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Estate planning for retirement may avoid devastating problems

In California, one of the greatest fears that people have about retirement is that their money will run out far sooner than expected. That can cause a person to face unwanted poverty head-on and to struggle excessively instead of enjoying life in one's golden years. The remedy against such a fate is to retain an estate planning attorney and a financial adviser or CPA to put a strong plan into effect. These professionals will work in tandem to set up a solid plan that will accommodate various factual possibilities in one's later years.

At the outset, it may be necessary to do a lot of homework to learn one's finances and spending habits. All assets must be documented with details in a list that can be shared with advisers. With all the information, a determination can be made regarding how long the assets can sustain a certain level of proposed spending.

Financial planners suggest that a person visualize how his or her retirement will transpire in different fact scenarios. They take many different scenarios and use software algorithms to determine the different factors that may impact one's given assets in retirement. The goal is to make sure that those nearing retirement will be aware of how they can spend their assets in a prudent and ample manner.

Various adjustments may have to be made to create a model for the future that will accommodate one's goals. California and federal tax strategies may be set up to make sure that retirement funds are being withdrawn in the most effective way. To participate in a strong estate planning process, one should carefully select an experienced estate planning law firm and a qualified financial planner who is savvy regarding tax issues. Various tweaks and even changes of the types of retirement accounts may have to be made to make the dynamics all work in sync for the right outcome to fit the client's situation.

Source:, "Solid planning helps loosen the purse strings in retirement", Bob Moulesong, June 21, 2017

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