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Home » Uncategorized » Why A New Job Means It Is Time to Talk with an Elder Law Attorney in Overland Park

Why A New Job Means It Is Time to Talk with an Elder Law Attorney in Overland Park

March 21, 2017 by Larry Parman, Attorney at Law

Overland Park elder law attorney

If you have a new job, you may want to think about talking to an elder law attorney in Overland Park about your financial situation and your future planning. A new job is a time of new beginnings in your life. Maybe you have received a promotion and are earning more income, or maybe the new job offers different benefits than at your old position. An attorney can help you address the financial issues and opportunities your new position creates. 

Parman & Easterday has extensive experience providing help to people who are ready to make smart financial choices and create comprehensive plans for the future as they embark on a new career opportunity.

Our firm does not just help seniors. Those who confer with an elder law attorney will benefit from the professional and comprehensive advice our legal team provides. Give us a call to find out more about how we can help you to make the most of the financial opportunities your new job presents.

Why a New Job is a Good Time to Talk with an Elder Law Attorney in Overland Park

When you have a new job, your new employer may have a different policy regarding pensions or 401(K) plans. As US News explains, many employers no longer offer defined benefit pensions, once a fundamental part of the employment plan for most employees.

Experts estimate around 25 percent of workers who currently have active defined benefit pension plans are likely to see the plan either freeze or close at some time in the future. A 2014 corporate trend survey reported on by US News also indicated that only 28 percent of 117 corporate-sponsored plans remain open.

If your past employer offered a pension but your new employer does not, you will need to rethink the way you have been saving for retirement.  Parman & Easterday can provide assistance with retirement planning and can offer you help in exploring different kinds of accounts you can use to save money for a secure retirement if your employer will not provide one for you. For example, traditional or Roth-IRAs are commonly used investment accounts that allow you to put aside tax-advantaged funds for retirement.

If your new employer and your old one both offer 401(K) accounts, you still need to take action when you switch to a new employer. You need to make smart choices about how to roll over your account so you do not face tax penalties and can continue on the path towards financial security as you get older. Rolling over your 401(K) into the proper type of account is also important if your old employer offered this type of policy and your new employer does not.

What Does an Elder Law Attorney Do For You?

There are other reasons to talk with an elder law attorney when you get a new job.  In addition to making plans to save for retirement in your new position, if your new job provides you with more money, you can begin to build wealth more quickly and effectively and asset protection will become more important to you.

If your insurance situation changes, you will also need to consider what kinds of policies are necessary to protect your family. A switch to a new health insurance provider can mean changing your doctor as well.  Be sure you provide all your new healthcare providers with your advanced directives for healthcare so they have your preferences regarding emergency care and who should make decisions on your behalf if you become unable to express or communicate your own decisions.

Getting Help from an Experienced Elder Law Attorney Serving Overland Park

A new job is a time to begin looking forwards towards a positive future. You want to make sure you are using the money you are making wisely to provide for yourself and for the people you love as you get older. An experienced elder law attorney serving Overland Park can help you explore all your options for retirement planning and asset protection so all of your hard work will pay off in providing you with more security as you age.

Parman & Easterday has the knowledge and experience necessary to offer you solid advice on how to protect yourself financially in your new position. Give us a call today at (405)-843-6100 or contact us online to find out more about how we can help you. You can also join us for a free seminar to learn more about what elder law attorneys do for clients.

  • Author
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Larry Parman, Attorney at Law
Larry Parman, Attorney at Law
Founder and Owner at Parman & Easterday
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.
Larry Parman, Attorney at Law
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