Estate planning is something that should be considered as soon as you leave college and enter...

Estate planning is something that should be considered as soon as you leave college and enter the workforce. Discuss your strategy for estate planning as you progress through the various stages of life including pre-family dependence, family formation\career development, pre-retirement, and retirement.

Expert Solution

Estate planing is very important in life.

At the Pre-family stage you should invest yourself into skill development activity and you will get support from your family or parents. You will not earn much in this stage. But whatever, your savings at this stage you should save for future.

At family formation\career development you will earn sufficient money for you and for your family. You need to invest money into various tax savings scheme, Medical insurance, Life insurance for you and your family. Child's future education cost planning through investment and investment for wealth creation.

At pre-retirement stage you should plan to accumulate enough money to last your retirement days. At the same time you should not take much risk at this stage because in case of failure it would difficult to cope up.

At retirement stage you just have to relax and it would be wonderful if you manage to earn the daily expenses and for investment take least risk by investing into government bond only.

jeff jeffy answered 8 months ago

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