February 15, 2016Click Here to Download the Audio
This week on For Your Benefit, Tom O’Rourke, estate and tax planning attorney principal at Miles & Stockbridge P.C., joins our how Bob Leins to discuss the reasons why estate planning parallels financial and career planning..
When do you start and what may be your initial focus?
An estate plan has 3 basic goals:
- To allow you to control your assets, your career progresses and you are able to do so
- To protect you and your loved ones in the event of incapacity
- To distribute your assets in accordance with your wishes following a period of uncertainty
Your retirement plan encompasses a much broader goals such as:
- Making sure you have sufficient assets to support your retirement lifestyle
- Making sure any health care needs can be met in the location you retire
- Proximity to friends, family, and loved ones
- Determining how you will spend the time previously devoted to your job
- Developing an estate plan that is consistent with your goals
When to start planning? What is a Will and what is a trust? What should be considered? What should be avoided?