Archive for the ‘Estate Plan’ Category

Estate Planning Mistakes

Monday, July 14th, 2014

Estate Planning

When individuals and couples begin to plan their estate for once they pass, there are several mistakes that can be made along the way. Plenty of attorneys see mistakes made constantly when it comes to estate planning, which is why it can be helpful to hire a financial advisor from Safe Retirement Solutions to assist you in the estate planning process. There is a lot to cover and it can become confusing and overwhelming at times.

Barbara W. Reynolds, an attorney from Connecticut, says that the following are the most common mistakes she has found when dealing with individuals planning their estate:

  1. Power of Attorney- Some people are under the assumption that powers of attorney are the same thing and will last indefinitely. This is not the case at all. Certain documents need to be updated every couple of years and certain levels of power of attorney will cover different things.
  2. Health Care Directive- Individuals may find signing a Health Care Directive unnecessary, but that is not the case at all. A misconception made by a lot of people is that their loved ones will know automatically what their wishes are during medical situations. This is not always the case, which is why it is important to have a Living Will established as well as an individual named who will carry out your wishes. Both are covered under a Health Care Directive.
  3. Will- Many individuals think that a Will isn’t needed until they hit a certain age. Unfortunately, there is never a set date when you will pass away, making a will necessary sooner than you may want to realize.
  4. Assets- You may believe you don’t have any assets, yet you have children under the age of 18. It is important for you to name a guardian for your children should something happen to you, as well as create a trust for your children.
  5. Updates- Often times people create a Will and never return to it. It is important to revisit your documents to make changes that you feel are necessary.
  6. Retirement Benefits- When you name a trust for your retirement benefits, you are risking the individual receiving the assets in one year, which makes the money taxable.
  7. Shelter your Assets- Estate taxes could reach your assets if you don’t shelter them properly with simple paperwork.
  8. Leaving your Assets- If you leave your assets to those you receive government benefits like Medicaid, their inheritance is left vulnerable to the State. Leaving the inheritance in a trust could make matters easier for the individuals.
  9. Succession- Most business owners fail to consider the transition period of your business should something happen to them. Planning for such an event will help the transition period go simply and will protect your business.
  10. Under-insuring- Consider your dependents when planning your life insurance. You don’t want to leave your family and loved ones in a bad position because you failed to have enough life insurance.

 

When it comes to avoiding mistakes with estate planning, call the advisors at Safe Retirement Solutions today at 410.266.1120. You can also visit our contact page.

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Source:

http://www.barbarareynoldslaw.com/Top%20Ten%20Estate%20Planning%20Mistakes%20that%20Families%20Make.pdf

Estate Plan or Reverse Mortgage: Which Would You Prefer?

Monday, May 5th, 2014

Estate and Retirement PlanningThroughout your lifetime you have worked hard to provide for yourself and your family. As you reach retirement, you should look forward to enjoying the results of your hard work like spending time on your property surrounded by your children and grandchildren. But a lack of planning can put you into a tight spot after retirement, possibly forcing you to make difficult decisions during your retirement. Poor planning could result in low funds, causing you to scramble for ways to make ends meet and to keep your home. What do you do?

The ideal thing for you before any of this happens is to have an estate plan in place before you have even reached retirement. But if you didn’t think it was necessary and now find yourself in a bind, there is such a thing as a reverse mortgage. Once you reach the age of 62, a reverse mortgage allows you to borrow against the future value of your home. You wouldn’t have to pay back the loan until you have either moved or passed away. Doesn’t sound bad so far, right? Now of course you are concerned for your children and what they will inherit, so you will like knowing heirs are entitled to 30 days to make some type of decision on what to do with the property. But did you know that most lenders are now pushing heirs to foreclose on the property? While you might believe you are setting your children up for a comfortable life once you are gone, you are really now chaining them to major debt.

An estate plan could save you from all of the hassle down the road. Still don’t think it’s for you? Let’s make sure you understand what it would mean for you:

  1. Manage and preserve- While you’re alive, a plan will help you keep track of your estate.
  2. Conserve and control- Based on objectives and goals put in place with your plan, you will still have control over distribution after you are gone.
  3. Overlapping- Estate planning can also overlap with retirement planning, so you can rest easy knowing money won’t be an issue after retirement.

At Safe Retirement Solutions, our trained financial advisors will help you to build an efficient and successful estate plan to specifically suit your needs. Our advisors recognize that every situation is different and will work to ensure that your goals and objectives are met during and after your life.

You have worked hard to enjoy your retirement, so let Safe Retirement Solutions help make that possible.  Give us a call at 877-268-4086 or come see us at our offices located in Annapolis, Towson, or Columbia, MD. We also have an office in Saint Augustine, FL.

Find us on Google+, Facebook, Twitter, and LinkedIn!

Sources:

http://dealbook.nytimes.com/2014/04/30/senators-express-concern-on-reverse-mortgage-rules/?_php=true&_type=blogs&_r=0

Conducting A Review of Your Estate Plan

Monday, April 7th, 2014

Your estate plan is successfully implemented. Now you are done, right? Wrong. There is still one critical step that remains: carrying out a periodic review and update. This is important because, let’s face it, life is not predictable. Things change. People retire, people get divorced, people move, people die, laws change, the stock market fluctuates, and much more! And each one of these individual circumstances can have a major impact on your estate.retirement benefits

A periodic review can give you peace of mind. And how often should you conduct a review of your estate plan?

Large Estates: Those of you with large estates should review your estate plan annually.

Small Estates: Those of you with smaller estates should review your estate plan every five years, minimum.

Major Life Events: Aside from the above recommended reviews, you should also look at your estate plan after any major life event, including:

•      Changes in estate valuation

•      Economic changes

•      Changes in occupation or employment

•      Changes in family situations

•      Changes in your closely held business interest

•      Changes in the estate plan

•      Major transactions

•      Changes in insurance coverage

•      Death of trustee/executor/guardian

•      Other important changes

If you have any questions about what you have just read, or if you would like to know more about trusts and retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

What Happens To An Estate Without An Estate Plan?

Wednesday, March 5th, 2014

How important is it to have an estate plan? Well, consider what would happen to your estate if you didn’t have such a plan in place. Without an estate plan, important decisions regarding your property, medical and final arrangements, and more will be made without any input on your behalf.

  1. Doctors and family members will make medical decisions
  2. Family members will decide on your burial arrangements
  3. State laws will dictate the distribution of your assets

Shouldn’t you make the above decisions? Of course you should! So make sure you have the final say in matters involving your state. Make sure you have an estate plan in place!

Estate planning, by definition, is the process of managing and preserving your assets while you are living to conserve and control their distribution after your death. Estate planning allows you to dictate which beneficiaries receive which aspects of your property. This also allows you to save as much as possible on taxes, court costs, and attorney’s fees so your loved ones can mourn your loss without additional financial burdens and unnecessary red tape looming overhead.

Estate Plans and Safe Retirement Solutions

According to Good Morning America financial contributor, Mellody Hobson, more than 70 percent of adult Americans do not have any form of an estate plan legally filed. Don’t become another statistic; contact the financial advisers at Safe Retirement Solutions today to help protect your financial assets and estate in the future!

For more information about Estate Planning, Professional Financial Planning, or Financial Advice, consult the financial advisers at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

What Is The Importance of Estate Planning?

Monday, February 3rd, 2014

Amazingly, more than 70% of Americans have no form of estate plan legally filed. And without an estate plan in place, you lose all say about your property, medical and final arrangements should you pass away. Without an estate plan…

  • Attending doctors or the hospital will make medical decisions,
  • Your family members will decide on burial arrangements, and
  • State law will dictate the distribution of assets.

Estate planning is a process where an individual indicates in writing how his/her money and other property should be managed while he/she is living and after death. An estate plan also indicates what should happen in the event that an individual becomes mentally incapable of making financial or health-related decisions.

So take control of your life; draft an estate plan. It is actually easier than you may think. And enlisting the help of a professional financial consultant can make this process even easier.

For starters, ask yourself the following questions:

  • What are my assets and what is their approximate value?
  • Which people or organizations do I want to have these assets, and do I wish to give them up during my lifetime or after my death?
  • Who should manage these assets during my lifetime if I become unable to do so or after my death if management is needed?
  • Who should make decisions about my medical care and finances if I cannot make them?
  • After I die, do I want my remains to be donated, cremated, scattered, or buried?

These questions will help guide you through the estate planning process. Your estate plan will incorporate several documents – a will or a living trust, a durable power of attorney for finances and health care, and advanced medical directives – that will address the above questions.

For more information about Estate Plans, or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

Estate Plans Help Seniors Keep Control

Information About Estate Planning

Monday, October 7th, 2013

Estate planning, by definition, is the process of managing and preserving your assets while you are living to conserve and control their distribution after your death. And, as you can imagine, each estate plan varies from individual to individual. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs.

Below you will find estate-planning outlines for broad groups or individuals

Over 18 Years of Age

All adults should have the following:

  • A durable power of attorney: This allows you to select someone to manage your estate in the event that you become unable to do so.
  • An advanced medical directive: These come in three different types. (1) a living will, (2) a durable power of attorney for health care, and (3) a Do Not Resuscitate order.

Young and Single

  • A will: Without a will, your property would go to your parents

Unmarried Couples

  • A will: This is essential for any unmarried couple. Without a will, state law directs that only your closest relatives will inherit your property, and your partner may get nothing.

Married Couples

A new law passed in 2010 allows the executor of a deceased spouse’s estate to transfer any unused estate tax exclusion amount to the surviving spouse without the creation of a credit shelter trust. Still, credit shelter trusts have many advantages, including:

  • Portability may be lost if the surviving spouse remarries and is later widowed again
  • The trust can protect any appreciation of assets from estate tax at the second spouse’s death
  • The trust can provide protection of assets from the reach of the surviving spouse’s creditors
  • Portability does not apply to the generation-skipping transfer (GST) tax, so the trust may be needed to fully leverage the GST exemptions of both spouses
  • Portability will expire in 2013 unless Congress enacts further legislation

If you have any questions about what you have just read, or if you would like to know more about Estate Planning and retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Estate Planning in Baltimore: A Brief Overview

Wednesday, May 1st, 2013

Estate planning is one of the most important parts of planning for the unexpected. Many people procrastinate about the decisions that need to be made about their estate and if one is unprepared, your beneficiaries may feel disenfranchised when it comes time to deal with your estate.

According to the National Association of Estate Planners & Councils, more than 120 million Americans do not have up-to-date estate plans to protect themselves or their families in the event of sickness, accidents, or death.

By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are.

Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is probably all you’ll need. Or, you may have a large estate, and minimizing any potential estate tax impact is your foremost goal. Here, you’ll need to use more sophisticated techniques in your estate plan, such as a trust.

Here are a few estate planning tips from Safe Retirement Solutions:

  • Prepare a will – If you don’t prepare a will, the laws that govern your domicile will determine who inherits what. This is important for non-financial resources such as your prized possessions that relatives may want. Making a will can ensure that your possessions get inherited by the correct people.
  • Create a trust – A trust will make sure that your funds are allocated to cover specific expenses after you’ve passed on. Expenses such as funeral costs, school loans, house payments and any other bills that are overdue can be adequately planned and paid for using a trust.
  • Minimize the impact of Estate & Income Taxes – Using tax-efficient strategies can help curb the costs of estate and income taxes. Strategies such as giving your saved-up wealth as a gift to beneficiaries or leaving your taxable assets to charities are both great ways to minimize the effects of these taxes. Talking with your local Annapolis estate planning professionals at Safe Retirement Solutions can help you figure out ways to avoid heavy taxes.

 

If you’re ready to plan your estate, that’s where we come in. The financial advisors in Annapolis at Safe Retirement Solutions can help you develop a diversified portfolio to help you make the most of your investments. The Baltimore financial advisors at Safe Retirement Solutions can help you determine what steps to take to make sure your estate is properly taken care of, and provide alternative retirement savings guidance. To get started, call 877-268-4086 or visit our website today!

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Benefits of Professional Financial Planning : Retirement Planning

Wednesday, May 23rd, 2012

The primary goal of a professional financial planner is to help you maintain a comfortable lifestyle while still putting away enough money for the future. What is even more impressive is that financial planners are able to consolidate all aspects of your financial life into one coordinated plan. So, unlike stockbrokers, bankers, insurance agents, or accountants, your financial planner helps make your life less complicated…not more complicated.

Additional Benefits of Financial Planning

  • Assistance With Managing Your Finances: Let’s face it; you just do not have the time to breathe, let alone properly manage your own finances. This is where a professional financial advisor can help!
  • Confirm Your Objectives are Being Met: How are all of your investments working out? You have several specialists – stock brokers, loan officers, bankers, etc. – telling you how each piece of your financial puzzle is doing, but what about the bigger picture? How is each investment working as a part of the whole financial plan? A financial planner is certainly not intended to replace any of your existing advisors, but what he/she can do is evaluate your total financial situation and coordinate strategies which do not interfere with any of your stated goals and objectives.
  • Monitoring the Implementation: Your stated goals and objectives can never be met without putting the financial plan into action. A financial planner will ensure that all phases of your plan are not only implemented, but also monitored to ensure they are working out.
  • Frequent Plan Review to Remain on Schedule: Your financial plan should be reviewed on a continuing basis. A financial advisor will frequently meet with you to review your current financial plan and, if need be, reevaluate your financial goals.
  • Provides You with Peace of Mind: Sit back and relax, knowing you and your future are in good hands.

 

Most people, at some point in their lives, will need financial advice. When the time comes for you to reach out to a professional financial advisor, whom should you trust? How can you be sure that the financial advisor you choose has your best interests in mind? How do you know that your money is in good hands?

The Answer: Trust Safe Retirement Solutions!

For more information about Professional Financial Planning, or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

Why Consider Financial Planning?

An Introduction to Estate Planning (Part II)

Wednesday, March 21st, 2012

Why is Estate Planning Important?

You are going to die one day; there is nothing you can do about that. What happens with your estate after you die, however, is something you can control. This is why estate planning is so important. Estate planning, by definition, is the process of managing and preserving your assets while you are living to conserve and control their distribution after your death.

No matter how small your estate may be, estate planning is crucial. It ensures that your estate is divided in the way you intended. Estate planning allows you to dictate which beneficiaries receive which aspects of your property. This also allows you to save as much as possible on taxes, court costs, and attorney’s fees so your loved ones can mourn your loss without additional financial burdens and unnecessary red tape looming overhead.

Estate Plans Should Include…

1.   Durable Power of Attorney: This is for managing your property during your life incase you are ever unable to do so yourself.

2.   A Will: This is for the management and distribution of your property upon your death.

For more detailed information on Estate Planning or retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.