In light of the ongoing pandemic, we’ve written here before about how important it is to have your estate planning documents in order. We never know what sorts of circumstances might befall us, so it’s always best to be prepared. However, crafting your estate plan is more than just making sure your documents are updated — it’s about taking the professional advice that comes with it. Ultimately, estate planning is about people. It’s about families and mitigating the unexpected life disruption of those who remain after loved ones pass away. And it’s more than just explaining some legal jargon and taking a few signatures. Not too long ago, I had two clients call me on separate occasions, thanking me for the advice we had given them. The funny thing was that the advice they thanked me for wasn’t legal advice — it was just life advice that came with 30 years of working in the estate planning industry. Just getting the documents you need without the opinion of an estate planning attorney is like disregarding a full examination of your condition from a trusted doctor and just buying medicine for cheaper prices across the border. Sure, you might get the medications you need, but you’ll miss out on a lot of helpful professional advice. Wills and trusts are just tools, like a hammer or a saw — technically usable in the hands of anyone but not nearly as effective as they would be in the hands of an expert. That’s why getting your estate in order is crucial to mitigating the negative effects of the inevitable and protecting your family. Not only do you need to get your documents updated but you also need the help of experienced estate planning attorneys to guide you through the process. For professional advice you won’t find anywhere else, give Phillips & Blow a call at 303-741-2400 for a free consultation. The Value of Professional Advice MoreThan Having Your Documents in Order
Retiring During a Recession 3 Guidelines to Ensure a Stable Future
A few months ago, several news sources confirmed what savvy American businesspeople already suspected: The United States is currently in a recession and has been since February 2020. While a recession isn’t good for anyone, it’s especially concerning for those nearing retirement age. Those who were planning on retiring this year might be having second thoughts — for good reason. Rest assured, however, that if you’ve had fears about retiring this year, you can still go ahead with your plans as long as you keep a few things in mind.
DON’T LET EMOTIONAL ATTACHMENT GUIDE YOUR DECISIONS.
Saving for retirement is almost inherently tied with joyful thoughts of financial stability in your golden years. So, when something like a recession threatens that security, it’s easy to react irrationally. Before deciding what to do with your retirement funds, make sure your decisions are rooted in logic, not fear or anxiety. If you don’t know where to start, contact a financial advisor for guidance.
DON’T WORRY ABOUT WHAT YOU CAN’T CONTROL.
Even for financial experts, the markets are notoriously hard to predict. Rather than expend energy wishing you could sway the market, focus on making changes where you have control. You can control where your assets are invested, when you claim Social Security, and how you spend your money, among other things. Think about how you can change these factors in your favor and don’t worry about the rest.
STRESS-TEST YOUR FINANCES.
While conducting a stress test might sound a little abstract, it’s something that many financial advisors can help you do with your retirement accounts. Stress-testing your finances can help you determine if now is the right time to retire or if it’s better to wait just a little bit longer. Even if things look bad right now, that could change in a year or two. As the market recovers, so do your chances of a peaceful retirement.
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Trusts • Probate • Long-Term Care Planning • Elder Law
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