Skip to main content
Created: February 23, 2025
Modified: February 24, 2025

Planning for Your Final Wishes

At its core, estate planning provides security, peace of mind, and control over your legacy. The way you choose to pass on that legacy is a personal decision that warrants careful consideration.

This week on Retire Wiser with NBC Connecticut, Joel Johnson, CFP® discusses the foundational elements of creating a solid estate plan that aligns with your final wishes.

Decide Where You Want Your Money to Go

One of the first decisions to consider is where your assets will go. For instance, you may choose to designate an inheritance to a family member or make contributions to a church or charity close to your heart. Having a clear plan in place ensures your money ends up in the right hands, and not in the IRS’ pocket.

You may even decide to spend all your money and leave your children to forge their own path forward. Whatever you choose to do, these critical decisions should be discussed early in the estate planning process.

Name a Power of Attorney

As life expectancy rises, it’s more likely that you’ll face situations where medical or financial decisions need to be made on your behalf. This is why having a power of attorney is key. A power of attorney is a legal document that designates an agent to make these decisions for you if you were to become incapacitated. Typically, your agent would be someone you trust, such as a close relative, who will respect your values in their decision-making.

Establish a Will and Trust

Any good estate plan should include a will, which allows you to outline your wishes rather than leaving the decisions up to the state. It’s essential that you have a will written up by an experienced estate planning attorney so as not to leave your affairs in disarray or up to any debate.

For many people, establishing a living or revocable trust in addition to a will is a smart move. A trust can provide further protection, privacy, and control over how your assets are distributed and may be able to reduce estate taxes and probate fees. Depending on your specific estate planning needs, creating a trust may be a valuable investment of time and effort.

Download Now

Estate Planning Checklist

Estate planning is a large component of retirement planning, ensuring your assets are distributed according to your final wishes. Creating an estate plan allows greater control, privacy and security of your legacy.

Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.

Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.

Resources by Topic

Estate Planning Checklist


Subscribe to Our YouTube Channel

Share

Related Resources

  • Most Asked Social Security Questions

    It’s no question that Social Security plays a crucial role in retirement planning, helping to provide a stable income stream for millions of recipients. In this week’s Better Money Boston with …
  • Podcast Episode 402: How Often Should You Meet with Your Financial Advisor?

    A good relationship between a client and their financial advisor relies on clear communication and regular check-ins to ensure everything is on track. In this episode of the Money Wisdom podcast, …
  • Think Like the Rich

    As you enter retirement, your financial focus shifts from growing your wealth to preserving your assets and generating income. In this stage of life, adopting the mindset of the wealthy can go a l…
  • Leaving a Lasting Legacy

    Estate planning can be a difficult yet necessary conversation to have with your loved ones. Everything from the distribution of your assets to your wishes regarding end-of-life care is up for disc…
  • Right Time for Social Security

    Contrary to popular belief, waiting to claim Social Security until age 70 to get the maximum benefit is not the best decision for everyone. So, when is the right time? In this week’s Retire Wis…
  • Social Security: Make Your Choice

    There are many options when it comes to taking Social Security, but only one that’s right for you. It’s one of the few retirement decisions that is nearly irreversible. Once you choose when to cla…
  • What is the Social Security Fairness Act?

    You may have heard about the Social Security Fairness Act, which was signed into law on January 5, 2025. But what is it and who does it help? In this week’s Money Wisdom Question Series, Ian Fe…
  • Finding Your Way on Taxes

    Taxes can be confusing on any given day, but in retirement, they require even more attention and understanding. In fact, taxes are at the core of nine out of every ten conversations we have with t…
  • How to Effectively Plan for Healthcare in Retirement

    As you approach retirement, the reality of rising healthcare costs becomes clearer. When planning for this significant expense, it’s important to consider all aspects – from prescription drug cost…
  • Case Study: Steps to Determine How Much Money You Need

    Imagine you’re 63 and ready to retire, with plans to live on $80,000 a year. The question is: how much should you have saved by that time? Nicholas J. Colantuono, CFP® joins Better Money Boston…
    Back to top
    Our Locations
    Johnson Brunetti
    Welcome to Our New Website!
    Everything was designed with you in mind, making our retirement planning resources more easily accessible to you.
    Check out your new resource center, where everything can be organized by article type or topic
    Are you ready to speak with a financial advisor?
    Skip to content