Long Range Financial Planning

Long range financial planning includes much more than saving money for retirement and writing a will.  An individual or couple must consider
         

• At what age do I plan to retire?  How far into the future is that?
• What kind of lifestyle do I want after I retire?
• Where do I plan to live?
• How much will it cost?
• Will I have to change my savings and investment strategies to be sure I have enough to retire?
• If I become unable to manage my affairs, who do I want to manage them for me? What limits or guidelines can I set?

A person’s or a couple’s plan should be  

• In writing,
• Flexible enough to cover changes in health, family situations, taxes, economic conditions, and
• Reviewed and updated from time to time to adjust for these contingencies as necessary.

If one does not plan and adjust as needed, one’s resources, long term care and the legacy left to one’s family may be determined by others.

A power of attorney, an advance medical directive and often a trust are the basic planning documents one should have to assure that one’s wishes and desires are carried out if the person is not able to manage his or her own affairs.

A will and a trust are the basic planning tools for assuring that one’s wishes for the management or distribution of assets at death are carried out.  Wills and trusts are essential to assure that resources are available for a surviving spouse, a child with special physical or mental needs and to avoid or minimize estate taxes.