Retirement planning is something that one should consider, even before old age sets in. After retirement, several priorities may change. There are health-related issues to handle.
Also, if there’s property involved, that’s even more reason to take it seriously.
If your parents are more than sixty-five years old, it can be difficult to bring up end-of-life planning issues because of how overwhelming and emotional they can be. Therefore, we tend to put off talks for as long as possible. This isn’t wise.
Why now?
Retirement plans are a crucial procedure to ensure that you, your parents, and their assets are protected.
While inheritance and finances are just a part of it, your parents’ personal welfare and healthcare are just as crucial, given the inevitable biological degradations that come with old age.
Often, a little bit of prodding will reveal that your parents have done little or nothing about estate planning. So, if no one else makes an effort (it’s not their business, after all), you must take it upon yourself to have estate planning talks with your parents.
If they die unexpectedly, you’ll be caught in the overwhelming situation of grieving and having to run around to sort out financial issues.
Here are some reasons why you should stop procrastinating having that vital talk with them:
Sort out inheritance issues
Probate is not an easy procedure if the right documents are in place. If there aren’t, it gets complex.
If your parents die without a will, the jurisdiction reverts to the state. Legal proceedings are costly and time-consuming. So, it’s best to talk with your parents now before they kick the bucket.
Tax planning
The transfer of wealth from one generation to another means that you inherit not only the assets, but also the liabilities.
Inheritance and estate taxes are important, with different states having different regulations regarding them. To avoid complexities, make sure you talk about retirement planning with your parents as soon as possible.
Consider family dynamics
If you have siblings, you should ensure to get them involved in the talks. You can’t risk having conflicting ideas at this point, so you should sort out any bad blood issues first.
If yours is a large, complex family with step-siblings, you should figure out the hierarchy. This will help you avoid potential bitter disputes in the future.
Understand the paperwork
It’s important to know which of the relevant documents you have available presently.
Documents like a will, health care proxy, trusts, and power of attorney are important.
Ensure that you understand the legal frameworks and which documents require updating.
Get a professional
If you reside in Lancaster, PA, your best bet would be to get a qualified retirement planning agent or expert.
Such a professional specializes in estates, trusts, wills, and estate planning. Whoever you select, ensure that they have a great track record and relevant qualifications.
Contact the professional Lancaster, PA, retirement planning agents at Premier One Financial Company to guide you through the whole process today.