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Considering Retirement Benefits in Estate Planning

lfsuser • May 23, 2019

Everyone wants to have a significant amount of cash flow and financial assets after they retire. Income level is actually one of the foremost concerns for those who are planning retirement. Not only would the typical retiree like to maintain their standard of living, but many have other interests as well. Anticipation of the lifestyle change is big on everyone’s list, but just exactly how do you plan when cash flow could be uncertain? Consulting with an estate planning attorney is one way to get ahead of the game when retirement is being assessed for the golden years, and the legal professionals at the  Law Offices of Faloni & Associates  Fairfield NJ estate plan lawyers understand that every client is situated differently. 

Ensuring Proper Inheritance

While many retirement plans are paid in a monthly stipend, there are individuals with retirement accounts that include investment instruments. These are often part of a retirement package, and typically assets that can be transferred legally in the event of death. All retirement benefits should be evaluated for assignment of a beneficiary before actually retiring even when it is obvious the spouse will inherit any continuing benefits or there is a qualified dependent minor child. Different retirement plans have different rules in some cases and knowing what would transpire is important. 

Protecting Assets

Significant retirement plans that are part of a larger estate can often require protection from the probate process in the event of a death. Taxation issues can be considerable, and many times there may be a question of ownership of certain retirement funds. These funds can be set up as part of a trust fund that works best for the entire family, and they can be designed to protect the funds from the government or creditors that may have a claim in a probate situation. 

Contact a Fairfield NJ Estate Plan Attorney

Including a retirement plan in an overall estate can be good method of making sure your wishes are known with an advance directive, and having the right attorney handling your estate matters. Contact the  Law Offices of Faloni & Associates  Fairfield NJ estate plan lawyers and let them explain how they can help protect your retirement benefits. 

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