It may seem unbelievable but its possible to make hundreds of thousands of dollars in a matter of hours–legally and tax-free. To see if you qualify, read on. Guarding Your Wealth" is a nationally syndicated weekly personal finance column written by Jeffrey D. Voudrie, CFP. Mr. Voudrie is the President of Legacy Planning Group, a private wealth management firm that employs sophisticated proprietary strategies designed to protect and grow its clients' investments. Please visit our website, www.guardingyourwealth.com to read past articles in our archive.
(PRWEB) August 30, 2004 -- It may seem unbelievable but its possible to make hundreds of thousands of dollars in a matter of hours–legally and tax-free. To see if you qualify, read on.
I recently met with a successful dentist and his wife. They were in their mid 60's and had worked for years to achieve a level of wealth that would allow them a comfortable lifestyle. Including real estate, investments, retirement accounts and life insurance, their net worth was approximately 3 million dollars.
The dentist made approximately $200,000 per year from his dental practice. In less than an hour, I was able to show them how he could make 4 years worth of income in only about 8 hours. If youve been successful and have achieved this level of wealth, this opportunity may apply to you as well.
They have successfully run a dental practice for almost 30 years and have put money away each year into a retirement account to provide for their future. They purchased a home and an office building and sacrificed for years to pay off the mortgages to own them free and clear. They followed the right steps and accumulated wealth. But in the midst of working so hard to acquire that wealth, they overlooked one thing–how to make sure that wealth wasnt squandered when they passed away.
Believe it or not, this dentist and his wife who were worth over 3 million dollars dont even have a Last Will and Testament. That oversight could cost them $800,000 and means that their estate will be tied up in Probate when they die.
The courts and attorneys will be involved in the process. It could take a year or longer before their assets passed to their children. Probate alone could cost tens of thousands of dollars in legal fees.
Since they dont have a Last Will and Testament, it will be up to the State to decide who will receive their assets at their death. This can often lead to the inheritance being divided differently than is desired. And theres nothing the surviving family members can do about it.
Thats not the worst part of it. Their lack of planning could result in almost $800,000 of the estate being lost to Federal Estate Taxes and State Inheritance Taxes. Think how long they worked and sacrificed and saved to accumulate $800,000. Yet it could be lost--going to the Federal and State governments instead of to their heirs.
Fortunately, its not too late for this couple. They can make over $100,000 per hour–almost 4 years annual income–in about 8 hours or less, just by taking the time to have a Last Will and Testament drafted, signed and witnessed. Thats it. Its that easy. Legal, tax-free money that otherwise will be lost.
A Last Will and Testament only costs $500-$1,000 and can include the language necessary to save almost $800,000 in estate taxes. A Last Will and Testament will still require their estate to go through probate though.
With a little additional work and an additional $500-$1,000, a Living Trust can be drafted in addition to their Last Will and Testament. Any assets transferred into the Living Trust would avoid Probate, be easily managed should they become incapacitated and settled at their death without involving attorneys or the courts.
Many people find it easy to procrastinate when it comes to having a Last Will and Testament or a Living Trust drafted. They recognize the need, but the day-to-day pressures of life force it to the back burner.
If you had the ability to make several hundred thousand dollars in just a few hours, wouldnt you make time to do it? If youve successfully accumulated wealth and havent taken the time to put your estate documents in place, you have the ability to make many times your annual income in just a few hours. So dont delay. Take action today to get a Last Will and Testament and a Living Trust. You and your heirs will be glad you did.
If you have questions about how to plan your estate and would like free, unbiased advice, send your questions to jeff@guardingyourwealth.com.
Mr. Voudrie is a Certified Financial Planner, nationally syndicated newspaper columnist and President of Legacy Planning Group, Inc., a Private Wealth Management Firm in Johnson City, TN. He can be reached toll-free at 1-877-827-1463 or at jeff@guardingyourwealth.com
Looking for an energetic expert who is passionate about financial and wealth management? Mr. Voudrie is an excellent speaker who will excite and inspire your audience. Mr. Voudrie is available for a limited number of speaking engagements, television appearances and radio talk shows. For booking information, contact Christine Lavender at (877) 827-1463 or email christine@guardingyourwealth.com.
Related Articles can be found at www.guardingyourwealth.com under the Guarding Your Wealth Article Archive:
Surviving Your Estate
When A Will Isn't The Way
When The Battle Begins At Home
Signed, Sealed, Delivered
Don't Be Left Holding The Bag
How to Stretch Your IRA
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