Ages 40 and Younger
Individuals in this age group have many financial challenges:
- Paying off college loans
- Purchasing a home
- Making contributions to retirement plans
- Getting established in a career or business
- Starting a family
- Building a financial safety net
- Establishing a college fund for their children
As a starting point, members in this age group need wills to dispose of assets and to name guardians for minor children. Life insurance and disability insurance play important roles in protecting family members. Along with these, a trust funded with insurance can provide financial management for children in the event both parents were to pass away.
Other documents to consider as part of a complete estate plan:
- Healthcare directives to make known wishes concerning life-sustaining treatment
- Health care proxy, naming a person to make health care decisions on another's behalf
- Powers of attorney, allowing financial decisions to be made in the event of disability
Philanthropy can be important to people of all ages, although the particular method of giving will vary, depending on age, assets, family needs and charitable goals. People in this age group may want to consider:
- Making annual gifts
- Including a gift to charity in a will or living trust
- Naming charity as a partial beneficiary of life insurance
- Designating charity as a beneficiary of an IRA or other retirement plan
|Ages mid-50s to 60s||Ages 70
Please contact us for more information on any of the ideas above.
The information in the website is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to income tax apply to federal taxes only. Federal estate tax, state income/estate taxes or state law may impact your results.