Combining Debt Planning and Retirement Planning: The Benefits of Retirees for Tackling Both...

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Retirement means many things to many people. The most common denominator is the freedom of no longer having to worry about making ends meet. Learn how you can have a debt-free retirement in Vermont in this presentation.

Transcript of Combining Debt Planning and Retirement Planning: The Benefits of Retirees for Tackling Both...

Slide 1

Combining Debt Planning and Retirement Planning

The Benefits for Retirees of Tackling Both Simultaneously

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Retirement means many things to many people

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Retirement means many things to many peopleThe most common denominator is the freedom of no longer having to worry about making ends meet

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Most of us can relate to writing those checks each month and thinking to ourselves, This will be worth it one day when Im retired and enjoying todays sacrifices

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Your Estate Planning Lawyer and Financial Advisor

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By teaming with your estate planning lawyer and a financial advisor, if you choose to have one, your team will have the shared goal of making sure your debt free retirement comes full circle

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Whether youre a year from retirement or your co-workers are planning for your retirement party next week, its never too late

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YOUR VISIONS: GOALS AND DREAMS

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Making the best decisions as you prepare to step into retirement means no worries a year from now

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From which family members you wish to include in your will to how your IRA and other assets affect your loved ones, never underestimate their importance

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Remember to:

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Remember to:

Complete a wellness check of your assets:

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Investments

Savings

Retirement plans

Real estate

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Life insurance

Annuities

Businesses

Other Personal Assets, etc.

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Dont underestimate the role of your relationships:

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Dont underestimate the role of your relationships:

Your estate planning attorney, financial advisor and CPA come together to create a formidable team dedicated to your successful retirement

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Organize those crucial documents:

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Your will, any trusts you have in place, beneficiary designations, life insurance policies, etc

Organize those crucial documents:

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Realistically calculate your needs in retirement:

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Consider your complete financial security during your retirement years

Realistically calculate your needs in retirement:

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Define long-term goals:

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Providing for your spouse, children, grandchildren, charitable donations, etc

Define long-term goals:

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PAST ACTIONS AND TODAYS BENEFITS

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Have you been building your nest egg?

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Your estate planning lawyer can discuss the choices you made years ago in preparation for todays retirement

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Its important to go over any trusts you put in place, review your charitable gift strategies and what was included in your will when you wrote it

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By looking at the total picture,

youre better informed as you move closer to retirement

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SPECIAL NEEDS TRUSTS

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Not every family has a need for special needs trusts, but if you do, these are what allow disabled beneficiaries to receive various funds (think lawsuit settlements and gifts) without compromising their eligibility for government programs

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Special needs trusts are designed to cover costs that government funds dont

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They provide money for additional medical services that might not be necessary for life, but that can improve ones quality of life

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They may cover:

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Housing

Food

Vacations

Computers

Vehicles, and more

These trusts cover what many describe as quality of life enhancing expenses

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DURABLE POWER OF ATTORNEY

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The durable power of attorney

plays an important role

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It allows you to decide who will carry out your financial decisions and affairs should you become incapacitated

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REVOCABLE LIVING TRUSTS

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This legal document allows you to name someone to manage your property while youre still living

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There are three people involved in a trust with these dynamics

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You, who fills the role

as the creator of the trust,

The Trustee, named by you to manage the assets according to your stipulations and

Your Beneficiaries, who receive the assets in the trust as part of their inheritance

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Many clients ask why a trust like this is necessary if theyre still living

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The most often cited reason is that it allows the client to avoid probate

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As long as you remain the grantor, you maintain control of your assets in that trust and with no tax consequences

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These are just a few of the many important estate planning documents that you should consider as you prepare for retirement

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You will still report income on your personal tax returns

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Be sure to explore all of your options with your estate planning lawyer, who will ensure that you have these documents, if theyre needed, along with anything else that will allow you to move comfortably into this next exciting phase of your life

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LEARN MORE ABOUT PREPARING FOR RETIREMENT

IN ESSEX JUNCTION VERMONT

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Click to visit: www.UnsworthLaw.net

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