Plan for the Best… and Worst

Don’t put off the process of estate planning, such as articulating important agreements like a power of attorney or your will because you assume that the worst will not happen to you. 

This is a catastrophic mistake that could end up causing problems for your loved ones down the road. It is far better to schedule a consultation with an experienced estate planning attorney today to ensure that your primary needs and concerns have been addressed.

The support of a dedicated attorney is extremely valuable when you find yourself in this situation. Looking ahead to the future means thinking about unanticipated events. A sudden disability or diagnosis of a medical condition tied to a car accident, for example, could represent significant changes in your life and you need to be prepared for how to address these. Having an estate plan or business succession plan, already stipulated in these cases, can make it much easier to adjust in the heat of a moment when you must be able to respond effectively and appropriately.

The support of an experienced attorney is highly valuable when thinking about how your estate plan will translate into individual actions. Schedule a consultation with an experienced estate planning lawyer today.

You can make things easier for your family members and your own peace of mind by setting up a plan you can count on in the event of a worst case scenario.

High Net Worth Clients Must Have Experienced Estate Planners

Anyone who has an extremely high net worth must be mindful of the many different ways that their assets and their overall estate can be affected by taxes and retirement planning. High net worth clients often come with complicated needs, making it all the more important to retain the services of an experienced asset protection planning and estate planning lawyer.

Many of these needs include succession planning for business owners, behavioral consulting, estate planning, tax mitigation, and asset protection planning. The services must often extend into the help of other professionals, including investment management.

Any advisors that are not offering specialized services must be mindful of the fact that it may be challenging for them to retain high net worth clients. High net worth clients want to know that they have an advisor they can turn to over the duration of their relationship and get questions answered as their cases become more complex and as their needs shift over the course of life. An estate plan that must be updated regularly is even more important for a person with high net worth as they may be continuing to grow that worth and have unique considerations that evolve over the course of time.  

How Making Better Financial Decisions Can Help You in the Future

Many people are confused about investment basics and this can cause problems when they approach financial or estate planning. Financial planning, unfortunately, usually isn’t taught in schools and investing or financial management are not necessarily intuitive, but it is critical to know how to plan for your own financial wellbeing. 

Many people believe that they should be doing all of these various things related to their investment and retirement planning and often become overwhelmed by so much information. Learning about the basic types of investments and determining what you would like to achieve in your retirement, is a great way to begin with your end goal and then reflect backwards about the steps that you could take to protect your best interests.

Scheduling a consultation with a knowledgeable financial advisor and an experienced estate planning attorney can help you to understand all of the various assets that make up your current estate and how these should be considered together when you approach the future.

The support of an estate planning attorney in particular, is very valuable because many people underestimate the volume of the assets inside their individual estate. If you fail to include all of the necessary assets, you could expose yourself to unnecessary tax consequences and problems for your loved ones in terms of the state making decisions on your behalf because you chose not to engage in estate planning.

Gender Pay Gap Has Retirement Implications for Women

Although women now graduate in greater numbers than men from college, they also carry 64% of student loan debt. A new study completed by Merrill Lynch found that women have to save for retirement earlier than men and must start planning well in advance. This is if those women intend to maximize their pension benefits and their social security. The unique challenges that women continue to face have to do primarily with debt and pay disparities. 

Women are confident in many different financial areas except investing. Women may be as confident as men when it comes to budgeting and paying bills but that confidence decreases significantly when it comes to managing an investment. Up to 41% of the women who participated in this survey found that not investing more was their biggest financial regret.

Lack of coverage and educational exposure were some of the most common reasons cited by women who felt that financial management was a daunting task that they did not feel comfortable taking on. If you are interested in tackling your retirement and estate planning goals together, scheduling a consultation with a lawyer who is knowledgeable in this area can help to ease your mind and ensure that you have a path that will address your needs for many years to come.

What You Need to Know About Estate Planning and Business Succession Planning from The Perspective of a Lawyer

The concept of business succession planning and estate planning must be taken together for anyone who owns a company. There are many different ways that businesses can be transitioned after the sole owner exits. Many people fail to consider that exiting on purpose is not the only way that someone could leave a business. 

A sudden divorce or incapacitation could present unique challenges in the business owner’s life, meaning a sudden departure. Many people still wish to actively control their businesses until they pass away, and therefore succession must be addressed in their estate planning documents in terms of their personal representatives. Others may have a clear transfer of power opportunity during their lifetime and may be able to continue as an employee or consultant of the business, or retire completely. In certain situations, when power is transferred the business may be sold but there are other situations in which ownership may be retained.

The most difficult way for a client to leave a business is to sell it over the course of his or her lifetime, and then either retire or start a new venture. All of these different options are available to those who are contemplating the benefits of estate planning and business succession planning, and these should always be discussed with a knowledgeable lawyer.

Does The 4% Rule Still Factor into Your Retirement?

When thinking ahead about how many assets you need to be putting into your retirement, what different percentages you use will depend on your overall financial planning. The 4% rule is one that is often used as a guideline for a comfortable retirement. A Wall Street journal argued however, that folks who live by this 4% rule may be at risk of going broke due to the chances of increasing longevity and long-term care. 

The 4% rule is a long-established recommendation about how much retirees may be eligible to safely withdraw from their retirement plan every single year. A financial planner from MIT initially developed the financial rule associated with 4%, meaning that you would pull from your initial retirement assets and then increase that amount every year to reflect inflation.

Having a comprehensive estate plan and financial plan for your future is the only way to guard against the potential downsides and obstacles that you may face after you have left the workforce and no longer have the eligibility to pull in income in other ways.

Your Estate Plan Doesn’t Have to Be a Failure

Estate planners already know and share often that many plans don’t produce the results the owner expected. The skills necessary to inherit the wealth may not have been passed down from one generation to another, meaning problems when assets are transferred between generations.

Furthermore, heirs are not often prepared emotionally for the transition of their loved one passing and receiving a generous inheritance. Many of the failures associated with typical estate planning are not linked to the language in the will or tax strategies. 

Instead these failures are most often accumulated with the non-technical aspects of the plan, such as the human side. In fact, approximately 70% of estates incur losses or a reduction in family harmony.

According to research there are two primary reasons for estate planning failures, and these have to do with the heirs not being prepared for the financial transition or not being familiar with the estate details. Setting aside time well in advance to sit down with an experienced estate planning attorney is the best way to review your concerns and needs.

Are You Prepared for Thousands of Days in Retirement?

Many people who are looking ahead to their retirement may miss out on the fact that increasing longevity numbers show that once you have retired from the workforce, you may be spending as many as 8,000 days inside retirement. This means having an appropriate estate and retirement plan to guide you. 

Because people are living longer and staying healthier, it is not unlikely for someone in their mid-sixties now to enjoy a life expectancy of as many as 30 more years. There are many different opportunities and challenges that come prevalent with these concerns.

You may be thinking about how you intend to spend your days, and hopefully you will already have retained the services of a financial advisor and an estate planning attorney. There are road maps out there of what to consider one year before retirement and five years before retirement.

Having a comprehensive financial plan that incorporates all of the assets you have worked so hard to save over the course of your lifetime, as well as what you might need to do in the event that you become incapacitated or need the assistance of a nursing home is very important.

There are many different concerns that should factor into your budget, including taxes, Medicare, social security, estate planning, insurance, and long-term care. Scheduling a time to consult with an experienced estate planning attorney is the first step towards guarding all of the assets you have generated

Most Common Financial Challenges Of Widows And Widowers

Widows and widowers face unique financial challenges when approaching their future.  The sudden loss of a spouse can represent a distinct change in their life emotionally as well as financially.  When one spouse passes away, it is very common to see the division of an estate cause tension inside of family, and certain family members may even try to manipulate a surviving spouse into deviating from the plans previously established by the couple.  

Senior woman looking at dead husband’s picture

Widows are left to assist or support children, handle disputes, honor their spouses wishes and manage financial assets all on their own. Appropriate estate planning is necessary to minimize the opportunities for family members to take advantage of a surviving spouse.  Estate planning tools such as putting together a trust can help to ensure that the deceased spouse’s wishes are followed while maintaining a relationship as a friend or family member rather than as a bank or connection.

Couples can work together in advance of the loss of one or more person to figure out how to best avoid challenges down the road.  Conflicts that arise because of family members can often be avoided well in advance with the support of an experienced estate planning lawyer. Knowing the options at the outset and planning for the future can ease a lot of fear and pain in the process. 

 

New Study Can Reveal Alzheimer’s Symptoms 10 Years In Advance

A new study identifies that there is an artificial intelligence that could help identify the early signs of Alzheimer’s and Dementia-related problems approximately a decade before the actual symptoms begin to emerge in an individual patient. More than 67 MRI scans were explored from the Alzheimer’s Disease Narrow Imaging Initiative Database located at the University of Southern California, Los Angeles. long term care planning

Of those evaluated cases, 29 belonged to healthy individuals and 38 were from Alzheimer’s patients. The machine learning developments have shown significant promise for a diagnosis of Alzheimer’s since early detection is critical when it comes to treating this disease.

When someone receives an earlier diagnosis, they can get treatment sooner rather than later and may have the opportunity to put their financial and legal affairs in order. After a diagnosis of Dementia affecting one of your parents, it is important to get their financial and legal orders in affair immediately while they are still able to make decisions for themselves. Otherwise, issues of mental capacity may arrive and could lead to contest of the estate planning documents down the road.  

Did you know that once someone is diagnosed with a cognitive problem that the process of estate planning is much more difficult? The good news is that you have lots of options when you notice the early signs of Alzheimers and similar conditions. Proper planning can prevent problems for your loved ones and ensure that your wishes are followed when the time comes.