Have you set up beneficiary designation forms that will allow for the seamless and simple transfer of your assets to your beneficiaries if and when something happens to you? If not, do not assume that your basic will is enough to pass on the wealth inside these accounts. You need an experienced estate planning lawyer to help you with this process.
The beginning of the new year is the perfect time to review all of your investments and ensure they are still in line with your individual needs. It’s easy to invest money and forget about your portfolio but doing so could hurt you over the long run. This is particularly true if you need to make updates to your investment plan because of new changes in your family, such as updating a beneficiary designation.
The rising cost of health care means that it’s well worth it to sit down and review your retirement and investment plans to verify that you have enough money set aside. Trying to accomplish your own health care and long-term care protection goals in older age, paying for you retirement, and passing on assets to your loved ones; all need to work together.
If your investments consistently underperform and are no longer in line with your individual goals or come with high annual fees, it might be time to move your money elsewhere. Having a holistic financial plan that considers all that you hope to accomplish in your older years will give you peace of mind and a strategy for passing on assets to those you love- talk to an estate planning lawyer.