It's Estate Planning Awareness Week

A Very Big Social Challenge That Requires Attention Now

• The majority of the adults in the US that reach the age of 70 are almost out of money, but have life expectancies well into their mid-80's and maybe into their 90's;
• Only 37% of employees have a Will. The percentage of those who have a Will increases with age, but even by age 55 to 64, only 56% have an up-to-date Will;
• 97% of US farms are family-owned. An Iowa study showed that two-thirds of Iowa farmers over the age of 65 have done little or no planning for retirement;
• We have just entered into the greatest wealth transfer time period in history. An estimated $59 trillion - divided among heirs, charities, estate taxes and estate closing costs - will be transferred from 116 million American households from 2007 to 2061.

Managing personal finances today is more complicated and more important than ever. We're living longer, but saving proportionately less. Scores of us feel less secure in our jobs and homes than we did in the past. We see our money being drained by the high cost of housing, taxes, education and health care, while dealing with the uncertainty of investments and our economy. We worry about the future, or unfortunately in many cases, simply try not to think about it.

There is a real solution to this lack of financial awareness epidemic that revolves around educating the public, professionals, and nonprofits to take appropriate actions and we could use your assistance. Together, we have the potential to advance and contribute to improving financial awareness and a key aspect of personal financial management by promoting and encouraging the need for financial and estate planning.

Here are a few complimentary resources that you can use to help raise the awareness that a current financial and estate plan is an important financial responsibility not only for the individual, but to their families, loved ones and their philanthropy:

• Download a copy of our "Estate Planning Deficiencies Check-Up" to provide to your clients to see if their current estate plan is where it should be. 
• A common FAQ is explaining the difference between a Will and a Revocable Living Trust. We have summarized in an easy-to-read chart. Download it HERE.
• No estate plan and want to know how to get started? We have developed a quick tip sheet with 4 steps to successfully get started on an estate plan.

For further questions or more information on estate planning, contact Goosmann Trust Law Counsel at (712) 226-4000. In addition, www.TrustLawCounsel.com has several additional complimentary planning tools that you can use.