Estate planning attorneys assist clients with financial matters. Everything is connected, and estate planning need not necessarily take place in a vacuum separate from a broader, more comprehensive financial plan.
For example, when you are looking ahead toward your retirement years and the twilight years that will follow you could choose to look past the finish line. You may be in a position to budget with your legacy goals in mind.
Perhaps you want to leave your home to your son. You want to be able to provide resources of equal value to your daughter. To be able to do this, you may have to stay within a particular financial framework throughout your life.
If you don’t care about what you may or may not have left you would proceed differently. This is simply some food for thought.
The Typical Retirement Years
People generally equate the retirement age with the age at which you become eligible to receive Social Security. For people who are not yet receiving Social Security, this age is between 66 and 67 depending on the year of your birth.
Studies are showing that a lot of people these days are planning to work even after they reach the age of full Social Security eligibility. Some of them must do so because of financial need.
When you are younger and you have no physical limitations, you may start to plan ahead for the future from a financial perspective. You decide that you’re going to work to a particular age, be it 50, 66, 67, or for the rest of your life.
If you devise a plan based on these types of expectations, you should be certain that you’re going to be physically capable of doing what you intend to be doing for this period of time.
You may have no trouble standing on your feet running your business for 10 or 12 hours a day when you are 40. When you reach the age of 50, things may start to feel little bit different. At 60, it may be all but impossible.
Clearly, there are people who run marathons at the age of 60 or 70, so each case is different. However, it is wise to consider the possibility of declining physical capabilities.
This doesn’t mean that you can’t enjoy a full and active life. It simply may prevent you from making money in a way that is physically demanding.
A Well Constructed Plan
The best way to proceed with regard to preparing for the inevitable stages of life is to sit down and discuss everything with a competent estate planning lawyer. Your attorney will gain an understanding of your unique situation and become apprised of your goals.
Ultimately you can go forward with a holistic long-term financial plan that covers your bases for the rest of your life through to your eventual passing.