Congratulations! You Made It!


  This is often an exciting, but also a bittersweet time of life. It’s a significant change, going from working all the time to looking for things to fill your day. And where di d the time go? Wasn’t it only yesterday that you were dreaming of the things you would do when you retired?

Now is probably a good time to re-evaluate your life, and your plans.

Your children have probably started families of their own, but at the same time, if your parents are alive, you might need to start taking care of them. That includes taking care of their personal, health care, and financial responsibilities. 

You’ve probably also learned from friends or acquaintances some horror-stories about families who hadn’t planned properly –a widow/widower who remarried and the family fortune went to the new guy/gal, or an elderly relative who lost everything to the nursing home. Maybe you’ve heard about some child who squandered everything they got, or lost it in a divorce.

Have you considered protecting your assets in case you pass away and your spouse remarries. He or she may spend everything and leave nothing to your kids; even if they don’t mean to, your spouse may be obligated to pay for your replacement’s long term care expenses. If they get divorced the new spouse is entitled to half the assets, which is also the case if your spouse passes away first (or worse, if the assets are placed in joint tenancy, your replacement can get it all!). 

Now is also a good time to start planning for long-term care – after all, 70% of people aged 65 are going to use long-term care. And more than half haven’t planned for it! Today, the average cost of a nursing home is in excess of $10,000 per month. Then again, most people would rather stay at home as long as they can, with in-home care if needed, and even when they can’t, assisted living may be an option. But these options cost money, and not everyone can pay for it.

Depending on your circumstances, you may want to look into how to pay for, or avoid paying for, Long Term Care  

Perhaps you’ve reached the stage where you feel comfortable giving some of it away. It’s good to do good, and every little bit helps. You truly can make the world a better place. You could give money away directly, or you could leave a bequest after you pass away. While nobody should give assets away just for the tax break, it certainly doesn’t hurt to make sure your gift gets every benefit you can get. Let us help you help others, by planning the most efficient way to give it away.