Tough times make sound financial planning a central consideration

Although the United States is a country that is obviously marked by tremendous resources and power, such riches do not automatically translate to wealth — that is, sustained and unfettered financial power and associated freedoms — for all Americans.

Many readers of this blog likely don’t need any elucidation regarding that assertion.

In fact, it is quite obvious to many millions of Americans that, notwithstanding the great wealth of some individuals and families, high numbers of people across the country face financial challenges to some degree these days.

For some families, those challenges are sobering, though capable of being dealt with in a manner that does not jeopardize continuing financial viability.

For others, though, things are just a bit tougher.

A recent CNN article discussing personal and family debt in the United States points to the present as being a singular point in American history. In fact, a report authored by financial firm Morgan Stanley asserts that the disparity between so-called “haves” and “have nots” in the county is notable and consistently growing.

Morgan Stanley’s research in its Mind the Inequality Gap report especially references “stagnant wages, high debt and rising costs.”

To some degree, those factors are always present in the American economy, making it incumbent on families dealing with real-world financial stresses to act prudently and within their means.

Economic challenges can also underscore the wisdom of attending to the future through sound and well-tailored estate planning. There is much that virtually any individual or family can do presently to positively affect their well-being and estate-related wishes in the future.

A proven estate administration attorney can answer questions and help a client explore viable strategies regarding wealth preservation, legal tax avoidance, family inheritances, health-care matters and other important planning considerations.

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