Financial Planning
Annuities
An annuity is a financial product that provides a series of regular payments over a specified period of time, often in exchange for an upfront lump sum investment. These payments can be structured in various ways, such as fixed or variable, with options for lifetime or term-specific durations. Annuities are commonly used for retirement planning, offering individuals a stable income stream. They are typically issued by insurance companies and may include additional features like inflation protection or death benefits. The value of an annuity depends on factors such as the length of the payment term, interest rates, and the financial health of the issuing institution.
Trust & wills
A will outlines an individual's wishes regarding medical treatment and healthcare preferences after death, while a trust can be used to designate a healthcare proxy or power of attorney to make decisions on their behalf in case of incapacity. By establishing these legal documents, individuals ensure that their healthcare preferences are followed, and their financial assets are managed according to their wishes. Additionally, they help avoid potential legal disputes or confusion among family members about healthcare decisions during times of crisis.