Estate Planning After Retirement, Elder Law Attorney, Woodstock, GA

Every stage of life presents its own estate planning issues and areas of concern. Retirement is no different.

Most estate planning attorneys advise people to review their estate plans every couple of years to make sure the plans are still effective and desirable. At a minimum, attorneys advise that any significant life changing event should trigger an estate plan review and possible update.

Retirement is a significant life changing event and a good time to review your estate plan as retirees have special considerations that need to be reviewed in their plans.

Recently, Wealth Management discussed this in “Estate Planning for an Aging Population.”

Things to consider include:

  • Gifting Provisions – Many estate plans include provisions to allow ongoing gifting should that be necessary to avoid the estate tax. Retirees who know their estates will fall under the estate tax exemption might want to remove those provisions as they could be a tool unscrupulous people use in elder financial abuse schemes.
  • Where to Live – The state you live in during retirement and where you create your estate plan can be very important as income taxes, state estate taxes and estate planning laws are different in different states.
  • Retirement Trusts – These are interesting vehicles for people with IRAs who are planning on leaving money in the accounts for the benefit of their children. The trust allows the children to disclaim a portion of the IRA for the benefit of their own children. Thus, if the child does not need the full amount because he or she has plenty of other assets, the IRA funds can continue to grow and be available when needed by your grandchildren.

An estate planning attorney can help you with these and other estate planning matters.

Reference: Wealth Management (July 5, 2016) “Estate Planning for an Aging Population.”


Hear From Our Clients

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce