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Financial Wellness in the New Year: Integrating Estate Planning Goals

Posted by Susan A. Katzen | Jan 26, 2025 | 0 Comments

The Johnson family seemed like they had it all together when they first came to my office. They had paid off their mortgage, their retirement accounts were robust, and they had even set aside funds for their dream vacations. On the surface, their financial house was in perfect order. But as we talked, it became clear that their estate plan was outdated and didn't reflect their current financial situation or goals.

Their will had been drafted over a decade ago, back when their children were teenagers. Now, those kids were grown, with families of their own. The Johnsons had also acquired two rental properties and made several new investments. Their existing plan didn't account for these assets, nor did it protect their children's inheritance from potential risks like divorces or creditor claims.

We started by addressing their immediate concerns: ensuring their assets were properly titled and beneficiaries were updated. This is one of the most common oversights I see. For example, their retirement accounts still listed a deceased relative as a contingent beneficiary. Had something happened, this could have caused delays and confusion for their family.

Next, we created a trust to protect their growing estate. This was particularly important for their rental properties. Without a trust, those properties would have gone through probate, a process that could have tied them up for months and left the family with hefty legal fees. The trust also allowed them to set conditions for their grandchildren's inheritances, ensuring the funds would be used responsibly for education and other needs.

Finally, we addressed long-term care. The Johnsons hadn't considered how an unexpected health crisis could impact their financial stability. By incorporating long-term care planning into their estate plan, they gained peace of mind knowing they wouldn't have to deplete their assets to cover medical expenses.

Estate planning isn't just about what happens after you're gone; it's about aligning your financial goals with your future needs. Whether it's protecting your assets, minimizing taxes, or ensuring your family's security, a comprehensive estate plan is an essential part of financial wellness.

This year, take a holistic approach to your financial goals. Don't just focus on saving and investing—make sure you're protecting what you've worked so hard to build.

Request a Consultation to align your estate plan with your financial future.

About the Author

Susan A. Katzen

"I firmly believe our clients should be treated the way I would want my own family members to be treated. As a result, not only have I put together a compassionate and highly skilled team of people, but together we have served families from the grandparents down to the grandchildren. My staff and...

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