Financial Planning and Advice Blog for Syracuse
Want to keep up with the latest news in the financial sector? HighPoint Advisors in East Syracuse, NY makes sure all our clients have the latest up to date financial information to better plan for their future. Feel free to browse the blog below to learn more about the current financial market.
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Estate Planning: Beyond the Will
By highpointadvisors September 28, 2018 No Comments
Estate planning can help you plan in working towards a comfortable and stable future for yourself and your loved ones. However, while the process is commonly associated with the distribution of money and material possessions in accordance with a will, this is just one portion of estate planning as a whole. It’s equally important to understand the other steps that a thorough estate plan typically requires. Here, we’ll outline a selection of the more notable steps you’ll encounter once your will has been signed when working with HighPoint Advisors, LLC.
Designation of Beneficiaries
Although the typical will should cover a great deal of your assets, it’s essential to be aware that there are a variety of assets that aren’t addressed by this legal document. Funds stored in payable-on-death financial accounts, for example, will be sent directly to the beneficiaries named on the applicable forms. Likewise, life insurance policies, IRAs and your 401(k) will benefit only those mentioned within the associated documents. In certain circumstances, you may discover that beneficiaries listed in the past no longer reflect your current preferences. An experienced financial advisor can help ensure the appropriate changes are made.
Address Estate Taxes
Thanks to current U.S. laws, estate taxes only apply to a small fraction of the nation’s citizens. If you fall under this category, however, there are steps that can be taken to ensure these taxes have a minimal impact on your estate. Your financial advisor will work with you to create an appropriate tax minimization plan, which may include combining exemptions with your spouse or a number of other tactics that vary based on the situation in question.
Assign Powers of Attorney
During the estate planning process, you may want to consider assigning two powers of attorney: durable and healthcare. Durable power of attorney enables another person to manage your estate in your place, even if you’ve become incapacitated, to prevent the responsibility from falling into the hands of the court. Healthcare power of attorney grants someone the ability to make key medical decisions – especially during end-of-life stages – based on your preferences.
Plan Your Estate with HighPoint Advisors
Based in Syracuse, HighPoint Advisors, LLC offers highly personalized financial services for every stage of life, including estate planning. We’ll work face-to-face to develop a clear understanding of your needs before providing sound financial advice based on years spent proudly serving Central New York. Learn more about our estate planning services by calling us at 315-627-0474, or contact us online to let us know how we can help.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor....
3 Simple Ways to Recover from a Late Start to Retirement Planning
By highpointadvisors September 28, 2018 No Comments
When you first entered the workforce as a young adult, planning your retirement was likely the last thing on your mind. After all, the professional world is full of opportunities to make progress and increase your earnings, allowing you to invest more easily than when you were still building your expertise. But most financial experts recommend beginning a retirement plan in your 20s, and despite its importance, this advice can seem daunting, causing many to put off retirement planning until they’ve attained greater financial stability.
If you’ve gotten a late start to retirement planning, you’re not alone, and you have options. Here, we’ll delve into the steps you should take to kick-start your retirement plan.
1. Reinvigorate Savings Efforts
It’s obvious advice, but a savings strategy is a fundamental component of an effective retirement plan. In many cases, increasing the amount of money that’s being funneled to your savings accounts can require certain lifestyle changes. But, ultimately, carefully planning to delegate a portion of each paycheck to a savings account, IRA or another savings avenue can help set you up for a much more comfortable life upon your exit from the workforce. You should consider performing in-depth research to identify opportunities for investment in options that suit your unique financial situation.
2. Pay Off Debts
3. Get Reliable Financial Advice
Arguably the most important step of the retirement planning process is to get in touch with a financial advisor you can trust to provide advice that takes your unique circumstances into consideration. Knowledgeable financial advisors should consider not only your earnings and your retirement goals, but your real estate assets, investments and any other factors that may play a role in your general ability to achieve a comfortable retirement. Then, they’ll provide sound advice based on their financial expertise, which you can use to help pursue an even brighter future for you and your loved ones.
Syracuse, New York’s Experienced Financial Advisors
If you’ve yet to begin saving for retirement, there’s no better time to start. The friendly team of financial professionals at HighPoint Advisors, LLC can help you develop an investment approach that addresses your current needs while helping you lay the foundation to work towards a confident retirement. Call us at 315-627-0474 or contact us online to schedule your meeting with a HighPoint advisor.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. No strategy can ensure success or protect against loss. Investing involves risk including loss of principal....