You work hard to provide financial security to your loved ones. Yet, to help preserve your family’s financial well-being, you also need to create an estate plan.

For staters, you’ll need a will to distribute your assets according to your wishes. But you also may want to design a living trust, which provides you with more flexibility than a will. For example, with a living trust, you can determine at what ages your grandchildren will inherit the money you’ve left them. A living trust also allows you to bypass the time-consuming probate process.

Other estate-planning tools include a power of attorney and a health care directive, both of which empower others to make decisions on your behalf if you become incapacitated.

Estate planning can be complex, so you’ll need to work with your tax, legal and financial advisors. Developing an estate plan can take some time, but it’s worth the effort.

Own a Small Business? Consider These Retirement Plans

If you are a business owner, you’ve got a lot to think about — but don’t forget about your own financial security.  Fortunately, you have a variety of retirement plans from which to choose.

Let’s look at two of these plans: the “owner only” 401(k) and the defined benefit plan.

If you have no employees other than your spouse, or a partner, you can establish an “owner-only” 401(k), with many of the advantages of a traditional 401(k): a range of investment options, tax-deductible contributions and the opportunity for tax-deferred growth.

A defined benefit plan might be appropriate if you are highly compensated and have no other employees. And this type of plan may allow you to contribute amounts in excess of a 401(k).

Consult with your tax and financial advisors before you choose a plan. You work hard to enjoy a comfortable retirement tomorrow. Make sure your retirement plan is working hard today.

Contact Wendell at Edward Jones www.edwardjones.com.