ith my family reminds me of how important it is to treasure these special moments in life .

You may have experienced the same thing whether it ’ s a family vacation or simply having dinner together at home or at a restaurant . Multiple generations being together and celebrating your financial independence and the time afforded to you because of achieving the work optional goal .

Furthermore , when establishing a trust , you will have to decide as to who will be a successor trustee in the event of death or incapacity . Typically , this will be a family member . However , an additional consideration would be to have a third party ( neutral ) or corporate trustee become the successor trustee . Being a trustee is time consuming and demanding . Having a corporate trustee can help alleviate the work bestowed on a family member .

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FOUNDER / PRINCIPAL FINANCIAL ADVISOR , RJFS

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However , what ’ s it all worth if your estate is not in order and the unexpected should occur , such as illness or death . Making sure you address your “ blind spots ” when being work optional or financially independent can be the difference between passing on your legacy and values intact or otherwise .

Here are some important considerations when getting your “ financial house ” in order . Have you and your partner integrated a will into your overall estate plan ? Perhaps a trust would be an optimal path . A will can provide guidance as to where and who will receive your assets upon death . However , without a trust , the estate will still be subject to probate . A trust will keep your affairs private and facilitate the transition of your assets free from probate . With regards to trusts , if you are financially independent , you may have a larger amount of assets to protect from Estate Death Taxes . If so , is the right language integrated into the trust to help mitigate estate death taxes and provide for future generations ?

Other key components to an effective estate plan are having in place a Durable Power of Attorney and a Health Care Directive . Both documents will help identify who will step into your place to make key decisions on financial and health care concerns .

Steps you can take today to help protect your assets include reviewing your beneficiaries on retirement accounts and insurance policies . Also , if you have a trust already established , be sure to verify the assets that are to be in the trust are titled to the name of the trust .

Enjoying the work optional lifestyle is truly an achievement . Time and health are two things that are afforded to you during this phase of your life . Protect the assets and work you have put into getting to this point should the unexpected happen . Visiting with your attorney to help organize your wishes is part of a journey to completing your financial independence .

Any opinions are those of the author and not necessarily those of Raymond James . Raymond James and its advisors do not offer tax or legal advice . You should discuss any tax or legal matters with the appropriate professional .

8 SUMMER 2022 gmhTODAY Magazine gmhtoday . com