Essential Things To Consider In Your Retirement Plan

Retirement plans aren’t one-size-fits-all solutions. Instead, they should be developed around your particular needs and assets, so that you have a strategy that works for you. However, there are a few key things that every retirement plan should consider if you want to spend your golden years in comfort. Here they are, from an experienced elder law attorney in New Jersey.

  • Debt: Debt isn’t always a bad thing – but only when you are earning money. Reducing your debt as much as possible before retirement will reduce drain on your income and reduce interest you have to pay back, which means more money to spend on yourself.
  • Lifestyle expenses: Think about what you want your retirement experience to be, and consider the expenses involved to help build an estimate of how much money you will need. This includes travelling to see the world, or to visit loved ones, as well as where you would like to retire to (a luxurious CCRC community, a state with lovely weather, etc.), and so on.
  • Income: In addition to traditional income streams like investments and retirement annuities, many retirees also plan for additional forms of income like opening a small business, royalty streams, and websites.
  • Medical care: This is one of the biggest concerns and spending areas for seniors, and solid retirement plans include comprehensive insurance for long-term care. Think about what kind of care option you would prefer if you needed it – nursing home, in home care, care through a family member, or assisted living? Each option comes with a different cost that should be calculated into your plan.
  • Estate planning: This is about ensuring that your assets go where you want them to go after you pass, as well as who you would like to step in to assist you if you become incapacitated. This makes it a very important part of retirement planning. By legally appointing a trusted person to carry out your legal and medical choices under circumstances you determine, and by ensuring the people of your choice benefit from your life’s work, estate planning actively protects your rights and assets.

Compassionate legal advice from an experienced NJ elder law attorney 

Frank R. Campisano is highly experienced and compassionate elder law attorney with considerable knowledge of estate planning, retirement planning, and Medicaid issues. Experienced in elder law, compassionate and committed to his clients, you’ll receive the highest quality legal expertise and guidance. In addition to elder law advice, you can also prepare additional estate planning documents, such as your Last Will and Testament, Power of Attorney documents, medical directives and trusts.

For a free consultation, please contact us today or visit our website at

How To Maximize The Value Of Your Inheritance

One of the main reasons why people choose to invest in an estate plan is to ensure that as many of their hard-earned assets are passed on to loved ones and dependents, rather than the government. However, making the most of this as an heir requires a far more complex strategy than many people may think, and this is where an experienced estate planning attorney in New Jersey may become invaluable.

Step one: Inheriting the right way 

Before thinking about how to make the most of an inheritance, it has to be protected before it even reaches heirs. In order for an inheritance to pass to the heirs successfully and with minimal taxation, an estate plan must be developed and customized to deliver optimal results. This can involve something as relatively simple as a properly drafted Last Will and Testament, or a series of more complex strategies that are put in place years or even decades previously, including different trusts and tax-free gifting strategies. Finding the right combination of legal devices is a long-term strategic move based on the exact needs of each individual, their unique situation, and dependents – there’s no one-size-fits-all solution.

Step Two: Think beyond your time 

Certain steps can be taken to ensure that an inheritance is spent or protected in particular ways, and these can be included in your estate plan. For example, funds can be allocated for the use of educational purposes to the benefit of your children, and you can legally prevent this money from being spent in any other way. Another example is using a tax-deferred retirement savings plan (401k, 403b, or SEP), which ensures that this asset cannot be spent on taxes – instead putting in place a tax-saving plan that allows your IRA to continue to grow after your passing.

Step Three: Protect your assets for your children – not from them 

One concern for parents is that their children may lose their rightful inheritance in the event of a divorce. It’s an uncomfortable issue to discuss, but the reality is there – and many parents rest easier knowing that their child will have the benefit of their inheritance and the security that comes with it, even if the worst happens. There are various estate planning tools available to ensure this peace of mind, including a Protective Property Trust Will, which allows your child to use the money (even to buy a property, for example) through their marriage without putting it at the potential will of a divorce court.

Effective estate planning advice from your NJ attorney

Experience estate planning attorney Frank R. Campisano can assist you with navigating issues around estate planning, as well as drawing up other legal documents including Power of Attorney, medical directives and more. For more compassionate legal guidance, please contact us today or visit our website at

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