If you’re reading this you probably understand lead generation without follow up is a poor man’s game. You may even understand revenue without controlling expenses is a losing battle. With all of that knowledge, it’s been my experience many people get these basic fundamentals of business yet they fail to apply them to their personal life. Many in our industry, perhaps even someone you know, earn boatloads of money. Some even take that money and invest it in stocks, crypto, real estate, and other assets to further grow their wealth. They’re so focused on building wealth they fail to spend any time protecting it or even worse protecting their family from what happens when they pass. We’ve all witnessed it. A family member passes away leaving a wake of disaster behind them. Being a coach I get a front-row seat into the business and lives of many families across the country. I feel like I’ve seen it all. Someone passes leaving their entire estate to a person who never even dreamed of having access to that kind of wealth. After the taxman gets his cut and the surviving family member gets access to the cash and/or equity they blow through everything someone spent a lifetime to build. Maybe you’ve witnessed someone passing and their brothers, sisters, cousins, aunts, and uncles go into battle fighting over who gets what all because it’s what “grandpa would have wanted.” Scared yet?
What happens when you die? What if you died unexpectedly? Really crappy questions to think about yet the reality is any of us could go at any moment. If you died today would your assets have to go through probate? Would your family be burdened with digging through filing cabinets to find the life insurance policy you purchased 15 years ago? Would that life insurance policy even be adequate for your current life situation?
What happens to your business? Does your business have an insurance policy that would allow your company to hire a replacement CEO and not skip a beat? Your rental properties? Your IRA? Still not scared? Maybe this will help. Who gets your kids? Did you know if you don’t decide the court does?
The solution to many of these questions are beyond my expertise and definitely beyond the scope of this weekly message however I ask that you hear this loud and clear. This is your sign to call an asset protection attorney and schedule a consultation. It would be a shame to work as hard as you are building massive amounts of wealth capable of impacting the lives of generations after you’re gone. Ask them about setting up a trust so you can have your say as to what happens when you’re no longer here to make decisions. If your parents are older and do not yet have a trust set up, invite them to join you. A little work now will go a long way down the road and it’s a lot easier to make these decisions while emotions are neutral and we’re not dealing with the loss of a loved one. While you’re at it, call your insurance provider and do an audit of your current policies to make sure you have adequate coverage. Your family will thank you for setting them up for success after you’re gone.