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Some retirees have their mind set on spending their last dollar on their last day. Others hope to leave a legacy for their families. Transitioning your assets over to your loved ones does require some careful planning. Fiduciary financial planner Jordan Schwartz of Strategic Wealth Designers joined us on the newscast discuss how you may leave a legacy for your family and loved ones.
“First thing’s first: have the hard conversations,” Schwartz says. “This isn’t something anyone enjoys talking about, but the most important conversations are usually the hardest. If you are on the receiving end, honor your parent’s wishes and trust them with their decisions when it comes to their money. If you are on the giving end, talk with a financial planner who can help make a strategy for your legacy plan.”
It takes a long time to get these plans in place. Detailed planning may require 5 to 10 years of preparation depending on the complexity of your situation when it comes to estate planning, long term, planning, trusts, etc. But taking the time to develop your plan in advance will provide peace of mind for you and your loved ones.
“The SECURE Act requires you withdraw distributions from an inherited account within 10 years,” Schwartz says. “This could impact the tax bracket you’re in since you can no longer stretch the taxable contributions over time. You’ll likely be taking the money out during your highest earning years, so it is best to talk to an advisor to plan accordingly.”
Working with a financial professional can help save you stress when you are developing your retirement succession plan. To see additional stories surrounding business and economic news for Denver area, visit https://KDVR.com/Money and if you have a question for Jordan send an email to firstname.lastname@example.org.