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Stages of Planning

Estate Planning for All Stages of Life

Young & Single

When you are young and unmarried with your first job, you are at the beginning stage of financial and estate planning. All persons who are over the age of 18 should have a Will, Durable Financial Power of Attorney, Durable Power of Attorney for Health Care and Living Will. …

Young & Married

The next stage of financial and estate planning arrives with marriage and the purchase of your first home.  When we marry, we usually begin to acquire assets jointly which need to be allocated among the two families in the event that both husband and wife are involved in a sudden accident and …

Married with Minor Children

The next stage of financial and estate planning occurs when a married couple have minor children. Because a sudden illness and/or passing may incapacitate you as a parent, planning should be put in place to nominate a guardian for your minor children as well as someone to manage your assets for your children. …

Under 59½ with Adult Children

The next stage of financial and estate planning occurs when the married couple have attained the age when they may still have minor children as well as adult children. Because a sudden illness and/or passing may incapacitate the parents, planning should be put in place to include a guardian for any minor children as well as an an individual to handle your financial affairs. …

Over 59½ with Adult Children

If empty nesters have reached and/or gone by age 59 1/2, a thorough and proper review of their retirement planning is necessary.  Each type of deferred compensation plan (i.e. IRA, SEPP, 401(k) 403(b), PERS, STRS, etc.) has rules and regulations which govern the withdrawal and the receipt of the account at the participant’s death. These rules should …

Seniors Over 70½

Before attaining 70 1/2, you should review all of your estate planning documents along with those describing financial and retirement benefit planning.  Because the age of 70 1/2 has been magically designated by the Congress of the United States and the Internal Revenue Code as a lock-up date for certain types of tax-deferred compensation plans, it is imperative that

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