If you want to figure out more options for controlling your finances later in life, take a look at these ways that estate planning lawyers or other professionals assist clients.

We tend to think of estate planning as something that happens after someone is dead, but in many ways, estate planning starts as soon as someone starts getting older and wondering about the future of his or her beneficiaries. Here are some of the items that estate planning attorneys and other professionals can help out with, to help retired or senior clients manage their money.

Annual Tax-Free Gifting Limits

Unbeknownst to a lot of high net worth seniors, the dollar limit for annual tax-free gifting has steadily risen from $10,000 just a few years ago, to $14,000 today. That means high earners and high net worth individuals can hand down more money to younger generations without incurring tax penalties.

Giving to Multiple Beneficiaries

Estate planning professionals also remind their clients that these annual tax-free gifts can be extended to children, spouses, grandchildren and others meeting certain qualifiers. This greatly increases the annual tax-free giving that can occur.

Setting Up Trusts and Other Funds

In many cases, a trust fund can be an excellent vehicle for wealth transfers that are involved in estate planning, well before anyone passes away. This is another aspect of how estate planners work with clients to prepare for the future.

Investment Opportunities

Estate planning professionals can also help their clients evaluate different kinds of investments, according to their long-term tax impact and other factors. High net worth seniors may be confused about whether to invest in stocks, funds, or precious metals, or whether to pursue financial vehicles such as in annuities. Estate planning lawyers can help figure out how these fit into a longer-term plan.

Real Estate Investment

Another area where estate planning professionals can help is in handling real estate. Real estate can be a great investment for a range of asset holders, but there are certain questions that often come up. For instance, how does the federal government tax the purchase and sale of real estate parcels? How would rental income factor into annual finances? And how will real estate holdings affect estate planning later? All of this involves careful work between estate planning lawyers like Brandt & Beeson PC or finance professionals and their clients. Think about how all of these issues may affect your planning for generational wealth transfer.