The money you earn is more than just cash. With a careful plan, you can use the money to provide security for yourself and your family and to achieve your dreams. The key is having the knowledge, insight and ability to make sure your money is put to work for you. Nirenstein, Horowitz & Associates P.C. is here to help.
Our Connecticut financial planning lawyers can provide invaluable advice to people of all ages, income brackets, and asset levels. Whether your career is just beginning and you want to make smart money moves from the start or whether you’ve amassed a large nest egg and aren’t sure what to do with it, our attorneys can help you to find the answers. Contact us now to learn about the assistance we can offer with the creation of your financial plan and to get answers to key questions including:
- Why is financial planning important?
- What should be a part of your financial plan?
- How can a Connecticut financial planning lawyer help you?
Why is Financial Planning Important?
Year after year, in study after study, Americans report having lots of debt and little savings. Recent reports have indicated almost half of all Americans in the United States have less than $500 in the bank. Low savings rates are common at all income levels, and make families vulnerable to a financial calamity if unexpected expenses occur or if an emergency happens. Unfortunately, low savings rates can also make it hard for people to achieve big goals like buying a house, sending children to college, and retiring in comfort.
It doesn’t have to be this way. You can make your income work for you. You can take advantage of legal tools to protect your assets, can develop smart investment strategies to maximize tax advantages and get the government to subsidize your savings. You can do all that by creating a comprehensive financial plan with the help of an attorney who understands the financial system and the regulations that govern it.
What Should be a Part of Your Financial Plan?
The specifics of your financial plan need to be customized to your age, income level, family status, and goals for the future. In general, your plan should:
- Contain clear goals. How much do you want to save and when do you want to save it? An experienced financial planning attorney can discuss your plans for retirement and for long-term expenditures and can assist you in determining the amount of money you should be setting aside.
- Take advantage of tax breaks for savings. You can invest in IRAs, Roth-IRAs, 529 college savings plans, and other types of tax plans which allow you to either invest with pre-tax dollars or enjoy tax-free growth of your investments. There are rules for when and how you can invest in these accounts, as well as income limits and limits on the amounts of investments. You should get help from a Connecticut financial planning lawyer to find out what types of tax advantages you can take advantage of when you make investments.
- Protect your assets. Once you have begun to save, you don’t want the money lost or spent because of creditors, bad business decisions, or because you need to go into a nursing home in the future. There are many different methods of asset protection, from structuring your business ventures as a corporation to the creation of trusts and Medicaid planning. Your attorney can provide you with details on all of the different asset protection tools available to you.
- Ensure your assets will always be carefully managed. You need to make sure that you have a plan in place detailing who will take care of your property and investments in case of incapacity. Both the creation of a living trust and the creation of a power of attorney gives you the ability to select a trustee or agent in advance who will make financial decisions and manage assets for you if you become sick or injured.
These are just some of the many different aspects of financial planning which you will need to consider to ensure you are making your money work for you.
Nirenstein, Horowitz & Associates P.C. has helped many people make a solid financial plan, protect their assets, and manage their money wisely. To learn more about the advice we can offer so you can achieve financial security, give our Connecticut financial planning lawyers a call today at (860) 548-1000.