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New Jersey Seniors worry about aging and illness as well as who will take care of their family when they are gone. Estate planning is important – it helps eliminate our worry and concern for the future of our family. With estate planning, seniors can make a plan while they are still healthy as to how their estates will be handled upon their death and they will have the reassurance knowing their families are taken care of.
There are several things seniors in New JerseyÂ need to do, but the first and most important is to create a financial plan.
To create a financial plan it is important to consider all the different retirement issues. The plan should include:
- Developing a retirement budget -Â retirement incomeÂ may beÂ reduced so budgeting is crucial.
- The plan should address consolidating income -Â a discussion of how long term care would be paid for and financing options. HaveÂ a basic understanding of what will pass.
- Investment planning should be included in the plan as well as any estate decisions that will need to be made.
- Tax issues are also important and should be discussed and included in the plan.
Visit us soon for more Estate Planning Tips – to read full article go to Estate Planning.
Expert Home Care delivers live-in and senior help to those living with Alzheimer’s in New Jersey. Call us at 800-848-2336,Â if you need in-home care to safely live at home.