As you approach retirement and the later stages of your life, you may be considering your legacy and how you will pass your assets on to your loved ones. Perhaps you want to fund your grandchildren’s education or help your grown children get started on their retirement nest egg. Maybe you have assets that hold sentimental value that you would like to distribute to specific relatives.
To achieve these goals, it’s helpful to have an estate plan in place. Your estate plan should prioritize your objectives and offer a strategy. It should also identify risks and challenges, such as taxes, end-of-life costs and even probate expenses.
Any solid financial plan is built on a foundation of risk protection. It’s difficult to reach your financial goals if you are vulnerable to risk. It takes only one sizable threat or unexpected event to create a financial crisis and throw your planning off track.
You probably have various types of insurance to minimize your risk exposure. For example, you may have health insurance, life insurance, homeowners insurance and more. If you’re like many Americans, however, you may not be protected against one significant risk—disability.