As the world continues to unfold around us due to pandemics, economic uncertainty, lockdowns, and financial worry, these two words above seem to lose their meaning and importance. In fact, many people don’t think they can actually achieve a degree of certainty or guarantee in their financial lives. Whether they are in retirement, nearing retirement or years away, the feelings have this common theme. This causes a sense of uncertainty, and maybe even fear, as we contemplate our personal financial situations.
As I go out and visit with people personally and at workshops, they often talk about not being able to control these outside factors, which in turn prohibits them from planning. There is good news! We CAN control our own personal situations. We can put our own “house in order” despite what’s going on around us! We just have to have the right tools and knowledge in place to make good, solid decisions even in times that seem so uncertain.
The first step to preparing a good, solid plan is to know — really know — what you have in your estate. While we all probably have a good understanding of what makes up our personal estates, do we know how each asset works? What type of tax rule does it play by? How does the asset pass to the next generation? Is it protected from long term illness or death?
Each asset we have plays by a different set of rules. Understanding that can help people make solid, certain decisions in their planning. The Sales Representatives at Catholic United Financial have an Estate Planning Fact Finder tool available to them that assists in gathering information and asking the right questions of their members about their assets.
After understanding how each asset works, the next step in preparing a good plan is to take a “snapshot” of the entire estate. See how all the assets fit together with a person’s goals and objectives in mind. We often say at Catholic United Financial that we help people put all the pieces of their estate (assets) on the table, and then help them put it back together in ways that match their goals and objectives. We offer this assistance as a benefit to our members and all Catholics free of charge.
Once the comprehensive review and analysis is complete, good decisions can be made based on the current and future rules and regulations, current and future goals and objectives, and the overall recommendations given. As this point, we often need to meet with an attorney or accountant to complete the legal and tax work of a given plan. Most of the sales reps help people get ready for this visit, and often accompany the member to this meeting for support and listening.
You might also be interested in reading this: Four steps to move your estate plan off your To Do List
In times of uncertainty, Catholic United Financial can be a great resource to provide help for those that are looking to “put their house in order.” Through our knowledgeable and caring Sales Reps, we can help you through the process of gathering and analyzing information by providing answers and support. If life insurance and annuities are needed to provide certainty, Catholic United Financial products — life insurance, annuities, IRAs and Medicare supplement insurance — can provide a safe, guaranteed choice to build around.
If you are wading through all the uncertainty that surrounds and wish to arrive at solid, safe plan for you and your family, please contact your local Sales Representative.
May God bless you and your families.