As we approach our 70s, we feel like we have everything covered. We don’t have long-term care insurance, but with the income we have off the farm and with our savings, we feel pretty comfortable. Is everything we have enough?
We are programmed to contribute the “max” to our retirement accounts and we disregard, or do not understand, the pitfalls of an improperly filled-out beneficiary forms.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.