Retirement, Estate Planning Work Together

There are five core areas that you must focus on in order to cover all of your bases with regards to estate and retirement planning.  Many people often focus on one or the other and don’t realize the extent to which all of these assets are interconnected.  

Having a knowledgeable estate planning attorney to guide you through the process can increase your chances of success and the peace of mind provided by having a comprehensive plan that allows you plenty of assets to rely on in retirement, as well as a legacy plan to pass on those assets.

Having the right guide to assist you with your retirement plan, including financial professionals and an estate planning lawyer, can give you confidence about your future.  The five core areas that must be focused on for effective estate planning include income planning, investment planning, tax planning, healthcare planning, and legacy planning.

Leaving out any one piece of the puzzle could lead to challenges and problems down the road, and that is why it is strongly recommended that someone retain the services of experienced professionals in a team sooner rather than later.

Estate Planning For Both Spouses

The death of a spouse can generate numerous challenges for the surviving person in terms of the familiar, estate and financial responsibilities.  This is particularly challenging for someone who must suddenly step into a leadership role in these areas of their life when those tasks were previously associated with the now-deceased spouse.  get help with estate planning for both spouses

One of the most important steps for both spouses to take now in order to avoid one spouse being negatively affected in the future is to get a list of assets and where they are all located.  Finding these assets quickly in the event of a crisis or emergency can be very difficult if one person has not been primarily responsible for the family’s finances.

Managing the household budget or paying bills doesn’t always equate to being informed about life insurance policies, survivor benefits or brokerage accounts.  In the event that one spouse doesn’t know the other’s password, this can add an additional barrier that causes problems down the road.  Scheduling a consultation today with an experienced estate planning attorney is strongly recommended if you wish to have a better plan of your next steps.

What Happens to Basic Wills/Trusts After I Pass Away?

Basic trusts and wills are value estate planning tools that essentially assure that your assets are distributed according to your wishes after you pass away.  If you do not have estate planning documents like this in place, you could make mistakes that could leave your heirs paying the price. 

This also increases the chances that your heirs may argue about who has a rightful claim over the property included in your estate, and you are essentially handing over the opportunity to make decisions about these issues to the state.

The state may not come to a conclusion about what is in your best interest or the — what is in your beneficiaries best interest or what you might have listed yourself. Properly written trusts and wills go a long way towards articulating your individual goals and giving you a clear path going forward. If you do not have an experienced estate planning attorney to help you with these various documents, you could be exposed to a number of different challenges.

Properly written trusts and wills should be evaluated on a regular basis to ensure these strategies are still in line with your individual needs. The support of an extended planning attorney during this time is extremely valuable for identifying possible problems.

Who Is Taking Care Of Your 401(k) Plan?

Many people make regular deposits into their 401(k) plan, which is likely matched by an employer, but have you ever thought deeply about who is responsible for looking after that 401(k) plan?  This may be referred to as a fiduciary. There are a lot of stakes involved with the answers to these questions. 401 retirement estate planning

In order to help prepare them for retirement, more than 54 million people in the United States rely on 401(k) plans, but many of these plan participants don’t know how to use them properly or how they work.

A 401(k) plan is essentially a special purpose trust that is generated by your employer to help you save for retirement. The plan trustees or the people responsible for managing it are fiduciaries, meaning that they have a legal responsibility to ensure that the 401(k) plan operates in your best interest. Plan trustees also verify that your 401(k) plan meets the compliance terms of the Employer Retirement Income Security Act, also referred to as ERISA.

All plan participants must be treated fairly, which means that if you identify that someone has violated the fiduciary duties owed to you in your 401(k) plan, you may have ground for a lawsuit. Your 401(k) plan will come with a formal written document, the details, the operation of the plan. The support of an experienced estate planning can help you realize other types of benefits and assets you may have that should be incorporated into your estate plan.

Entrepreneurs Need Estate Planning, Too

Young entrepreneurs have a variety of different things on their plate, and many of them may be averse to estate planning because they are concerned with dealing with the day-to-day actions of running a business.  However, business succession planning, asset protection planning, and estate planning are all a critical component of owning a business. 

Typical financial plans include a number of different factors that are all weighted differently depending on your stage in life.  These include tax planning, estate planning, investing, and money management. You will also need to prioritize what is most important for you based on your values, desires, and needs. Ensuring that you’re headed in the right direction as a young entrepreneur typically begins by scheduling a team of professionals to help you with all of your various concerns.

Having the support of knowledgeable professionals who have been working in this field for some time can help you avoid many of the most common pitfalls experienced by business owners, including lack of having a succession planning, not separating business from personal assets, and not considering how tax planning and estate planning work together for your individual assets.

Scheduling a consultation with a knowledgeable estate planning attorney is frequently the first step in protecting your best interests and articulating a long-term plan for what will happen to you and your company.

Do I Still Need Life Insurance In Retirement

When you’re retired, your cash flow is extremely important, and there’s a good chance that you’ve spent plenty of your working years planning specifically for retirement.  

A 25 year retirement giving you increasing numbers and longevity can be cause for concern particularly was you evaluate your various expenses and figure out what makes sense for you.  Life insurance is a vitally important form of protection during numerous different points of your life. Planning for the possibility of someone’s death can help with paying off the mortgage, replacing income, providing liquidity to pay estate taxes, and to establish children’s college funds.

There are times, however, when these needs come and go and the re-evaluation of your needs in retirement is extremely important. There must be consideration about whether or not your life insurance policy is still serving you at this period in time. Unfortunately far too many people in or nearly retirement are continuing to pay their life insurance premiums out of a sense of obligation without evaluating whether it is necessary.

Many life insurance policies that were purchased for the purpose of paying an estate tax may no longer be needed due to updates in the estate tax planning. As particularly if you are married, you would need to have substantial assets in order to even trigger the estate tax. If you are concerned about whether or not this affects you, schedule a consultation with an estate planning lawyer.

So You Are Nearing Retirement-What Financial Options Do You Need to Keep in Mind?

The closer you get to your age of retirement, the more likely you are to need to engage multiple financial professionals to get all the support that you can. Individuals who are nearing age 65 might not have a plan in place yet for their actual retirement and might not know how much is in their retirement and taxable accounts. 

However, scheduling a consultation with an experienced financial professional as well as others, such as an estate planning attorney, can help you to articulate the goals you need to have in kind. Proper planning can go a long way towards avoiding many of the most common challenges with your retirement.

An advisor can help to address many of the most common concerns presented by people getting close to retirement, including when it’s appropriate to file for social security, the most cost-effective possibilities to pay for health care including long term care needs, how to stay ahead of inflation with your retirement planning without being exposed to too much risk, and more.

A robotic advisor or someone who only provides assistance on the internet might not be able to give you the customized solutions you need. Comprehensive financial advice is especially critical when you are approaching retirement because there are so many issues that need to be addressed effectively before you enter your retirement years.

 

Do You Have a Plan to Be Productive in Your Retirement?

 

You need a plan to be generous with your talents in your time in retirement. By having a plan, being a volunteer positively impacts you and outlines your goals for the future. When you have plan in line, you will be able to more effectively accomplish your goals and look forward to your retirement. People spend a great deal of their lives planning for retirement, but if you do not take the appropriate care to consider what you will do during that time, it can be a very frustrating transition. get help with retirement and estate planning

A recent report by the Corporation for National and Community Service identified that there is a strong relationship between health and volunteering. Those who volunteer in their retirement years have greater functional ability, lower mortality rates and lower rates of depression later in life when compared with those who do not volunteer.

Mentoring and teaching are two positive ways to make investments of your time in your future. Planning to be generous with the wealth you have accumulated over the course of your life can also help you and your loved ones significantly. For example, you will be able to chart a plan going forward for how you will pass on your assets that you have spent your entire life working to collect.

Consulting with an experienced estate planning attorney is strongly recommended if you find yourself in this situation.

How to Avoid Financial Procrastination

Far too many Americans have put off appropriate financial planning and this means that they find themselves in the midst of a financial planning catastrophe when it is too late to take many steps to protect yourself. Thankfully, there are ways to avoid financial procrastination and these can be greatly assisted along by scheduling a consultation with an experienced estate planning attorney and financial advisor. A new study by Career Builder found that nearly eight out of ten Americans live paycheck to paycheck.

If you want to remove yourself from the common challenges faced by people in this situation, you need to recognize that missed financial opportunities abound. You know you need to take action and you may plan on taking action someday, but without putting a plan in place, you’re simply procrastinating. Many people assume that they won’t fall subject to any of the most common issues that could put them in need of immediate financial help. Some of the most common mistakes that you can make that could cause you to become a financial procrastinator include:

  •   Paying only the minimum on your credit card.
  •   Not having emergency savings.
  •   Ignoring estate planning basics such as setting aside time to put together critical documents for while you’re still alive and after you pass away.
  •   Not getting serious about retirement, including ignoring the most beneficial retirement planning opportunities.

Setting aside a time to consult with an experienced estate planning professional and other financial advisors is strongly recommended.

I Think My Estate Could Include Crypto Currency

Do you currently own stock in any cryptocurrency? If so, it’s easy to forget about these funds inside your virtual wallet but they should definitely be included in your estate planning process. If you don’t articulate all of the details surrounding your cryptocurrency, there’s a good chance that the family members who intended to receive it may never actually see it. do you have cryptocurrency in your estate

This makes it all the more important to retain the services of a knowledgeable estate planning attorney who is staying on the cutting edge of cryptocurrency.

Cryptocurrency has become a recent phenomenon but it is one that is certainly important and should be incorporated into your estate planning documents. What many people forget about cryptocurrency is that in addition to passing on the assets themselves, you will need to share details surrounding the private key.

Your private key is essentially like a password that is used to access the assets. If you put it in your will that you want someone to receive your cryptocurrency benefits but don’t give them the information they need to use the private key, they will likely never be able to get access to your cryptocurrency. Scheduling a time to talk with an experienced estate planning attorney is strongly recommended if you have crypto currency or other special issues in your estate plan.