Helping You Protect Your Family, Your Assets And Your Legacy

Estate planning and retirement

On Behalf of | May 26, 2023 | Estate Planning

When planning for retirement in New York, you’ll need to identify income resources, calculate expenses, initiate a savings program and manage your assets. Estate planning can also be done when you complete retirement planning. Going this route ensures you have an updated estate plan that meets your needs.

Make an inventory of your assets

When you begin the estate planning process, the first step is to create an inventory of your assets. Doing this early when retirement planning can help you stay organized. Here are some of the assets you may include in your inventory:

  • Bank accounts
  • Pensions
  • Businesses
  • Real estate
  • Cryptocurrency
  • Stocks
  • Insurance policies

Create your estate plan

After inventorying all your assets, set up your estate plan. During this process, you’ll choose the beneficiaries who will receive your assets when you die. An estate plan can also help protect any minors you have by designating a guardian to look after them if you become incapacitated or die.

Helps eliminate high taxes

Estate planning can also be a fantastic way to ensure the largest percentage of your retirement portfolio gets passed on to your beneficiaries. Setting up an estate plan when planning for retirement can also help you reduce federal and state estate taxes. You can also decrease the income tax your beneficiaries might have to pay.

Eliminate family messes

Creating an estate plan lets you choose who controls your assets after you die or become mentally incapacitated. Having one specifies who gets your assets, which eliminates having your family guess, which can lead to bickering and family strife.

Estate and retirement planning go hand-in-hand. Planning for the end of your career, and your life, ensures your assets and loved ones are protected when you can no longer do so. Taking action early and setting it up should provide peace of mind for you and your family.