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Retirees

Retirement is a great time to start thinking about the legacy you’d like to leave behind.  Planning during retirement is often complex than it is when we are younger.   We are likely to have accumulated more assets, and we often have a better idea of the future needs of loved ones.  As we get older, second marriages are common, requiring more nuanced planning.

Below are some issues you may want to consider in designing your estate plan at this point in your life.

  • Do you want to leave assets to your adult children equally or do you want to provide more to a child who has health problems and higher medical expenses or to a child who has fewer assets as a result of entering a noble, but lower-paid, profession?
  • If you have remarried, how do you want to provide for your spouse while also ensuring that assets are preserved and transferred to your children upon your spouse’s death?
  • Do you wish to leave money to a charitable cause or religious organization?
  • How should you structure your assets in a way that reduces both estate and income taxes for your loved ones?

While it is easy to get caught up in the details of your plan, we encourage you not to lose sight of the bigger picture.  Your estate plan is the last thing you leave behind for others, and it should reflect the values you hold dear and the gifts you’d like to leave for your loved ones.