There is a stage in your retirement planning phase when the focus will shift from accumulating funds to maintaining and preserving those nest egg funds. The importance of protecting and preserving assets cannot overstated and although meaningful growth should always remain a component of your overall retirement plan, you need to protect your purchasing power during your retirement years.
Particularly as longevity numbers have increased, the ability to enjoy a comfortable retirement and not have these funds decimated by a long-term care event is critical. You may also have a goal of passing on as many assets as possible to future generations while also allowing you to live comfortably. The often overlooked stage of the retirement planning process also incorporates your estate planning phase or your succession planning strategy about how you’ll pass on assets to the next generation.
There are many different estate planning tools that you can use to accomplish this goal and consulting with an experienced estate planning lawyer will help you identify the most appropriate way to approach your estate planning and your retirement planning in its final phases. You may be able to accomplish both goals when you have an eye towards the future and an estate planning lawyer in NJ who knows how to help.