When we’re young and full of energy the world is ours for the taking. Nothing can stop us.
Then, somewhere along the line, things get complicated.
In school or college not a word of death, taxes or inheritance is uttered.
But one day, each of us will have to come to terms with these three issues.
Each of them can cause terrible heartache for a family as they can be unexpected and complicated.
18 months ago my father passed away suddenly. He had gotten a clean bill of health two days before his death and won his regular golf game the following day.
The next morning, he didn’t wake up.
He was gone.
Despite my father having organized all his papers we are still struggling to get everything finalized.
We had to go here and there to get this and that paper notarized.
Phone calls, emails, you name it, we’ve had to do it.
Missing information, mistyped data, erroneous addresses, and the lot.
No one ever tells you that things are going to be this complicated.
And then there’s the inheritance issue.
Who gets what, how much and when.
And where there’s inheritance, there’s tax.
Taxes are another matter that very few of us are aware of at a young age but quickly learn just how devastating they can be when we enter the workforce.
So many of us are eager to get a promotion as it will give us a nice bump in salary but no one tells you just how much you’ll be getting after tax.
With each raise, comes more responsibility and, of course, more tax.
Buy things such as a house and a car and the taxes keep adding up.
Over our lifetime taxes end up being the number one thing we spend money on. A house the second.
It’s a shame that we don’t address these issues early on in life and prepare for them so that when we do have to face them they come as no surprise.
I will do my best to make sure my own son is prepared when he’s old enough.
Will you be?
Adrian Shepherd