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RETIREMENT PLANNING & LEGACY PLANNING

Retirement and legacy planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. At Tsang & Associates, we work with you to identify your sources of income, estimating expenses, implementing savings programs, and managing assets and risks. For legacy planning, we help you prepare how you will bequeath your property and assets to your loved ones after your death. With both retirement and legacy planning, you need a trusted attorney to help you understand how to take the best advantage of your funds, assets, and beneficial tax rules. We will work with you and your family to ensure that your long-term interests are protected.

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LEGAL FEE

Our fee structure is unique to us as we strive to tailor our services for each client individually. We adapt price standards that are capable of fluctuating for each client. Clients may retain us for one or all of the above steps/services.

We are happy to customize a proposal for yours during a consultation. Please see the below information.

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WHAT MAKES US DIFFERENT

At Tsang & Associates, we treat each client like a well-formed partnership and involve you in every step of the process. When retirement and legacy planning, we work together with you until you are satisfied with our services. By the end of our partnership, our goal is not only to help you find success but also to help you become an expert in your own case.

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CASE PROCESSING OVERVIEW

Step 1: Strategy Session for Retirement Planning

This is the most crucial step for your Retirement Planning. We will review all of the supporting documents to create a strategy, a customized checklist, and a timeline to serve as the guiding foundation for the entire Retirement Planning.

Step 2: Starting Point Determination

During this stage, we work with you to identify your sources of income and estimated expenses. 

Step 3: Creating a Plan

A realistic assessment of the steps needed to be taken will be the goal of this stage. This includes strategizing such as implementing savings programs and managing assets and risks.

Step 4: Retirement Plan Review

Once a plan is created, we will review the steps to ensure clarity and efficiency. With legal counsel present, you can understand how to take the best advantage of your funds, assets, and beneficial tax rules.

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ADDITIONAL INFORMATION

Checklist of Documents

Documents to consider in planning for your retirement, the more information you can provide, the better.

Tax Documents & Account Statements

  • Individual income tax returns for past three to five years (federal, state, and local)
  • Business income tax returns for past three to five years (federal, state, and local)
  • Proof of your current income
  • Proof or spouse’s current income
  • Prenuptial agreement
  • Bank statements
  • Certificates of Deposit

Retirement Accounts, Stock Portfolios, and Real Property

  • Pension Statements
  • Retirement account statements
  • Social Security estimate of benefits
  • Stock Portfolios
  • Stock Options
  • Mortgages
  • Loan Documents
  • Utility Bills
  • Other Bills (e.g., children’s college tuition, health and dental insurance premiums, unreimbursed medical bills, etc.)

Estate Planning, Insurance Policies, and Personal Property

  • Wills
  • Living Wills
  • Power of Attorney
  • Durable Powers of Attorney
  • Advance Healthcare Directives
  • Life Insurance policies
  • Health insurance policies
  • Homeowner’s insurance policies
  • Automobile’s insurance policies
  • Personal Property appraisals
  • List of personal property, including home furnishings, jewelry, artwork, computers, home office equipment, clothing and furs, etc.
  • List of property owned by each spouse prior to marriage
  • List of property acquired by each spouse individually by gift or inheritance during the marriage
  • List of contents of safety deposit boxes

Benefits

  • Peace of mind planning ahead which reduces your stress during retirement
  • If you take the time to plan for your retirement early on, you will be able to make more efficient career-related and general financial decisions prior to retirement with appropriate planning.
  • You can make sure your plans work well with other relevant parties. It’s never too early to make sure that you and your spouse are on the same page with spending and lifestyle desires in retirement, but your significant other may not be the only family member you may wish to have a conversation with.
  • There are several tax benefits of retirement planning, including reducing the amount of income taxes you will pay during retirement and ensuring that beneficiaries to retirement and other account types pay as little tax as possible.
  • Many of the insurance policies you may need (long-term care, etc.) can be acquired at a lower premium when younger and in good health rather than waiting until retirement and risking a higher rate or denial of coverage.
  • You can determine how all your financial objectives relate to one another rather than evaluating them in isolation.
  • You can also provide benefit efficiently to your heirs or your favorite charitable causes.

Frequently Asked Questions

When should I start retirement and legacy planning?

Retirement and Legacy planning are ideally a life-long process. You can start at any time, and it is best to start early so you and your family are protected. When planning your retirement planning, we take a holistic approach. We take into account financial planning, irrevocable trusts, the probate process, tax laws, and your investment plan. When you have a family counsel with us, we will already have estate planning documents which will make it easier for us and you to develop the best retirement and legacy plan tailored for your situation.

What is the difference between retirement and legacy planning? Which one do I need?

Retirement planning focuses primarily on ensuring you live comfortably after you retire. With retirement planning, we help estimate your Social Security benefits, income tax returns, and how you can take advantage of beneficial tax laws. Meanwhile, legacy planning is the process of planning for the transfer of assets to your loved ones after the unfortunate case of your death. With legacy planning, we discuss values you would like to impart to your loved ones and crafting a family narrative that encompasses more than real estate and cash assets. We work with you throughout the entire process to ensure you’re happy with the legacy you leave behind.

    SCHEDULE A SESSION

    all or email us to set up your 1-hour consultation.

     

    Easily pay the $250 consultation fee over the phone or through our email link.

     

    If you would like to have a quick chat with our team before setting up the consultation, feel free to use the calendar on the right to book your 10 minute call.

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    FAMILY COUNSEL

    In addition to retirement and legacy planning, we also specialize in other areas of family counsel. At Tsang & Associates, we treat you like family to ensure your family gets the full legal support needed. Check out our comprehensive services down below.

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    IT'S LIKE HAVING A LAWYER IN THE FAMILY

    • As a family-owned law firm, we pride ourselves on taking care of our clients as if they are family. As your family counsel, we offer you the same support we provide our family, whether it is legal representation or problem-solving.
    • A lawyer in the family provides you the comfort to pursue any endeavors and face any challenges when they arise.
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    HOW IT WORKS

    Just like your bank account, you maintain $5,000 fully-refundable deposit in your own private Escrow Account. The money you deposit will go towards your billing services and you are able to take out the money anytime. If a problem arises, we assist and guide you if you have the $1,500 amount in your Escrow account. Also, when you have a family counsel with us, we provide exclusive service and fee deductions on additional legal services you might be interested in.

    Situations happen. To protect your family from the negative and long term effects of adversaries, a family counsel can be tremendously beneficial and valuable. From real estate planning to responding to indentity theft, we are here to mitigate and prevent any lasting damages to the welfare of your family.

    TSANG & ASSOCIATES

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    KEY BENEFITS

    ACHIEVE GREATNESS

    Planning ahead helps you build a life of stability and success.

     

     

    OVERCOME ADVERSITY

    If a problem arises, you have a trusted attorney you can rely on.

     

     

    GIVE GREATNESS

    Leave a legacy for your children and pave the pathway for their success

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    WHAT'S INCLUDED IN THE MEMBERSHIP?

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    A committed attorney-led legal team for all your family legal needs
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    Unlimited legal consultations
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    General legal advising from your attorney
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    Upfront legal document sharing, drafts, and management
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    Legal playbooks covering how to scale your estate planning through early stages
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    Exclusive offers and discounts
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    A high-level review of contracts, partnership agreements, power of attorneys, and settlement agreements
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    Strategic support and plan to build your estate plan
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    Access recent legal documents reviewed by the legal team
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    Collaborate with your lawyer on projects and track the status of legal work