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Month: May 2020

Retirement Planning Considerations for Spouses with a Significant Age Gap

In some things in life – love, in particular – age is a fairly meaningless number. When it comes to financial planning, however, age can begin to matter quite a lot. This is why it is exceedingly important for spouses with a wide age gap to have a long-term financial plan in place. As we collectively face a time of economic uncertainty, smart long-term planning can also offer you peace of mind.

Long-term financial plans include retirement planning, of course, and this is an area in which traditional advice often won’t work well for couples separated by a decade or more. If you and your spouse are in this scenario, you’ll need a retirement plan that can accommodate the needs of two different stages of life.

Let’s explore a few of the considerations that mixed-age couples need to be aware of for proper retirement planning.

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5 Things to Understand About Wealth Transfer

From gifting money to children to transferring ownership of a home, it’s important to understand some parameters for the best way to pass on inheritance.

One reason some people focus on building wealth over a lifetime is to be able to pass along resources and provide opportunities to their children and grandchildren. But it takes time and planning — as well as conversations about expectations and shared values — to have this transfer work well for everyone.

The concerns about wealth transfer vary, from worrying about estate taxes to keeping a home in the family. So what is the best way to pass on an inheritance and set up an estate transfer the way you want? Consider these steps.

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Writing a Will, Estate Planning and Financial Documents: DIY or Pro

The internet offers lots of DIY estate planning and financial tools, such as an online will maker and guides for advanced directives. Should you learn how to make a will for free and create your own package of estate documents or should you hire professional help? These considerations can help.

A husband and wife came to Zach Morris, co-founder of the Atlanta-based Paces Ferry Wealth Advisors, after completing an online will maker. Upon reviewing the documents, Morris, whose firm is a registered investment advisor with the SEC, realized that they had each decided to leave $10,000 and their dog to their best friend. But the will didn’t state what to do with the animal (or the money) if the friend died before them — meaning the couple could have accidentally left their pet and $20,000 to their best friend’s next-of-kin.

It was a small error, but one that illustrates the risks of taking a DIY route for financial and estate planning. “When you’re talking about legal terms, it’s really something that you want to get right,” Morris says.

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