Although managing your finances and mastering them probably isn’t the most important task on your to do list, it is essential if you want to set yourself up for long-term success about estate planning and financial planning. It’s crucial to have a plan in place, but recent studies show that millions of adults are all making the same mistake when it comes to planning for their future.
A survey recently completed by the National Association of Personal Financial Advisors revealed that over one-third of baby boomers have not done any financial planning at all in the last couple of years. This means they haven’t set any goals, managed a budget, plan for retirement, considered or upgraded their insurance needs, sat down with an estate planning attorney, talked with a tax consultant, or reviewed their investments.
With no plan in place, your family is left to make this decision for you or the state has to determine what will happen with your property.
Although baby boomers certainly have the most to lose with looming retirement and extensive healthcare costs, Gen Xers have also avoided financial planning with close to a quarter of them admitting to skipping out on this task in the last two years. Everyone can get something out of speaking with a lawyer.
Avoiding the benefits of financial planning and estate planning can be extremely costly. Schedule a consultation with a California estate planning lawyer to learn more about how you can accomplish your financial goals.