August 2023

WEALTH... from page 21.

ments of retirement. Unlike retirement planning, which focus es on wealth accumulation, estate planning focuses on the care and disbursement of your wealth beyond retirement. The first step in evaluating your estate is to take inventory

will be responsible for managing their investments choices. 401k plans typically provide a lengthy menu of investment options for employees to choose from, along with resources to navigate the pros and cons of each. Under an IRA, the individual will be responsible for navigating these choices independently. STEP 2: Creating the Footprint of your Estate’s Execution One can look into estate planning. When people think of estate planning, one of the first things that tends to come to mind is a will. While formalizing your will is an important step of estate planning, it is just one step of a much bigger process that needs to be carried out to ensure the successful execution of your estate handling. In the section above, we discussed some of the common savings plans available to employees and self-employed individuals to aid them in preparing for the financial require

of your assets. Investment accounts, such as those dis cussed above, are the eas iest to identify and quantify, but it can go well beyond that. Ownership of other assets such as a primary residence, vacation home, rental property, automobile, boat, jewelry, memorabil

“Once you have compiled a list of your assets and their related values...it is time to construct a plan for disbursing those assets.“

ia, or any other asset of significant value must be consid ered when compiling your estate. The value of all your assets, not just your retirement savings account, must be considered. Once you have compiled a list of your assets and their related values (net of any mortgages or loans), it is time to construct a plan for disbursing those assets. This will require CONTINUES ON PAGE 56

Please help CAI-NJ F.A.S.T. by supplying the basic tools for the hard working teachers this school year! Donations will benefit a local school district. Items will be collected at the CAI-NJ Beach Party on Thursday, September 14 th or you can drop them off at the CAI-NJ office by the date of the event!

Please visit https://tinyurl.com/FASTTeacherSupply to shop our F.A.S.T. Teacher Wishlist on Amazon! Avoid lugging the items to the event. Mail supplies directly to the CAI-NJ office at 500 Harding Road, Freehold, NJ 07728! We also accept credit card/check donations. Contact Robin@cainj.org for any questions.

Thank you in advance for your support!!

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AUGUST 2023