WHAT DO YOU THINK OF WHEN YOU HEAR THE TERM "ESTATE PLANNING"?

This was written by Dr Hannes Dreyer.

Not being a Financial Planner, I cannot give you any kind of financial advice. What I can do however, is to suggest that you get yourself off to an accredited Financial Planner, and just like you plan your business, your personal life and rest - make sure you plan for your death!

What do you think of when you hear the term "estate planning"?

Do you think ...

"Not relevant to me! I'm not old / dying / rich!"?

Estate planning is a bit like a trust - in that ordinary people do not think it applies to them. It sounds like something for financial planners and wealthy people and perhaps people on their deathbeds.

In fact, this may be what 99% of people think. And that is why 99% of people are not, and never will be, wealthy. Estate planning is about planning NOW, not only to protect your family when you're gone, and not only to minimize the very high death duty which estate duty is, in reality ...

... but also to minimize your tax burden whilst you are alive.

Estate duty is a high tax, and there are people who say it is an unfair tax, because it waits till you are gone before acting, taking advantage of the fact that you are not there to defend your wealth or your heirs! But without getting into a discussion of the fairness (or otherwise) of this tax, let's go on to find out how you can do all you can NOW to protect your wealth and your family when you are gone.

Because that's what Wealth Creators do - they take the initiative, they plan, they reduce their risks, they protect themselves and their wealth into the future. And by doing this, they actually create their wealth in the first place!

Death is not a nice thought but being prepared to plan for it is what separates Wealth Creators from the masses of people who will never be wealthy.
Take it from me - you'll get more out of life when you plan for death!
Dr Hannes Dreyer
Wealth Creators Mentor
October 29, 2007