We spend our lives working to accumulate assets (our “stuff”) so at some stage we can stop working and retire. Our hope is that we have enough stuff to live comfortably for the rest of our lives, and, if possible, have enough left over to leave an inheritance to those in our family we believe deserve the inheritance.
What happens to these hopes and dreams if we are sued, suffer a major medical crisis, the market drops or if we go to nursing home. Suddenly our “stuff” shrinks.
Estate planning means we use the experience of our financial advisors and accountants along with our attorney to make sure that if a crisis happens, we still enjoy the fruits or our labor.