May 23, 2016
By estate planning attorney Rick Law of the Estate Planning Center at Law Elder Law. Law Elder Law is a multi-generational firm serving seniors and their families in the heart of Kane County in Illinois.
Diamonds are valuable, but you can’t eat them. Assets have the same problem. If you need income, you must change assets into income streams.
Most of our clients are in their 50s and 60s. Overall, they have economic success, which ranges from the comfortable to the very fortunate. Most have spent their entire adult lives creating assets such as 401(k); pensions; IRAs; real estate; brokerage accounts; business accounts; residences; vacation homes; farms and more. Despite their impressive investments and commendable frugality, very few have the foggiest idea how to transition from asset building to income stream creation.
We look at retirement income planning as a collaborative process with a client. Often the hardest part is just to get the client to actually define their monthly budget target number. That number is the net dollars needed or wanted per month to pay their basic bills and any lifestyle expenses. Any money over the basic bills and lifestyle expenses is what we categorize as excess, which a client can then opt to use for planning for charities, luxuries and legacy.
We break healthy retirement income planning into three stages.
As estate planning attorneys, we help clients develop a “smart plan” for the tax-free transfer of some of their wealth. Even though the estate tax now only hits one of 1,000 U.S. families, most of our clients have many “income tax-toxic” assets.
Those assets can include IRA; 401(k); 403(b); and appreciated annuities.
If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now.
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Call 800-310-3100 for your free consultation now!
My wife and I had our first child three years ago. That’s when we decided to set up a trust, should anything happen to either of us. We reached out to Zach Hesselbaum to help us out. He was very thorough and professional throughout the whole process. Zach went above and beyond to make sure that we understood every detail of setting it up and he did an excellent job. We recently had our second child a few months ago. With the new baby, he helped us make the necessary revisions to the trust. Zach made this process great for us! I would definitely recommend using him for any of your estate planning needs!
Tom G., Naperville, IL