Most people who work plan for the day when they will no longer have to work. In the 80s and early 90s workers were building up 401K plans and Roth IRAs so they could look forward to a comfortable retirement. Unfortunately, the financial disaster of the 90s wiped out that dream of an early retirement, and for some people it wiped it out altogether.
There is, however, a greater threat to your assets if you should die and you leave behind a wife who is dependent upon the marital assets to support her. If your estate is not properly structured by an attorney, then the assets could be hit hard by the IRS tax code if they exceed a certain amount.
Without a will or an estate plan, your assets could be divided up amongst your children and your spouse as most state laws require. This could be one of the great tragedies of your death. Too many people do not want to discuss anything that pertains to their death, even though it is going to happen someday. Now is the time to discuss Retirement in planning in St. Louis MO and protection for your spouse.
Another problem often overlooked is what your wife will be able to do for you and for herself if you do not have a Durable Power of Attorney. This is a document structured to meet the requirements of the laws of your state, and it provides for explicit powers to be granted to your spouse should you become disabled or incapacitated in any way. Your wife has the power to make financial decisions and decisions regarding your medical treatment. She can move funds around and sell assets to pay for medical expenses as well as sign your pension checks for deposit. If you are no longer able to live in the house that you have lived in for many years, then your wife has the power to sell the house should you be unable to sign the required papers. These are events that happen to people everyday, and many people are not prepared for them.
Considering the last financial debacle this country went through, it would be important to discuss your Retirement in planning in St. Louis, MO with an attorney who can give you advice about the pitfalls of your plan and make recommendation about possibly strengthening your plan.
