I think both of these commentary/articles remind me why so many of our clients are WEIRD. Weird in that most people don’t do their estate plan and most people can’t cover a $400 expense……but not our clients. Not if you engage in our IFG LifePath process.

Articles like these excite me to our core about the work we strive to do every day, and the idea of not only where are clients are at today, but how the clients we serve will impact their families, their neighbors, or their communities in the years to come – enjoy!

Lessons from Prince
The still-stinging death of pop music icon Prince has made the world a sadder place. The singer/songwriter, master guitarist, actor and bonafide musical genius touched millions of people with his life’s work.

Unfortunately, Prince won’t have a say in what happens to the fruit of his life’s work now that he has passed. Why? Because Prince did not have a will, or a living trust, or any kind of estate plan in place when he died. That means the state of Minnesota likely will be responsible for the disposition of an estate valued at some $300 million. That figure doesn’t even include the estimated $500 million in publishing rights to Prince’s musical catalog, or future royalties from ongoing sales of his music (which skyrocketed right after his passing). While the death of Prince was a tragedy for music lovers around the world, his death also can be a teachable moment about the importance of having a will, a living trust and a complete estate plan in place — especially if you have significant wealth, and especially if you have children.

If you want a say in what happens to your money, property, business, family heirlooms, etc., after you die, then the only way to do that is to set up a will or a living trust that specifies who gets what, how your estate is to be distributed and who will be in charge of your estate after you’ve departed. I know this isn’t a pleasant subject to tackle, but it is one that must be dealt with before it’s too late. The last thing you want is for some government bureaucrat to decide for you where your money goes after you’re gone. The way I see it, you owe it to yourself and to the ones you leave behind to tackle the unpleasant issue of estate planning. And while the process might not be the most comfortable experience of your life, knowing that the fruit of your life’s labor will have the destination of your choosing is a most comforting feeling.

So, let us all learn from the lessons of a Prince — and don’t leave your legacy up to chance, or up to others.

Why a Trusted Advisor was put into the world!
As my colleague Nick Murray stated, if you need a reminder why so many people without a Plan, or Planner fail to achieve financial independence – this article presents why.

The Secret Shame of Middle-Class Americans
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