Do I Have Enough Money?

Estate planning is designed to help you create enough wealth to keep you and your loved ones financially secure. When looking into creating an estate plan, first you must gather the facts, including:

• What are your assets and how is each asset titled? In your name? Your spouse’s? In a trust?
• What are your debts, such as mortgages, home equity loans, etc.
• What are your sources of income, including salaries, investments, etc.
• What are your mandatory expenses, such as mortgage, rent, taxes, and insurance, and what are your “lifestyle” expenses such as travel, entertainment, style, etc.
• What expenses might you anticipate, such as college tuition and long-term care needs?

Click here for more information about gathering the facts for creating an effective estate plan. Check back to read Patricia’s next installment, titled “Understand the Facts” which will help you analyze the information you have collected.