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Retirement means many things to many people. The most common denominator is the freedom of no longer having to worry about making ends meet. Learn how you can have a debt-free retirement in Vermont in this presentation.
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COMBINING DEBT PLANNING AND RETIREMENT PLANNING
The Benefits for Retirees of Tackling Both Simultaneously
Retirement means many things to many people
Retirement means many things to many people
The most common denominator is the freedom of no longer having to worry
about making ends meet
Most of us can relate to writing those checks each month and thinking to ourselves, “This will be worth it one day when I’m retired and enjoying
today’s sacrifices”
YOUR ESTATE PLANNING LAWYER AND FINANCIAL
ADVISOR
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
Whether you’re a year from retirement or your co-workers are planning for your retirement party
next week, it’s never too late
YOUR VISIONS: GOALS AND DREAMS
Making the best decisions as you prepare to step into retirement means
no worries a year from now
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
Remember to:
Remember to:
Complete a “wellness check” of your assets:
Investments
Savings
Retirement plans
Real estate
Life insurance
Annuities
Businesses
Other Personal Assets, etc.
Don’t underestimate the role of your relationships:
Don’t 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
Organize those crucial documents:
Your will, any trusts you have in place, beneficiary designations, life insurance
policies, etc
Organize those crucial documents:
Realistically calculate your needs in retirement:
Consider your complete financial security during your retirement years
Realistically calculate your needs in retirement:
Define long-term goals:
Providing for your spouse, children, grandchildren, charitable donations, etc
Define long-term goals:
PAST ACTIONS AND TODAY’S BENEFITS
Have you been building your nest egg?
Your estate planning lawyer can discuss the choices you made years ago in preparation for today’s retirement
It’s 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
By looking at the “total picture”, you’re better informed as you move
closer to retirement
SPECIAL NEEDS TRUSTS
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
Special needs trusts are designed to cover costs that government funds don’t
They provide money for additional medical services that might not be necessary for
life, but that can improve one’s quality of life
They may cover:Housing
Food
Vacations
Computers
Vehicles, and more
These trusts cover what many describe as “quality of life enhancing expenses”
DURABLE POWER OF ATTORNEY
The durable power of attorney plays an important role
It allows you to decide who will carry out your financial decisions and affairs should
you become incapacitated
REVOCABLE LIVING TRUSTS
This legal document allows you to name someone to manage your property while
you’re still living
There are three people involved in a trust with these dynamics
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
Many clients ask why a trust like this is necessary if they’re still living
The most often cited reason is that it allows the client to avoid probate
As long as you remain the grantor, you maintain control of your assets in that trust
and with no tax consequences
These are just a few of the many important estate planning documents that you should
consider as you prepare for retirement
You will still report income on your personal tax returns
Be sure to explore all of your options with your estate planning lawyer, who will
ensure that you have these documents, if they’re needed, along with anything else
that will allow you to move comfortably into this next exciting phase of your life
LEARN MORE ABOUT PREPARING FOR RETIREMENT
IN ESSEX JUNCTION VERMONT
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