A stress test helps doctors collect information about how your heart works while you are active.
If the test shows some kind of irregularity, your doctor will may develop a treatment plan consisting of medications, surgeries, exercise, diet, and additional testing.
Your heart, however, is not the only thing that needs a stress test.
So does your money.
Have you had your money stress-tested?
Bob and Amy chose to have a stress test done on their money and financial plan. They were shocked by the results.
- They were unaware their Required Minimum Distributions (RMDs) were being taxed at the highest income tax rate.
- They would lose $2 million to taxes on their IRA when Bob died. He was told by their present advisors that “Death Taxes” were gone.
- Amy, as the second wife, was only going to receive half of the assets.
- The remainder went to the kids in a way that put them in a battle with Amy.
You can’t create a solution until you know ALL the problems.
Imagine going to a doctor who wrote you a prescription without taking any tests.
It happens all the time with money. Advisors recommend “solutions” without fully testing your money.
Once Bob and Amy were clear about the results they wanted with their money and the biggest problems they faced, it was easier to design a truly custom lifestyle and legacy plan.
The result:
Their lifestyle was protected, Amy was taken care of, and they were able to pass a significant legacy to their children.
When was the last time you had your money and wealth plan stress tested?
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