How to Combine Retirement and Estate Planning
Author: leigia / Category: Estate Planning / Posted: 21 Dec 2011Both the concept of estate planning and the concept of retirement planning have been around for centuries in varying forms; however, the complexity of both retirement and estate planning is something that has only recently evolved. Due to the complexity of many estate and retirement plans, you should consider reviewing both with your attorney to be certain that you are receiving the maximum benefits from each plan.
Retirement planning for our grandparents was usually a simple matter of depending on a generous employer sponsored pension and/or Social Security retirement. Likewise, estate planning was often accomplished by executing a Last Will and Testament and nothing more. Pension plans are rare these days, however, and the future of the U.S. Social Security system is in doubt. Retirement planning, therefore, has become considerably more complicated and often involves various investment plans, trusts and financial accounts. Estate planning has also changed over the years to include numerous tools such as trusts, joint ownership documents and powers of attorney.
The goals of both your estate plan and retirement plan are really not so different. Your retirement goal is generally to produce enough income to support yourself comfortably during your golden years. Ideally, you will have some of those assets left over upon your death. Your estate plan goal is then to distribute those assets upon your death. With creative planning, and consultation with your estate planning attorney, you should be able to create a retirement plan that works in harmony with your estate
The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.
Tags: Estate Planning, retirement planning
