Your Estate Plan should Start with a Budget

Your Estate Plan should Start with a Budget

By: Martin M. Shenkman, CPA, MBA, JD

A Budget and Financial Plan Is Critical for Your Financial Plan


Money Matters Radio – Estate Planning Checklist

By: Martin M. Shenkman, Esq.



Introduction/Overview: You cannot do a proper estate plan without a budget. Your financial plan, of which a budget is at the foundation, is the framework from which most estate planning decisions must be based.


Consider the following items?


A budget is the basis of an estate plan.


You cannot plan an estate without a budget. How can you determine if your estate will be taxable or not?


You need a budget as a foundation for making gifts. Can you afford them?


You need a budget to give an agent under a power of attorney guidance as to what to pay for if you are disabled.


Do you need life insurance? How much? The starting point in the analysis is a budget.


How do you invest? Do you need steady cash flow? Growth only? Annuities? What type of asset allocation?


Who are you investing for? Your future needs or do you have adequate resources so you’re really investing for your children’s future? The investment time horizon is critical to the investment choices you make and it starts with a budget.


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