Retirement and Estate planning are closely related, but they are not the same: there are important differences between them. Retirement planning refers to the time you will reach a certain age and leave 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 planning for retirement,you are determining how you will support yourself without the income of your job. This will include where you will live, and how your healthcare and other needs will be met. Consider how close you would like to be to family,if you will need to downsize or alter your living arrangements, and how you will spend the free time that retirement affords.Will you travel more? Volunteer? Start new hobbies? Thinking about these things now makes the transition much smoother.
Estate planning relates to a time when you are incapacitated or deceased. You should decide 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 takes no more than a simple will and funeral insurance.
Retirement planning is easy with a qualified financial advisor who can develop the most comprehensive, customized plan. We work with a team of professionals to assist in structuring your estate plan so that everything works together beautifully, but only an attorney can finalize a legally binding trust.We have a network of highly qualified,outstanding local attorneys ready to help.