Friday, March 25, 2011

Be Prepared to Die

"Death never takes the wise man by surprise, he is always ready to go." Jean de La Fontaine

When I go, I want my financial affairs to be in order, such that those that survive me won't be burdened by the inevitable administrative work. Here are the areas on which I've focused.
  • Titling of property. Before moving overseas, my spouse and I create two revocable living trusts. Upon returning, we've titled everything except for a joint checking account, our vehicles and personal property into the trust. If either of us pass away, the trust simply becomes irrevocable. Very simple. The only complication is that the trust will need to file a tax return each year.

  • Investment simplification. We keep most of our stock investments in managed accounts. We no longer use DRIPs. CDs an bonds are kept in our own trading accounts. We only use one bank. Our only miss is that we still use three brokerage accounts.

  • Our major outage in preparation is tax preparation. I currently still do our tax returns by myself. To be more prepared in this area, I should consider having our taxes done by a professional, preferable one that is much younger than me.

    For more on Reaping the Rewards, check back every Friday for a new segment. This is not financial advice. Please consult a professional advisor.

    Copyright © 2011 Achievement Catalyst, LLC

    No comments: