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Will Your Estate Plan Protect You, your Spouse and your Family?

It’s a New Year and, like most, you’ve probably made a list of resolutions…is protecting your family, your life savings and legacy on that list?
  If you do not have an estate and asset protection plan, then 2010 is the time to create one!Many erroneously believe that estate planning is only relevant to help avoid estate and inheritance taxes. However, here are just a few of the numerous benefits for estate planning:

1.        Peace of mind knowing that your spouse and your family are taken care of in the event of serious health issues or your death. 

2.        Safeguard your assets and life savings, and have the assurance your beneficiaries will receive their inheritance.

3.        Provide for your family with a most heartfelt and invaluable gift, designed to save time, money, taxes and avoid complications.

Perhaps you already have an estate plan.  If so, double-check to see when it was created.  Have any of the following situations occurred since?

  •  Marriage, divorce, or death of a child (or the former spouse of a child)
  •  Birth of a child or a grandchild
  •  Divorce
  • Change in family circumstances
  • Retirement or change in job that causes a change in employment benefits
  • Acquisition of new insurance. Did you realize your insurance may be subject to a 50% plus tax
  • Receipt or expected receipt of an inheritance
  • Creditor issues that may impact planning
  • Concerns of rising Nursing Home costs

It is a common misconception that estate planning is a one-time event…this is simply not true!  A yearly review of your plan is strongly recommended to ensure it continues to protect your family, your spouse, your home, your life savings and your legacy. With the changes in the law, it is especially important to review or create a plan now.  Are Your Assets Protected?  Today people are living longer.  What if you need to go to a nursing home? Costs in Massachusetts are one of the highest in the nation, averaging $10,000-$12,000/mth or $144,000/year. Avoid a complete “spendown” and preserve your legacy!  The best protection is to plan well in advance; however, even if you or a loved one is entering a nursing home, it’s not too late for us to help you.New This Year, Roth IRA Conversions:  Income limitations for Roth IRA conversions are temporarily repealed for 2010. You have the chance to spread out income taxes from the conversion over 2011 and 2012 tax years. We provide our clients with a comprehensive analysis of their situation and help them decide if a conversion makes sense. Roth Conversions are a powerful tool for a person in the right financial and tax situation.

For more information on avoiding a 70% tax on IRA’s and how a Roth may help, along with how to eliminate the top seven mistakes we see in retirement, estate and asset protection planning, register for a free educational workshop by calling 800-964-4295, 24 hours a day.

To learn more about our process and how we can help you and your family, call 800-964-4295 to register for a free educational workshop. Also visit for additional information.