Monroe Township NJ Estate Planning and Elder Law Attorney Blog | Neel Shah - Part 2
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The Most Fundamental Error You Can Make in the Estate Planning Process

June 21, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

 

Far too many studies show that Americans who are most in need of estate planning have done absolutely nothing to protect themselves. Some of the most common estate planning mistakes can have a significant impact not just on you but also on your beneficiaries when you pass away.

Here are the most common mistakes you can make:

  • Failing to update you will. Many people believe that their will is a ‘set it and forget it’ document, but if you get divorced or have any other major life changes, your will needs to be updated.
  • Not having a will. Up to 64% of people living in the United States do not have a will at all. Many believe that they just haven’t gotten around to it or that they didn’t need one, both of which can be catastrophic mistakes.
  • Overlooking the benefits of a trust. Wills only account for how your property will be distributed when you pass away but trusts go on for a set period governing the distribution of those assets. They can also provide greater control and privacy.
  • Not being realistic about your heirs. Make sure you consider whether or not your beneficiaries have the emotional and financial capacity to handle money appropriately.
  • Choosing the wrong trustee or executor. Choosing the individuals who will help step in and make decisions for you or to assist your family when you pass away can be extremely important. Make sure that the individuals that you have chosen understand the responsibility and are willing to accept it. You may also need to appoint contingency people to serve in this role in the event that the person you originally selected passes away.

Tips for Making Any Retirement Goals Stick

June 20, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

 

Planning ahead for your retirement is important in conjunction with your estate planning. A study by Fidelity Investments recently identified that up to one-third of people hope to make financial resolutions they can stick to. retirement and estate planning

There are six different tips that you can follow to ensure that your retirement goals stay on track. These include:

  • Breaking your goal into smaller chunks.
  • Learning where you currently stand by assessing how much money is already in your retirement account and how much more you will need to accomplish your estate planning goals. You can use Fidelity’s retirement score calculator to assess your retirement savings needs as they stand now.
  • Write down your goal and post it somewhere that you can see it every day. Research shows that this increases your chances of success.
  • Share your goal with a person you trust, like a relative, spouse, trusted advisor or close friend.
  • Track your progress and make it into a game. Checking your savings on a regular basis can help motivate you to continue with the progress you’ve already made.
  • Put your savings on auto pilot by signing up for an automatic withholding out of your paycheck, either through an arrangement with your financial institution or through your 401(k) plan at work.

Employing all of these tips together dramatically increases the chances that you’ll be successful when setting a new retirement goal. Staying on top of your retirement planning will allow you to envision the future more successfully and have less anxiety about the prospect of leaving the workforce.

The Benefits of In-Home Care for Seniors When Compared with Nursing Homes

June 19, 2017

Filed under: Aging In Place — Neel Shah @ 9:15 am

As you or your elderly parents age, there will frequently come a time when a new level of care becomes important. This is the appropriate time to consider how Medicaid can help assist with your financial planning but it is also time to consider whether or not it makes sense to have in-home care or to consider a nursing home for your loved one. When such a change becomes necessary, you need to be able to evaluate all of your options quickly. Aging at home is one common alternative to nursing homes.

Geriatric facilities are moving away these days from providing long term care beds to increasing the number of rehabilitative beds they offer instead. Since Medicare pays $500-$600 per day for a rehabilitative bed, while Medicaid only pay $125 a day for a long-term care event, this means that there is decline in the availability of long-term care beds, making it harder to find a space in an affordable and high-quality facility around the country. In-home care may be one solution that your family is eligible to use. 

Home care options are much less expensive than a permanent facility and allow an individual to age in place and get the help that he or she needs in the comfort of their own surroundings. Finding the right person to provide in-home care is critical. Increased access to necessary services, better feelings of independence and cost savings are just a couple of the reasons why you and your family members may consider in-home care versus a permanent nursing home placement. Make sure to do your research about the provider for in-home care to feel confident about your final decision. This can help put you at ease regarding a great deal of the fears associated with helping a loved one transition into a new phase in their life.

Planning for Better Health and Retirement

June 15, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

 

If you are not saving enough for your retirement, then you might want to consider adjusting your health and exercise habits to allow you to work longer. A new study from the Transamerica Center for Retirement Studies identified that 39% of people globally who retired earlier than they expected, 29% of them did so for health-related reasons. In the United States alone, 61% of retirees left their jobs sooner than planned and this was the highest rate around the world. 

A person in poor health was more likely to plan to work to age 70 or beyond and never retire when compared with those in excellent health. Although there is no guarantee that you’ll be able to work for as long as you intend to make up for retirement savings shortfalls, keeping yourself healthy is one of the best bets for continued employment. This certainly gives you the most opportunities to determine how long you wish to stay in the workplace. Only 58% of the respondents in this survey reported eating healthily and just over half reported avoiding negative behaviors like smoking or drinking too much.

You can reap numerous benefits for maintaining good health in the decades that are leading up to retirement. Taking care of yourself reduces your healthcare expenses and allows you to invest this in retirement to make up for a savings shortfall, and your retirement healthcare costs will be decreased. Consulting with an experienced estate planning attorney is strongly recommended if you are approaching retirement.

Why You Need Advanced Planning If You Are an Art Collector

June 14, 2017

Filed under: Charitable Giving — Neel Shah @ 9:15 am

Being an art collector can be a hobby that you work on over the course of your life. Many art collectors discover, however, that their children may not be interested in the valuable collection that has been amassed. This presents the unique quandary when it comes to estate planning for the art collector. As with any other major type of collection, advanced planning can be extremely beneficial because it gives you the most opportunities to determine the best way to pass on your assets. Gifting to charity or museums are common things that an art collector might consider, but having this documented years in advance will give you a clear perspective over how this impacts your state and benefits others. art collection estate planning

Consulting with an estate planning lawyer is strongly recommended if you have a large art collection. Special considerations must be applied to any large collection of materials particularly art which may have amassed a great deal of value over a long period of time. Considering the current capital gains environment, talking to a lawyer who is experienced in helping you determine a plan for passing on these materials is strongly recommended. This gives you the greatest peace of mind and the clearest plan about which museums or other organizations can benefit significantly from your donation and how this impacts your own tax implications as well.

Any other special collections you need to include in your estate planning? Schedule a consultation with an experienced estate planning lawyer as soon as possible to discuss the benefits of thinking well in advance about your planning opportunities. Your art likely holds a special place in your heart and thinking carefully about the best way to manage it going forward gives you more opportunities to approach your planning with an open mind.

Here’s What to Cover in Your Mid-Year Estate Planning Analysis

June 13, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

It’s the middle of the year which seems like a great time to mentally check out and go on vacation. However, it’s appropriate to conduct a mid-year estate planning checklist. Having a consultation with your New Jersey estate planning attorney is one way to ensure that all of your materials are still on track and cover your unique needs from an estate planning perspective. Review any trust agreements and your existing will. 

Over the course of a year and even in the last six months, your professional and your personal life could have changed dramatically. The next step is to consider whether the fiduciaries you’ve named are still appropriate. Significant responsibilities are aligned with your trustees and executors so they should be people that you trust. Likewise, review your financial powers of attorney and determine whether the beneficiary designations listed on your retirement accounts and your life insurance policies are still appropriate.

Any existing insurance coverage should be evaluated. If major life changes have occurred such as the birth of a child or a divorce, it may be appropriate to update some or all of your estate planning materials. One big mistake that people make is failing to fund a trust. During your mid-year estate planning review, you may wish to discuss your opportunities to fund a trust with the help of an experienced estate planning lawyer.

Talking to an attorney early on will help you identify your short term as well as your long-term plans as it relates to your estate. Passing on as much wealth as possible to a future generation or to charities may be one of your goals for minimizing taxes and determining appropriate vehicles for passing on this material are common reasons why you may wish to consult with an experienced estate planning lawyer.

Asset Protection Planning Beyond the Traditional Trust

June 12, 2017

Filed under: Asset Protection Planning — Neel Shah @ 9:15 am

 

Most people who understand the basics of asset protection probably have a revocable trust that can be easily changed and will eliminate the need for probate or naming a guardian in the event that you become incapacitated or pass away. However, leaving this as your primary mode of asset protection is risky. This type of trust does not necessarily offer any additional protection against your creditors over the course of your life or after it. This critical lack of protection could make a big difference if you suddenly need money for long term care and you could be exposing your non-liquid assets to significant risk. 

Given that the U.S. Department of Health and Human Services identified that the average cost of long-term care is $138,000 per individual and that 50% of people in the United States will need assistance to meet their long-term care goals after age 65, it’s important to take a long-range view of asset protection as well. Just one negative asset protection event could jeopardize the entire structure of decades of financial planning.

Thinking ahead often requires the insight of an experienced professional like a knowledgeable asset protection planning attorney. With so many things to think about, you don’t want to be caught unaware when it comes to your financial decisions. Just one lawsuit could jeopardize what you have worked so hard to build.

Proper asset protection planning and business planning is the next crucial step for helping families adjust for the rising costs of long-term care. Remember that it can take years for asset protection planning to be effective so it’s a process you need to engage with early and after consulting with a knowledgeable lawyer about.

New Study Shows that Retirees Give Adult Children up to $6800 Every Year

June 7, 2017

Filed under: Gift Taxes — Neel Shah @ 9:15 am

 

Under the gift tax, certain amounts of money can be given as an individual or as a married couple without the consequences of direct taxes. Whether this was a formal part of your estate plan or not, it can be one way that you help to support children as well as move assets outside of your estate while you’re still alive. adult children and retirement

If you have a plan to pass on assets to your loved one, you may be eligible to take advantage of the gift tax exclusion and pass on assets while you’re still alive to minimize the potential complications and tax ramifications. It turns out that one study recently conducted by Merrill Lynch indicates that up to 48% of Americans at least aged 50 will overextend themselves financially in order to assist adult children with living a more comfortable life. The average amount the retirees are giving to their adult children is $6,800 per year.

Of those individuals who were passing on money to their loved ones while they were still alive, nearly 80% of them felt that it was the right thing to do. Half of those retirees felt that giving money to family members was something they had an obligation to do. When compared with other family members, it was the adult children who came out receiving the most from a retired loved one when compared with parents, siblings and grandchildren. If you have intentions to pass on assets to a future generation or if you have questions about the best strategies for doing so, you need to consult with an experienced estate planning attorney as soon as possible.

Various strategies can help you accomplish all of your estate planning goals, even giving to adult children in a way that is responsible and minimizes tax consequences.

Five Estate Planning Issues You Must Consider with a Second Marriage

June 6, 2017

Filed under: Blended Families — Neel Shah @ 9:15 am

Getting married for a second or third time is increasingly common in the United States. However, the complicated estate planning and financial issues can be anything but simple if you don’t schedule a consultation with an estate planning lawyer well in advance. There are many different issues that can emerge when it comes to blended families and second marriages. First of all, you may already have an estate plan in place from your previous marriage. There’s also a good chance that your former spouse was listed as a beneficiary on your retirement accounts and your life insurance policies.

If you fail to update this information, by law those companies are required to give it to the person listed on the accounts. estate planning for a second marriage

It is imperative that your estate plan be in conjunction with the other materials you have designed to pass on assets to people in the future such as your retirement accounts and life insurance policies. Some of the critical issues that you need to discuss with a knowledgeable estate planning attorney when getting married for a second time include:

  • Community property versus common law
  • Ownership and expenses
  • Timing of inheritance
  • Remarriage protection
  • Use of the home

Consulting with a lawyer will help illuminate you on the various issues that can affect you and how to plan appropriately so that everyone is clear on their rights and responsibilities.

New Aging in America Study Results

June 5, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

 

A new study has analyzed data on aging in the U.S. and how people nearing retirement feel about it overall. Plenty of government data indicates that there are two key factors influencing the aging population in America: longevity and the rising cost of healthcare. For anyone nearing retirement age, it’s important to consider how the assets you have set aside can help you accomplish your retirement planning goals and assist you through a long and healthy life. new aging in America study

 

This most recent study, completed by Felician University, explored how college students feel about their own aging. This is a unique perspective that has not often been covered in previous research. Typically, projects focus on those nearing retirement age or those who have passed it. Understanding the perspectives of younger people, though, highlights the value of long-term views with it comes to issues like investing, asset protection, and estate planning.

Most of the students in the study felt that they believed they would need assistance with activities of daily living after age 85, but that they hoped to have enough money to continue living independently even past that point. Most study respondents indicated that they knew they would need help planning financially for their elderly years, but that they didn’t know at what age that would become appropriate.

The findings of this study highlight a key point: those with the most potential to begin working now towards their long-term goals have no idea where to start. This makes it all too easy to put off retirement planning or estate planning until your options are more limited down the line. Planning now instead puts you in the driver’s seat for your future goals.

 

 

 

No Heirs? You Still Need to Plan an Estate

June 1, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

Not having any direct heirs might seem like an easy out when it comes to estate planning, but skipping over this process could be a big mistake. Make sure you’ve taken the opportunity to sit down with an experienced estate planning lawyer to talk through all the options. You may be able to make use of assets inside your estate to benefit charities or others, but talking with a lawyer can help you understand your choices. estate planning without heirs

Most people assume that if they don’t have a substantial amount in savings then they don’t need to worry about estate planning. What about your 401(k)? Or your life insurance policy? These items may already be in place but could require that you name someone to get these benefits when you pass away. These items pass away outside of your typical estate plan, so you need to have an awareness about who you name as beneficiary and whether that will change over time.

The right estate planning attorney can tell you more about philanthropic options if you wish to get involved in giving some of your assets to charity. Setting up plans in advance allows you to leave as much as possible to your other loved ones if you wish or to a charity. Without planning, the courts will take matters into their discretion when deciding what happens to your belongings and assets after you pass away. Even if you think you don’t have any heirs, you probably still want to exercise some control over your estate plan. Don’t wait to find out how you can pass on assets and gifts to others while you’re still alive or after you pass away.

Are You Making These Big Estate Planning Mistakes?

May 31, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

The most troubling aspect of mistakes made in the estate planning process is that it’s your beneficiaries who have to deal with the consequences of poor planning or no planning at all. Once you pass away, it is your loved ones who have to step in and manage your estate and any confusion associated with it. estate planning mistakes

The good news is that many of these mistakes can easily be avoided by consulting with an experienced estate planning lawyer early on. Having a relationship with someone you can trust can benefit you tremendously when you have questions about how your shifting life circumstances will influence your future.

Here are some of the most common mistakes that people make when it comes to considering the future of their own needs while they are still alive or passing on their assets and legacy after they pass away:

  • Not updating beneficiaries on life insurance policies or retirement accounts
  • Setting up a trust but failing to fund it
  • Using a do-it-yourself will that is not legally valid
  • Not telling anyone where the most recent version of your will is stored
  • Failing to consider how your assets may be impacted by long-term care needs in the future
  • Not thinking about estate planning and retirement planning as a joint process.

Setting up a meeting now with a knowledgeable estate planning lawyer can help you uncover the strategies that will help you accomplish your goals and give you the peace of mind that comes with advanced planning. Don’t hesitate to talk to an attorney who can help you navigate these complex and extremely important situations.

 

Could Partnership Income Tax Rules Help You with Estate Planning?

May 30, 2017

Filed under: Taxes — Neel Shah @ 9:15 am

It’s no surprise to anyone who has engaged in the estate planning process already that there are plenty of strategies out there to help you accomplish your planning goals while also passing on as much wealth to the next generation as possible. Many of these tools, though, could still be subject to generation-skipping taxes or other measures Congress has put in place. One novel strategy that could help minimize taxes is by granting a family member partnership interests in a family business.

The most common way to think about estate planning without using this tool involves reducing the values of assets that will be included in an estate in order to pass on the future appreciation to the next generation taking control of that asset. This is usually done with tools like intentionally defective grantor trusts, grantor retained annuity trusts, or qualified personal residence trusts. While all of these certainly have their place, each does come with some disadvantages that could compromise your ability to accomplish estate planning goals.

advanced tax planning strategies lawyer

Partnership income tax law provisions, however, could be the solution you’ve been searching for. A family business already taxed as a partnership, for example, could help accomplish estate planning goals successfully. You can reallocate portions of income and use transfer of appreciation or current value without having to tap into any lifetime or annual exclusions. Even better, this can help you avoid the negative implications of a generation-skipping transfer tax. There are a lot of complex strategies that can help high net worth families, but these should always be evaluated carefully by an experienced estate planning lawyer due to their complexity. All of the details really matter when it comes to strategies like this.

When looking for estate planning solutions, it’s good to have an eye towards strategies that help you accomplish multiple goals at once. The right estate planning lawyer can play a critical role in helping you identify these.

 

 

 

 

Estate Planning Strategies You Can Still Consider While Waiting for Tax Reform

May 29, 2017

Filed under: Estate Taxes — Neel Shah @ 9:15 am

It is not yet clear how Congress will take action with regard to estate tax reform. It is extremely probable that estate tax reform will happen in the next two years, but it is currently no more than speculation to determine how this might influence your individual life. 

However, there are ten strategies that you can consider with your overall estate planning while waiting for Congress to take action. These include:

  •      Annual exclusion gifts.
  •      Estate freeze installment sales.
  •      Short-term GRATs.
  •      Lifetime exemption gifts.
  •      Family limited partnerships.
  •      Flexibility in your core planning documents.
  •      Community property trusts.
  •      Philanthropic planning.

Although the future may remain unclear, it is important to take control of your own individual future and determine the goals and intentions that you have for your estate. It is imperative to think not just about what will happen to assets when you pass away, but also the plans you have in place to protect you and your loved ones if you were to suddenly become incapacitated. Many people ignore this process altogether and realize the serious consequences of failing to act all too late. Suddenly suffering an incapacitating event that renders you unable to make decisions for yourself can lead to legal challenges and emotional issues for your loved ones.

Protecting Your Retirement Accounts from Dementia

May 25, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

Advanced directives, trust agreements and durable powers of attorney are all used to help clients on a regular basis when that client is approaching older ages. One additional step that often needs to be taken is considering a potential decline in your cognitive abilities. Running out of money is frequently at the top of the list for any elderly individual when it comes to what concerns them the most.

Living off of the interest put inside a CD is no longer a viable option given health care concerns and longevity in the United States. Sometimes clients are forced into riskier investments with the hope of better returns as a result. Individuals must remain knowledgeable about keeping an eye on all of their retirement accounts to guard against risks as well as to have a contingency plan for an unexpected problem that could have a devastating impact on their retirement account. Your account is at a much higher risk if you are not paying attention to the potential damage you’re exposing yourself to as a result of a future decline in your mental health. While everyone hopes to live a long and healthy life, it is not always possible to anticipate a sudden disability or cognitive decline.

dementia proof estate planning

Large financial institutions in recent years have recognized the desire held by elderly individuals to have better interest rates and have thus created plans that will guard against market losses but would still give an opportunity for higher returns with very little risks to the principle. This is one of the best ways to protect your retirement investments from a dementia event in the future.

Talking to an estate planning lawyer can help you figure out the best way to protect the investments you have worked so hard to grow over the course of your life. There’s a great deal of importance in the planning process, so don’t hesitate to get the help you need.

 

What to Watch Out for With Trust Mills

May 24, 2017

Filed under: Trusts — Neel Shah @ 9:15 am

More than 10 years ago, a $110 million lawsuit was filed in Los Angeles Superior Court against an alleged trust mill. A trust mill, in that company in particular, are typically accused of duping senior citizens into purchasing annuities and using part or all of their retirement investments to do so. The individual selling these opportunities received substantial fees in commissions in the process.

A trust mill may also be referred to as a living trust mill and it is a situation in which agents try to sell individuals investment opportunities by explaining it as an estate planning tool. More often than not, these sales agents work for an insurance company and the sales agent’s job in these particular cases is to persuade clients to cash in mutual funds and CDs to purchase an annuity but the agents receive a commission for that annuity. The sales pitch typically follows a similar pattern.trust mills

Usually the agent starts off by telling the seniors that their current investments generate low interest rates or extremely high risk, giving them an incentive to cash in those investments and purchase a higher interest annuity or in a less risky annuity that the agents offer. One of the biggest problems with trust mills is that sometimes these sales agents position themselves as estate planning specialists even though they are insurance agents rather than estate planning attorneys. Seniors may not be informed about the serious financial consequences of transferring all of their investments over. If you want to discuss valuable living trusts and other estate planning opportunities with a knowledgeable estate planning lawyer, contact a New Jersey estate planning law firm as soon as possible.

You may discover too late that someone you love has been a victim of a trust mill. Make sure to do your research to have utmost confidence in any professional you choose to work with.

What You Need to Know If You Intend to Work Longer

May 23, 2017

Filed under: Baby Boomer Generation — Neel Shah @ 9:15 am

Up to two-thirds of baby boomers intend to work beyond age 65. Some of these never expect to retire at all. Some of the most common reasons of delaying retirement or continuing to work after your retirement age include the health benefits sponsored by your employer and the need for additional income. Many people plan to stay involved in their career simply because they enjoy what they do. It is essential to take positive steps towards staying healthy, keeping your job skills up to date, getting further education and networking. It is also important to regularly monitor your projected retirement income need.long term care planning

These could be subjected to long-term care health expenses if you were to have a long-term care health event. It is also essential to have a contingency plan in the event that you’re compelled to retire for reasons other than you expected such as your health. A contingency plan can give you peace of mind that no matter when you ultimately enter retirement, you will have the resources necessary to support yourself.

Many people are forced into retirement earlier than they expected but an estate planning attorney help you navigate this complex situation can give you further peace of mind as well as the backup plan should something happens to you before you anticipated. Looking ahead to long-term care needs and projecting your retirement income are just a couple of the things you can do to protect your future as well as the value of any assets set aside for your beneficiaries.

It is never easy to consider the prospect of what might happen to your if you were to become incapacitated but having all of your legal documents in line makes things much easier for your loved ones.

 

How Are You Going to Pay for Long-Term Care?

May 22, 2017

Filed under: Long Term Care — Neel Shah @ 1:13 pm

Plenty of statistics indicate that up to 70% of Americans will need long-term care at some point in time. Just one significant long-term care event or the diagnosis of a cognitive condition can significantly alter your retirement plans. Many people assume that Medicare will help to pay for all of your long-term care expenses. However, many of these are not classified as medical treatments and will therefore not be paid for through Medicare.

Medicare will help to pay for the first 100 days of nursing home care and some of the long-term care expenses may be covered by Medicaid but this program is typically geared for low-incomelong term care planning individuals. You may pay with three primary sources; family, self-insuring by paying through out of your own pocket, or a long-term care insurance.

The least complicated but often the most difficult or expensive way for long term care is to put aside extra money in your savings to pay for these costs. However, bear in mind that the average costs of long-term care can top $130,000. You might even assume that your family will help to take care of you. However, when it comes time that you need assistance, getting it from your family may not necessarily be available.

Family members like children may have moved away or you may have comprehensive healthcare needs that cannot be addressed by family members. The individuals who have a lot of assets will typically not qualify for Medicaid without advanced planning for Medicaid purposes so long-term care insurance could be a critical help but it is important to identify that this insurance opportunity early rather than later so that you can lock in rates while you are still relatively young and healthy.

Growing Retiree Population Expected to Create Investment Return Drag

May 18, 2017

Filed under: Baby Boomer Generation — Neel Shah @ 9:15 am

baby boomers retirement investment

A new study indicates that there’s an even better reason to try to save more for retirement. Research presented by the Center for Retirement Research at Boston College identified whether or not a growing retiree population would have an impact on investment returns. The study identified that the growing number of individuals retiring every single day and drawing down their accounts would have a potentially negative impact on the returns of investments in general.

There are shrinking numbers of subsequent generations beyond the baby boomers but the baby boomers make up a significant portion of the population. If the supply of savings increases relative to the demand for that money, the clearing on savings will decrease and investors would receive less income from dividends, interests, and profits for every dollar that they invest.

If the savings supply, however, falls relative to demand, savings can be invested in opportunities that have higher returns. As the demographic in the United States, however, shifts towards an older population mean, the economy needs less money to build new factories, machinery, offices, and roads than it did when the labor force was expanding. Although younger generations will help to increase the demand for and the supply of savings as they prepare for retirement and pay off debt and borrow, retirees will also be drawing down their own accumulated assets during the retirement process. Retirees draw down savings typically at a much slower pace than suggested by previous research. Retirees tend to hold reserves which makes it all the more important to have an experienced estate planning attorney help you determine what will happen to your assets after you pass away.

 

 

 

New Retirement Study Identifies That Half of Retirees Expect to Work Part-Time

May 17, 2017

Filed under: Baby Boomer Generation — Neel Shah @ 9:15 am

A new study conducted by the TransAmerica Study for Retirement Studies identified that up to two-thirds of baby boomers intend to work beyond age 65. Some individuals have no plans to retire at all and at least half of the survey respondents expected to have at least some form of employment during that time. baby boomers retirement

Some of the most common reasons for delaying retirement or deciding to work after their retirement age include employer health benefits and the need for additional income. Significant members of individuals share that they simply enjoyed what they did or wanted to stay involved in their vocation.

One of the most important steps to take for anyone who intends to work after retirement is to focus on staying healthy. Many older individuals can be negatively impacted by a serious health care event but planning ahead for the future and having your legal documents in line gives you peace of mind that someone is able to step in and make decisions on your behalf even if you were to become unable to do so. Setting up a consultation with an experienced estate planning attorney is another step that you can take to gain confidence about your future plans and distribute any additional assets you may have as a result of continuing to work past your retirement age.

Monitoring projected retirement income needs can give you a good perspective on what you’ll need to support yourself as well as what you will be able to leave behind as a legacy for your beneficiaries. It is also important to have a backup plan in the event that you suddenly need to retire earlier for health or additional reasons. Contact an experienced estate planning attorney today to learn more.

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