Whether you are approaching retirement or already in it, this stage calls for a fresh look at your estate plan and timely adjustments that match your next chapter.
A well-designed estate plan can help anticipate and mitigate these risks by providing structure, guidance, and protection around inherited wealth.
As the child who was not cut out of the estate plan, you may find yourself in an especially delicate spot, particularly if your parent named you as the executor (also called a personal representative) or trustee in their estate plan.
Among the numerous types of trusts aimed at fulfilling different estate planning purposes, an inheritor’s trust is specially designed to help protect an inheritance.
You have decided to meet with an estate planning attorney to get your affairs in order and ensure that your loved ones are protected. Now that you have scheduled the appointment, it is time to get yourself organized and prepare for the first meeting.
Comprehensive estate planning also addresses what will happen if you become mentally incapacitated (unable to manage your affairs) due to illness, injury, or cognitive decline, or if you need to be away from your business for an extended period.
As a business owner, planning for retirement requires more effort, foresight, and strategy. In addition to navigating the wide range of retirement account options available to business owners, you must also ensure that your chosen strategy aligns with your overall estate plan.
If you prefer the idea of transferring your business to longtime, trusted employees who have contributed to the company’s success over the years, there are two options to consider: a management buyout (MBO) and an employee stock ownership plan (ESOP).
A comprehensive estate plan is also meant to positively impact your life by planning for and providing necessary protections while you are still around to reap the benefits.
If you and your partner choose not to marry, you must have an estate plan tailored to your individual situation. Without an estate plan, your partner generally has no legal authority to make decisions for you if you become injured or incapacitated (unable to manage your own affairs) or to inherit from you when you pass away.