Retirement Planning Store, Inc.
  • Home
  • LTC
  • Insurance Review Service
  • Privacy Policy
  • Contact Us
  • Blog CMS
Like us here

What Many Retirees Forget When Planning Their Estate

10/27/2022

0 Comments

 
Picture

Have you been thinking about retirement? No matter how young you are, you’re never too young to start making plans. The sooner you start planning for retirement and taking actionable steps towards realizing your plans, the better off you’re likely to be in retirement. Starting sooner also means you have more time to catch things you’ve missed, something that happens all too frequently with certain aspects of estate planning.

Reducing Taxes

Did you know that your estate could be taxed after your death? It all depends on what your estate is worth when you pass away and how that compares to that current year’s exemption. Many estates don’t exceed that exemption rate, so it may not be something you need to worry about, at least at a federal level. Some states have estate taxes, so you may need to plan around those as well. You can get around estate taxes by giving gifts to family, setting up an irrevocable life insurance trust, making charitable donations, establishing a family-limited partnership, or funding a qualified personal residence trust.

Create Funeral Plans

Have you ever thought about how you want your funeral to go? Plenty of people haven’t, but that’s a mistake. Making funeral plans before your death takes that burden off of the family you leave behind. It also allows you to start budgeting for it. It’s smart to make plans sooner rather than later, as there are plenty of decisions to make, including whether or not you want a memorial service. Memorial services usually take place without the casket. They’re typically done after the body has been buried or cremated.

Updating the Estate Plan as Appropriate

Don’t make the mistake of thinking that you can be done with estate planning once you’re retired and you’ve put a plan in place. Life changes regardless of whether you’re retired or not. Some changes may make it appropriate to update your estate plan. Plan to review your estate plan at least every 3-5 years or when you experience a major life event.

It takes time, effort, and a certain amount of knowledge to properly plan your estate. It’s easy to forget certain things, especially if they aren’t things you think about regularly. Let’s face it, not many people think about how taxes might impact their estate after they’ve passed away. If you have any questions about estate planning in your retirement, contact an estate planning attorney so you can get your estate planned right.

Check out this article on why bonds shouldn’t be the only asset in your portfolio!

0 Comments



Leave a Reply.

    Author

    My name is Dan Hopwood and I first started my career in the insurance business back in 1988.  2018 will be the start of my 30th year in the business. My agency is a member of the Better Business Bureau and holds an A+ rating.

    Archives

    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    March 2021
    February 2021
    January 2021
    November 2020
    August 2020
    July 2020
    June 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    July 2019
    May 2019
    April 2019
    December 2018
    November 2018
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018

    Categories

    All

    RSS Feed

Powered by Create your own unique website with customizable templates.