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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.

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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.

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