By Moshe A. Milevsky

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Proper tax planning can actually create resources to help fund other goals. Tax laws change nearly every year, which is why it is important to review your tax return with your advisor to see if there are adjustments that can be made to help save money or fund financial planning objectives. ” For most people, retirement seems too far away when they should start saving for it that it gets put off. Throughout my 20-year career, I’ve seen the retirement picture change drastically. When I first started working with retirees in 1990, it was pretty typical to meet with people whose major retirement resources were Social Security and a corporate pension.

Having a will is also essential if you have minor children. You need to name a guardian and set up a trust to manage any money they inherit from you. Otherwise, a court battle could erupt over their care, and their money would be turned over to them at age 18—which is way too young to handle a big lump sum of cash. Even if you don’t think you need a will, you do need three things: • A durable power of attorney for finances, which allows you to name someone to make financial decisions for you if you’re incapacitated • A durable power of attorney for health care, which allows you to name someone to make medical decisions for you • A living will, which tells your doctors what kind of end-of-life care you want if you are terminally ill and incapacitated These documents can make an enormous difference in the quality of your life while you’re still around to care.

Prepare a document with them that explains every significant step that needs to be taken to cash in all of your insurance policies, cancel your accounts, and settle your affairs. Keep this document updated. It’s a simple step that you can take to make the burden of your eventual passing much easier on your next of kin. Revisiting the Crossover Point A crossover point is the point at which the income from your savings and investments exceeds your living expenses. There is also a partial crossover point, the point at which the income from your savings and investments plus the reduced income from a job that deeply fulfills you (but perhaps doesn’t earn as well) exceeds your living expenses.

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