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Five Ways to Integrate Financial Wellness Into Your Estate Plan

Many Americans find themselves either “doing okay” or just scraping by when it comes to financial wellness. You don’t want to end up in these situations as you grow older. Integrating financial wellness into your estate plan can help avoid these fates. 

The TGQ Law Firm can provide a trusted estate planning attorney to incorporate comprehensive financial strategies into your estate planning. Here, we’ll discuss five ways to make financial wellness a bigger part of your estate plan.

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Establishing Clear Financial Goals

Setting financial goals as part of your estate planning based on your long-term vision and legacy is important. You should review these goals and adjust them for life changes, stock market fluctuations, and other variables.

Setting financial goals can motivate you to create financial wellness in your estate plan. It can also help you take better control of your estate plan by forcing you to consider changes you’ll need to make to accommodate any financial changes.

Utilizing Powers of Attorney

Appointing powers of attorney is another important step to take during estate planning. These include:

  • A medical power of attorney to make medical decisions on your behalf if you’re unable to do so yourself
  • A financial power of attorney operating in the same capacity concerning financial decisions

Choosing a financial power of attorney can present challenges, making selecting the right representative to ensure financial wellness in your estate plan imperative.

Search for a financial power of attorney who is:

  • Well organized
  • Financially responsible
  • Completely trustworthy

You’ll sleep easier at night knowing the right person will assume financial power of attorney over your finances if you can’t manage your estate.

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Incorporating Trusts into Your Estate Plan

Establishing trusts during the estate planning process can work wonders for your financial wellness. By utilizing trusts, you will:

  • Protect assets and preserve them for a longer period
  • Minimize federal and state tax responsibilities
  • Make the distribution of assets more seamless

Two popular types of trusts include:

  • Revocable trusts: Also known as living trusts, you can change these as necessary after creating them, allowing your family to sidestep the probate process.
  • Irrevocable trusts: Unlike revocable trusts, you can’t alter these trusts after creating them. They can provide extra protection for your assets from creditors and limit estate taxes.

Other options include irrevocable life insurance trusts, grantor-retained annuity trusts, and charitable remainder annuity trusts. Consulting a legal professional with estate planning experience can help you weigh these and guide you toward making the right decision for you and your family.

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Planning for Healthcare Costs and Retirement

Chronic diseases can start to impact many Americans during their mid-50s. Begin planning for related costs and consider putting healthcare directives in place, providing your family members with insight into which types of medical care you do and do not want during your later years.

Come up with a plan for retirement savings as well. Unfortunately, a recent Survey of Consumer Finances found that about half of American households haven’t yet set aside anything for retirement.

Failing to plan for retirement can make it impossible to accomplish financial wellness with your estate plan. Building a nest egg can limit your financial strain in retirement and provide security for your estate plan.

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Contact The TGQ Law Firm To Implement Financial Wellness Into Your Estate Plan

Integrating financial wellness into your estate plan has its fair share of complications. Working with a Michigan estate planning law firm can alleviate the stresses that often accompany estate planning. The TGQ Law Firm is here to help those searching for an experienced estate planning attorney in Ann Arbor, MI.

Contact us at (734) 707-3232 today to schedule a consultation so you can learn more effective ways to make financial wellness a larger part of your estate plan.

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Disclaimer: This article is not intended to be legal advice. Everyone’s situation is different and legal advice is only properly given after having reviewed your specific situation.