October 11th,  2024  [4 min. read]

By Drew W. Boyer, CFP®

Sorry, not sorry. It’s the universal truth that should motivate us to make every day count. When it’s your time, it’s your time. What do you want to accomplish before your sand runs out? Visualizing ‘your end’ and working backwards is a great life hack to provide urgency and to keep you honest everyday.

Both of my parents are going to turn 79 next year. Statistically, we’ve been on bonus time. If there’s a chance to spend time with them, it’s a ‘YES’, every time.

My girls are 11 and almost 10 years old. That means we only have eight more Christmases, Thanksgivings, and family trips before my wife and I are empty nesters.

Don’t worry, no one is tearing up while they’re writing this…welp.

Celebrating my 46th rotation around the sun this year leaves less than twenty ‘go-go’ years, ten ‘slow-go’ years, and perhaps another ten of ‘no-go’ years. Even with a paternal Grandpa who lived to two weeks before age 98 and a maternal Grandma who lived to the ‘radio station’ age of 103.5, longevity is never guaranteed.

Life can go wrong at any time.

Just like the famous line ‘Death and Taxes’, we all have these two things in common. What’s in your control is maximizing your time here, minimize those taxes, and making sure that your assets pass to your heirs as you wish- not the state’s. You’ve worked too hard to be lazy on this final part!

At Boyer Financial Group, we offer 360 estate planning: be that a full financial account beneficiary audit, spenddown strategies, long term care options, gifting, and even a TrustandWill.com discount for basic legal needs like Wills, Power of Attorneys, and Advanced Medical Directives. We’re limited to the planning side of the table, but have helped countless clients get educated and prepared ahead of time. That’s the key to everything, being prepared before things go sideways.

In my book, “Debt Row 2 Cash Flow: Hip Hop x Finance”, I share the legal outcomes of two very different rappers who both died unexpectedly: Migos rap member, Takeoff, and “Self Care” rapper Mac Miller. Here’s a couple excerpts:

Takeoff from the rap group Migos, of ‘Bad and Boujee’ fame, was shot and killed in a Houston bowling alley in 2022. Being only 28 years old in the fame game, with no wife or children, the last thing on his mind was having a will. Without one, he died ‘intestate’ with a reported $28 million estate.

Court-decided outcome? Since Takeoff was a Georgia resident, the State of Georgia Intestacy Laws applied leaving his estate to probate and then split between his surviving parents. For example, if the total cost is 5% of his $28 million estate, then the court takes in $1.4 million. That doesn’t even factor in Federal Estate (Death) Taxes up to 40% over applicable limits. The real-life problem that wasn’t considered? Takeoff’s mother raised him without his estranged father, so he probably would’ve wanted his mother to inherit his 100% of his assets, not just 50%.

How much does a will cost? About $500-$1,000 and a little bit of time.

Opposite of Takeoff’s situation was late-rapper Mac Miller. The “Self Care” artist must have received sound legal advice, because he had set up a will and a living trust when he was only age 21. He died of a drug overdose just five years later, but his parents, as the trustees of his trust, were able to handle his cash, assets, and real estate without going through probate court. This is just as legally intended to do in the event of an unexpected exit. A will makes your wishes simple during an emotionally draining period for the loved ones you leave behind.

Creating a Will would solve this potential problem. The last thing you want to do is let the state execute your estate. Now you know, do something about it, and don’t Takeoff without one. Be a real Mac.

The takeaway? Live your life doing what makes you happy and work hard at it. Spend as much time as you can with your family and friends knowing you have only so much time with them. Be a realist and plan ahead. It’s not really much harder than that. Don’t know where to start? I know a great CFP® that can help you.