Have you reached your peak earning years? For most, that period is usually between ages 40 and 55. It is also the time for many that they’ve never been busier. A demanding career, family responsibilities, and more can feel overwhelming. Maybe you’ve got kids in college, or your aging parents require more and more of your time. I get it – you’re really busy. That said, and I know you don’t want to hear this if you don’t already have an up-to-date estate plan figure out how to carve out the time to get it done. Seriously, this is important. Why? Two quick points should get your attention:
1) You’ve worked hard to build your wealth. Don’t you want to protect your hard-earned assets while avoiding probate?
2) Consider your loved ones. You love them. What if something happens to you? Will your loved ones be left with a confusing and costly mess, or will you have your affairs in order for them? It is your choice.
Here is a checklist for your consideration at this stage of your busy and productive life:
- Create or update your estate plan, including all the standard legal instruments such as a will, power of attorney, living will, a healthcare power of attorney, and a trust.
- Think about estate tax planning (federal estate taxes). It depends on your wealth; you might want to consider establishing a tax plan trust.
- Review and update beneficiaries if necessary.
- Review your existing life insurance policies and determine if you need to make changes.
- Take advantage of tax-advantaged retirement accounts, such as 401(k)s, IRAs, or SEP-IRAs, to maximize your contributions during your peak earning years.
- Incorporate charitable giving into your estate plan if philanthropy is important to you. Donating to charitable organizations can provide tax benefits while supporting causes you care about.
Look, I know finding the time to create or update your estate plan is not easy, but once accomplished, you’ll have peace of mind that you’ve done what you can to protect your assets and loved ones. And think about this, I provide a complimentary estate plan review for all my estate planning clients, so once you dig in and get this done, we’ll review it every few years together to ensure it’s still current. Call me to schedule a consultation at 513-399-7526 or visit the website https://davidlefton.com/estate-planning-for-all-stages/estate-planning-for-peak-earning-years/