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Retiring with the right estate plan in California

On Behalf of | Mar 17, 2022 | Estate Tax

Not only can you build more wealth in retirement, but you can make more money for a fuller life. Spending, however, comes with its own risks, so it would be advantageous to revisit your estate plan now. Legally, you can make changes to your wealth management until the end of your life, so retirement gives you many opportunities to ensure that both your financial plans and estate plans are up to date.

Your personal finances

Estate planning is only an extension of your personal finances. Retirement gives you ample time to create a financial portfolio if you don’t have one yet. Organize your new expenses and income as the basis of your personal cash flow. Once you know how retirement will change your needs, you can then position your estate for growth.

The beneficiaries

Whether for insurance or 401(k) plans, the beneficiaries of your assets are where estate planning starts. The tax, credit and safety benefits of planning are due to this ownership clause. Assets that get legally set aside for others pass the loophole of ownership. This means that you, yourself, avoid the tax or credit liability of your assets. As for beneficiaries, be sure to:

• Be detailed about who and why
• Set directives for them to follow
• Grant assets only in your death
• Notarize who each member is

Estate planning in California

Hedging your estate from taxes or creditors is a good project to start in retirement. The reality is that even retirement has uncertainties. Where you’ll get money from and how might change, so allow estate planning to prep you for uncertainty by putting provisions in place now.


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