Yahoo News recently posted a very interesting article from MarketWatch that I thought would be interesting to share with the readers of this blog. The articles main focus was on retirement and estate planning lessons taken from the hit British Drama, “Downton Abbey.” I was especially interested in this article because while on a road trip with a few friends this weekend, they kept trying to convince me that the British show was Netflix-worthy but I was not persuaded. However, after hearing about it all weekend and thereafter reading this article, I have decided to add “Downton Abbey” to my Netflix queue. Here is the reason why: The show not only takes place in a castle (yes I like castles), but it is also quite informational. According to one attorney, “the whole plot is really about an enormous estate-planning problem.” As a law school graduate, this actually sounds like it would be right up my alley.
Lessons From “Downton Abbey”:
- Diversify your holdings (basically, don’t invest all your money in one venture)
- Sell the inherited house (I wish this was a problem I would be faced with)
- Use trusts to protect a family fortune (sounds easy enough)
- Set up a medical directive (this can be done through a will)
More Information About Estate Planning:
Estate planning is the process of arranging for the disbursement of your assets. Your estate plan includes your will, your trust, and other estate planning documents governing your assets. An estate plan also specifies how your wealth will be managed, distributed, and protected, while reducing your taxes and fees. When you pass away, your final wishes will be implemented through your estate plan.
For additional information about estate planning, it would be beneficial to speak to an experienced estate-planning attorney. They will effectively explain the best options for you based on your needs.
Do any of you watch “Downton Abbey?”
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