Do you want what happened to Prince’s family to happen to yours?

This highly recognized luminary is drawing much attention as his death is causing family acrimony over the performer’s more than $300 million estate.  The disappointing fact about this drama is it could have been avoided if he had, as a start, a will to address his desires.

Sometimes we are brought to action because of an unfortunate experience we had ourselves or something else well publicized.  But frequently we delay, saying to ourselves “I’ll make sure I discuss these matters with our trusted advisor soon.”  What usually happens?  Very often, nothing.

Prince_at_CoachellaAt ClearPath Accountants, we would like to have this conversation with our clients today and not tomorrow.  Be it estate and gift planning or helping with some of life’s decisions, we pride ourselves on asking the questions that few people ask.

Are you concerned about probate?

  • Did you realize beneficiary designations on life insurance, annuities, and most retirement plans trump what your will states? Do you still have a former spouse listed as your beneficiary?

Who will inherit your estate?

  • If you die without a will (intestate), as Prince did, who will inherit your assets? Is it the person you intended?

Do you have relatives for which you are, or will be, responsible?

  • Several of our clients are not only financially responsible for children but also parents. Have you taken steps to mitigate this risk such as considering parents as dependents, helping them qualify for subsidized programs, or taking a proactive look at long-term care options if healthy and of sound mind?

What happens if you become disabled or incapacitated?

  • Has your insurance agent contacted you about possible disability insurance or is it available for a nominal cost through your employer? Have you added financial powers of attorney to your estate plan and health care directives?

What are the best options for collecting Social Security benefits?

  • Some strategies are no longer available after April 2016. Have you reviewed your claiming strategies if you are married and your spouse is close to your age?

How should I receive my retirement income?

  • Do you have some employer stock in your retirement account that would allow you to recognize capital gain treatment on a distribution instead of ordinary income? If you are between the ages of 59 ½ and 70 ½, have you considered a possible Roth IRA conversion strategy?

These questions and others help us uncover risks to your financial future as well as potential opportunities and allow us to go well beyond what people perceive as accounting and tax services.  We are your trusted advisor.  Let us show you what we can do!

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