Planning for retirement is the best way to make sure that you are financially stable in the future when you won’t be earning an income. This planning includes more than putting aside a certain amount every month, it is more about figuring out how much to save depending on many different factors in your life such as the economy or medical emergencies. Here are some of the most important factors to consider when planning for retirement.
Many self-made millionaires in their 30s maintain that working smart and working hard can bring you from just making ends meet to a 7-figure income in as little as a decade. It can happen in many ways but it depends on how well you manage your life. Here are a few tips to help you stay focused on the things that matter toward your personal and financial success.
There are many things that we cannot predict, but can prepare for, such as death. After your death, or even if you are disabled and unable to make decisions for yourself, you need to make sure someone can make important decisions on your behalf. This Agent should be someone you can trust and will carry out your wishes exactly they way you would like. Here are different types of agents everyone must have.
Including a Lifetime Asset Protection Trust in your plan is one great proactive step to help protect your child’s inheritance from all possible threats, while incentivizing them to invest and grow the money rather than squander and waste it. Indeed, the trust’s highly flexible structure, combined with its bulletproof asset protection makes it one of the most valuable gifts you can give your loved ones.
Naming long-term guardians for your kids is critical and should be your number-one planning priority to ensure they will never end up in the hands of strangers in the event of your incapacity or death.
Proactive measures to help stave off risks posed by the big wealth transfer is important to make sure your wealth is protected and put to the best use possible, regardless of how much or how little wealth you plan to pass on or stand to inherit. Having a comprehensive plan and openly discussing your values and legacy with your loved ones is another key way to ensure your planning strategies work exactly as you intended. Here are several important actions to take for wealth transfer.
It is crucial to create (and regularly update) an inventory of all your assets, including digital assets in your trust and to immediately amend your plan following major life events like divorce, deaths, births, and inheritances to ensure that your assets will never be lost and will be inherited by your family. Learn here the consequences of not updating your plan.
Your "When I die" file is one crucial part of your plan as it will give your loved ones access to all your planning documents, financial accounts, digital assets, etc. in the event of your potential incapacity or death. Failure to execute this file will result in your family an agonizing work and endless expenses in tracking down your assets and worse, they will all end up as if they never existed. Read here to know what to include in your file.
Putting a proper Estate Plan in place gives you confidence and peace of mind that your assets will be protected and that your loved ones will be provided and cared for no matter what happens to you. Without one, your heirs could face huge tax burdens, hefty attorney fees, or worse, the courts could designate how your assets are divided and even who gets to raise your children.
A will is an integral part of your estate plan, but it is not enough to protect your wishes in the event of incapacity or death. There’s a common saying among lawyers: “Where there’s a will, there’s a probate.” But having your family end up in court or conflict is no laughing matter. That's why it is important to complete a comprehensive estate plan in addition to the will, including a trust (if needed), advanced health care directive, financial power of attorney, and Kids Protection Plan®.