Gaughan & Connealy offers financial planning assistance to help people of all ages to build and protect their wealth. No matter what you earn, you can take control of your financial future, achieve security, and provide for the needs of those you love. With careful planning, smart goals, and strategic use of tax-advantaged accounts, you can put your money to work for you.
To learn about financial planning assistance available in Overland Park, Kansas City, and surrounding areas, give us a call today. We will provide personalized advice and solutions tailored to you and we can also answer questions you may be interested in related to financial planning including:
- When is the right time to get help with financial planning?
- What should be a part of my comprehensive money plan?
- How can a Kansas City or Overland Park lawyer help me?
What is the Right Time to Get Help With Financial Planning?
Now is the right time to get help with financial planning. This is true regardless of your age, regardless of your income, and no matter how many assets you currently have.
- If you are young, you need to make the right money choices now to set yourself up for a secure future. Setting money goals and opening tax-advantaged retirement and investment accounts can put you on the path to financial security.
- If you are middle aged, you need to determine if you are on track to retire and you need to take steps to protect the assets that you have already acquired. Creating a detailed retirement plan, taking steps to fund your retirement savings, and securing the assets that you have will help to ensure you are ready to retire on schedule with the money you need.
- If you are a senior, you need to make sure your retirement money is invested in safe investments that will provide the income you need for the rest of your life. You need to understand rules for withdrawing money as required from certain accounts, and you need a plan for making your money last throughout the rest of your life. You also need to consider how to protect your assets, especially if you need to pay for the cost of nursing home care.
Individuals and married couples both need to get help with financial planning, and it becomes especially important for parents to seek assistance so they can plan to both meet their own goals and try to contribute to an education and stable financial future for their children. Those who own a business will also need to make sure they have taken steps to address the unique issues that entrepreneurship creates, including the potential for personal liability.
The bottom line is, there is no one who could not benefit from getting a comprehensive financial plan that is custom-tailored to their situation. You simply need to find the right legal professionals who can help you to make a plan that makes sense for your situation.
What Should Be Part of a Comprehensive Money Plan?
Everyone’s income, asset level, and goals for the future are unique to them. This means your comprehensive financial plan should be designed specifically for you while you work in conjunction with a financial planning lawyer who can help you to meet your goals. Some of the different components that your attorney may suggest should be a part of your financial plan include:
- Investments in individual retirement accounts (IRAs) so you can take advantage of tax breaks to save for retirement. You may also wish to take advantage of investing in other tax-advantaged retirement accounts to accomplish goals like helping your children pay for college.
- Trusts to allow you to protect your assets and to have your money and property managed in case of incapacity. Trusts can also help you to save on estate taxes, can facilitate the transfer of assets outside of probate, and can give you control of how heirs spend money after death. There are different types of trusts so you have to choose the correct ones and make sure the trust is appropriately funded and managed.
- A Medicaid plan to protect your money and property in case you need to go into a nursing home. Medicaid pays for nursing care only if you spend down assets, but a plan can allow you to protect your wealth while getting covered.
These are just some of the many legal tools which may be available to help you grow, manage, and protect your money.
How Can an Overland Park or Kansas City Lawyer Help Me?
Gaughan & Connealy can assist you in exploring all of your options for creating a comprehensive financial plan. Give us a call today for help if you live in Overland Park, Kansas City, or surrounding areas in Kansas and Missouri.