What is described as the middle class in America is reported to be 60% of the American family. If this describes you, how has the economy affected you in the past few years, essentially since 2007?
A report recently released by the Federal Reserve stated that the median American family in 2010 had no more wealth than they had in the 1990s. This was an erasing of nearly two decades of accumulated prosperity. On average, the American family saw a drop of nearly 40% on their net worth from 2007 to 2010. The crash of the housing market is assumed to account for 75% of this loss. Furthermore, income for this group has also declined by nearly 10% in the same time period.
What has happened to you and your net worth, as well as to your income during this time period? What are you doing to protect your assets, income and standards of living? It is said that 10,000 people retire every day in this country. It is now known that the average life expectancy has been increasing rapidly. A 65 year old couple, today, has a 30% chance of at least on spouse living past the age of 95. This information suggests serious preparation is needed to maintain a standard of living and a quality of life. Have you put in place the legal and financial planning to ensure the quality of your life will be what you want and deserve?
The sooner you put the plans together and monitor frequently for any changes that may be needed, the greater the peace and comfort you can have. Financial plans need yearly reviews and legal plans need to be reviewed at least every three years.
Reduce your debt and try to eliminate it by the time you retire. Evaluate the income stream available to you and the security of your investments for the long run. Choose wisely any and all individuals and/or companies that will be helping you to make these vital decisions. Plan for the worst and hope for the best!
Contributed by MH attorney and senior partner Dan R. Morris
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.