How Does Estate Planning Relate To A Retirement Plan?

How does estate planning relate to a retirement plan? Estate planning is critical when planning for retirement. We think, again at Merrill Lynch we try to look at the overall financial plan and the estate...

We think, again at Merrill Lynch we try to look at the overall financial plan and the estate planning and the retirement planning are just two aspects of an overall retirement plan. In estate planning it is really looking for how do you want your assets placed and where do you want your assets to go at your death. How do you want them to be dispersed? It is also taking in consideration taxation and convenience of the distribution of your assets. So, often work with clients and there are other professional such as maybe their attorneys in formulating an overall estate plan. When setting up an estate plan, the earlier, the better. Obviously it is something that needs to be addressed on an ongoing basis and not a one time basis as your needs change, your goal changes, as your income and assets change. So, but it's really never too early to have some at least beginning planning for the distribution at death. Often times there are benefits in setting things up earlier because of appreciation of assets than trying to set it up later. So there is a lot of benefit for starting as soon as possible. Obviously, you would like to have the estate plan in place prior to death, so you can't correctly forecast when that is going to come. You know we can tell you exactly when the last date of the state planning would have to be done.

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