When I work with retirees or clients who will retire soon, I like to ask them what they think could prevent a happy and successful retirement.  My clients usually tell me they are worried about things like losing control due to health issues, nursing home costs, or what would happen to my spouse if I died early.

An effective estate plan will answer these questions so that you can rest easier at night.  The first document to consider is a financial Power of Attorney (POA).  The POA allows someone else to make legal and financial decisions for you in the event you are unable to make or communicate your desires.  In my opinion, this is probably the most important document in many estate plans because this is the document that can allow us to maintain control in the event you become sick.

To plan for an untimely death, you should have a Last Will and perhaps a Revocable Living Trust. The primary objective of a Will is to transfer ownership of your assets to your family.  A Revocable Trust accomplishes the same thing, but can also help your family avoid probate. A strong plan will also include provisions dealing for young and disabled individuals.  Increasingly, my clients are also concerned about planning for their children’s potential divorces.

Finally, you could consider using an Irrevocable trust to protect assets.  My clients list expensive long-term care costs as their biggest financial threat.  Irrevocable trusts can be used to protect assets from health care issues like dementia or strokes.

To learn more please join us for a FREE workshop in our office where we discuss these options in great detail. You can view upcoming dates, as well as register, here.

If you have further questions, or have a more pressing issue please call our office.