Nesso Wealth Offers Retirement Planning and Estate Planning in CT

As you get closer to retirement, you may feel overwhelmed and uncertain about the future. There are many crucial decisions, from where to invest your money to deciding when is…

Tax

April 25, 2023

Written by John Wonneberger

As you get closer to retirement, you may feel overwhelmed and uncertain about the future. There are many crucial decisions, from where to invest your money to deciding when is the right time to retire. You want to ensure that you have a secure financial future and that your assets are handled in a way that meets your needs and goals. Planning for retirement and the distribution of your estate after you pass away can be complex to do on your own. Fortunately, a trusted financial advisor like Nesso Wealth can make all the difference.

At Nesso Wealth, we’re a group of expert financial advisors in Connecticut. Our team has decades of experience serving individuals and families with wealth management, retirement planning, estate planning, and more. With tailored solutions, we’ll help you make the most of your golden years while also taking care of your family’s needs. You can trust us to provide only the highest level of service. Please fill out our form today to schedule a consultation; we’ll connect you with one of our specialists as soon as possible. If you start now, you can be sure that your retirement and estate will be secure for years to come.

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Understanding Nesso Retirement Planning

Everyone has a different view of retirement. You may want to spend your days traveling the world or stay close to home and focus on family. You may not even know what you want if you’re starting your retirement planning journey, which is expected. Our services are all about defining those goals and understanding what you need to do to get there. You may need to create a budget, set aside more money each month, or otherwise optimize your investments and assets. Ultimately, you’ll be able to confidently look forward to your retirement with a clear goal in mind.

Nesso Wealth is here to provide the guidance and support you require throughout this process. We’ll review your current financial situation, consider any upcoming life changes, and assist you in creating a plan for success that fits your unique needs. Based on your circumstances, we may suggest different strategies or products to help you maximize your retirement savings. You’ll be responsible for making all the crucial decisions, but we’re here to deliver the necessary information and resources.

What Our Retirement Planning May Involve

Through our personalized retirement planning services, we can provide various solutions, such as:

Retirement Accounts with Tax Benefits

Setting aside money for retirement is essential in financial planning. Certain account types allow you to do so with tax benefits. These accounts have the dual use of available funds in the future and tax savings on investments accrued now. 401Ks, Roth IRAs, and Traditional IRAs provide a few options for retirement accounts with tax advantages. Each works differently and has some limitations, but you won’t have to worry when you have Nesso Wealth.

Investment Strategies and Proper Asset Allocation

Retirement planning isn’t just about setting aside money; it’s also about where to save it. We’ll assess your risk tolerance and goals, then create a tailored asset allocation plan. This plan combines different investments into a portfolio designed to work toward those goals over time. We guarantee you understand the investment strategy and monitor its performance, making changes as needed.

Social Security Planning

When you reach retirement age, your Social Security benefits will become available. However, deciding when and how to take them can be confusing. We’ll help you understand the rules and regulations governing Social Security benefits and how they apply to your case. We can also calculate how much you may receive, how to maximize your benefits over time, and more. With Nesso Wealth, navigating Social Security will be more accessible than ever.

Creating A Budget and Controlling Expenses

Your cash flow in retirement is as important as how much you set aside. We’ll help you create a budget that reflects your current and future needs so you know your money is going to the right places. If you suddenly face an unexpected expense, we’ll guide how to handle that situation best. Thanks to your budget, you’ll be prepared and able to make things work. At Nesso Wealth, we want you to keep living the life you desire without falling into financial hardship.

About Estate Planning

If you own many assets or have young children or grandchildren, estate planning is a must. It involves creating an organized plan that outlines what will happen to your property, belongings, and decisions in the event of death or illness. By setting up this plan in advance, you guarantee that your wishes will be honored and that your loved ones will receive the care they deserve. Estate planning may entail creating legal documents such as trusts, wills, powers of attorney, health care directives, etc. Your plan can be as simple or complex as you like.

In addition to retirement planning, Nesso Wealth also offers estate planning services in Connecticut. Our team can guide you if you require help understanding the process or need advice on how to structure your plan. We know the legal complexities and technical details so you can trust us regardless of your choice of estate planning vehicles. Regarding retirement and estate planning in Connecticut, Nesso Wealth knows what you need to secure your future and provide for your loved ones.

Estate Planning Tools We Recommend

You can use many tools to create an estate plan, but you’ll need the guidance of a professional financial advisor. Some of the strategies we might recommend are:

Respecting the Gift Tax Limit

Gifts are a great way to transfer wealth, but the IRS limits how much you can give without incurring a gift tax. Gift tax is federal taxation imposed on individuals who receive more than the allowed annual exemption from another person. The gift tax exemption for 2023 is $17,000 per recipient. You’ll have to pay taxes on the difference if you exceed this amount. Our team will help you structure your gifts properly and take full advantage of the current exemption limits. 

Creating a Trust Fund

A trust is a contract between a grantor (the person setting up the trust) and a trustee (who manages the assets). The trustee then uses the assets to benefit a third party, such as your beneficiaries. You’ll enjoy several advantages with a trust, such as avoiding probate and protecting your possessions from creditors. Your successors will enjoy various tax advantages depending on the type of trust. We’ll advise you on the best option available for your situation and assist you in setting it up.

Using Other Estate Planning Documents

In addition to trusts, we can help clients draft other estate-related documents. For example, you may want to create a will or a family-limited partnership. A will is an official document stating how you want your assets distributed after death. A family-limited partnership is an entity that allows families to manage their investments and have control over who gets what when they pass away. These and other legal documents can help protect your assets and reduce the chance of disputes.

Considering Giving to Charity

One of the main benefits of estate planning is that it allows you to use your wealth as a tool for doing good. You can give back to the community or support a cause you believe in by leaving a portion of your estate to charity. We’ll help you choose the best charities for your mission, decide how much to give, and determine the most tax-efficient way. As you can see, estate planning doesn’t only serve to protect your possessions—it’s also an excellent way to build your legacy.

Reasons to Choose Nesso Wealth

There are many estate planning firms in Connecticut. So why should you choose us? Here’s what makes Nesso Wealth stand out:

  • There’s no one-size-fits-all solution to financial planning, so we provide personalized service and tailor our plans to fit your needs.
  • Our advisors are knowledgeable and experienced, so you can trust them with your financial decisions. When you work with us, you know you’re in good hands.
  • We offer a convenient process—we’ll help you create the documents you require, file them properly, and ensure they’re up-to-date as laws evolve. Our approach has proven to be effective and efficient time after time.
  • We understand that estate planning is often an emotional topic. Our team offers empathy and compassion throughout the entire process. We don’t just see you as another client—we see you as part of the Nesso Wealth family.
  • We strive to be upfront about fees and educate clients on their options so they can make informed decisions. We want to build long-term relationships with our clients based on honesty and transparency.

Prepare for Tomorrow with Nesso Wealth in Connecticut

If you need assistance with retirement and estate planning in Connecticut, Nesso Wealth is here for you. With our team of experienced advisors, we’ll provide personalized service tailored to your unique circumstances. We’ll also strive to make the process as easy as possible—with clear communication and convenience every step of the way. It’s never too early to start planning for retirement and protecting your assets. The sooner you begin, the more time you’ll have to enjoy the confidence that comes with a well-crafted plan. Contact us today to get started.

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