Estate Planning San Diego, CA

Estate Planning: Secure Your Legacy and Protect Your Loved Ones

As you approach retirement, it’s crucial to have a comprehensive estate plan in place. At Compound Wealth Advisors, we support our clients by helping them create robust estate plans that will safeguard their assets and protect their legacy.

Essential Estate Planning Documents

Every adult, especially those nearing or in retirement, needs five key documents:

Will
Living Trust
Durable Power of Attorney for Healthcare
Advance Directive
Durable Financial Power of Attorney

We coordinate with experienced estate planning attorneys to ensure that your documents are legally sound and tailored to your unique circumstances.

Why Estate Planning Matters

Estate planning is important for every independent adult, but some of the more common reasons to have an estate plan include:

to Protect your retirement assets
to Minimize taxes and legal fees for your beneficiaries
to Designate guardians for dependents
to Avoid lengthy probate
to Ensure your healthcare wishes are respected

Estate Planning Services

At Compound Wealth Advisors, we offer:

Guidance on estate planning strategies for retirees

Regular reviews to keep your plan aligned with life changes and new tax laws

Coordination with legal professionals to draft and execute all necessary documents

Guidance on minimizing estate taxes and maximizing wealth transfer to beneficiaries

Frequently Asked Questions About Estate Planning for Retirees

what is the difference between an advance directive and power of attorney for healthcare?

The advance directive may include the power of attorney for healthcare but that is not always the case. You need to give someone you trust the authority to make decisions on your care if you are incapacitated. The Advanced Directive is designed to communicate your wishes to your healthcare professional if you are unable to do so.

What's the difference between a will and a living trust?

A will is a document that states how you want your estate to be divided among your beneficiaries. The will is proven in probate court. Assets placed into a living trust avoids probate and gives authority to the executor to dispose of assets according to the trust instructions.

How can estate planning help reduce taxes?

Estate planning can minimize or eliminate estate and gift taxes with specific types of trusts designed for that purpose. We coordinate with estate attorneys and CPAs to find the right strategies for your particular situation.

How often should retirees update their estate plan?

We recommend reviewing your estate plan every 3-5 years or after major life events such as the birth of grandchildren, changes in physical health, or significant fluctuations in your retirement assets.

What is a financial power of attorney?

A financial power of attorney designates someone to make financial decisions on your behalf if you’re unable to do so. This is crucial for ensuring that all of your banking needs are attended to while you are incapacitated. A copy of the financial power of attorney needs to be on file with your banking institutions.

Free Financial Review

We know it can be difficult to assess the value of working with a financial advisor. To help you better understand what we can do for you we are offeirng a free financial review to assess your retirement readiness.

Schedule an Introductory Call