What a Child’s Game Can Teach us About Planning…
In our house, the “Down Low, Too Slow” game is very popular. It goes like this:
Give me five (hand slap)
Way up high (another hand slap)
Down low (pull hand away before it can get slapped)
Too slow!!
It always gets a laugh out of the kids. Even after the 10th time in a row!
“Up High, Down Low” is also good estate planning advice. A good plan will include:
- NOW – look at your situation, finances, family. What are your goals and risks?
- UP HIGH – look at the older generation. When the older generation passes, will they be leaving you an inheritance that could create estate tax problems for you? Will they face nursing home costs that could impact the family? Will their lack of planning give you more stress later or more conflict with other siblings?
- DOWN LOW – look at your kids and grandkids. What is their financial situation? How will an inheritance impact them? Will they be ready for it? Will your daughter-in-law spend it all? Will it lead to extra taxes for the kids?
A good estate plan considers those older and younger than you. If you’re not sure about the state of your plan, give us a call at 217-726-9200. We’ll be happy to chat with you.