In recent years, older adults in the United States have begun focusing on how to appropriately manage their retirement finances and how they want to distribute their estates in the future. Although the number of adults with retirement and estate plans is on the rise, there is still a significant portion of the country that does not even have a will.
Much of the hesitation comes from a lack of knowledge about the connections, and differences, between estate planning and retirement. It is necessary for all adults to educate themselves about the importance of managing their finances. Whether you are planning for your retirement or settling your estate plans, here are the facts you need to know.
Retirement Planning for Central Florida Residents
The process of planning for retirement can look different for everyone. Depending on your work history, your savings, and any outstanding debts you may have, retirement can take many different forms. The ultimate goal of retirement planning is to establish a plan for financial independence. By planning ahead for their retirement, older adults make it easy to sustain themselves after they have stopped working.
When planning for retirement, adults need to take the rising costs of living and medical care into consideration. Some couples choose to relocate or travel after they retire while others prefer to live more modestly. It is necessary to establish how each person wants to enjoy their retirement and plan accordingly.
Creating Estate Plans in Central Florida
One of the most important aspects of estate planning is determining where your property, finances, and debt will be allocated after you pass away. Although the topic can be sensitive, all older adults should decide how their possessions and assets will be managed in the future.
Estate planning can be especially beneficial for those who want to ensure that certain aspects of their property are given to select individuals. If you choose to give an exact amount of money to a niece or nephew for their college education, you can dictate that in your estate plan. The specific instructions in an estate plan can also help your loved ones avoid navigating probate.
Estate plans also allow you to determine how you are cared for if you are ill or incapacitated. If you have any specific requests for your end-of-life care or instructions for your loved ones if you are unable to communicate, these can be included in your estate plan. Families in Central Florida should make their estate planning decisions with the help of a trusted lawyer who can offer counsel and advice when choosing how to care for themselves and their assets in the future.
How are Retirement Plans and Estate Plans Connected?
Although they manage two different aspects of your financial plans, retirement planning and estate planning can be very closely connected. By managing your retirement plan appropriately, you can account for how much money you hope to leave in your estate for your loved ones. If you choose to relocate during your retirement, you will need to adjust the property that you have listed under your estate after you sell it.
However closely related they are, it is important to establish both plans. Managing your estate plans can allow you to speak with your loved ones and ask them what they hope to receive after you pass away, but a retirement plan can change the way you spend and allocate your money long before you actually retire. Both of these plans benefit significantly from the legal counsel of an experienced lawyer.
Reliable Estate and Retirement Planning Lawyers in Central Florida
Even if you are not sure whether you want to establish a retirement or estate plan, you should consult with an experienced Central Florida lawyer who can answer your questions and provide you with valuable information. The team at Patriot Legal Group in Central Florida has proudly helped a variety of clients plan ahead for the future, including veterans and same-sex couples.
To set up a free consultation with one of the trusted estate and retirement planning lawyers at Patriot Legal Group in Central Florida, call (407) 737-7222 or reach out online today.