Posts Tagged ‘estate plan’

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.

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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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