Combining Debt Planning and Retirement Planning: The Benefits of Retirees for Tackling Both Simultaneously

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Combining Debt Planning and Retirement Planning
The Benefits for Retirees of Tackling Both
Simultaneously
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Retirement means many things to many people
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Retirement means many things to many peopleThe
most common denominator is the freedom of no
longer having to worry about making ends meet
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Most of us can relate to writing those checks
each month and thinking to ourselves, This will
be worth it one day when Im retired and enjoying
todays sacrifices
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Your Estate Planning Lawyer and Financial Advisor
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By teaming with your estate planning lawyer and a
financial advisor, if you choose to have one,
your team will have the shared goal of making
sure your debt free retirement comes full circle
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Whether youre a year from retirement or your
co-workers are planning for your retirement party
next week, its never too late
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YOUR VISIONS GOALS AND DREAMS
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Making the best decisions as you prepare to step
into retirement means no worries a year from now
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From which family members you wish to include in
your will to how your IRA and other assets affect
your loved ones, never underestimate their
importance
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Remember to
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Remember to
Complete a wellness check of your assets
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Investments
Savings
Retirement plans
Real estate
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Life insurance
Annuities
Businesses
Other Personal Assets, etc.
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Dont underestimate the role of your
relationships
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Dont underestimate the role of your
relationships
Your estate planning attorney, financial advisor
and CPA come together to create a formidable team
dedicated to your successful retirement
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Organize those crucial documents
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Organize those crucial documents
Your will, any trusts you have in place,
beneficiary designations, life insurance
policies, etc
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Realistically calculate your needs in retirement
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Realistically calculate your needs in retirement
Consider your complete financial security during
your retirement years
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Define long-term goals
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Define long-term goals
Providing for your spouse, children,
grandchildren, charitable donations, etc
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PAST ACTIONS AND TODAYS BENEFITS
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Have you been building your nest egg?
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Your estate planning lawyer can discuss the
choices you made years ago in preparation for
todays retirement
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Its important to go over any trusts you put in
place, review your charitable gift strategies and
what was included in your will when you wrote it
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By looking at the total picture, youre better
informed as you move closer to retirement
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SPECIAL NEEDS TRUSTS
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Not every family has a need for special needs
trusts, but if you do, these are what allow
disabled beneficiaries to receive various funds
(think lawsuit settlements and gifts) without
compromising their eligibility for government
programs
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Special needs trusts are designed to cover costs
that government funds dont
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They provide money for additional medical
services that might not be necessary for life,
but that can improve ones quality of life
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They may cover
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These trusts cover what many describe as quality
of life enhancing expenses
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DURABLE POWER OF ATTORNEY
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The durable power of attorney plays an important
role
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It allows you to decide who will carry out your
financial decisions and affairs should you become
incapacitated
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REVOCABLE LIVING TRUSTS
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This legal document allows you to name someone to
manage your property while youre still living
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There are three people involved in a trust with
these dynamics
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You, who fills the role as the creator of the
trust, The Trustee, named by you to manage the
assets according to your stipulations and Your
Beneficiaries, who receive the assets in the
trust as part of their inheritance
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Many clients ask why a trust like this is
necessary if theyre still living
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The most often cited reason is that it allows the
client to avoid probate
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As long as you remain the grantor, you maintain
control of your assets in that trust and with no
tax consequences
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These are just a few of the many important estate
planning documents that you should consider as
you prepare for retirement
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You will still report income on your personal tax
returns
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Be sure to explore all of your options with your
estate planning lawyer, who will ensure that you
have these documents, if theyre needed, along
with anything else that will allow you to move
comfortably into this next exciting phase of your
life
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LEARN MORE ABOUT PREPARING FOR RETIREMENT IN
ESSEX JUNCTION VERMONT
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