July 6, 2015
Perhaps one of the best reasons to hire an estate planning attorney in Fair Oaks, CA is because of what they can do to help with retirement planning. Most of us have a kind of fantasy about what our retirement will look like, but a smart Fair Oaks estate planning lawyer knows that it takes some hard work to ensure that the fantasy actually comes true. Not only do they have the ability to create the legal documentation that may be required, they also have lots of experience and a pretty good idea of what one can expect.
Of course, there are no “givens,” but an experienced estate planning attorney in Fair Oaks will have a reasonable ability to anticipate a client’s needs, both now and in the future. The lawyer will be able to consider current debts (and how to pay them off), retirement funds, Social Security, and so many other factors that play into a well-funded and enjoyable retirement.
The goal of most clients is to go into retirement without debt and with a nice nest egg to live on in their golden years. It’s part of the estate planning attorney’s job to help develop a legal strategy for making this happen. Fortunately, the lawyer will also know how to dig deeper in order to find ways to protect what the client has worked so hard to create. By planning for things such as rising healthcare costs and increases in the cost of living over time, estate planning attorneys in Fair Oaks help clients to set up a plan that works for the future, rather than relying on the costs of things today.
What Are Your Plans?
In order to do all this, clients are usually asked to share what their vision of retirement looks like. Do they plan to be homebodies who spend their time volunteering or working on favorite hobbies, or do they hope to buy a motor home and travel around the United States? Is there an intention to help grandchildren afford college? What about occasionally purchasing a new car?
In knowing what the client hopes to get out of retirement planning, the estate planning lawyer can crunch the numbers to come up with a fairly realistic idea of just how big that nest egg should be. On top of that, there’s a good chance that clients will be advised on the most appropriate types of insurance to carry in order to make sure an unexpected event doesn’t derail their entire retirement plan down the road.
Death and Taxes
Many people overlook the fact that their retirement planning needs to incorporate tax payments. When an individual draws from certain types of accounts, the money will be subject to taxation. Fair Oaks estate planning attorneys not only consider this in regards to how it will impact monthly income, but also work actively to find ways to lower the amount of tax that will be due. There are a number of tools that can be used for this, the end result being more money for retirement and more money to pass on to loved ones.