Make the April 15 Tax Deadline Your Deadline to Develop a Financial Plan for a Secure Retirement and Legally Protect Your Assets, Expert Says

Share Article

"Getting your personal financial records in shape for the April 15 tax filing deadline makes it an ideal time to get your financial future in shape with a financial plan as well as a will, trust and other legal documents you need to protect your assets,"says Paul J. Mauro, CLU, ChFc, Boston, MA area financial planning expert.

"Since you have to get your financial records in shape by the IRS April 15 deadline, make it your personal deadline to get your financial future in shape too," urges Paul J. Mauro CLU, ChFc, who founded Legacy Financial Advisors in Milford, MA 30 years ago. His firm specializes in financial and estate planning for those age 50-plus.

Here are Paul J. Mauro’s Seven Pillars of Financial Planning Wisdom.

See a Lawyer

Your spouse may know your wishes, but get it in writing or the state can make decisions for you if you are incapacitated. To protect loved ones, most lawyers agree that you need a Will, Living Will or Health Proxy, Living Trusts and Durable Power of Attorney.

Protect your Principal

Consider Principal Protected Investments. Says Mauro; "Principal Protected Investments combine mutual funds with insurance that guarantees return of your principal if the market falls. Protection costs about one percent of annual growth -- far better than risking a 30-40% drop in the market."

Review Your Pension Plan

If you own a business or consult part-time, you probably have a SEP IRA or 401(k) Plan. Consider plans that can help older business owners catch up on savings. These include a Profit Sharing Plan or Defined Benefit Plan.

Plan for Long Term Care

"Long-term care insurance is costly, but never give your home to your children to qualify for Medicaid. It’s risky and you’ll give away a generous tax-free capital gains benefit. Some trusts can protect assets in case of an extended nursing home stay," notes Mauro.

Lower Housing Costs

If you live in a metropolitan area, your home equity may allow you to buy a smaller place in, say, Florida plus a condo in a life care community. Many of which have 95% - 100% refundable deposits at death, allowing you to lock in care and living costs," says Mauro. If you stay put, some towns allow seniors to postpone real estate taxes until they sell.

Help Your Parents and Your Children

"Increasingly, 50-plus couples have young children, college-age children and elderly parents plus job responsibilities. Few of us want to saddle our kids with college loan debt and caring for an elderly parent is a must. A financial planner, experienced with 50-60 year olds, can help plan for and balance these demands," says Mauro.

The First Pillar of Financial Wisdom — Make a plan and stick to it

Says Mauro; "There are no typical retirees. A financial advisor can help you develop a personal financial plan for your specific situation. AARP’s criteria for selecting a qualified professional are available on its Website or by contacting Legacy Financial Advisors at 800-427-9781. Ignore weekly stock picks and one-size-fits-all, pop advice from media mavens. They’re entertainers not financial experts."

This April 15, make a date with yourself to protect your financial future.

Legacy Financial Advisors Inc. has extensive experience in helping families plan for the issues of aging. Founder Paul Mauro was featured in the PBS special "and Thou Shalt Honor" to be rebroadcast in April. With 30 years of experience in the area of planning for aging, Legacy has extensively used the new products and plans developed which are referred to as "Principal Protected Investing" recommended in the Ernst and Young LLP in a recent white paper on the changing face of the industry. Legacy Financial Advisors Inc. has 6 offices in Massachusetts; Milford, Duxbury, Yarmouthport, Natick, Peabody, and Braintree and offices along the East Coast. Tel: 800-427-9781.

This information is for educational purposes only. Before you buy, sell, or act on any of this information, please meet with a financial advisor about your specific situation. Past performance is no guarantee of future results. Read the prospectus before you invest in any security. All information is gathered from sources believed to be accurate, however we do not warrant or guarantee its accuracy.

# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Dick Pirozzolo
Visit website