June 22, 2020

If you’ve done any financial planning at all, it’s common to feel like it’s a bit overwhelming to keep track of all the things you need to do or feel like you should be doing. But don’t let that keep you from taking these important steps to protect your interests and even your family in the future. Now is the perfect time to take a deeper look at how you can incorporate holistic estate planning and financial plan into your future.

The pandemic has encouraged many people to take a deeper look at their financial plans and uncover potential problems. Some people might not have even looked at their financial and estate plans over the past ten years because there have not been significant changes in account value. However, since the impact of the pandemic, many account values decreased tremendously. 

The pandemic has brought forward a focus on end of life planning but other reviews of your estate plan can assist you with discovering ways that you need to alter your existing planning. For example, executives should be looking at opportunities to convert their traditional IRAs to Roths as long as they are considering the taxes that a client might have to pay for the conversion. 

A consultation with your estate planning lawyer can be especially valuable right now given the challenges that have been presented by the pandemic and the opportunity to align and update your estate planning materials to ensure that they have your best interests and your intentions for your family members in mind.       

Looking at the big picture financially, it’s good to have someone else review your existing retirement, asset protection, and estate plan. Another person’s insight can help you see some of the gaps where you need to step up your planning efforts. No matter where you’re at now, our lawyers can help you put together a plan that helps protect you into the future.