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The importance of estate planning, no matter the age

As with most areas of financial planning, a large amount of it can be done online. The simplicity of using technology and taking care of estate planning online may discourage some New Jersey readers from seeking help from experienced advisors. Despite the temptation to save money or to make plans without seeking assistance, estate planning can be a complicated financial and legal process.

The realm of financial planning for the future is always changing with new regulations and laws. In fact, New Jersey readers will note that, with the tax laws and codes in constant flux, help may be needed to make adequate plans. As more of the baby boomers retire, it will become increasingly important to establish a stable retirement income for this generation. Another factor to consider is that, with the improvement in medical care, these retirees will be living longer.

The longer lifespan emphasizes that people of all ages should consider estate planning, even from a young age. It is likely that the younger generations will live longer than their parents. Financial planning for retirement is more important than ever. Fortunately, many financial planners are keeping pace with the times, with much of the customer interaction taking place online.

When considering estate planning, it is important to have help from an advisor who will understand the importance of a steady retirement income, no matter the age of the client. In addition to the financial aspects of estate planning, it is important to understand the legal implications of all decisions. Both legal and financial sides must work coherently together to provide for a stable future in retirement.

Source: financial-planning.com, Estate Planning: Changes for Advisors, Martin Shenkman, Jan. 29, 2014

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