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Are you ready to retire? If not, here are the tops 10 tips to PREpare you for retirement: Maybe you’re earning millions today; or maybe not. No matter how much you are earning today, it doesn’t matter. What matters is what you have done with your earnings. It’s important to have a basic estate plan in place. This will ensure your family’s security even after your death. An estate plan includes several elements. You’ll make crucial decisions such as naming both a Power of Attorney and a Medial Power of Attorney, creating a living will and possibly creating Trusts. Don’t forget, state laws about estate planning can vary depending on where you live. You can make a good start in preparation by taking an assets inventory. Check your business interests, real estate interests, insurance policies, retirement savings and your investments. Start thinking about who will handle your finances and decide on your medical care when you get ill or unable to make decisions on your own. You’ll also need to decide to whom you will leave your assets when you die. Now, start making a Will. This will put everything in place when it comes to your assets distribution when you pass away. Put all of your affairs in order, including who will take care of your children, who will hold the Trust or who will execute that Trust. Dying without a Will can create serious misunderstanding in your family and will cost them so much. Creating a trust is not only for rich people. Even if you have few assets, it is still important that you have a trust to be sure that your rightful heir will get his or her share. You can create conditions as to when and how your property will be distributed. This will save your heirs from expenses and the delay of probate court. This will also serve as your protection from lawsuits and from your creditors. Part of preparing for retirement is discussing with your heirs who will get what as their inheritance. This will give you peace of mind that there will no misunderstandings or disputes between your loved ones. Study how the federal estate tax works because it might affect your will. Ignorance could cost you and your family a lot. If you think you should save some money to leave to your spouse or partner, you better think twice. It may not be tax free. Also, when your spouse or partner dies, who knows if there will be anything left for your children to inherit? It is better to prepare your assets now, to be assured. If you would like to give away your estate tax free, you can give it as a gift to your spouse or partner or you can give $13,000 per year to a person. Last but not least, you can donate to a community foundation or charity as a tax free investment. Knowing these things will help you PREpare your retirement with ease and confidence. So are you Ready for PREtirement? Kris Miller, Estate Planning Expert and Safe Money Strategist, will guide you on how you can successfully PREpare for your retirement plan. Visit http://ReadyForPREtirement.com, and learn more about the Secrets of protecting your assets from Long Term care, probate and the great recession. Kris@ReadyForPREtirement.com, 951 926-4158.
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retirement, retirement planning, trust, will estate tax,
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