Over time, your family will face a number of changes. From when you
purchase your first home and your children are born to the time they
leave for college and you plan for retirement and beyond, new issues
and concerns arise. With proper planning your family will be prepared
for life’s changes and challenges.
If you ask yourself questions
about what you want and what is important to you, you can develop a
clear and coherent plan to protect your family and lifestyle. You can
even accomplish retirement planning to maximize retirement benefits,
save significant income taxes, review investment performance and
insurance protection and plan for a successful transfer of assets
and/or business.
Have you planned to protect your family and
take control of health and financial decisions if you or they were to
become disabled? Disability is far more likely than death in any given
year and if you have not planned ahead, your family may need to apply
for a court conservatorship or guardianship to be able to effectively
care for you and manage family finances.
Especially with the
new HIPAA laws, health care professionals will not discuss your
children’s medical condition with you, once your child reaches
eighteen. This can cause problems, especially as your children head
off to college. Learn more about what you can do in next month’s
column.
Have you planned to get the most income and estate tax
benefits available so that you can enjoy a comfortable retirement and
leave a legacy for your family that will not be consumed by taxes,
sometimes exceeding 70% of IRAs and Retirement Plans?
Our
legal, tax and asset protection experts can help you design a plan to
meet your goals and protect your family. For more information and to
attend an upcoming workshop, please call (781) 237-2815.