Noah required 120 years to build the ark. But if the door wasn’t secured-the effort was for naught. Likewise, clients expend significant time and money on financial/estate planning. But many times, they don’t CLOSE THE DOOR. What is closing the door?
1. Placing assets in created trusts
2. Confirming the correct beneficiaries are listed for insurance/retirement accounts. What if an ex-spouse is the beneficiary on large account/policy-Yikes!
3. Follow through on plan recommendations: asset reallocation, reducing debt structure, addressing gaps in insurance (LTC, disability, etc.)
4. Life events (divorce, birth, death, marriage) or an estate plan older than 10 yrs. are trigger points for a review with your attorney.
During this crazy Covid Springtime, you may be working from home or experiencing an unplanned sabbatical. This is an excellent opportunity to brush the dust off your plan and confirm the DOOR IS CLOSED. Bear Sen$e MarkAlanGriffis.com
