Communities We Serve – McKinney

We would like to thank our neighbors in McKinney for visiting our website. If you are looking for a licensed estate planning attorney in Dallas area, you have found a reliable local resource. McKinney is a city located in Collin County, second in population only to Plano. Part of the Dallas-Fort Worth metroplex, McKinney is located approximately 37 miles north of Dallas. From 2000 to 2003, McKinney was recognized as the nation’s fastest-growing city, and again in 2006, out of all cities with a population of more than 50,000.  Thanks for taking the time to find out about our connection to McKinney.

The uniqueness of McKinney, Texas

McKinney has been a unique part of Texas from the very beginning and that uniqueness is what has always attracted people and businesses to this wonderful community. With its beautiful tree-lined streets, charming and historic downtown, and its robust business environment, McKinney is a unique community.

Located only 30 miles north of downtown Dallas, McKinney has a small-town feel that makes it unique compared to the urban expanse of the Dallas Metroplex. With a population exceeding 168,000, McKinney is certainly one of the fastest growing cities in the country.

The importance of having an appropriate retirement plan

Retirement is meant to be peaceful, however, the thought of retirement for some may be nerve-wracking instead.  The most common fear clients have is not having sufficient savings or income for retirement in order to be ensured a comfortable retirement.  The question becomes when to start saving and how to do it properly.  Seeking the assistance of an attorney who provides retirement plan services is a wise decision so you can avoid most of the common mistakes.

Be sure not to overlook the need to update your retirement plan

It is wise to review your estate plan every now and then.  The same is true with regard to your retirement plan.  You should review your plan so you can make any required revisions when your circumstances change over time.  For example, you will probably need to make changes to your plan to address fluctuations in the market that will likely have a negative effect on your investments.  You should also modify your plan whenever you experience a change in your income or expenses.  Your attorney can provide these types of retirement plan services.

Significant changes in your family dynamic nearly always require modifications to your retirement plan.  That would include the birth of a child or grandchild, marriage, divorce, or the death of a spouse or other beneficiary.  These significant events usually affect how much you can put aside toward retirement.

Do not ignore the potential need for long-term care in the future

Caring for an aging loved one can be quite a burden, both financially and in terms of the time commitment.  Medical expenses alone can drain all of your savings if you don’t have a proper plan already in place.  Some reports indicate that almost 70% of all retired individuals require long-term health care at some point in their lives.  For that reason, it is important to consider all of your long-term care options so that you can include those options in your retirement plan.  That way you will be sure to have sufficient financial resources to cover the costs of that care.  Your attorney can provide retirement plan services that help you estimate what you need.

Be sure not to underestimate higher health care expenses

In addition to the costs for long-term care, regular day-to-day health care expenses can also be an issue.  Although not every senior will need a nursing home, that does not mean they don’t need numerous trips to the doctor.  Another important goal in retirement planning is handling the cost of future health care.  The problem arises when clients overlook the likelihood that health care costs will become higher over time.  If you do not take the potential for increase into consideration as part of your plan, then you may still face a financial shortfall during retirement.

Your retirement goals need to be reasonable

It is routine for clients to be unsure as to how much income or savings they will need when they in retirement.  This is particularly true when the goal is maintaining their current lifestyle 20 or 30 years later. In some cases, clients do not have sufficient financial resources during retirement resulting in difficult financial issues in the future.  In some cases, clients believe they need much more money than they actually do.  In that case, their retirement goals are nearly impossible to attain.  Your retirement planning attorney can help you develop a plan that is reasonable for your particular situation.

If you have questions regarding retirement planning matters, please contact the experienced attorneys at The Vermillion Law Firm, LLC for a consultation. You can contact us either online or by calling us toll-free at (972) 366-7201 . We are here to help!