Be Prepared with an Estate Plan this Financial Planning Month
October is National Financial Planning Month, and the attorneys at McLario Helm Bertling & Spiegel understand the importance of financial planning and how your estate plan can protect your assets now and for the future. By creating a personalized financial plan that includes estate planning it will help extend the hard work you put in over the years to last the rest of your life and for your beneficiaries.
A Law Firm for Life can help demystify the complexities of estate planning. Whether high net worth or zero income, starting the conversation about estate planning is more than just figuring out “who gets what” when you die. Everyone should prepare an estate plan that spells out their wishes.
You might not think of creating an estate plan as part of your financial planning. However, it is a great time to take to combine the two to help defer and minimize taxes now and after death. Our Wisconsin estate planning and business attorneys will work together to help protect what is yours and be there for every step of the way.
Here is how to get started:
Set your Financial Goals – What do you hope your future looks like?
- Where do you see yourself in 5, 10, 20, 50 years?
- What are your life’s goals and how much do you need to save to reach those goals?
- Want a house, family, vacations, retirement?
- What do you see for your kids? College?
Current Financials – Take a look at your current financial status.
- What are you bringing in?
- Where is your money going?
- What bills do you have?
- Putting 20% of your income aside for savings?
- Can you pay your debts?
Employment Opportunities – Is your job supporting your goals?
- Does your employer offer a Retirement Plan?
- Provide 401(k)?
- Does your Employer Match your Contributions?
- Are your beneficiaries up to date? Use this helpful beneficiary checkup to check yours. (link)
Emergency Fund – Have money set aside for emergencies. As simple as $20 a week.
- Unexpected Bills
- Credit Card Debt
- Accidents in the family
- Lost of Job
Investments – Look into investments that can help add to your savings
- 401 (K)
- Savings Account
Create an Estate Plan – Your custom Estate Plan will help protect your savings and investments.
- Will – Legal document that states how you want your property distributed after your death
- Trust – Gives a Trustee authority to manage assets of named beneficiaries and allows you to avoid probate.
- Durable Power of Attorney (POA) – Grants authority to a person to make decisions on your behalf, if you incapacitated.
- Probate – Paying off debts and distributing properties by the courts.
Your Wisconsin estate planning lawyer specializes in estate planning to make recommendations based on your unique situation and explains the details that are important to you and those you leave behind.
With proper preparation, you and your Law Firm for Life can prepare for the future in the way that makes the most financial sense for you, your family, friends, and the charitable organizations you love.
Estate planning alongside of your financial planning may not be on a top ten list of fun things to do, but it’s one of the most important ways to leave loved ones and yourself with peace of mind for the future. Your Wisconsin estate planning law firm is here to help.