Five Best Estate Planning Tips for Retirement

Five Best Estate Planning Tips for Retirement

  • 02 Aug 0

Retirement is something a lot of people think about because of how it impacts the later phases of your life. People would prefer to not work their whole lives. After all, no one needs to be short of cash when they leave their employment.

Being an Elder Law Attorney in Wisconsin, I have witnessed many cases of family conflict over property and money. Without an estate plan in place, assets may pass to unintended beneficiaries or most of the money is used to pay taxes after you die. This is also one of the reasons why an estate plan is necessary. But, how can estate planning be done easily and in the best way? Here are the top five tips to help you.

Create a Will

No matter how hard it is to plan for this stage of life, a creation of a Will is the most basic form of estate planning and will go through the probate process. Your Will can designate who will acquire your assets. It is important to understand that specific resources are unable to be listed in your Will.  Retirement accounts or Insurance policies need to be titled with a beneficiary designation.

Develop Tax-Efficient Strategies

When a person leaves a large financial legacy, the unexpected expenses can be overwhelming. However, with effective tax techniques, you can diminish the tax consequences.

Make a Provision Trust to Cover Costs

Even after you die there are expenses your loved ones are left with.  Some people may wish to leave some monies to pay for their grandchildren’s college fees. Others may wish to make sure that their loved ones, with or without special needs, are financially cared for during their lifetime.  I can help create the proper Trust with your goals in mind.  

Cover Payable Taxes with a Life Insurance Plan

The expenses from all forms of assets can be frustrating to navigate.  Without an experienced professional’s help, this can cause financial challenges for the acquiring parties. To avoid such confusion, you can set up a life insurance plan and utilize it to cover the payable taxes for your estate and extra assets. It is important to discuss such issues with me. Together, we can gauge the taxes that will need to be paid.

My Assistance as an Estate Planning Attorney

As an Estate Planning Attorney, I will have both the information and the experience to guarantee your needs will be met. I can be of valuable use with regard to making proposals to limit expenses and taxes. I can also work with your financial consultant to create a plan to protect your assets in retirement and beyond.

Final Words

Hopefully, these tips will give you some understanding of estate planning and how to prepare for your retirement. Ensure you do this as quickly as time permits so you can enjoy the remainder of your life with peace of mind.

Please call me at (262) 812-6262 to arrange a complimentary meeting.

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Five Best Estate Planning Tips for Retirement
Article Name
Five Best Estate Planning Tips for Retirement
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These tips will give you some understanding of estate planning and how to prepare for your retirement. Ensure you do this as quickly as time permits so you can enjoy the remainder of your life with peace of mind.
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Elder Law Center of Wisconsin
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