As of the writing of this blog post, inflation rates are over 8% per year, on average. The following tips will help you to effectively protect your estate from inflation so it will be there for you when you need it, and for your loved ones when you are gone.
Consider a “Self-Directed” IRA
Your retirement plan is not limited to investments in mutual funds or the stock market. We’ve helped many clients use their IRA (or part of it) to hold real estate, oil and gas leases, and many other permitted investments. As long as the Self-Directed IRA rules are followed, you have a great many alternative investments to choose from, with the goal of providing better returns to offset the costs of inflation. While we do not choose the investments for you, we do make sure that your self-directed IRA complies with the IRS and Department of Labor rules.
Inflation is Affecting the Cost of Care
WIth monthly nursing home costs reported as high as $18,000 per month, it makes sense to protect your home and savings from having to pay such expenses month after month. HighPoint Law Offices has been helping people like you protect their homes and savings from the financial catastrophe of long-term care, using special legal structures that are proven effective. The sooner you start, the sooner you’ll be protected. This is also a good time to talk to us about the newer versions of Long-Term Care insurance, to multiply your dollars should care of any kind be needed.
Listen to Your Advisors
Whether it’s from your investment advisor or your tax advisor, you should expect helpful advice in turbulent times. If they advise you to “stay the course,” make sure you understand why this is their recommendation. If they propose changes to your investment mix, ask for an explanation of this move also.
Talk to a Trusted Estate Planning Attorney
There may be other strategies that are relevant and appropriate for you, for example providing large tax deductions, or level income streams regardless of the economy, or safely reducing the size of the Required Minimum Distributions from your retirement plan. Contact HighPoint Law Offices PC to discuss your unique situation and start on a plan that will work for you and your loved ones.
