For some of us, it feels like New Year’s just happened, but it’s already well into February. During the early days of January, many of us think of goals or resolutions that we want to accomplish or abide by. But these goals can be forgotten pretty quick. That’s why we like to take February as an opportunity to review the goals we made and evaluate what steps need to be taken if we want to stay on track for the year.
New Parents often make goals surrounding their growing family. While a lot of these goals are going to be the heartwarming kind, like getting a family photoshoot done, some will be purely practical. New parents are often already thinking of post-secondary far down the road. They want to start saving for their child’s education, so they begin looking into options like trusts and RESPs. Other parents have writing a will and talking to potential guardians at the front of their mind. They know that if the worst were to happen, they’d want their children to be set up with the best possible future, which requires careful planning ahead of time.
Grandparents have some goals in common with their children, and others that are a little different. They’re usually concerned with their grandchildren’s education, and may consider contributing to their education fund as well. However, many older people also have retirement on their mind. For entrepreneurs, that can lead to complicated questions like, what will happen to their business and how do they ensure it successfully passes on to the next generation? These sorts of questions can become even more challenging if none of their children are interested in taking over the family business.
Personalized Estate Plans. At MacMillan, we really enjoy the forward-thinking mood that the beginning of the year can create. We like to look back at where we came and then towards the future and where we want to go. That’s the approach we also take for estate planning. Your estate plan is your life plan. It’s the road map that keeps your journey moving smoothly in the direction that you want. And it also has your backup plans carefully written down in case the road gets bumpy, and someone else needs to take the wheel for a while.
The life planners at MacMillan Estate Planning believe that everyone should have a comprehensive estate plan created just for them and their unique family and circumstance. Things like planning for children’s future education, retirement, and how business succession will look for your family should all be a part of creating your estate plan. To get started, contact MacMillan Estate Planning today and schedule your free consultation. We look forward to hearing from you.