Retirement can be a confusing time in a person’s life.
Besides new exercise regimes and attempts at savings accounts, from a legal perspective, the new year is the perfect impetus for tackling life’s perennial to-do list.
As people live longer, the retirement population grows and health care costs climb, long-term care is a critical component of family financial planning.
While most estate planning focuses on physical property, like your home, and liquid assets, such as investment accounts, retirement plans can actually make up a large portion of one’s estate. Due to the specific tax rules governing these assets at death, you must plan carefully to ensure these funds are integrated properly into your estate distribution plans and tax savings strategies.
You have reviewed multiple drafts of your Will, Trust, Living Will and Financial Power of Attorney, attended multiple meetings with your attorney, discussed the final distribution of your assets, selected your Executor and Trustee and finally executed your estate planning documents. So, you must be done, right?