New Jersey residents who are planning for retirement may find the case studies of estate planning individuals interesting. Nursing home planning is an example of an area that should be carefully considered in retirement years, and many couples face concerns about whether their assets will last to cover such expenses. A list of priorities for retirement is important as many couples face interests in traveling and other enjoyable activities. At the same time, they face the need to preserve assets for unexpected medical and care needs.
Financial planning includes the need to evaluate assets. An overview of IRAs, brokerage accounts, certificates of deposit, savings and checking funds will provide an awareness of financial health. Projections of expenses during retirement years should include issues like vehicle replacement and home improvements. While nursing home or care needs can't be exactly predicted, projections can be made based on family history and statistics. Long-term care planning can include riders that allow for the unused portion of one spouse's benefit to be used by a surviving spouse.
As financial health is determined, options for preliminary distribution of estate assets can be considered. In some cases, gifting can provide a means of ensuring that heirs receive part of the estate early. It's important, however, to keep a balance between saving and giving so that tax liabilities aren't increased dramatically. For some, advanced gifting eliminates large sum distributions later on.
Managing assets in retirement can be confusing and frightening. An estate planning attorney can help in drawing attention to issues that may not be obvious. Additionally, an estate lawyer may be able to provide important options for ensuring that long-term care needs are covered. Working with a professional can help in prioritizing and budgeting for making the most out of an estate.
Source: NJ.com, "Get With The Plan: Couple could spend more, or gift to family, and still succeed in retirement", Karin Price Mueller, November 03, 2013