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The Difference Between Estate Planning and Retirement Planning

Whether you are young, middle aged, or older, you should seriously be planning for your future. Most people know that they do not want to work forever. Many of the same people have loved ones that they would like to make sure are taken care of upon their death and/or incapacitation. Though they may want to provide for their retirement as well as for their loved ones, the truth is, many people do not know the difference between estate planning and retirement planning. It is also an unfortunate truth that many people are struggling with the decisions that both estate planning and retirement planning may require. When this is the case, it is invaluable to understand the difference between the two as well as to reach out to an experienced Texas estate planning attorney to help navigate through the challenges involved.

Estate Planning vs. Retirement Planning

Estate planning and retirement planning, though they are related, are not the same. There are not only differences between the two, but also legal implications that could arise for mistaking the two.

Estate planning is planning for your future and your loved ones in the event of your death or incapacitation. This means that you should give considerable thought to what medical care you would like if you were to become incapacitated and cannot make decisions for yourself. Estate planning also relates to how you would prefer for your assets to be distributed upon your death and can include wills, trusts, and estate taxes.

Retirement planning, on the other hand, relates to your finances upon reaching a certain age and deciding to exit the work force. With retirement planning, you are planning on financial income goals of how you will support yourself once you have stopped working and are no longer receiving income from a job.

With both estate planning and retirement planning, considering your future is of the utmost importance. It is equally important to consider the future of your loved ones as well as how you would like your hard-earned financial assets to be used, whether in retirement or upon death. Both estate planning and retirement planning are considered to be an ongoing process and can be difficult to navigate without assistance from an experienced attorney. Because of this, it is invaluable to seek advice as to how best to manage your assets so that both you and your loved ones can enjoy the benefits for which you have worked so hard.

Need Legal Advice?

Though planning for your estate as well as your retirement can be humbling, it is also necessary. Despite that estate planning and retirement planning are often misconstrued, they are not the same. There are legal implications to both, and this is especially so when it pertains to estate planning. Seek legal advice from an experienced Texas estate planning attorney at Kiefaber & Oliva, LLP to better help you understand and plan for your future. Contact our office today.

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