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Created: June 18, 2024
Modified: June 18, 2024

Why An Estate Plan Needs to Be Part of Your Retirement Plan

Estate planning is frequently overlooked, yet it is crucial for everyone, not just the wealthy as commonly believed. Nicholas J. Colantuono, CFP® joins Better Money Boston to shed light on this important topic.

Why Everyone Needs an Estate Plan

One common misconception is that estate planning is only necessary for the rich. However, everyone needs a plan. If you don’t have a plan, the probate court is going to create a plan for you. And their plan will likely not serve you.

An Act of Kindness to Your Family

Estate planning can be seen as an act of kindness to your family. It provides a clear roadmap for your loved ones, making a difficult time more manageable. I’m sure we’ve all heard that saying, “When a loved one passes away, the in-laws become the outlaws.” Just having everything clearly stated leaves a roadmap for the people that you love, making everything easier when people are going through enough grief.

Protection and Tax Benefits

A well-crafted estate plan ensures your wishes are honored and offers protection against significant concerns like taxes. For instance, Massachusetts imposes a particularly burdensome estate tax. Minimizing both state and federal inheritance taxes is crucial. Recently, Massachusetts raised its estate tax exemption from $1 million to $2 million—a notable improvement. However, taxes continue to be a crucial factor in your estate planning.

Secure Your Future: Start Estate Planning Today

Estate planning may seem daunting, but taking the time to create a comprehensive plan can provide peace of mind and security for both you and your loved ones. Don’t delay—start planning today.

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.

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