The recession may be ending. How should you, as an individual investor, respond? Your most important step is to remain invested. The year immediately following the end of a recession historically has been a very good one for the financial markets.
Like everyone else, you want to leave a legacy.
To make it happen though, you need to do some estate planning.
First and foremost, communicate your wishes in writing. This means you need to draw up the appropriate legal documents, such as a will and a living trust.
You’ll also want to position your investments to benefit your heirs.
For example, you can stretch your IRA to extend its key benefit tax-deferred earnings for succeeding generations.
In addition, you’ll want to establish a power of attorney and health care directive while you’re still healthy.
To make these and other moves, you’ll need to assemble a team of professionals, including your tax, legal and financial advisors.
So get the help you need, take your time and develop the estate plans that can protect your family.
Do You Have Enough Insurance and the Right Type?
Take time to learn more about your life insurance needs and determine if you’re adequately covered.
If you have loved ones depending on your income it’s important to discuss how life insurance may help protect them.
Basically, you need to ask yourself two questions:
How much insurance do I need?
And what type of insurance is right for me?
Then, you’ll need to choose between term life insurance, which offers a death benefit for a specific period of time, and permanent insurance, which can provide lifetime protection plus the potential to build cash value tax-deferred.
There are many factors that go into the answers to these questions and a financial advisor can help you make the right selections.
Contact Wendell at Edward Jones www.edwardjones.com.