The Worst Mistake You Can Make as a Parent Ė and Why Over Half of All Parents Do It
 
by Glenn Shepard
May 24, 2016

Category:  Personal and Professional Development

 
   

 

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When Prince died last month, his estate was estimated to be around $300,000,000.

As surprising as it is that he didnít have a will, most people donít have one.

According to LexisNexis, 55% of all American adults donít have a will, and the numbers are even higher for certain minorities Ė 68% for black adults and 74% for Hispanic adults.

Itís understandable why.

- People donít want to think about their own death
- It costs money
- People are procrastinators
- Itís about as pleasant as going to the dentist

Yet estate planning is every bit as important for the well-being of your family as going to the dentist is for the well-being of your teeth.

What people whoíve never done it donít realize is that estate planning involves a lot more that simply making out a will.

It involves addressing lots of tiny details that people donít think about until itís too late. Details like the numbers and locations of insurance policies, combinations to safes or safe deposit boxes, and even passwords for email, Facebook, and other online services so your survivors can let people know youíre no longer here.

Financial guru Dave Ramsey recommends keeping all this in what he calls ďThe Love FileĒ.

Losing someone you love is tough enough. But when you have to settle their estate and theyíve left a mess, it makes it 10 times worse.

So to be VERY, VERY clear about thisÖ

If you have kids and donít have a will, youíre being an irresponsible parent.

The good news is that this creates a perfect opportunity for you as an employer to offer a very valuable fringe benefit.

Knowing that over half of your employees probably donít have a will, hire a CPA or attorney to come to your company and give a presentation on what people need to do and why itís so important.

It wonít cost you much because theyíll probably get clients out of it.

If you have the budget, pay the attorney or CPA to spend time with your employees one on one and walk them through what they need to do. Youíll be amazed at how many of your employees will thank you.

Either way you do it, your employees will become more responsible people, which makes them better employees.

And you become a better employer, because youíre taking care of your employees better than most companies do.


To Your Success,

Glenn Shepard
Glenn Shepard

 

P.S. That country music star hasn't had another major hit since I met him, and I suspect he looks back now and relishes the days when strangers acknowledged his accomplishments. I'll never again hesitate to let anyone know when I appreciate what they do - no matter what field they're in.


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