Mattson Financial Blog

Are You Prepared for the Future?

As our client, there’s one thing you probably know for fact: When you take your last breath and leave this world, something of your estate is left over. But is this “something” you want to give to the federal government in the form of taxes or to family members and your favorite charities?

This is why you have an estate plan in place. You want to give your heirs peace of mind for the future. But today’s political climate is potentially changing. The wealthy are coming under attack from those who wish to take away — and to make it harder for you to give your heirs what you really want to give them.

Now, I’m not here to give political advice, but there are a few things we should keep in mind. With our country over $23 trillion in debt, at some point in the future, the debt must be paid.

You’ve been fiscally responsible your whole life; if you hadn’t been, you wouldn’t have retirement dollars to enjoy today. You planned, and you had the foresight to act according to that plan (and adapt as things came up).

We can’t say the same about our leaders. Without proper planning, many people in Washington want to take your dollars and put them toward the national debt.

Most people haven’t heard about this because the people in charge already have a plan in place. They may set up a national referendum and may go after 40% of your estate upon the last one’s passing as named in the estate plan, such as you or your spouse.

They will likely not call this an estate tax. Instead, they want to take this 40% after your passing but before your beneficiaries can get a hold of it. This way, they don’t take anything away from your lifestyle and your beneficiaries can plan accordingly. This way, it won’t “harm” anybody.

The problem is that the people who want to make this plan happen never had to give anything up to buy a new car. They never lived a life of “keeping up with the Joneses.” They are the Joneses. They don’t have the same perspective as the people this plan will affect the most.

Many people have come to expect immediate gratification from many things in life. When I go through the drive-thru at McDonald’s, I do it because I expect it to be fast. If I have to wait five minutes for my order, I think, “How can this be? I’m at the drive-thru!”

You didn’t amass your fortune overnight. There was no immediate gratification when it came to saving and investing. It took a lifetime to get where you are today. But now those people in charge want instant gratification when it comes to getting your hands on that hard-earned money.

What can you do? First, start properly planning to make sure your assets go legally and ethically to who you want and when you want, with as little tax implication as possible. Your advisory firm is on top of tax laws and regulations that are constantly changing and will continue to change. That includes these potential efforts to reduce the national debt.

This is one of the many reasons why we at Mattson Financial are introducing a new advisory fee platform. It’s designed to protect your money from creditors and predators and keep your hard-earned money where you want it.

Look for more information about this new platform in your mail and email. We’re excited to continue serving our clients above and beyond their expectations. Together, we can take advantage of what the market has to offer while also being prepared for and protected from what may come in the future.

-Gary Mattson