Financial Planning

Planning for your financial future involves more than simply shoveling money in index funds in your 401k plan. You should dedicate a great deal of care and expertise to developing a concrete financial plan. The quality of the financial planning can significantly impact the quality of your retirement. It can also affect the legacy that you leave behind for your children and grandchildren.

A high-quality legal professional can help to develop a complete financial plan to protect your needs and assets. It can prevent depletion to taxes, governmental authorities and taxes. A legal professional can provide help when crafting a financial plan in these major areas.

Asset Protection and Investments

You must protect your assets from loss as part of your financial planning process. If you do not financially protect your assets, you can potentially lose them. Many governmental insurance programs, such as Medicare and Medicaid,  require you to use up your existing financial assets. Only then can you become eligible for benefits. A financial planning can help you to prevent the loss of some of your assets employing different fiscal strategies One might involve placing your financial assets in trusts and other vehicles that can provide you with financial security,.

A lawyer can help you to understand these protected investment vehicles. He or she can also establish them in a way that can protect your assets. The same holds true for lawsuits. The right attorney can help you prevent your assets from being commandeered in a lawsuit settlement by crafting a living trust agreement. An improperly devised financial plan can leave you susceptible to additional taxes, which can deplete your asset base.

Drafting a Will

Nobody lives forever and having a will drafted will help to protect your assets. It stands as an essential part of planning for your financial future. While software exists to help you draft your own will, using a professional lawyer to help you to draft a will can significantly improve the chances that your will can pass through the probate process. The drafting of a will can help to ensure that your assets are not only given to your designated beneficiaries, but also that those beneficiaries don’t experience undue hardship collecting their inheritance.

Estate Planning

If you have significant assets, the need to involve a legal professional to financially plan for you grows. Many people plan for their estate by setting up revocable trusts that protect their assets. They might also provide for tax savings and allow for an easier disposal of your assets when you pass away. The right financial vehicles for your estate depend widely on the facts and circumstances of your financial picture and your goals. A lawyer can help.

Disposing Illiquid Assets

Many individuals have illiquid assets that they may need to dispose of or monetize as part of their planning. Interests in companies and LLCs, real estate holdings and investments in alternative assets all stand examples of illiquid assets. They may be difficult to dispose of as well. A layer can greatly aid in finding ways to convert these assets into cash or liquidate them.

Nobody lives forever. However, having a viable financial plan can greatly ease yourself into a comfortable retirement. It can also provide your heirs with a sizable inheritance. To develop this financial plan, call our office to schedule a consultation. Then an experienced lawyer  can guide you towards a tax effective and prudent solution to preparing for your future.




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