Regardless of your personal circumstances, every capable adult in Northern California should have a financial plan in place. A good financial plan will provide you with a solid foundation upon which you can build a family, a career, and be confident that your financial future is protected. Choosing to begin financial planning as early as possible will always be beneficial, regardless of your age.
Family Financial Planning
One of the most beneficial aspects of financial planning is the reassurance it gives you and your family. Money is the root cause of many divorces, and one of the most common reasons why spouses argue. A good financial plan will not only benefit you financially, but will also give you the opportunity to make your marriage as strong as possible.
What will happen to your children should you become incapacitated? What kind of inheritances can you leave if you should die tomorrow? What can you do about your retirement plans if you change jobs or lose employment?
Whether you are new couple, are raising children, or are a single-parent, having a financial plan is one of the best things you can do for yourself, your children, and your family. Your plan will allow you to answer all the important financial questions that you might commonly deal with on a daily basis. Simply having a plan in place will greatly reduce stress and worry you might experience if you leave these questions unanswered.
Trusts are some of the most potentially beneficial financial planning tools available to most people today, but the vast majority of people never take advantage of them. A lot of people think of trusts as something that only the wealthy use, but this common wisdom is woefully inaccurate.
A trust is a tool that creates a separate legal entity that can own property. By using one or more types of trusts you can give yourself options and benefits that more simplified financial plans do not offer. To determine the type of trust you need and how you need to go about creating it, you absolutely must speak to an expert who has experience crafting them.
Contact an Experienced and Qualified Professional
When it comes to financial planning, most people are not in a position to be able to do it entirely on their own. Whether you are married, single, retired, or anything else, you need the advice and assistance of an experienced professional who can help you develop a strong financial plan. At the Northern California Center for Estate Planning and Elder Law, we have decades of experience helping our clients craft the plans that meet their individual needs and circumstances. If you have yet to begin estate planning, haven’t updated your plan for a while, or simply have questions, you need to contact us immediately so we can sit down and discuss the issues in detail.