It used to be that retirement meant golf, hiking, card games and travel. But things have changed. People are healthier and live longer and are choosing to continue working past normal retirement age.
And, we’ve seen a recent trend of older entrepreneurs. People who had a long work career and qualify by age for retirement, but chose to start that business they’ve always dreamed about. Of course, some of these clients also decide to star t their own business because they’ve been unable to find work, or because their retirement proves inadequate for one reason or another.
About 20 years ago, I used to get a lot of people who insisted on using a Living Trust as their estate plan. They had gone to a seminar or bought a book, most often produced by a regional “Law Firm” that sold Living Trusts and charged at times exorbitant rates. I’d have to talk these clients into the advantages and disadvantages of setting up living trusts. For some clients it was an appropriate way to set up their estate plan, but for others, it was a waste of time and money.
A number of variables affect the decision whether to conduct your estate planning through a will or through a living trust. No single factor ever decides the question. Selecting the process that works best for you requires a review of your entire situation. Including assets, heirs, beneficiaries, and any special problems or needs or desires. That review is best done by an experienced estate attorney. Yes, attorneys are expensive, but consider the value of your estate and the cost if something goes wrong, including not only the costs in unnecessary taxes, attorney fees and probate costs, but the cost on family as well.
What type of estate plan do you need? The chart below will allow you to compare wills and revocable living trusts as primary estate-planning tools. Take a look. Then, if you’d like to discuss the best vehicle for you, call us for a consultation and lets get started.