No matter your income, you must have a plan that works for your financial situation. Far too many people do not manage money effectively, leaving them vulnerable due to a lack of emergency savings, high debt bills, and too little money for retirement. Whether you are rich or poor, if you do not have a plan for your money, it will be harder for you to achieve financial success.
German Law Group can help you. Our firm provides financial planning assistance to clients in Minnesota and North Dakota. Our legal team has an in-depth understanding of the types of accounts that can help you to grow your wealth and of the legal tools you can use to protect your nest egg.
Whether you’re just starting your career or are in retirement and need help making your money last, our firm can provide the guidance and advice you need to make smart money choices. Give us a call today to find out more about how we can provide personalized advice and to get answers to questions you to questions including:
- When do I need to get financial planning assistance?
- What kindof financial planning assistance is available?
- How can German Law Group provide financial planning help in North Dakota and Minnesota?
When Do I Need to Get Financial Planning Assistance?
It is important to get financial planning assistance as soon as you begin earning an income. When you are young and your salary has not yet climbed due to advancing in your job, you should be eligible to make the maximum contributions to tax-advantaged retirement accounts that phase out when you have a higher income. You can invest strategically in accounts that give you tax breaks and can take advantage of compound interest to help you achieve financial success.
You should also get financial planning help at any phase in your life if you do not already have a comprehensive plan in place for managing money, saving, and investing. Plans must be age-specific and tailored to your risk tolerance and future financial goals.
Developing a strategy for wealth management can help you to avoid becoming one of the millions of Americans who are saving too little for retirement. Investopedia reported median savings for people age 55 to 64 is just $104,000, even though these workers are likely going to retire soon and a nest egg of this size would result in only $310 in monthly income.
As your life evolves, your financial planning will also evolve, changing as your assets and family change. The key thing is to get started, get a plan in place in case something happens to you, and make modifications as necessary to maximize your chances of financial security. An experienced attorney can help.
What Kind of Financial Planning Help is Available?
Since everyone’s financial situation and money goals are different, there is no one-size-fits-all approach to financial planning. It is important to get personalized advice specific to your income, goals for the future, family situation, and risk factors. German Law Group offers individualized assistance to all of our clients on a wide range of financial issues including:
- Setting retirement goals and using tax-advantaged accounts like IRAs and 401(k)s to achieve those goals. Our firm helps you to understand contribution limits and to choose the right tax-advantaged retirement accounts to get the biggest possible tax breaks for retirement.
- Setting other important financial goals, using the right types of accounts, and automating your savings to make meeting goals easier.
- Reviewing contracts and legal documents before you sign and providing advice on what your rights and obligations are under the contract.
- Reviewing financing agreements, including mortgage loans, to ensure loans are appropriate for your financial circumstances.
- Protecting assets during your lifetime using trusts and other legal tools.
- Facilitating the timely transfer of wealth to new owners after you pass away so you can leave a strong legacy.
If you want help with these financial planning matters or with any other aspects of making a solid plan to achieve financial security in the future, our firm is here for you.
How Can You Get Help from a Financial Planning Lawyer in North Dakota and Minnesota?
When you need an attorney you can trust to help with your financial issues, German Law Group is the firm you can turn to. Clients throughout North Dakota and Minnesota trust us to help them make financial plans because of both our legal knowledge and the financial acumen of our legal team. We will put our experience to work to assist you with creating and carrying forth a plan to grow and protect wealth. Give us a call today to find out more about how we can help.