Retirement Planning

Aler Stallings

Is saving money for retirement the only part of your retirement planning? While it’s an important part, protecting your assets using legal strategies is equally important. No one wants to impoverish their spouse. Or lose their IRA to Uncle Sam and their home to long-term care costs. That’s no one’s idea of a great retirement. So where do you start?

Update Your Will

You might have created a will when you got married or had your first child. But if you’re now approaching retirement or already in retirement and a little further along in life, your situation has certainly changed significantly. Maybe you have grandkids, your house is paid off, you have some retirement accounts, and even some new toys. Now is the time to update your Will to include those items.

But come to think of it, is a Will even the right vehicle to transfer your assets in retirement?

Asset Protection Planning

You’ve spent your lifetime working hard and growing your assets. Now it’s time to start protecting those assets. At AlerStallings, our asset protection planning ensures that your assets are safe from the three largest risks: probate, taxes and long-term care. Probate expenses and various taxes can reduce what your spouse or kids receive. But did you know that the biggest threat to most people’s assets is long-term care costs? Costs often exceed $10,000 per month. Long-term care costs can compromise the surviving spouse’s retirement and end up bankrupting a family. If your planning doesn’t include a strategy to protect your assets from long-term care costs, your plan is incomplete.

Tax Planning for your IRA

Is your IRA protected from a tax bomb and long-term care costs? Without planning, it almost certainly is not. Many people wait until they reach 70 ½ and take the required minimum distributions. That’s not a plan. That’s Uncle Sam’s plan. And for most people, it means overpaying in taxes and leaving the IRA is jeopardy if you need long-term care. At AlerStallings, we help families put a tax plan in place so they can pay the least amount of taxes possible. A tax strategy works in conjunction with our Asset Protection Planning. Once we’ve paid Uncle Sam his fair share, we can then protect Retirement Assets from being lost to long-term care costs.

Let us help you protect your assets to ensure you are positioned properly for retirement.