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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
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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

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

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

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben