As you get closer to the end of your life, you’ll likely begin to consider what will happen to your family after you’re gone. One of the best ways to ensure that they’re taken care of is to leave behind a will and testament that divides up your assets among them. 

Read on to learn what to decide when meeting with an estate planning lawyer.

What You Want Your Legacy to Be

The first decision you need to make when meeting with an estate planning lawyer is what you want your legacy to be. Your legacy is what you leave behind after you pass away, and how that will impact the lives of the people around you. When you’re planning your estate, you have the opportunity to decide what your legacy will be. This is done by deciding how you divide up your assets. 

First, you may decide todonate a sum of money to a charity that you care about. This legacy can help people in difficult situations across the world. You can also choose if you want to help individuals in your family by giving them money for college or another important investment.

How to Pass on Assets

Another important decision to make when you meet with an estate planning lawyer is how you’re going to pass on your assets. Once you’ve passed on, your assets will need to be passed on to your loved ones. The way you do this can differ greatly, so it’s important to know how you want these assets to be distributed. You can transfer an asset to an heir directly, put it in a trust, or find another way altogether to pass along the asset. 

If you don’t set up a trust or a transfer-on-death deed, your home will go through probate. The probate process is long and complicated and brings an added burden to your family during their time of grieving. Setting up the distribution process keeps things running more smoothly.

Who to Trust as an Executor

After you do pass away, one of your close family members will be named executor of the estate, and will be in charge of initiating the distribution of your assets. This individual will work with the courts to ensure that everything goes according to plan. If you take the time to meet with an estate planning lawyer, you candecide who this individual will be, and know that someone you trust is handling your assets after your death. This can be reassuring in your last days, knowing that your assets and your family are being properly taken care of.

Meeting with an estate planning lawyer is an important part of end-of-life planning. This ensures that your family is taken care of after you’re gone, and that you’re able to have your assets properly distributed. These are a few of the decisions you’ll need to make with an estate planning lawyer.

Did you enjoy reading this article? Here’s more to read. THE BIGGEST MISTAKES RETIREES MAKE WITH THEIR ESTATE PLAN

Your needs from your home can vary a lot over the years, so it is important to make sure that your home grows with you. When you are retired, your needs for your home can be very different than they were at any other point in your life. 

Here are a few considerations you should have in mind as you choose features for the home you are going to retire in.

Accessible Features

As you continue to age, your accessibility needs can change significantly over the years. Having accessible features in your home makes sure that it can continue to serve you, even when yourneeds are greater. Having features like grip bars in your bathrooms can help you to maintain independence, even if your accessibility needs change in the future. 

You should look at your family history and your personal health history to help you decide what kind of accessibility features would likely help you most.

A Backyard Deck

Your retirement years should be a period of spending quality time with the people you love most in the world. Having room to entertain in your backyard is a great way for you to make your retirement more fulfilling. Your deck can be the perfect place to spend time with your loved ones and have fun with new friends. 

Once you have put in a deck, you want to make sure that your deck is prepared for the weather it will be exposed to. A waterproofed deck will prevent weather damage during wet months.

A Single Floor Set Up

It is much easierto be independent in your retirement years when your home is designed for that independence. Having everything you need on a single floor makes it much simpler for you to enjoy your retirement years without having to worry. Choosing to downsize your home can also help you to save money during retirement. This can mean that you have more freedom to visit your family, go on adventures, and reach any goals you have during retirement. A single-floor home comes with many benefits that will help you during your retirement.

Your retirement home should be a place that you love, so you can enjoy the years you spend there. You should try to set up a home that will meet your needs, but be flexible in case those needs change in the future. Everyone has different needs from the home they live in during retirement, so make sure your house meets yours.

Did you enjoy reading this article? Here’s more to read. HOW TO PREPARE TO MOVE TO YOUR RETIREMENT DESTINATION

Today’s retirees aren’t about turning in their briefcases for a rocking chair. Today’s seniors are active and rearing to go! Many retired people turn to the great outdoors for their R&R. What could be better than an outdoor adventure just about anywhere on this beautiful planet? 

If you are ready to plan your next adventure consider booking an outing at one of the following states.

Arizona 

Arizona has everything you need for your next outdoor adventure. With its rugged terrain, red cliffs, and towering mountains there is something there for everyone. Explore Arizona’s other-worldly terrain at the Petrified Forest National Park. Satisfy your inner historian at one of Arizona’s many Native American cliff dwellings or ruins. 

Take a jeep tour or horseback trip through the awe-inspiring red rocks of the Sedona cliffs. And of course, let’s not forget the Grand Canyon. The Grand Canyon offers incredible views, hikes, and white water rafting. 

Montana

Few places in the United States can compare to Montana when it comes to wild, uncharted wilderness untouched by human development. Experience some of the best skiing in the country at Big Sky Resort. Explore the crystal clear waters and majestic peaks of Glacier National Park. 

Take a guided tour through Montana’s vast network of limestone caves at Lewis and Clark Caverns State Park. Book awhitewater rafting trip down one of Montana’s many beautiful and exciting rivers. If you’re new to river rafting, the Upper Missouri River is ideal because there are no rapids.

California

California is far more than Hollywood and Theme Parks. It is also home to some of the most rugged, diverse, breathtaking landscapes in the world. If you haven’t been to Yosemite National Park, that’s definitely one for the bucket list. Enjoy the sparkling river, magnificent waterfalls, and lush flora of the lower valley one day and head up into the sheer granite cliffs the next. If you’re feeling especially adventurous you can apply for a permit to hike theworld-famous Half Dome. Few states offer the chance to ski in the morning, play a round of golf in the afternoon, and watch the sunset on the beach in the evening! California is one of them. 

Why sit through your retirement when there is so much adventure to be had? Every single state in the United States offers unique experiences and diverse landscapes. You can’t go wrong with any of them! However, if you want an outdoor adventure in a state that is famous for them, Arizona, Montana, and California truly deliver. 

Did you enjoy reading this article? Here’s more to read. HOW TO ACCELERATE YOUR PATH TO RETIREMENT

When you are writing your will, you may be tempted to leave a few things for your survivors to read between the lines. However, this technique isn’t going to ensure that your assets are divided properly or in the way you want them to be. 

The clearer your instructions are, the easier it will be for your family and other loved ones to make sure that they respect your wishes and do what you want them to do with your assets.

Avoid Fights

If your family isdealing with your death, and your will is unclear, it leaves room for interpretation, which can lead to problems for your family members. If the people you love aren’t all on exactly the same page, a vague will could lead to disagreements that could alter the state of your family. 

If you care about the stability of your family, it is a good idea to write a will that they can understand without having to fight with each other. This is a simple thing you can do to help your family process their grief without having to deal with fights about dividing assets and getting what they need.

Take Weight Off Their Shoulders

When your will has issues, it can put a lot of pressure on the people you love to figure out what you want them to do. This can include things like how to distribute your assets, but it can also include the kind of service you want to have. You want to give your heirs as much information as possible, so they can fulfill your wishes without having to do guesswork. 

That way they can know exactly what kind of event you want and how you would like it to go. You should describe whether you want a funeral or another kind of memorial service. The purpose of a memorial or funeral service is to celebrate your life.

Stay Out of Probate

If you aren’t able to be thorough with your will, it can lead to your family being stuck in the probate process. This can mean months or even longer of dealing with the court system to getyour will worked out. The probate process varies from place to place, but it is always an uncomfortable situation to be in. By making sure your will is clear and specific, you can help your family to avoid dealing with probate at all.

Your will is an important document and it will have a major impact on the people you love. The more thorough you are in writing it, the easier it will be for your family members to navigate your will and process your assets appropriately. Do yourself and your loved ones a favor by writing your will carefully and being as specific as you can throughout the process.

Did you enjoy reading this article? Here’s more to read. WHY YOU SHOULD CONSIDER LIVING OVERSEAS IN RETIREMENT

Healthcare costs are a major concern for retirees. Many people assume that Medicare will cover all of their healthcare costs, but this is not always the case. 

Here are some of the reasons why healthcare gets expensive in retirement and discuss some ways to help offset these costs.

Increased Risk of Illness

Healthcare in retirement can be expensive for a variety of reasons, but one of the most significant is the increased risk of illness. As you age, your body becomes more susceptible to disease and injury, and you often require more medical care as a result. In addition, many retirees have chronic health conditions that require ongoing treatment. All of this can add up to substantial healthcare costs, which can be a financial burden for retirees on a fixed income. 

However, there are ways to help offset these costs. For example, many retirees are eligible for Medicare, which can help cover some of the expenses associated with medical care. In addition, there are often discounts available for seniors on medications and other healthcare services. By taking advantage of these programs and benefits, retirees can help to manage the cost of their healthcare needs.

Long-Term Care Needs

One reason healthcare gets expensive in retirement is long-term care needs. Long-term care includes a wide range of services, from help with basic activities like bathing and dressing to more skilled medical care. Much of your long-term care needs should be covered by Medicare. 

However, it does not cover all types of long-term care, and it has strict eligibility requirements. As a result, many seniors find themselves facing significant out-of-pocket costs for long-term care. These costs can add up quickly, and they can be a major financial burden for retirees.

Prescriptions

As people age, they often require more medication to maintain their health. The cost of these medications can add up quickly, especially for retirees who are living on a fixed income. In addition, many seniors have multiple chronic conditions that require ongoing treatment. For example, a person with diabetes may also need medication for high blood pressure or cholesterol. The costs of these medications can quickly become unaffordable for seniors, especially if they are not covered by Medicare or private insurance. As a result, healthcare costs can be one of the biggest expenses in retirement.

Healthcare is not just a luxury item, but a necessity for a healthy life. As you continue to age the cost of your healthcare is likely to increase. Be aware of these three causes of increased healthcare costs as you get to protect yourself against them.

Did you enjoy reading this article? Here’s more to read. HOW TO PREPARE TO MOVE TO YOUR RETIREMENT DESTINATION

One of the things that can most hinder your retirement is having a crushing amount of debt. These financial struggles can make you delay your retirement, and give you more struggles than you’d like during these relaxing years. Read on to learn what you can do about crushing debt before retirement.

Consolidate Debt

The first thing you can do to minimize your debt before retirement is to consolidate it. If you have several different streams of debt, such as credit card debt, student loans, and a mortgage, consolidating the debt can help you get a lower interest rate on your payments. When you consolidate your debt, you’ll get a consolidation loan for the full amount you owe. You’ll then only need to make one payment each month. This simplifies things for you, and may help you pay off your debt more quickly.

Seek Debt Relief

Another way to get out of crushing debt before retirement is to seek debt relief from your creditors. This involves reaching out to your creditors to see if they have any debt relief options you can work with. You can also seek debt settlement services from other organizations. Debt relief can help forgive part or all of your debt. If you cannot think of a way to pay off your debts, this can be an option. However, don’t declare bankruptcy unless it’s absolutely necessary. Bankruptcy should be treated as a last resort to escape crushing debt. Seek debt relief before declaring bankruptcy.

Prioritize Largest Debts

When you begin to pay off your debts, make a budget for how much you can reasonably pay each month. If you have multiple debts, one way to make sure you’re making real progress is by prioritizing your largest debts. These debts typically have the highest interest rate, and can build up the fastest if you’re only paying the minimum payments each month. If you’re struggling to figure out how to set aside more income toward these debts, consider creating a new passive income stream. Investing can help you make more money back and have some passive income to put toward your debts.

When you retire, you want to be able to live a carefree and relaxed lifestyle, enjoying the things you love to do. If you have crushing levels of debt, you won’t be financially free during your retirement, and you may even have to postpone your retirement until the debts are paid. These tips can help you pay off crushing levels of debt before retirement.

Check out these common late-career issues and how to deal with them!

Receiving a steady flow of cash is essential when it comes to building up a financial foundation. Sometimes, job income is enough–if your position is high-paying. But if that isn’t the case, it’s probably a good idea to look for other alternatives as well.

Protect Yourself From Layoffs

Layoffs are quite terrible. They can also be unpredictable. Even if you’re not in a position where layoffs happen regularly, you should be financially prepared for that possibility. If not? Well, if you are completely dependent on each paycheck, you will find yourself in a very difficult position in the event of a layoff. 

Having another source of income–whether it be a savings account, an investment, a second job, or an inheritance–can make the difference between survival and disaster. It’s always best to be prepared for the worst-case scenario just in case an emergency does occur. 

Accelerate Your Retirement Saving

Building up a solid savings account can also be very important. One day you’re going to want to retire. That’s going to require a hefty bit of cash. Most people aim for a million dollars or more, since it’s a good idea to have plenty of money put away for emergencies and medical care at the end of your life. 

That’s why it’s a good idea to look for more sources of income. Investment–such as in the field of real estate–can be an excellent way to start building up your worth. Real estate requires you to put in time to maintain properties to create good tenant relationships, but it’s a relatively safe way to invest. Other forms of investment (such as trading stocks) are a lot riskier. 

Protect Against the Worst-Case Scenario

Everyone is going to encounter difficulties in life. You never know when the absolute worst possible thing could happen to you at the worst possible time. It might be the death of a loved one. It might be a natural disaster. It might be a medical emergency that requires expensive and complicated care. Whatever it might be–you need to be as prepared as you can. If you want to live a stress-free life, with all of the proper insurance to protect you against the absolute worst-case scenarios, it’s best to have the finances to back you up.

Financial literacy can be quite difficult. It also can be very hard to fit everything you need into your schedule. Starting a second job or starting to invest might be intimidating, sure–but if you work hard to get past the learning curve, you’ll be in a much safer position. 

Did you enjoy reading this article? Here’s more to read. HOW A FINANCIAL ADVISOR CAN HELP YOU WITH COMPLEX ISSUES

Selling your home can be both an exciting and stressful process. When you sell your home, you can physically leave the old chapter of your life behind and move onto better things. However, before selling your home, make sure you know what you should expect when selling your home today.

Falling Prices

The real estate market is constantly changing. If you’re going to successfully sell your house, you need to keep up with the way that house prices are rising and falling, and if the market is favoring sellers or buyers. Right now, home prices are beginning to fall for the first time in a while. Since the 2008 recession, home prices have been significantly rising. 

However, it seems they have peaked and aregoing to fall now. This won’t be detrimental, most falling prices will be moderate, but it is something important to note. It could be helpful to sell your home now, before prices fall too much further.

Fewer Buyers

Another change in the real estate market in recent years is that there are fewer buyers. It’s always been difficult to find a buyer for your home, but it seems that the options are even more limited as of late. In fact, you may not ever find the perfect buyer for your home. You may need tocompromise if you want your home sold fast. 

To make sure that your home sells quickly, you’ll have to appeal to more of the buyers’ wants, and perhaps even give up some of your own. Going into the selling process knowing you may have to compromise can help you be better prepared.

Prepare the Home

As lovely as your home may be, it’s likely not ready to sell immediately. Every home needs a bit ofprep work in order to ensure that your sale is as successful as possible. For example, if you don’t make any necessary repairs on your home before listing it, these issues could come up and cause you to fail a home inspection and lose buyers. 

Additionally, taking the time to take high-quality photos to post with your home’s listing can help buyers be more interested. People are incredibly visual, and it’s important for them to see potential in your home. Photos you take, and the way you stage your home can help your home sell more quickly.

If you’re going to sell your home, being prepared can make all the difference. If you take the time to learn the intricacies of selling your home, you’ll be more likely to have a successful sale. To sell your home today, these are the things you should know.

Did you enjoy this article? Here’s more to read: HOW TO PLAN YOUR RETIREMENT AS AN ENTREPRENEUR

Anytime a home goes on the market, there are always complications that can come up. One of those things is that when your home has greatly appreciated it can impact your tax situation and other factors of the sale of your house. Being prepared for those things can help you to make better decisions and finish the process without having to deal with too much stress.

Capital Gains Taxes

If you sell your primary home for a small amount of profit, in general, you won’t have to pay any capital gains taxes. If, however, your homehas greatly appreciated, you might end up facing more taxes than you were expecting. Understanding the limits for capital gains taxes can help you to figure out whether or not you are going to have to make adjustments so you can afford tax payments. The amount of time you have lived in your home can also impact your tax situation. If you move directly from one home to purchasing another, it can also help you to avoid having to pay capital gains taxes.

Closing Costs

As the seller of your home, you won’t be responsible for too many closing costs, but there are still some you will have to worry about. The main closing cost you generally pay is the commission to all the realtors involved. Since your home has increased in value, this can be a high amount. 

Generally, the total amount you pay for commissions is around six percent of the sale price of your home. Selling to a cash buyer can help you save thousands of dollars in commissions since they will often pay those fees for you. Cash buyers will also often skip their inspection, which can help you to save money that you might otherwise pay for repairs.

Remember Your Neighborhood

If your home has appreciated greatly, the other homes in your area have likely done the same. This means that you need to take time to figure out how you compare to those other properties. Your realtor will often take care of this for you, but it can help to do a little research of your own. That way, you can understand what your home will likely go for and what their experiences were like when they sold their properties. The more you know about the costs of neighboring homes the better you can prepare foryour own home’s sale.

Every home has its own specific elements that come together to make it appreciate. As you understand your circumstances better, you can make decisions that will help your financial future to be more secure. That leaves you in a good position to plan for what is coming next in your life.

Did you enjoy this article? Here’s more to read: HOW TO PRODUCE REGULAR INCOME STREAMS IN RETIREMENT