Begin Estate Planning for Retirement Now.
Estate Planning for Retirement: Avoid These 10 Mistakes.
As you begin the estate planning process, you’ll need to consider several factors. Did you receive an inheritance? Are you planning to sell your small business or downsize your home? Do you want to gift assets while you’re alive, or bequeath them after you’re gone?
Estate planning for retirement is complicated. To make sure your wishes are followed, we suggest avoiding these ten estate-planning mistakes:
- Not having a plan at all
- Neglecting to update your plan
- Making beneficiary mistakes
- Forgetting to account for taxes
- Leaving assets directly to a minor
- Not putting life insurance policies in a trust
- Choosing the wrong person to handle your estate
- Not coordinating retirement plans and trusts
- Using a poorly drafted plan
- Crafting a plan by yourself
To learn more, download an expanded version of: Avoid These 10 Estate Planning Mistakes.
Investing Inheritance Money May Help Maximize Your Retirement.
If you’ve received an inheritance, you may want to consider putting some of it into your savings for retirement. Studies report that most inheritances are spent within five years , and that one-third of heirs have negative savings within two years of receiving their inheritance.
Investing inheritance money instead of spending it now could help you reach your retirement goals.
We’d be happy to help you make an informed decision regarding your inheritance based on your unique circumstances. We specialize in retirement planning, and we can help you manage an inheritance, review your existing estate plan or help you create a plan that meets your needs. We can also refer you to an estate planning attorney for more advance estate planning needs.
Don't Forget Wills and Trusts in Your Retirement and Estate Planning.
Both wills and trusts allow you to name beneficiaries for your assets, but there are a few key differences to keep in mind.
A will is a legal document that directs the distribution of your property after you die. Its termsdo not stay private as it becomes a public document after your death.
A will can be used to:
- Name an executor
- Name a guardian for children
- Specify your wishes and funeral arrangements
A will does not cover property held in joint tenancy or in a trust.
A will has to pass through probate and takes effect when you die.
A trust is a legal arrangement that allows a person or organization to hold property foranother person, persons or organization.
A trust can:
- Provide tax savings
- Offer protection from court proceedings
- Create a plan for disability, or provide for disabled family members without disqualifying them from government benefits
A trust only includes property that has been put in the name of the trust, and it never includes all of your assets.
A trust does not need to pass through probate and takes effect at the time it is created.
We believe most people need a will, including those who use trusts. But there are different types of wills, as well as different types of trusts. What’s the best choice for you and your heirs?
We can help you review your options regarding wills and trusts. As a firm that specializes in retirement, we can guide you through the important steps of retirement and estate planning,including:
- Naming or updating beneficiaries on all of your financial accounts and life insurance.
- Making sure your accounts are accessible to your heirs
- Preparing for diminished capacity
- Creating spending plans for your surviving family
We’re ready to help you with your retirement and estate planning.