Depending upon the education level attained, the average lifetime earnings over an adult working life in the United States range between $1.2 million and $4.4 million. While this is a substantial amount of money, too many people struggle to pay for college educations for their children or to fund their retirement. If you follow the old adage to pay yourself first, you can make sure you keep some of your earnings for yourself and your children. The question, however, is how much you should keep and what you should do with it?
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Gersh Law Offices, P.S.C. can help you to answer this question. Our Louisville financial planning assistance lawyers provide detailed, personalized advice on your finances, regardless of your age or your income level. Whether you’ve just begun to consider how to manage your money or you have a substantial nest egg and you want advice on investing it and protecting it, we can offer you the guidance and advice you need. Give us a call for personalized solutions and to get information on important issues related to financial planning include:
- Why is financial planning important?
- What should be a part of my financial plan?
- How can a Louisville financial planning assistance lawyer help me?
Why is Financial Planning Important?
While most people earn more than a million dollars over their working life, the average person who retires at age 65 has just $103,000 in retirement savings in the bank. This provides an income of just $343 per month. While average Social Security payments are $1,341 per month, the total monthly income for many seniors does not provide very much financial security.
Saving for retirement has become increasingly important as fewer employers offer defined benefit pensions. Unfortunately, many people don’t know how much to save, how to save, or what tax breaks and benefits they can get for putting aside money. There are tax-advantaged accounts like individual retirement accounts (IRAs) which can make it easier to save but there are complex rules requiring how much can be invested and deducted each year.
An experienced attorney can provide you with the guidance you need to create a plan to grow and protect your assets so you can enjoy retirement security in your old age. Your attorney can also help you to accomplish many of the other important goals that you may have, like paying for college for your children and buying your dream home.
What Should be a Part of My Financial Plan?
Your financial plan needs to be customized to meet your specific needs and to fulfill the financial goals you want to accomplish. Gersh Law Offices, P.S.C. will work with you to define your goals and to make smart and informed choices to achieve them.
Financial planning is not just about growing your wealth, but it is also about protecting the assets you have managed to acquire as well. Our attorneys can also give you very important advice on protecting your assets so you won’t lose what you’ve worked for if someone sues your business, if you need nursing home care, or if you face other adversity.
While the legal tools you use to accomplish your financial goals will be unique to you, some of the different components of your financial plan could include:
- Individual retirement accounts (IRAs) including a traditional IRA, Roth-IRA, Simple IRA or SEP-IRA, depending upon your situation.
- A power of attorney or a living trust so your nest egg will be managed in the event of incapacity and so your assets will be protected.
- Irrevocable trusts to avoid having to spend down assets in the event you require nursing home care.
- Trusts to protect your assets from being lost due to creditor claims, bankruptcy, or divorce.
These are just a few possible components of a comprehensive plan to grow and protect your wealth. Let Gersh Law Offices, P.S.C. offer you the advice you need to create a road map to financial security.
How Can a Louisville Financial Planning Assistance Lawyer Help?
Gersh Law Offices, P.S.C. can provide you with assistance in determining how much to invest, how to invest, and what types of investments are right for you. Our legal team will also help you to make use of tools under Kentucky and federal law which will help you to build wealth and which will help you to keep your property safe. Don’t wait any longer to get help. Put your money to work for you today by calling Gersh Law Offices, P.S.C. for financial planning assistance.
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