Teachers In South Carolina: Are You Nearing Retirement? Important Legal Considerations
- David Greene
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In this article, you can discover…
- When to begin estate planning prior to retirement.
- How your educator’s pension may impact your estate plans.
- How a tax and estate attorney can help you retire with confidence.
When Should I Begin Estate And Tax Planning Before Retirement?
As a teacher, the earlier you start planning for the future, the better. A good solution is to create a trust; as you go further in your career and your priorities change, the trust can be amended. The sooner you begin this planning, the better off you will be at retirement.
How Do Pension Payouts Affect My Estate Plans?
Pension payouts can greatly impact your estate plans. A financial planner can help you anticipate how your pension will increase and incorporate that into an overall plan. This will help determine how much income you will need (and how much income your pension will generate) once you retire.
What Happens To My Pension If I Pass Away Unexpectedly?
If you have a pension, IRA, or 401(k), you should always name a beneficiary to ensure they receive whatever remains of your pension once you pass away. This allows your pension to transfer to them directly, instead of going through probate.
How Do Required Minimum Distributions (RMDs) Affect My Taxes?
RMDs are mandatory withdrawals from certain types of retirement accounts and are required after you turn 70. Once you are required to take an RMD, it is taxed at your normal tax rate, just like any other source of income.
How Can A Tax And Estate Attorney Help Me Retire With Confidence?
A tax and estate attorney can draft a comprehensive trust for you that incorporates not only how you will be living after you retire, but what happens to your assets after you pass away. Working in conjunction with a financial planner, your attorney can structure your assets to best serve you after retirement.
Still Have Questions? Ready To Get Started?
For more information on retirement planning for South Carolina teachers, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.
Attorney David Greene is a practiced, skilled tax and estate attorney serving South Carolina. Since 1977, he’s helped teachers just like you plan for retirement, incorporate pensions into their estate plans, and navigate taxes as a retired educator.
Have questions, or in need of legal guidance? Reach out to The Greene Law Firm, P.A. for an initial consultation today.