Both your estate plan and your retirement plan can assist you during your life and may also have implications for other people after you pass away. Your retirement and estate planning should be customized and specific to you. Following generic rules or tips you’ve heard from others in your life may not apply to your individual situation, so it’s best to hire professionals who have been in this position before and have helped guide other people through this situation.
While you might also work with other experts on planning for your retirement age, income draw, and other considerations, it’s also wise to see how your retirement intentions line up with your existing estate plan.
When you are creating a retirement and establishing a plan for potential health issues and other challenges you may face in your elder years, it is wise to have a team of experts who can help you answer the most important questions and determine how your strategies, tools and documents match up with these.
Some of the most important choices you need to make that must be customized to you include:
· Considering who you want to appoint in important roles such as powers of attorney, trustee or estate executor.
· Discussing tax strategies and Roth conversion opportunities.
· The right age for you to begin social security benefits.
· Selecting elections from any pensions you may be eligible for.
· Using financial tools such as life insurance or annuities to help create income or to pass on assets for estate planning purposes.
As you can see, there are many complex components to the estate planning process and having a professional sit down with you to discuss your individual goals, philosophy, intended legacy and intentions to support your loved ones can help you to create a plan that’s specific to you.
Contact our Pasadena estate planning office to discover how your plans can work together to support your goals.