Mattson Financial Services - May 2020

F I N A N C I A L S E R V I C E S , L L C


May 2020


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 do you want to give this “something” to the federal government in the form of taxes, or do you want it to go to family members and your favorite charities? This is why you need to have an estate plan in place. You want to give your heirs peace of mind for the future. But the political climate is potentially changing. The wealthy are coming under attack from those wishing to take away, or make it more difficult for you to give, what you want to your heirs. Now, I’m not here to give political advice, but there are a few things we should keep in mind. Our country is over $23 trillion in debt, and 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 to go after 40% of your estate upon the passing of the last one 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

What can you do? First, start properly planning to make sure your assets go legally and ethically to who you want, when you want, and with as little tax implication as possible. Your advisory firm is on top of the ever-changing tax laws and regulations, which 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.

get a hold of your estate. This way, they don’t take anything away from your lifestyle, your beneficiaries can plan accordingly, and no one will be “harmed.” 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 their hands on that hard-earned money.

–Gary Mattson

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