FOREWORD
by Bruce Williams
Host of America's Most-Listened-To-Nighttime Radio Program
For the past twenty-odd years I have been talking to literally millions of people on a radio program that's heard in all 50 states, not to mention most of Canada and the Caribbean. The topics aren't really glamorous; we talk about the lives that we are all obliged to lead. We are not going to settle the world's problems. But, we just might be able to help someone get that first mortgage to allow them to get their home, and then deal with their neighbor whose pickup truck sports a bumper sticker that says "My kid can beat the crap out of your honor student."
| These are the kinds of problems that make our lives as frustrating and interesting as they are. Unhappily, some of the topics we must deal with require us to recognize our mortality. I am talking about wills, trusts, estate planning and that sort of thing. Sometimes it takes a jolt to get folks to start thinking in that direction. It's important to understand that we must begin thinking positively to get something done. Otherwise, the government will in fact pillage and plunder those assets that we have toiled years for. Instead of having those assets go to buy a college education for our grandchildren, they may very well go to buy a missile or support some activity in a third world country that will set our teeth on edge. Clearly the choice is yours. Plan ahead, take the time, make the effort, and yes, spend the money, to make things happen, or just continue on doing nothing and allow nature to take its course. I can assure you the course nature will provide is a bumpy road that you would not select voluntarily. Estate planning and asset protection aren't new subjects. In fact, I have talked with thousands of listeners over the last couple of decades who want answers on these and related subjects. They want to know how they can preserve their assets in the event of a catastrophic illness, or how they can pass on dollars that they have already paid taxes on without having to pay an additional 50+ percent to our benevolent government. In fact, they want to know how it is that they have to pay taxes on money which they have already paid taxes on; I have never heard a worthwhileanswer for that one. It's surprising, even frightening, how unprepared people are. Until it's too late, many don't realize it's past time to get prepared. And then there are those who think the will they did 20 years ago is sufficient. Most tragic are those people who have spent a small fortune on an advisor who didn't give them the knowledge they needed to maintain their trust or will through the years. Wills, estate planning and similar adventures are organic. In other words, they change with time. The laws will change, as will conditions in your life. You have to react to those changes. It could be that you have several children. Perhaps one or two have had great success in their economic life. Maybe another is handicapped in a fashion. Or, yet another has not done quite as well financially in general. While your "share and share alike" will was perfectly logical when your kids were in their teens, it's very likely some changes are necessary now. Unless you maintain a constant vigil, your will may not reflect what is appropriate this year. Those who know me well know I believe in using experts. You may well ask then, "Why is it necessary to educate yourself about estate planning? Just hire an expert." The problem with this scenario is you simply can't rely solely on the advice of someone else without at least speaking their language. This book will help you speak that language. Clearly, in estate planning and asset protection one size doesn't fit all. Unless you have an understanding of what you are trying to accomplish, and then an even clearer understanding of the methods by which this end can be accomplished, the endeavor is very likely to fail. So often people say to me, "Oh, I don't have a whole lot of money; it isn't necessary for me to plan." Nothing can be further from the truth. Planning for your financial future isn't just for the wealthy. It is for those who want to keep the wealth they have without losing so much as a dime unnecessarily. Don't think it's something you do just before you die. Truth is, the sooner you do it, the more likely you are to make money, hold on to your money, and have peace of mind when you need it most. Why the urgency? Why not wait until you're selecting the speakers for your funeral to worry about a will and a trust? After all, that's when these documents really go to work, right? It should be noted that a will is a meaningless document until those glorious words are being spoken at your funeral. By then, if an error has been made it's too late to correct the error. In other words, you have to get it right and continually stay on top of it. Remember, making annotations in the margin to save a couple of dollars rather than having a proper codicil added could invalidate the entire document. The point is that now is the time to get prepared and get educated. No one knows this better than Lee and Kristy Phillips. In Protecting Your Financial Future, they tell you about how cancer attacked before their 30th birthdays. Now with 20 years of experience in the legal trenches, they tell you how to use legal tools to avoid the financial devastation that often occurs when illness, accidents, or death strikes a family. In Protecting Your Financial Future, Lee and Kristy Phillips share their story, and the stories of dozens of others who also thought they were prepared . . . but weren't. Getting prepared doesn't have to be a burden anymore. Lee and Kristy show us how in a clear, easy-to-read, and even enjoyable format. When you're done with this book, you'll know what tools you need, how to use them, and how to use what you already have. The book shows the common pitfalls you may encounter in developing your plan. It can ensure that you will avoid probate and unnecessary taxes, shield yourself from lawsuits, transfer property smoothly without court interference and minimize confusion for your family once you're gone. This book is for everyone. It's the kind of reference every family must have. Definitely no small-business owner should be without it. You may have been overwhelmed by all you've heard about estate planning. Don't be. Find out for yourself . . . it's all here in the following pages. Protecting Your Financial Future puts powerful information into a refreshingly accessible format. Unlike other books on this subject, I wouldn't be surprised if you read this book cover to cover in one or two sittings. Read it on the plane, read it in the bathroom, read it on your break, but just read it. Investing a few hours now and learning these strategies will change your financial future. Having said all this, we have set the table for you, but we can't require that you come and enjoy the menu. The old saying about "leading a horse to water" is very appropriate to conclude this statement. You have been brought to the trough — it's full. But only you can decide whether it is appropriate for you to satisfy your thirst. I wish you well in this endeavor. |
