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Houston residents who wish to ensure that their wealth passes to descendants or other individuals often establish trusts and create wills. However, they may be making one major estate planning mistake without realizing it: not changing their named beneficiaries.
Heirs may prefer heirlooms to money
Seniors in Houston and around the country who are busy with their estate planning strategy may want to rethink the process. According to a poll taken by Allianz Life Insurance Co. of North America, 86 percent of baby boomers want to be left with a family legacy of some kind while just 9 percent find financial inheritance most important. Items like family heirlooms, stories and other personal property should be considered when planning an estate.
Baby boomers may face long and expensive retirements
Texas residents who are part of the baby boom generation are starting to think more and more about their retirements. Advances in medical care mean that people today often live for 20 or 30 years after a regular paycheck becomes a thing of the past, and analyzing post-retirement income and cash flow in relation to assets is an important part of estate planning.
Veterans can wait years for benefits
According to the Veterans Administration, the backlog for medical claims is long, although they are trying to fix the situation. However, a Texas television station claims to have uncovered some startling facts. According to veterans who were interviewed, they often have to wait years, or even decades, after filing appeals before they can begin to receive benefits. While most expect to be denied after applying for the first time, they do not anticipate having to wait as long as they do.
Retirement and estate planning basics
Most people in Texas don't like to think about growing older and the end of life, but as the responsibility for funding retirement shifts to the individual it has become more important. Pensions are becoming increasingly rare as companies and the government move away from offering them, and private retirement savings and accounts are becoming an important asset.
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