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Step 1: Carefully choose your estate planning team.* Attorney Your financial needs will dictate the team players you recruit. |
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Gather Information & Complete the Legacy Alive Factfinder
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Step 3: Analyze the Data Plan as if death occurred yesterday.
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Step 4: Recommendations
Review the advice and recommendations presented by your estate planning team. |
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Step 5: Decide and Implement
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Step 6: Periodic Review Review your plan on at least a biannual basis or anytime your situation changes. This will insure maximum financial opportunity for you and your legacy. |
Learn even more details about this important process.
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Estate Planning Basics I
Estate Planning Basics II
Estate Planning Basics III
l. I have enough social security to support me.
2. When I retire my living costs will be much less.
3. My pension will provide for me.
4. I am too old to begin planning for my retirement.
5. My home (equity) will provide for me.
6. If I just keep saving everything will be fine.
l. I have enough Social Security to support me.
Social Security was designed to supplement your savings and pension. Here is an estimate of what you can expect from Social Security:
If your annual earnings are:
$25,000--you can expect Social Security to provide you with 50% of your annual income.
$40,000--you can expect Social Security to provide you with 27% of your annual income.
$60,000--you can expect Social Security to provide you with 23% of your annual income.
2. When I retire my living costs will be much less.
Granted you may have your home paid off and the children will be out of college, but health care costs may exceed either of those two expenses. Also, you may find that hobbies, recreation, and food costs actually rise.
3. My pension will provide for me.
Many retirees have made the mistake of over calculating the value of their pension. Many pension plans are reduced by Social Security and the actual replacement ratio may be far less than anticipated.
4. I am too old to begin planning for my retirement.
It is never too late to plan for retirement. Granted, you may not be able to make up for lost time, but you need to start as soon as possible.
5. My home (equity) will provide for me.
Your home may be your largest investment but it is not a liquid asset. If you were to sell it and "buy down" you still are not able to predict your life expectancy and determine the total money you will need through the years.
6. If I just keep saving everything will be fine.
Inflation depletes your principal. In order to actually stay ahead you must seek to grow your estate and not just preserve it.
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Copyright © 2006 Bill Judge & Associates
Bill Judge & Associates
2902 Sweetspire Ridge
Midlothian, VA 23113
1.800.606.1071
804.897.6001
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http://www.legacyalive.com
Disclaimer: William Judge, Jr., of Bill Judge & Associates is registered with AIC, which is otherwise unaffiliated with Bill Judge & Associates.
5900 O Street, Lincoln, NE 68510
1-800-335-985
This is not an offer of securities in any jurisdiction, nor is it specifically directed to a resident of any jurisdiction. As with any security, request a prospectus from your registered representative. Read it carefully before you invest or send money. Securities products are limited to residents of Arizona, California, District of Columbia, Florida, Maryland and Virginia. A representative from Bill Judge and Associates will contact you to provide requested information. California license number 0D30711