Serving Clients Throughout Wisconsin & Illinois 



The Best Retirement To-Do List for 2017 Onwards

The best retirement to-do list should always include estate planning. However, the first step is to make that decision to plan your retirement. And here are the valid reasons to plan your retirement:

According to multiple money experts, America is facing a retirement crisis. Many do not have enough savings and Social Security benefits will not be able to cover the cost of living of most Americans in retirement. Unfortunately, many people prefer not to talk about death so they refuse to think about estate planning for the welfare of those they leave behind.

Yet, death is inevitable and whatever you own should be protected to ensure that the people you love are taken care of according to your wishes. According to Greg Stevens of Cabot Wealth, “everyone needs a will.” He adds that the will should be updated regularly. This is one way to transfer wealth and assets, health care, and other proxies smoothly to the next generation.

The best retirement to-do list should always include estate planning. However, the first step is to make that decision to plan your retirement. And here are the valid reasons to plan your retirement:

The average retirement period is about 18 years but it can last as long as 30 years so you need to have a financial plan for at least 20 years
For a monthly budget of $5,000 during retirement, you should have around $1 million in savings or assets. Having assets will help those you leave behind enjoy the same comforts after you’re gone.
Social Security, which many retired Americans rely on, is running out of funds.

The most common reason for neglecting to make retirement plans is, “I am too busy.” Then, it’s too late. Retirement is not a pleasant discussion. It can lead to arguments and stress at a time when most people don’t want or need it. Stevens adds that being busy is a poor excuse because retirement will eventually happen and without an estate plan, the quality of life will suffer.

Some people only begin to consider estate planning after being traumatized by a probate process from the death of a close relative. It becomes the impetus to not wanting to leave a mess behind. Others think that estate planning is a waste of time especially those who think they don’t have much to begin with anyway or those who have done it already. Outdated documents are just as dangerous as no documents, sometimes even more so while little assets is still something you can use to grow and expand through smart money management.

Some of the common problems with estate planning include:

  • Outdated power-of-attorney or proxies
  • Divorce from or death of beneficiaries
  • Dormant accounts
  • Children born after the document was drawn up
  • Extended family
  • Change in lawyer or estate planning expert
  • New laws

There are different kinds of estate planning depending on what stage in life you are in and the assets involved. When you are still young and part of the work force, the estate planning type is simpler since you are still in the process of creating your wealth. However, it is not advisable to wait right before age of retirement to plan because it might be too late and you would have wasting precious time in potential earnings.

Estate planning should start as soon as you begin to earn. This means putting together a great finance team made up of trustworthy accountant, lawyer, and financial planner.
The estate lawyers of Krause Donovan Estate Law Partners, LLC practice law in the areas of Probate, Wills, Estate Planning, and Trusts. We assist clients in and around Madison, Wisconsin with all matters related to estate planning, trusts, and probate matters. Our dedicated attorneys will even make house calls if you are unable to come to our office.

Contact our office by calling (608) 344-5491 to schedule a consultation or use our online contact form.

Categories

Quality Counsel

Experience You Can Count On

What Sets Us Apart?

Our Philosophy
  • Love
  • Compassion
  • Integrity
  • Pursue Excellence
  • Teamwork
  • Innovative
  • Veteran Owned

The Stories That Matter

Read Our 5 Star Reviews
    He took the time to understand our goals and our family situation. He was friendly, thorough, and very knowledgeable.

    “What a great attorney! He explained everything to us in plain English, with no legal jargon. He took the time to understand our goals and our family situation. He was friendly, thorough, and very ...”

    - Mark
    Krause Donovan was wonderful...they asked all the right questions, were patient with our back and forth, and everything was wrapped up successfully.

    “My husband and I needed a will and turned to Krause Donovan for their help after the firm had invited us to a "what is estate planning all" about dinner/meeting. Having a will was something we knew we ...”

    - Kris
    Nelson was very understanding and put me at ease from the introduction. He thoroughly explained processes, answered all questions, took the time needed, and was detail-oriented.

    “I first met with Mr. Donovan this fall to discuss my estate planning. This is something a person dreads doing, but Nelson was very understanding and put me at ease from the introduction. He thoroughly ...”

    - Sherry
    They explain the process in terms that are easily understandable and always have your best interests in mind.

    “I highly recommend Kraus Donovan for all of your estate planning needs. They are thorough, knowledgeable, and very helpful. They explain the process in terms that are easily understandable and always ...”

    - Barbara
    He was able to guide us through this process with a thorough understanding of what decisions we needed to make to create clear directives for our family to follow if needed.

    “My husband and I went to Dan to help plan our estate. He and the folks at Krause Donovan were very professional, friendly, and efficient. Dan is fluent in what he practices. He was able to guide us ...”

    - Victoria
/

Take the Next Step

Schedule Your Consultation Today
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please enter your address.
  • Please enter your city.
  • Please make a selection.
  • Please enter your zip code.
    This isn't a valid zip cide.
  • Please make a selection.
  • Please make a selection.
  • Please enter a message.