Empty Nest & Retirees

Now that your children are out of the house and you are thinking of slowing down your career or perhaps have already retired, it is time to focus on your quality of life, goals, and legacy.

Maintaining Quality of Life

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Nearly half of Americans become disabled or very ill at some point in their retirement years, so it is important for you to be proactive and honest about where your health is as you age. "Disability" is nothing other than an illness, accident or circumstance that prevents you from being able to live independently and care for yourself. While nobody wants to think it would ever happen to them, it is an alarmingly real possibility that you should acknowledge and prepare for. Because of this, we recommend reviewing your estate plan at least every two or three years at this point in your life. 

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The costs of long term care, whether in-home or a facility, have gotten much higher than they were in decades past as technology has advanced and people are living longer. It is not unusual for care to cost a couple hundred dollars or more per day, depending on what is needed. Sadly, many people ultimately go broke towards the end of their life precisely because of this, seeing their life's savings and assets evaporate because they cannot afford this care. Add to this the possibility of having people you do not know appointed to serve as your court appointed guardians if you do not plan properly ahead of time. What can you do about this?

There are several strategies that we are able to consider that are dependent on your age, income stream, and individual circumstances. Some of these include private pay arrangements, obtaining Long Term Care Insurance (LTCI), a Medicaid Asset Protection Trust (MAPT), or an application for Medicaid or VA benefits. It is also name and periodically review who you would want managing your affairs should a disability set in, whether it is temporary or permanent.

Goals-Based Legacy Planning

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Each estate plan is unique and varies based on the individual needs and wants of you, the client. While you must decide for yourself what your goals are, some of the commonly addressed ones we can help you with include:

  • Encouraging and supporting both your loved ones and charities or causes you are passionate about by leaving them what you want them to have on your own terms;

  • Structuring your assets to support your surviving spouse while protecting those assets for distribution directly to your children in case your surviving spouse remarries or your children become divorced or have issues with creditors;

  • Avoiding the costs of probate and ensuring that your home, assets, and belongings pass on seamlessly and with minimal legal fees;

  • Structuring a family business such that it continues being operated by your children or other relatives in the family while not leaving out those who are not involved in its operation;

  • Distributing your personal items in a way that makes sense. Many of your things may not have very much financial value, but their sentimental value matters a lot to your loved ones and without direction, the distribution can lead to unwanted hard feelings.

Your goals, whatever they may be, all share the aim of ensuring that your life's legacy passes on where you intend and in the way that you intend. You want to leave a lasting impact that positively influences those that you love and the world around you long after you are gone. We can create and implement an estate plan that helps you achieve these goals.