Estate Planning for Freelancers and Independent Contractors

For freelancers and independent contractors, estate planning carries unique considerations. 

Without traditional employment’s typical benefits or retirement plans, freelancers need to be proactive in securing their financial future and ensuring their assets are properly managed and distributed. 

Retirement planning: Without employer-sponsored retirement plans, freelancers must set up their retirement savings, such as IRAs or solo 401(k)s. These should be incorporated into the estate plan to ensure they are passed on according to your wishes. 

Business assets: Many freelancers have business assets intermingled with personal assets. It’s vital to delineate these in your estate plan, especially if you wish for your business to continue after your death. 

Life insurance: Life insurance can be essential for freelancers, providing financial security for dependents or covering debts and taxes, ensuring that your assets are distributed as intended. 

Healthcare Directives and Power of Attorney: As healthcare and financial decisions can become more complex without a traditional support system, having these documents in place is crucial. 

Emergency fund and liquidity: Ensure that your estate plan provides liquidity so your heirs can handle immediate expenses, mainly if your income is the primary source of financial support. 

Freelancers face unique challenges in estate planning, but with careful consideration and strategic planning, you can protect your legacy and livelihood.   

We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.