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Retirement & Legacy Planning


The Financial Life Stage of Retirement & Legacy Planning is also referred to as the Distribution phase. Planning for this phase typically begins at least 2 years before retirement and is broken out into two areas.

Retirement planning encompasses the distribution of wealth during your life and effects your lifestyle during retirement.

Legacy planning incorporates the distribution of wealth after your death and impacts the distribution of your wealth to your loved ones.

There are many important decisions to make during each of these planning phases that impact both you and your loved ones. Some of these decisions are irrevocable so careful consideration and planning is necessary. Here are several items to consider during each of these stages:

Retirement Planning

Distribution of wealth during your life:

  • Analyze retirement plans and IRAs
    • Investment management
    • Distribution during life options
    • Distribution at death options
    • Defined Contribution vs. Defined Benefit plans
  • Review stock options
    • Investment concentration issues
    • Funding of exercise plan
    • Taxation issues
    • Transferability
  • Evaluate business succession plan

    In the event a spouse is a business owner or is involved in a family business, this becomes an important component of the household strategy

  • Plan for incapacity
    • Durable power of attorney
    • Successor trustee
    • Medical directives
    • Special needs trust
    • Long-term care … insure or self-insure?
  • Review family gifting strategies
    • Clearly define your intentions
    • Trust management
    • Tax efficiency
    • Control
    • Timing and techniques
  • Review of charitable gifting strategies
    From successful to significant
    • Trust management
    • Tax efficiency
    • Control
    • Timing and techniques

Legacy Planning

Distribution of wealth after your death:

  • Select appropriate asset titling
    • Beware of joint account titling with parents and children
    • Use beneficiary designations and POD when possible
  • Evaluate executor and trustee selection
    • Carefully consider who plays these roles—trusted advisor or family member
    • Evaluate capacity and possible compensation
  • Review plan for wealth transfer
    • Trust management
    • Tax efficiency
    • Control
    • Techniques
  • Review charitable intentions
    • Trust management
    • Tax efficiency
    • Control
    • Techniques