Business

Need to Know Tips for Successful Retirement Financial Planning

Published

3 years ago

December 9, 2020

Everyone wants to enjoy a comfortable retirement life after years of labor in the workforce. However, to turn that dream into a reality, you need to have a plan in mind and a lot of effort to back it up.

According to a GOBankingRates.com study in 2019, about 64% of workers had less than $10,000 saved up for retirement. Moreover, workers that were 50 years old and above reported that they had no retirement savings. Some of them might have been relying on a pension to survive, but most of the workforce seems to be in a financial retirement crisis.

As a result of a lack of awareness regarding financial planning, many retiring workers suffer from not having enough to live out their retirement years in peace and comfort. Keep your future secure as we guide you on several tips to plan out your financial retirement goals ahead of time.

Evaluate your Current Position

When saving for retirement, planning for the longer-term future is a good frame of mind. Planning ten years ahead or retirement, evaluating your current situation and considering if you can make enough to last you through retirement can give you a good start on saving a large sum.

First, start by assessing how much you have already saved away for retirement. These can include the expenses you have in an Individual Retirement Account (IRA), workplace retirement plans such as a 403(b) or 401(k), and taxable accounts should you need to use them. The only thing you will not be adding into your total assessment count is the money saved up for large future purchases or emergencies.

Investigate Income Sources

To bulk up on more finances, figure out where all your income is coming from and how you can make the most of it to improve your retirement financial planning.

To improve your retirement financial planning, figure out where all your income is coming from and how you can make the most of it. You can opt for Social Security benefits if you meet the requirements; work history, career earnings, and the age limit from where you can acquire benefits. Other income sources that can help improve retirement savings can include pensions and part-time jobs.

Think About Retirement Goals

Your retirement goals are an important factor that determines the budget of your retirement savings. Depending on your lifestyle you will have to calculate several expenses to have an estimate of how much you should plan to save.

Whether it’s living a quiet life in a small house or purchasing a bigger property to move in with your family, factors such as housing, transportation, groceries and even leisure activities are to be considered in determining financial goals. Some of the most common expenses during retirement years are medical-related such as doctors’ appointments, purchasing prescribed meds, etc.

Once you have a clear estimate of all your expenses, you can create and follow a budget to know how much you need to save on an annual basis to meet your financial retirement goals.

Do you still have questions that need an answer? Consider asking the assistance of a wealth manager. With an emphasis on protecting finances against market loss and coaching on effective ways to financially plan for future goals, Ty J. Young, CEO and founder of Ty J. Young Wealth Management Inc. is an esteemed wealth manager who has offered a helping hand to many individuals and business owners on how they can manage their money.

Business

From Contracts to Counsel: Your Essential Guide to Hiring a Probate Attorney in Chicago

Published

2 weeks ago

March 31, 2024

Matthew Wiles

Like many people, you’ll come across the term probate after a loved one, such as a parent or spouse, passes away. So, what is probate, and why do you need an attorney for it? As defined in Forbes, probate is a legal process that occurs after death. It entails transferring the assets of the decedent (the person who passed) to beneficiaries named in their last will.

With that in mind, having a probate lawyer by your side is essential. The last thing you want to do is deal with the legal complexities of settling a loved one’s estate while grieving. A probate lawyer oversees the validation of the deceased’s will and the fair distribution of assets among family members. One challenge lies in finding a top-quality probate lawyer.

In this guide to hiring a probate attorney in Chicago, we’ll discuss the tips to identify the right legal professional for probate proceedings.

Understand the Responsibilities of a Probate Lawyer

It’s difficult to hire a talented probate lawyer when you don’t know what they do: Start by understanding the roles they play.

When you work with a Chicago probate lawyer, some tasks they might do include:

Act as an estate executor or administrator
Collect proceeds from the life insurance policies of the deceased
Identify and secure the decedent’s assets
Get an appraisal for the deceased’s estate
Pay debts and resolve estate tax issues
Prepare and file documents required in probate court
Transfer assets to rightful heirs
Represent you in litigation proceedings if someone challenges or contests the will

A probate lawyer could also help you and your family navigate state inheritance laws if a loved one dies without a valid will. That way, you can avoid unnecessary taxes or other ramifications of not creating a will, such as losing ownership rights of the deceased’s business or financial support.

Search for Lawyers Online and Offline

You’re probably thinking, where do I find the best lawyer to hire? You could seek referrals from friends or colleagues. Friends who worked with probate attorneys before might provide important details, such as how the lawyers communicate and handle the probate process.

Alternatively, do a simple online search using the terms “probate lawyer near me” or “probate attorney in Chicago.” Go through various websites or online directories and write names of lawyers with positive ratings and customer testimonials. Then, contact the potential lawyers to set up free consultations. Note that not all legal professionals offer free consultations, so make sure to ask before setting a time in your calendar.

Ask the Right Questions

A free consultation provides opportunities to ask questions to better understand if the lawyers in question have the qualifications to handle your probate case.

Four questions you might ask attorneys during the initial meeting may include:

Do You Have Experience in Probate Law?

When evaluating lawyers, prioritize experience. An experienced probate lawyer is aware of common pitfalls that can result in the probate petition being postponed or dropped by a judge. To feel more comfortable about an attorney’s expertise, ask them if they’ve handled probate cases similar to yours before.

For example, let’s say the deceased owned a substantial estate or had complicated assets like royalties and mineral stocks. Working with an attorney with a track record of successfully handling cases like that could save you time and money in the long run.

What Do Other Clients Say About You?

Experience alone doesn’t make a probate lawyer perfect for your case. Look for someone with an outstanding reputation. These reviews likely live on Google next to their business profile or are featured on their website. If you can’t find any endorsements, ask for testimonials written by past clients.

One point to focus on is what reviewers say about the lawyer’s efficiency and speed. Beyond that, does the lawyer offer expert guidance, conflict mitigation, and proper asset management during probate?

A probate attorney in Chicago, IL, should be an efficient expert in asset preservation. This can be crucial to helping avoid hefty taxes and excessive debt claims. Additionally, if the lawyer receives positive feedback on conflict mitigation, it suggests they have experience in resolving or mitigating family conflicts that tend to stall the probate process.

How Long Does Probate Last?

One way to test a probate lawyer’s knowledge is by asking them, “How long does probate last?” While the numbers vary, probate can last for a few months to over a year in many states, including Chicago. When highlighting factors that affect the duration of probate, your counsel might mention things like estate size, family disputes, debt and taxes, absence of a will, and state laws.

A knowledgeable lawyer can explain clearly why your probate case could last a few months or even years. A lawyer that makes too brazen or hard-set of promises might not be the most honest.

How Do You Want Us To Communicate?

There’s no hard rule on how you and your probate attorney communicate. You can talk via text messages, email, video calls, or phone calls. More importantly, check that the attorney communicates in simple language to help you understand your case.

In fact, one essential of a lawyer’s dos and don’ts to gaining clients’ trust is to avoid making clients feel clueless. If a potential lawyer uses complex legal terms or avoids communicating directly, search for probate services elsewhere.

Conclusion: Finding a Probate Attorney in Chicago

Reviewing the will of a loved one after their death and ensuring fair distribution of their assets often involves complex legal issues. For this reason, consider hiring an attorney who specializes in probate law.

To maximize your chances of finding the right probate lawyer, familiarize yourself with their responsibilities. Next, search online for lawyers within your state or ask for recommendations from people you trust. Then, interview prospects to help ensure they possess experience, a remarkable reputation, communication skills, and knowledge of probate law.

Settling the affairs of a loved one who has passed on can be an overwhelming time. A probate attorney can help lift some of the pressure off your shoulders as you focus on grieving and healing.