Thrive Times July 2023

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Volume 13, Issue 7

Secure Your Future: 6 Tips for Estate Planning

Written by Erik Schuster, CFP® – Financial Planner

Estate planning is the process of arranging for the management and distribution of your assets after your death. It involves creating legal documents that provide instructions for your loved ones and ensure that your wishes are carried out. Basic estate planning can help protect your assets, minimize taxes, and provide for your loved ones. In this article, we will discuss the essentials of estate planning.

Create a Will:

A will is a legal document that outlines how you want your assets to be distributed after your death. It is important to create a will, even if you do not have a lot of assets. Without a will, your assets will be distributed according to state laws, which may not align with your wishes. A will can also name an executor, who is responsible for managing your estate and carrying out your wishes.

Name Beneficiaries:

Beneficiaries are the individuals or organizations that receive your assets after your death. You can name beneficiaries for various assets, including bank accounts, retirement accounts, and life insurance policies. Naming beneficiaries ensures that your assets go to the individuals or organizations that you choose, bypassing the probate process.

Create a Power of Attorney:

A power of attorney is a legal document that appoints someone to manage your affairs if you become incapacitated. There are two types of powers of attorney: a durable power of attorney and a healthcare power of attorney. A durable power of attorney allows someone to manage your financial affairs, while a healthcare power of attorney allows someone to make medical decisions on your behalf.

Establish a Trust:

A trust is a legal arrangement in which a trustee holds and manages your assets for the benefit of your beneficiaries. There are various types of trusts, including revocable and irrevocable trusts. A revocable trust allows you to maintain control of your assets during your lifetime and provides instructions for their distribution after your death. An irrevocable trust transfers ownership of your assets to the trust, providing asset protection and tax benefits.

Consider Life Insurance:

Life insurance can provide financial support for your loved ones after your death. It can help pay for funeral expenses, outstanding debts, and provide income for your family. There are various types of life insurance policies, including term life insurance and whole life insurance. It is important to consider your needs and budget when selecting a life insurance policy.

Review and Update Your Estate Plan:

It is important to review and update your estate plan regularly. Life events, such as the birth of a child or the purchase of a new asset, may require changes to your estate plan. It is also important to review your estate plan to ensure that it still aligns with your wishes and provides for your loved ones.

In conclusion, basic estate planning can help protect your assets, minimize taxes, and provide for your loved ones. By creating a will, naming beneficiaries, creating powers of attorney, establishing a trust, considering life insurance, and reviewing and updating your estate plan, you can ensure that your wishes are carried out after your death. Working with an experienced estate planning attorney can help you navigate the process and create a plan that meets your needs.

Let us help you create a long-term plan that is suited to your needs and goals. Reach out to us at (800) 516 – 5861, email us at [email protected], or schedule an appointment HERE to get started today. We look forward to empowering you on your journey to retirement!

Achieve Financial Balance During All Life Stages

While each decade of life presents new financial obstacles and opportunities for growth, one principle holds true for individuals of all ages: achieving financial balance and compromise. To help people navigate their finances effectively, we recommend the following practices:

20s: Time Is Their Greatest Asset:

Many individuals in their 20s find themselves overwhelmed by the newfound responsibility of managing their money. Juggling student loan repayments, career development, and finding a balance between saving and spending can leave young adults feeling lost. However, they often overlook their greatest asset: time. Starting to save for retirement and invest in their 20s provides more opportunities for wealth growth.

30s: Keep Long-Term Financial Goals in Sight:

By the time individuals reach their 30s, they may have achieved significant career milestones, such as salary raises and promotions, or experienced life changes like marriage and children. It is an ideal time to position themselves for long-term success by increasing contributions to their 401(k)s as their salaries grow. Rebalancing investments and considering a Roth IRA are also crucial steps during this phase.

40s: Retirement Strategies:

In an ideal scenario, individuals in their 40s have paid off their student loans, regularly contribute to their 529 accounts, and have an estate plan in place while being on track for retirement. However, a study by Northwestern Mutual found that 4 in 10 people do not believe they will be financially ready for retirement. It is essential to evaluate and determine your retirement age goal and work towards it.

50s: Portfolio Diversification Is Key:

While portfolio diversification is crucial at any stage of life, it becomes particularly important for individuals in their 50s. To mitigate risks, it is advisable to identify a trusted financial advisor who can help navigate potential variables that could derail a well-funded financial plan. This is also an appropriate time to start discussing long-term care planning, as creating a plan beforehand can protect your savings against unforeseen medical costs in the future.

A well-thought-out financial plan serves as the backbone, ensuring an individual’s finances are strong enough to withstand market unpredictability. By following these guidelines, individuals can achieve peace of mind and enjoy the life they have built for themselves.

Contact us TODAY to get started!

Critical Tax Planning Strategies for Retirement

July 2023 Workshops

Are you or a loved one approaching retirement and are feeling uncertain about where to begin? Our workshops are designed to empower individuals like you, providing expert guidance and valuable insights into the critical retirement topics that matter most.

Gain peace of mind as we delve into topics such as taxes, inflation, and market volatility, including a comprehensive analysis of our current market environment. Discover the tools and information you need to make informed decisions and embrace your golden years confidently.

Don’t let uncertainty hold you back from enjoying the retirement you deserve. Limited seats are available, so reserve your spot TODAY!

*Please note these events are for first-time attendees only.

Click here to register today or click the links below:

July Dates

Upcoming August Dates

Wednesday, August 2nd at 6:00 PM | Lambertville Station Inn
Tuesday, August 8th at 6:00 PM | Lambertville Station Inn
Wednesday, August 16th at 6:00 PM | Brickside Grille
Tuesday, August 22nd at 6:00 PM | Brickside Grille
Wednesday, August 23rd at 7:00 PM | Montgomery Township Community and Recreation Center
Thursday, August 24th at 6:00 PM | Carlucci’s Waterfront
Tuesday, August 29th at 7:00 PM | Montgomery Township Community and Recreation Center
Wednesday, August 30th at 6:00 PM | Carlucci’s Waterfront

Team Updates

Catch us on the radio: Time to level up your retirement! Every weekend, our radio show covers useful tips, stories, and actionable advice for anyone looking to enhance their retirement. Tune in on Saturdays and Sundays for new episodes or download them to listen whenever works for you so you can stay updated with the latest news. Click here to listen now!

Wall of Fame: Congratulations to Grant Frederick who has been inducted into the Thrive “Wall of Fame” for the month of June!

Birthdays: Happy Birthday to Erik Schuster and David Bezar! Wishing you both a very special day. We appreciate you both so much! Enjoy!

Questions? Let’s Get Connected!

Our mission at Thrive is to take the time to learn your personal financial situation and history, so that we can help you develop a personalized retirement strategy. Whether you’re just getting started or are ready to retire, our team is here for you every step of the way

Visit us: 500 Office Center Drive, Suite 300 Fort Washington, PA 19034

Call us: (800) 516-5861

Email us: [email protected]

Check us out: www.thrivefinancialservices.com

Schedule an appointment: https://go.oncehub.com/ThriveConnectionVisits

This material is provided for informational purposes only. Opinions expressed herein are solely those of Thrive. None of the information contained in this document is intended to offer personalized investment advice and does not constitute an offer to sell or solicit any offer to buy a security or any insurance product and is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. The information contained herein has been obtained from sources believed to be reliable but accuracy and completeness cannot be guaranteed by Thrive.

Have questions? Schedule a call!

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