Retirement Planning Lawyer in Needham, MA 

Integrating Your Financial and Legal Future

Retirement marks a new chapter filled with possibilities, but it also introduces unique legal and financial complexities. For individuals in the Greater Boston area, on Cape Cod, and in Mashpee, the question isn't just "Do I have enough money?" but "Is my money protected from the high costs of care, and will it be there for my family?"

At Lannik Law, we bridge the gap between traditional financial planning and comprehensive legal preparedness. Our retirement planning services, guided by a Certified Elder Law Attorney (CELA) with over four decades of experience, work to fully integrate your financial strategies with your long-term legal goals, offering you genuine security and peace of mind.

Discuss your legal needs with our Needham & Mashpee retirement planning attorney in a confidential consultation. Call (781) 303-9594 or connect with us online. We offer virtual meetings for your convenience. 

Why Is Integrated Retirement Planning Critical?

You’ve spent decades saving and investing for retirement. Now, your focus shifts from accumulation to preservation and distribution. 

Your primary concerns likely include:

• Longevity risk. Will your savings last for what could be a 20 or 30-year retirement, especially with inflation?
• Healthcare costs. Medicare does not typically cover most long-term care services. How can you protect your nest egg from the devastating, six-figure annual cost of nursing home or chronic in-home care?
• Incapacity. If you become unable to manage your finances or make health decisions, who will take over, and will your legal documents be sufficient to protect your assets?
• Legacy protection. How can you maximize the inheritance you leave to your children and grandchildren, minimizing estate taxes and potential probate costs?

Standard financial plans often focus only on investment returns and withdrawal rates. An elder law-focused approach integrates this financial data with a comprehensive legal strategy to protect your assets from the inevitable risks associated with aging.

How Lannik Law Helps You Secure Your Retirement

Our firm focuses on the intersection of your finances and the law. We don't manage your investments, but we can establish a robust legal framework around them that aligns with your long-term care goals.

The Steps We Take to Create Your Retirement Plan

Reviewing beneficiary designations: One of the most common and costly mistakes is failing to properly designate beneficiaries on retirement accounts (IRAs, 401(k)s, etc.). The SECURE Act significantly altered the rules governing inherited accounts. 

We review and update these designations to facilitate the tax-efficient transfer of assets, aligning with your estate plan and thereby avoiding probate, while maximizing the benefits your heirs receive.

Long-term care financial integration: We analyze your financial holdings and your desired lifestyle to project how long your funds will last if long-term care becomes necessary. This crucial step determines the need for and timing of asset protection strategies, such as Medicaid (MassHealth) planning, to shield a portion of your wealth.

Required Minimum Distribution (RMD) Strategy: We advise on the legal and tax implications of RMDs from your retirement accounts. This includes strategizing on the timing of distributions to optimize your overall tax liability, especially in relation to Social Security benefits and future capital gains.

Incapacity and asset control planning: We create comprehensive legal documents that cover all eventualities:

• Durable Power of Attorney. Appointing a trusted agent to manage your finances if you are incapacitated prevents the need for court-ordered guardianship.
• Trusts. Establishing revocable or irrevocable trusts to maintain control over your assets during your lifetime while protecting them for your heirs and potentially simplifying the administration process.

Veteran and public benefit coordination: For those who served, we integrate potential Veterans Benefits (such as Aid and Attendance) and Social Security strategies into your financial plan, maximizing income streams while coordinating with Medicaid (MassHealth) eligibility rules to preserve your personal savings.

As a Certified Elder Law Attorney (CELA), Attorney Lannik possesses the necessary proficiency to navigate the legal complexities of aging and retirement savings planning. This proactive, protective approach allows you to step into retirement with true confidence.

Ready to legally protect your retirement plan and have it built to last? Contact us at (781) 303-9594 to schedule your consultation with our Needham retirement planning attorney today.