A big estate is something worth passing down to your loved ones when you pass on, but some hurdles must be surpassed. Forbes contributor Robert Laura explains:
“The terms “never” and “always” have found their way into many memorable quotes as well as into movie and song titles, but the place I hate to see them is in retirement plans.
I had my first bad experience with the term “never” when I met a widow who was stressed about her life savings. She held a small number of shares in companies her deceased husband had either worked for or had an affiliation with. Before dying he instructed her, “Never sell these companies.” It wasn’t his last breath or dying wish, but it was his best investment advice before he got sick and passed away. A decade later, industry competitors, dividend cuts, and a slow steady decline in share price were making this widow’s daily expenses a little tight. She had to figure out how to balance her late husband’s wishes with the current economic environment.”
Even people who’ve spent their lives working the rounds in the Washington DC circuit will be familiar. The nation’s capital offers numerous advancement opportunities in business and politics. When you are concerned that those left behind could squander your life’s work later on, wealth management firms in DC like Financial Brokerage Services (FBS) will be your go-to people for advice in estate planning.
Laura says that there are estate beneficiaries who are too sentimentally attached to the assets that they could not part with them even if they have no use for it at all. The “never” mentality he notes often refers to the bereaved saying the deceased would never have let them be sold or given away.
Specialists at wealth management in Maryland like FBS can be in the perfect position to help. For instance, Laura recommends hooking the family up with professionals who can design the management, investment, and taxation mechanisms your estate will require. It can mean the difference between your family being cushioned after you go– or infighting breaking out.
(Article Information and Image from When It Comes To Managing Assets In Retirement, Never Say Never, Forbes, January 27 2014)