Depending on your intentions, financial planning and estate planning can go hand in hand, and there are two different perspectives that people tend to take. Some folks plan for the future from a financial standpoint with their eyes fixed firmly on retirement. Their goal is to make sure that they have the financial resources that they need after their working days are through, and they don’t really consider their estate plan as being part of their financial plan along the way. They see their estate plan as a way to divide any assets that may be left over upon their passing without having any particular goals in place
But there are other people who take a more comprehensive viewpoint. They have very specific estate goals in mind, and they make long term plans to achieve these goals. They are not simply planning for their own retirement; they are also making plans regarding their legacies after they pass on. Some people may want to make sure that their grandchildren have the means to attend college, or they might want to provide a trust fund for their children. People who have specific estate goals can include them as they make financial plans for retirement, and this can impact some of the decisions that they make along the way.
So for many people, financial planning as it applies to retirement and estate planning intersect. When you evaluate your life’s work after it is all said and done, it is a very satisfying feeling to know that one of the rewards is the ability to do something nice for your loved ones after you pass on. Smart planning can provide you with the best of both worlds: a comfortable retirement and a lasting legacy, and this is the ultimate goal for many of us.
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