estate plan

Retirement plans and estate plans can work together but it is also important for you to understand how these are unique strategies that help support your overall financial health and planning for the future. Having a team of financial professionals and an estate planning lawyer can help you maximize each of these options. A retirement plan includes strategies to help:

  • Estimate expenses
  • Set goals
  • Reduce taxes
  • Identify potential income sources
  • Plan for Social Security
  • Determine your withdrawal strategy
  • Identify healthcare challenges
  • Manage debt

It is certainly true that there are aspects of your estate plan that may cross over with some of the elements inside an overall financial plan. Estate planning incorporates numerous financial and legal tools and may include things such as:

  • Advanced directives regarding your preferences for medical treatment
  • Power of attorney documents that appoints someone else to make decisions or take actions on your behalf.
  • Trusts that allow you to maintain control of your assets while you’re alive and pass them to your chosen loved ones when you pass away.
  • A will, the cornerstone of your estate plan, specifies what happens to your assets after you pass away.
  • Beneficiary designations, such as paperwork filed with a life insurance company to indicate who should receive these benefits when you pass away.

To ensure that your financial plan and estate plan work together and accomplish the goals you set out, communicate with an estate planning lawyer in Pasadena, CA.

Comments are closed.