Building a golden nest egg for your retirement years

Retirement is one of the biggest changes in life. Beyond the loss of income and a daily routine, many retirees struggle with loneliness, boredom, or dwelling on the past. Fortunately, there are plenty of ways to combat these feelings and make retirement a time full of meaning and purpose. In this blog post we'll show you how to create a golden nest egg for your retirement years.

The article focuses on three main strategies: composing a will, establishing children's trusts, and creating an irrevocable life insurance plan.

The first goal is to prepare for the future by setting up a will. This is a critical step in ensuring that your assets and property are distributed in a way that will benefit you and your loved ones. If you have any questions or need help preparing your will, please contact us at Wallin & Klarich's Estate Planning Attorneys .

Of all the estate planning concerns we deal with, the future of an elderly loved one is one of the most important. A child or grandchild can petition the court to become a guardian of that parent or grandparent if it is believed that they cannot take care of themselves and their property. Your children, nephews, nieces and grandchildren are not personally responsible for your maintenance. However, your assets may be at risk if you do not have an appropriate will in place.

In establishing a trust, you can limit the amount of time it takes for your heirs to obtain the property you leave them. A trust is essentially a legal agreement that allows you to set aside money or assets for your future beneficiaries upon your death without exposing those assets to potential creditors.

If you have family members who might not be able to handle a substantial inheritance, you have several options. You can give the undeserving family members smaller amounts over time or share the property with others. In addition, you can give more substantial amounts to those who are more deserving and make smaller amounts or no distribution at all to those who are undeserving of your wealth.

When it comes to planning for your physical well-being, it is important to be proactive and take steps that will ensure that you live a long life. Insurance can play an important role in this process. Most insurance policies require a medical exam before they take effect. It is important to make sure that your doctor has up-to-date information about your medical history. You can also request medical tests that might increase or extend your life expectancy.

In conclusion, these three strategies will allow you to create a golden nest egg for the future so that you can enjoy retirement with your family and friends.

If you need assistance with any of these areas of estate planning, please do not hesitate to contact us at Wallin & Klarich's office . Our experienced and knowledgeable attorneys will explain the law in a manner that is easy to understand. With offices throughout California , we are able to represent clients in all parts of the state. Call today for more information about setting up a trust, creating an irrevocable life insurance plan or preparing a will that ensures your money goes where it belongs.

Conclusion: I've been in general practice for over 32 years. In that time, I've seen many families referenced in the article above. The number one emergency the family faces is usually a matter of estate planning which needs to be done prior to death, making Wallin & Klarich's services necessary. Your family will need an attorney to assist them with your estate planning and also inheritance issues that may arise after your death.

I have found   that most families don't realize they are potentially leaving their heirs in difficult financial situations until the parent dies and it is too late.