California Estate Planning: Fund Your Own Retirement

6:33 am Uncategorized

One of the biggest fears that aging parents with little retirement saved is who will underwrite the cost of their care when they are elderly. Most parent don’t want to burden their children with the cost; this is where intelligent California estate planning comes in.

In this post-subprime mortgage crisis world, many people are starting all over, and plenty of those people borrowed from themselves, and restoring funds in 401(k)s, IRAs, and other sources like mutual funds may not be easy to do… but every penny counts. Anyone who can should continue to put in what they can into their retirement funds.

Another way to make sure your children won’t have to carry you financially is to defer the taxes of your IRA by using the stretch option. This will allow you to maintain what is already in your IRA without paying taxes on it until the funds are distributed to those listed in your will. You’ll want tot mention this idea to your California estate planning attorney so that he can guide you through the steps.

Last, you can create an irrevocable life insurance trust. This will obviously require proper Newport Beach estate planning lawyer. To do this, your attorney will help you set up a trust in which the life insurance policy will be held, and upon your passing, the insurance monies will be distributed in a manner suitable to handling the costs of your funeral and other proceedings. They will also help ensure that a surviving spouse and children have something to ensure their financial future.

Contact us today for individualized planning strategies to meet your unique needs.

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