who values you may designate you as the beneficiary of a retirement account he owns. This is considered an inherited IRA and you can keep it as such. You'll need to withdraw some money each year based upon your age, but the younger you are the less you need withdraw.
Wall Street Journal reports that older Americans are being held hostage by their mortgages and are not able to retire. We know it's true. Of the mistakes homeowners make, there are three mortgage mistakes we most commonly see:
1. People did not make a sufficient down payment
2. They used the home as an "ATM Machine" incurring equity loans
The financial advisors at Googins Advisors help clients organize their estates so they pass quickly and smoothly to intended beneficiaries.
Have you heard stories about estates being tied up for long periods of time? Financial planning before you die can solve all that.