Healthcare is a major expense for seniors, so much so that recent estimates put the average cost of it at $387,644 throughout retirement for the typical 65-year-old couple retiring today. While that figure may seem astronomical, it actually doesn’t account for a related expense that many seniors will inevitably face: long-term care.
Running and owning a business is just like raising a child: Both are investments in the future and both require a lot of time, resources and effort to raise successfully.
If you pass away without naming beneficiaries in your will, it can create legal entanglements for your heirs.
Estate planning is a systematic process, which involves getting your personal and financial goods for the time, if you pass away or become incapacitated. It is also known as last will, and almost everyone does this planning for their family.