Financial planning can feel like a minefield – it’s so complex that it’s easy to make a mistake that costs you. Here are some tips from your estate planning attorney in New Jersey to help you stay on the right path.
- Not having an emergency fund or savings: Saving money isn’t easy, but it is essential if we want to build our wealth and reach those financial dreams that we all have. Instead of thinking about it as depriving ourselves of some of our earnings, look at it as paying yourself first. Having an emergency fund will help absorb the impact of financial expenses without knocking goals off-track.
- Not having a budget: Very few people know exactly how much they’re earning and how much they’re spending, which means it’s easy to waste money or get into financial difficulty. Having a budget is key to staying out of debt or reducing debt and is a great way to sport opportunities where you can save for something special.
- Not planning for retirement: When we’re young, it seems like retirement is a lifetime away. The trust is that the earlier retirement planning starts, the easier it will be when you get there. Starting your retirement plan when you’re young makes it less of a burden and more of a reward when you reach it and means that your Medicaid planning is more effective too.
- Not having an estate plan: Estate plans aren’t just for the wealthy, they’re for everyone. If you have assets and responsibilities, or even causes close to your heart, then you need an estate plan. This should include a Last Will and Testament (to ensure your hard-earned assets go to the people you want to benefit), Medical Directive (to establish your medical treatment preferences), and Power of Attorney (to ensure your financial wellbeing is taken care of if something happens).
Keep Your Legacy Alive – Effective Strategies from Your Estate Planning Attorney in NJ
At Sedita, Campisano and Campisano in New Jersey, estate planning attorney Frank Campisano is ready to assist you with all your estate planning needs – whether you need to make a business succession plan, Last Will and Testament, Power of Attorney, Medical Directive, a Living trust or to minimize inheritance tax on your estate.
Contact us today and let us deliver expert estate planning advice to take care of all your wishes – whether your estate is big or small. For more information, please visit our website at https://www.scclegal.com/