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Consider These Retirement Planning Tips Before It Is Too Late

No one wants to prepare for their death. But managing your estate is an integral part of your financial strategy. You may want to consider the following essential future planning tips.

  1. Testament

Your testament dictates who will receive your assets when you die and under what conditions. If you have minor children, you can name guardians for them in your testaments. You can also name an executor or personal representative to carry out the instructions in your testament and trustees to manage trusts according to your will.

  1. Revocable Trust

A withdrawal-funded trust can be created to ensure your chosen trustee can represent you if you become weakened during your lifetime. The withdrawal trust also allows you to avoid probate because the goods are transferred to the trust before your death.

  1. Power of Attorney

A power of attorney gives your attorney the authority to take action and sign documents on your behalf. Your attorney may need to intervene if you are exhausted or on a trip and are not available to defend yourself. You may want the trust withdrawn locally for investment purposes and a power of attorney for other purposes, including managing non-trust assets.

  1. Powers of Healthcare Attorney

Also known as a healthcare representative, the power of a healthcare attorney gives the person you choose the ability to make your own healthcare decisions if you cannot do so. For example, suppose you are in a coma. In that case, your healthcare representative (the person named in the capacity of your healthcare attorney) can make decisions for you about the treatment options offered by your doctors.

  1. The Living Will

This document is designed to clearly state your wishes regarding your medical condition to your healthcare provider and your healthcare representative. This may include a do-not-resuscitate (DNR) order depending on your preferences. DNR is an instruction to hospital staff and health workers not to perform cardiopulmonary resuscitation (CPR) if your heart stops or you stop breathing.

  1. Irrevocable Life Insurance Trust

The purpose of a non-refundable health insurance trust is to obtain and hold life insurance premiums. It allows these funds to be available to your beneficiaries without being included in the taxable assets of you or your spouse. The reliability of non-refundable life insurance can be beneficial if your surviving family members need money immediately after your death in terms of living expenses or paying property taxes.

  1. Life Insurance Policy

Of course, you also need life insurance to provide death benefits to your non-convertible life insurance trust. Life insurance is a great way to ensure your family is provided for after your death. There are many different life insurance options. If you do not currently have a policy or want additional health insurance coverage, our agents can help you.
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Bio:
I advocate for federal employees making the best benefit and retirement decisions for their unique situations. After a 25 year career in personal banking I saw a need for financial education and retirement planning for those approaching retirement. In recent years I have focused primarily on federal employee from both the CSRS & FERS systems. These federal employee face challenges in getting the information they need to make the best decisions for creating a successful retirement plan. I assist these individuals in navigating the retirement process.

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