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Make Retirement More Fun with Estate Planning

The words “fun” and “estate planning” are not typically used in the same sentence. Most people see estate planning as a chore to muddle through. While choosing beneficiaries and thinking about end-of-life care is certainly nobody’s idea of a good time, making such plans can provide tremendous peace for both you and your family. With your affairs sorted out ahead of time, you will gain all sorts of insight into your senior years – and all the possibilities they hold.

Support Your Favorite Cause

As you get your estate plans in order, consider your favorite charities, non-profits, and causes that you have supported over the years (or want to continue to support when you are no longer here). If you are passionate about supporting them, you can factor them into your retirement plans with a uniquely crafted estate plan. This goes beyond merely donating your time. Your legacy is important, and thanks to estate plans, your impact can be felt for many years to come.

Make Travel Dreams a Reality

Have you spent your life dreaming of taking a trip around the world? Perhaps you want to finally realize your dream of living abroad for a few years. Or maybe you just want to finally buy that lakefront condo you have been obsessing over. Whatever your dreams are for your golden years, estate planning can help make them a reality without the worry of something happening unexpectedly lingering over your shoulder when finally bringing your dreams to fruition.

While nobody likes to think of their own mortality at any given point, we must consider there is always a possibility of the unthinkable happening. Establishing your estate planning documents will allow you to travel knowing that everything back home is taken care of, should something happen to you when living out your wildest dreams.

Ensure Inheritance Isn’t Squandered

Many retirees spend their last years fretting about the future of their kids and grandchildren. The reality is that many people make unwise decisions after coming into large sums of money. Estate plans can help inexperienced beneficiaries spend their inheritance wisely instead of spending it frivolously. From education to real estate to investments, your hopes and dreams for your family can live on for many generations if you choose.

Protect Your Assets from Tax Liability

To live out your retirement as stress-free as possible, you will want to conserve your assets and minimize the impact of taxes. Many use trusts to do just that, which will allow for more of your assets to be passed down to your loved ones. IRS rules for calculating the required minimum distribution from IRAs and qualified retirement plans offer many long-term planning advantages. If you and your heirs do not withdraw the minimum amounts when required, taxes can take a good portion of what should have been withdrawn.

Start Planning Today

It is difficult to know what you do not know. This is especially true when it comes to estate planning. If you are eager to plan for the best retirement possible but are not sure where to begin, schedule an appointment with a member of our team today by calling us at (281) 885-8826 or schedule online here.

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