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Protecting the money that is to be handed down to beneficiaries

Many people in Houston and beyond want to pass down valuable assets to their children. Therefore, it is important to make estate planning decisions and to put them in writing. For instance, creating a will is one way to be sure family members receive money and other important personal items.

People want to provide for their children after they have died. However, a person's bank accounts can quickly be drained if they have to pay for extensive medical treatments over a long period of time. As people are planning for their retirement, they should make sure they are doing what they can to take care of their financial and personal health.

As humans, we are susceptible to serious health conditions. Although there is nothing a person can do to guarantee they won't get sick, people should try to live healthy lives. One way to be sure a person is doing what they can to prevent illness is to meet with a nutritionist, physical therapist or personal trainer. They may learn that there are simple and easy lifestyle changes that can be made to improve their health.

As people are preparing for retirement it would also be wise to set aside money specifically for medical expenses. That may minimize the impact on money intended for children and other beneficiaries.

To make sure they are creating appropriate plans and doing what they can to ensure their loved ones will be taken care of when they are gone, Houston residents would be wise to reach out to an experienced estate planning attorney.

Source: CBS Moneywatch, "Retirement planning: Get non-financial help," Steve Vernon, March 6, 2013

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