Friday, May 6, 2022 Messenger-Inquirer
ESTATE PLANNING
Estate planning isn’t just for seniors Estate planning not only sets forth a plan of how your assets BY JERRY GOETZ are managed or distributed if you PRESIDENT OF RETIREMENT & FINANCIAL STRATEGIES become disabled, incapacitated or die prematurely, but also sets forth a plan for your loved ones. ou should begin planning Who do you want caring for your now, even if you are a young children if you no longer can? adult! Estate planning commonly gets Who do you want making health care decisions on your behalf mistaken for planning seniors if you are unable to make them do when they begin to think about the latter parts of their life. for yourself? Who do you trust However, estate planning is for all to transact your financial affairs if you are unable? Will your adult age groups. children from a prior marriage Your estate consists of get anything? Will your assets ever ything that you own. A few go to a decedent of yours that examples include the vehicle is unable to manage their own you drive, the house you live finances? Will your assets be in, insurance polices you have probated and end up causing purchased, savings accounts emotional distress or hard you have built, investments you have made, and retirement plans feelings about the determined you have started. In most cases, distribution? All the above questions can be addressed many people already have many with estate planning. Do you of these items even when they really want the court in the are just in their twenties.
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state you live in to make these decisions for you and your family just because you failed to put anything in writing? Planning your estate early and reviewing it periodically as your situation and needs change will not only put you, instead of the courts, in charge of your estate plan, but it also will help you stay organized and aware of your situation today. It is likely to provide a framework to help you make decisions on your current financial and investment plan so that you can work to improve your chances of putting yourself in a more tax efficient and more favorable distribution position both during your lifetime and after. It is important to know that some things pass directly through contract instead of you last will & testament. Just a couple examples include your
retirement accounts and life insurance policies which can have a named beneficiar y on the contract. Things that pass by contract are equally important to plan and review as the things that pass through the probate process. You likely will benefit by coordinating your estate plan with both your financial advisor and attorney. Your financial advisor may be skilled in the planning and implementation, but most financial advisors are not attorneys and cannot draw up the legal documents. Attorneys are skilled in the legal aspects and will be able to help you with that part of your estate plan. Article written by: Jerr y Goetz, President of Retirement & Financial Strategies. Investment advice offered through Private Advisor Group, a registered investment advisor.
Building Your Retirement Foundation Jerry Goetz CFP®, CFS®, CRPC® www.retirementandfinancial.com View our website! Retirement & Financial Strategies 3402 Frederica St. Owensboro, KY 42301 270-215-2600 Investment advice offered through Private Advisor Group, a registered investment advisor.
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