Retirement and Estate planning are closely related, but they are not the same, and it is important to know the differences between them. Retirement planning refers to the time you will have after reaching a certain age and leaving the work force. Estate planning covers the time that you either become incapacitated or die. All retirement plans should include a comprehensive estate plan.
When you plan for retirement,you are considering how you will support yourself without the income and benefits of a job. This includes where you will live and how your healthcare and long term care needs will be met. You should consider how close you would like to be from family and friends,if you will need to downsize or alter your living arrangements, and how you will spend the time that you would have previously devoted to working. Will you travel more? Volunteer? Start new hobbies?
Estate planning relates to a time when you are incapacitated or deceased. Give serious thought to what type of medical care you would like if and when you are unable to make decisions for yourself. Determine who will carry out your wishes, how you will resolve any debt and how you would like your assets to be distributed. For some, it is as easy as a simple will and funeral insurance.
Retirement planning is easy with a qualified financial advisor who can develop the most comprehensive, customized plan. We assist in structuring your estate plan so that everything works together beautifully, but only an attorney can finalize a legally binding trust to avoid probate.We have a network of highly qualified,outstanding local attorneys ready to assist.