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Casey Law Group
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How to Coordinate Your Retirement and Estate Plans

We often think of retirement accounts as monolithic resources. It is easy to see why – we spend our working years socking away money for our future. Unfortunately, though, the rising cost of healthcare can quickly deplete even the largest of retirement funds. Because retirement accounts tend to be the largest assets in a person’s estate, it is crucial that proper planning is done to handle one’s retirement fund.

The first thing you need to do is ensure you have the assets you need to take care of yourself and your family. With the increased costs of healthcare, it is crucial you have what you need after you retire and can manage your medical expenses on a fixed income. While we would all hope for a quiet retirement, finances can be unexpectedly stressful. In addition to budgeting out a financial strategy to keep you comfortable during retirement, we can also work with your financial advisor to help you develop a strategy for distributing any leftover funds upon your death.

In addition, the rules surrounding the taxation of retirement accounts can be difficult to understand, further complicating a potentially stressful retirement experience. Upon retiring, you will have to take a required minimum distribution, which will be subject to income tax. Most people are used to having income tax withheld from their paychecks, but sometimes overlook that they will still have a similar tax liability for their retirement account.

It is also important that your strategy for passing on the account takes into consideration the tax consequences. As mentioned above, because these accounts are created with pre-tax contributions, the required minimum distributions made to the owner are subject to income tax. When these funds are distributed to a designated beneficiary after the owner’s death, there are still income tax concerns regardless of who is named as the designated beneficiary. It’s why working with a trusted financial advisor and attorney is so important to enjoying your golden years. With these experts on your side, you’ll rest easy knowing you’ve taken care of your family in the present and future.

Ultimately, you will benefit most from ensuring your retirement plan and estate plan align. By working with your trusted financial advisor and us, you can ensure the goals you have for your retirement and for your estate do not contradict one another. For example, you may have designated one beneficiary for your account when you signed up for your 401k but may now wish to change who or how the beneficiary will receive your assets upon your death. Or, you may have originally anticipated the excess funds from your retirement account being used to care for an aging loved one, but due to the market, you may need to find additional sources to cover these anticipated expenses. Meeting with your financial advisor and us is crucial to making sure your family and loved ones are not stuck in financial hardship after you have passed.

When it comes to retirement, it can be difficult to know what you do not know. If you are concerned about the state of your retirement account, assets and estate plan, schedule a meeting with your financial advisor and us today. With so much on the line, it pays to do your homework, connect with professionals and ensure your final wishes are documented and respected.

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    • Are there other ways of leaving property to my beneficiaries other than through a will or a trust?
    • Are there things I can do to protect my existing business?
    • Can any attorney create a family wealth trust?
    • Can I leave my property to anyone I choose? 
    • Can I make provision in my will for my pets?
    • Can I specify that certain people, like a brother or sister, should never receive any of my property?
    • Can I transfer real estate into a family wealth trust?
    • Can I use my will to name a guardian to care for my young children and mage their property?
    • Can I use my will to name a guardian to care for young children and manage their property?
    • Can my power of attorney make or change my will?
    • Can trustees get help administrating trusts? 
    • Do I have to employ asset protection for all types of assets?
    • Do I need a financial power of attorney?
    • Do I need to name a trustee in my will?
    • Do we have to take account of minority shareholders’ interests and wishes in a family business?
    • Does a small business (subchapter S corporation give me the same protection as limited liability company (LLC))?
    • Does a will control all of my property?
    • Does all property have to go through probate when a person dies?
    • Does an executor (personal representative) get paid?
    • Does the person named in the will as executor (personal representative) have to serve?
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    • How can I leave specific items to particular people?
    • How can I make sure I will keep control of the family business if I get divorced?
    • How do I best protect my personal assets if I start a small business?
    • How do I get started with a succession plan?
    • How does a family wealth trust differ from a revocable living trust?
    • How does a revocable living trust avoid probate? 
    • How does trust administration differ from probate?
    • How is undue influence determined?
    • How long is a will valid?
    • How often should a succession plan be updated?
    • How often should my will be reviewed?
    • I want to start a small business with two partners. What is the best way to protect myself?
    • If I become incapacitated, will I need a durable power of attorney if I already have a living trust?
    • If I create a revocable living trusts, do I still need a will?
    • If I die owing debts, who pays my debts?
    • If I made a will, but lived in another state. Now I live in Florida. What should I do?
    • If I make a living trust, do I still need a will?
    • If there is a divorce in the family can we get shares back from an ex-spouse who is no longer a family member?
    • Is it possible that I may need more than one LLC?
    • Must I leave something to my spouse and children?
    • Should I avoid probate?
    • What are the benefits of a succession plan?
    • What are the signs of undue influence?
    • What are the uniform fraudulent transfer act (UFTA) and the uniform fraudulent convevance act (UFCA)?
    • What are trusts?
    • What benefits does a trust offer?
    • What does a guardian do?
    • What does a proper estate plan include?
    • What does if mean to fund a trust?
    • What does testate and intestate mean?
    • What happens if I become unable to care for myself? 
    • What happens if I die without a will?
    • What happens if you do not have a will or trust? 
    • What if become disabled and am no longer able to manage my affairs?
    • What is a bypass trusts?
    • What is a domestic asset protection trust?
    • What is a durable power of attorney?
    • What is a family wealth trust?
    • What is a fiduciary?
    • What is a health care power of attorney?
    • What is a health care proxy?
    • What is a living will?
    • What is a pour-over will?
    • What is a QTIP trust?
    • What is a registered agent?
    • What is a revocable trust?
    • What is a testamentary trust?
    • What is a testator and a testarix?
    • What is a trustee?
    • What is an A-B trust?
    • What is an executor (personal representative) and what does the executor do?
    • What is an irrevocable trust?
    • What is asset protection?
    • What is codicil?
    • What is estate planning?
    • What is incapacity or a lack of capacity?
    • What is included in my estate?
    • What is offshore planning?
    • What is personal residence trust?
    • What is piercing the corporate veil?
    • What is probate?
    • What is tenants by the entirety?
    • What is the difference between a will and a trust?
    • What is the difference between having a will and family wealth trust?
    • What is the difference between traditional estate planning and wealth planning?
    • What is trust administration?
    • What is wealth transfer planning?
    • What property does my will control?
    • What protection is available through a family limited partnership?
    • What will I still have control over my property if I have a living trust?
    • When does the trust administration process start?
    • When is the right time to begin estate planning for myself?
    • When is the right time to start succession planning?
    • When should an estate plan be reviewed? 
    • When should I review my existing will?
    • When should I start asset protection?
    • Who administers trusts?
    • Why do I have to be careful about fraudulent transfer rules?
    • Why should I make a living trust?
    • Will a family wealth trust avoid income taxes?
    • Would a living trust provide protection for my assets if I were sued?
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