Unfortunately, when it comes to planning your estate, you don’t get a “do over.” Any simple oversight could extend the amount of time that an estate is in probate and cause loved ones undue stress at an already difficult time. To make sure you leave behind a secure and steady financial legacy for those that matter most, here are some important things to keep in mind:
Review your beneficiary designations. It’s important to name beneficiaries and contingent beneficiaries for your company retirement plan, life insurance policies and IRAs. If you don’t designate beneficiaries, your assets may be required to pass through the probate process and possibly incur additional or accelerated taxation.
Appoint a guardian for your children. Deciding who you want to care for your children if something should happen to you and/or your spouse can be a very difficult topic, but it’s one of the most important decisions you’ll ever make. If you’re the primary caregiver for your parents, you should name a guardian for them as well.
The conversations and decisions that surround this topic are not easy, but they are necessary and it can be comforting to have a seasoned professional by your side.
Many people, perhaps you, have a disciplined approach to saving funds for retirement, but haven’t thought about the importance of having a plan for distributing those funds with minimal tax consequences and risk.
Very few clients enter our offices with a retirement income strategy that coordinates the timing of their Social Security, pension, 401(k)/IRA withdrawals, Required Minimum Distributions and the use of taxable investment accounts. By not considering each of these in your strategy, you’re not able to maximize the value of your available resources.
Over time, your retirement savings will be impacted by the changing environment and your current and future withdrawal needs. That’s yet another reason why it’s important to have regular financial checkups throughout all phases of retirement.
Many of our clients have found themselves working to financially support both children and parents. It’s critical, in this situation, to talk with your parents early and identify financial gaps, including healthcare, retirement income needs and estate planning. It’s also important to have a plan for any unexpected health issues or potential physical setbacks.
Aging is a process that requires a well-thought-out plan. As the aging parent, involve your adult children in your financial planning process so they can learn to help and take on some of the responsibility. When “family financial planning” is a part of the annual meeting with your advisor, you can be sure that each of your family members is informed of your future wishes and needs.
No matter what you’re facing in your life, the LPL Financial Advisors at Delta Community Retirement & Investment Services can help map out what’s best for each individual situation. If you would like to learn more or schedule an unbiased, annual review, simply call a member of our team at 404-677-4890 or email us at DCRIS@DeltaCommunityCU.com.
Delta Community Retirement & Investment Services offers investment strategy, retirement advice and a range of financial services, combined with access to financial planning resources through our relationship with LPL Financial.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Delta Community Credit Union and Delta Community Retirement & Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Delta Community Retirement & Investment Services, and may also be employees of Delta Community Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Delta Community Credit Union or Delta Community Retirement & Investment Services. The Delta Community Retirement & Investment Services site is designed for U.S. residents only. The services offered within this site are offered exclusively through our U.S. registered representatives. LPL Financial Registered Representatives associated with this site are licensed in all 50 states. Securities and insurance offered through LPL or its affiliates are: