McDevitt Law Firm Says Estate Planning Should Include Retirement Planning
Fairfax, VA (Law Firm Newswire) December 30, 2013 – Planning one's estate should be paired with planning one’s retirement, says a prominent estate planning attorney.
Lisa McDevitt, a Virginia estate planning attorney with the McDevitt Law Firm, said that while many people only think of wills and trusts when they think about estate planning, they should actually be thinking about retirement planning at the same time.
“Of course estate planning includes creating a will and any necessary trusts to ensure that your assets are distributed according to your wishes after you die,” said McDevitt. “But in order to make sure that you are able to leave what you want to your heirs, you should have a plan for how to manage your financial affairs during your retirement years.”
McDevitt said that one should begin planning an estate with a clear idea of what one will have to pass down to heirs. That means taking a thorough inventory of assets, which may include real estate and other investments, insurance policies and retirement savings. It also means creating a realistic budget for one's retirement years, keeping in mind any decreases in income that may take place.
According to McDevitt, adults of every income level should have proper estate planning documents in place. In addition to a will (and possibly, trusts), such documents may include advance medical directives — such as health care power of attorney and living wills — as well as the naming of guardians for minor children. Estate plans should be reviewed periodically and after any major life event such as marriage, divorce, the birth of children or a significant change in financial situation.
Estate planning should be done with the help of an experienced estate planning attorney, who can guide an individual through the process. An attorney can ensure that estate planning documents reflect one's wishes, can help minimize taxes on your estate and can make sure that things will be as smooth as possible for one's executor and heirs.
McDevitt said that estate planning and retirement planning make a stable pair.
“It's really about taking control of your financial situation, not just after you pass away, but during your lifetime as well,” she said. “With proper planning, you can ensure that your affairs are dealt with in an efficient and organized manner.”
Lisa Lane McDevitt
2155 Bonaventure Drive
Vienna, VA 22181