We recommend reviewing your estate plan periodically to determine if changes are needed. As you enter retirement or as you plan to retire, you should review your estate plan to ensure that changes in your income, benefits, etc. which may affect the size of your estate or cause other changes are reflected in your estate plan.
Real Property
If you have a trust and plan on downsizing your home be sure to ask the closing attorney to title your new home in the trust’s name.
Retirement Accounts
In most cases, retirement accounts do not go through the probate process, as long as you have named beneficiaries. You should review your beneficiaries to ensure they are current. You should also consider whether a trust should be named as a beneficiary if your spouse’s health is failing or other circumstances dictate.
Beneficiary and Tax Changes
If you created your estate plan years before, you should review your estate plan to ensure that the beneficiaries still reflect your wishes. You should also revisit your estate plan to ensure that it is structured to deal with any changes in tax law as well as potential taxes due to the size of your estate.
Consider Trust-based Planning
As you enter retirement, trust-based planning may be something to consider. When assets are held in trust, settlement of your estate may be more efficient upon your death but having a trust can also avoid the need to create a conservatorship if you become incapacitated and can no longer manage your affairs. A Revocable Living Trust may be an appropriate trust for you; however, if your assets are limited, you might consider an Irrevocable Trust so that you can qualify for Medicaid if you require long-term skilled nursing care.
Contact a Georgia Estate Planning Attorney
Because of the many changes in your situation, including lower income, many factors of your estate plan might change. How you handle your retirement accounts including whether you take payments or a lump sum, whether you buy and / or sell property, or decide to sell all of your assets and buy an RV to travel the country. Any of these changes could change how you should structure your estate plan to ensure that you are protected should you become incapacitated or die.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.