- Tax issues – not only should your estate plan develop a tax strategy for your heirs, but it should also be focused on how to reduce your taxes while you are alive. Oftentimes, this can be accomplished by modifying your investments.
- Bequeathing assets – those who wish to have a portion of their estates designated to a favorite charity or have assets designated to a specific heir are often encouraged to have an estate plan in place.
- Income flow – in addition to being concerned about what happens to your assets upon your death, you want to ensure that your assets are available to help maintain your lifestyle while you are alive. This means carefully planning your investment strategy to include investment options which can supplement any guaranteed retirement income.
Everyone has a different goal for retirement and with a carefully crafted estate plan, your financial services consultant can help you determine which investments are best suited to meet your goals. Remember, there is no one-size-fits-all plan that works for everyone and you need someone who will take the time to consider your overall goals and to review your current and anticipated financial picture.
Only after careful evaluation can a plan be developed that helps you reach your goals for retirement as well as your goals for how your assets will be distributed upon your death. Your financial agent can help you with many of the decision that can have a positive impact on both your retirement and the estate you leave to your family. Meet with them regularly, especially as you approach retirement age to make sure that your portfolio carefully balances your needs against the risk that should be minimized as you age.
