A will is often the cornerstone of any estate plan. A will is a document spelling out exactly which of your assets should go to which heirs. It’s an effective way for you to express your estate planning goals and wishes to your loved ones and to your local probate court.
Wills are often straightforward documents drafted by an attorney and signed in front of a witness. However, they are fairly simple to create and are relatively affordable.
Will you be prepared if your ability to care for yourself diminishes? The prospect of long-term care is an important consideration for anyone planning an upcoming retirement.
There are many reasons long-term care becomes necessary. Illness, restricted mobility, cognitive decline and increased risk of injury are common challenges that come with aging and can make daily functioning difficult.
When it becomes a struggle to complete basic activities of daily living, such as preparing meals, bathing or getting dressed, you’ll need ongoing assistance that could have considerable cost. If you haven’t planned ahead for this possibility, it could result in severe financial strain or an inability to acquire the level of care you’d prefer.
You’ve worked hard to grow a family, build your career, and establish a legacy. Now it’s time to think about how you can pass those assets on to your loved ones after you pass away. While it may not be pleasant to think about your own death, estate planning is critical to protecting your family and your legacy.
Without an effective estate plan in place, there are any number of issues that can erode your estate and negatively impact your legacy. One of those issues is probate, which is the legal process for settling an estate. It usually involves tasks like filing a tax return, paying debts, liquidating assets, and identifying heirs. It can generate a substantial amount of legal and administrative costs paid directly from your estate.
As you might imagine, those costs can add up. Without a plan in place, you could drain your retirement assets paying for in-home care, assisted living, nursing home care and more. If you don’t have assets to pay for care, you may have to settle for a level of care that doesn’t meet your standards. And if you have a healthy surviving spouse, he or she may be left with few assets after you pass away.
If you are approaching retirement or in the early years of retirement, now may be the time to develop a long-term care funding strategy. If you wait until you actually need care to address the issue, you may find that you have few feasible options available.
Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.