Posts Tagged ‘newport beach lawyer’
Wednesday, January 9th, 2013
If you’re like 70% of people in the US who have a retirement plan, you still haven’t worked with a professional such as a trust lawyer in Newport Beach in order to determine how much money you really need to save. A recent study found that only about 30% of this group has actually sat down with a professional to come up with a realistic number. Another 34% has simply guessed at a number that they think might be reasonable.
Any good Newport Beach trust lawyer will tell you that this is incredibly dangerous. There are so many factors that go into determining what will be needed. Just a few of these include:
- What do you want to do when you retire?
- What assets do you have now?
- How will inflation impact the value of the dollar?
- What kind of retirement fund do you have?
- How long do you have before you retire?
- How much will you lose to taxes when you withdraw your money?
As you can see, getting to a total that will support your lifestyle during retirement is a bit more complex than simply plucking a number out of thin air.
And, once you have that number, you need to know what has to be done to achieve it. How much do you need to save monthly/annually? Are there better retirement tools than what you’re using? The questions keep on coming.
The whole process can be very overwhelming and cause a lot of people to throw their hands up in the air and give up. Really, though, it’s a matter of having the right information. Fortunately, a Newport Beach trust lawyer has that information. He or she knows all of these questions and more and in conjunction with other advisors, can help you put together a comprehensive picture of where you are, where you want to be, and how to get there.
A good Newport Beach lawyer can help you understand what areas you’ve succeeded in for your planning as well as to let you know where you can improve. With professional guidance, you can learn how much you really need to be contributing to your retirement now in order to reach your goals for later, and he or she can likely help you uncover ways to do just that.
As with just about anything in life, having a clear-cut, reasonable goal is the most important aspect for getting what you want. Fortunately, trust lawyers in Newport Beach are well-versed in exactly what needs to be done for this to happen.
Tuesday, February 22nd, 2011
You’ve heard about the importance of California estate planning from everyone including your mother-in-law, your neighbor, and the Newport Beach estate planning lawyer you see every morning at your favorite coffee shop.
But the idea is still as hard to swallow as the first sips of that overly hot coffee. Where do I begin? Do I really want to think about my death when I’m so young? There are many questions that surround planning your estate, but these tough questions don’t take away from the importance of doing it.
The first and easiest thing to do when starting to plan your estate is to take inventory of all of your assets.
Step back and look at everything that you “own” in your life. I put this in quotation marks because there are a number of assets that people simply forget about when taking inventory of their estate.
When taking inventory, write down what you have and their value. Don’t forget to include:
- 401k or retirement accounts, including the ones from previous jobs that you have yet to rollover
- Life or other insurance policies
- Real estate
- Objects of value in your possession (family heirlooms, jewelry, etc.)
- Bank accounts
- Trust funds
After you have compiled this list, what do you do with it? The next logical step is to create a Last Will and Testament, which will determine where those assets should go after you die. Not sure how to do this? Contact an experienced Newport Beach estate planning attorney at Morgan Law Group by calling (949) 260-1400 to schedule a free Family Wealth Planning Session (normally $750).
We can help you turn that list into a complete estate plan so that you can protect your assets and ensure that your wishes are properly carried out after you are gone.
Southern California Probate Attorney / Estate Planning Lawyer / Wills & Living Trusts Law Firm
Serving: Los Angeles, Orange County, Riverside, San Bernardino, San Diego & all of Southern California
The estate planning law firm of Morgan Law Group, apc serves all cities in Orange County, including: Aliso Viejo, Anaheim, Balboa Island, Brea, Buena Park, Capistrano Beach, Corona Del Mar, Costa Mesa, Coto de Caza, Cypress, Dana Point, as well as estate planning in Foothill Ravnch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, and estate planning and probate in Los Angeles, Mission Viejo, Newport Beach, and estate planning and probate law firm information in Orange, OC, Placentia, Rancho San Margarita, San Clemente, Santa Ana, Seal Beach, Tustin, Villa Park, Westminster, and Yorba Linda.