Taxes are one of the most certain things in life, but they often catch many retirees off guard. Planning now for potential tax consequences in the future will help not just you, but also when you establish your estate planning strategies for passing on assets to your loved one. Too many seniors enter their golden years unprepared for the impact on taxes and may need to adjust their estate plans as a result of the impact on other financial accounts.
One study, for example, found that 36% of current retirees said taxes cost them much more than they had planned for and another 23% said they’ve not done any tax planning for their retirement at all. Planning ahead for minimizing taxes in your older years can help you live a comfortable retirement.
There are multiple things to consider, such as the type of retirement accounts you use, your age, when you intend to take Social Security, and additional investments. Understanding how these all work together and can impact each other can help you make plans for a comfortable retirement and help you ensure that you’ve selected the right assets to pass on to your loved ones either while you’re still alive or after you pass away through your estate plan.
Set up a time to meet with a qualified and dedicated lawyer in Virginia Beach to assist you with your next steps. We’re here to help you create a customized plan based on your needs and wishes in your estate.