Estate Planning: As You Begin Retirement

Retirement is a worthy cause for celebration. Whether you retire at 59 or 75, it marks the end of one journey and the beginning of another. There are some things to consider as you prepare for the years ahead, and the Davidson Law Group is on your side. Today, our elder law attorneys have prepared an estate planning guide for you as you enter retirement. 

What You Should Have in Place

Now is the time to think about passing down your estate to your desired beneficiaries. As you reflect upon your accomplishments and financial assets, consider these elements:

  • A will
  • Retirement plan beneficiaries
  • An outline of all your financial information

If you have questions about these items, our elder law attorneys can help.  

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Consider a Trust

You could benefit from a trust if you want to lower the future taxes on your estate. Think of a trust as a secure container where you put all of your assets. A trust gives you more control and privacy than a will, and it allows you to choose a trustee to perform the administrative duties. At Davidson Law Group, our trust-based proactive planning helps protect your family and lower the number of assets that will be affected by taxes.

Arrange Your Future Care

As you embark on retirement, it’s also important to plan for your future care. At some point, there’s a chance you may not be able to make decisions for yourself, so consider implementing these healthcare directives:

A Living Will

A living will is a legal document where you can specify clear instructions for your medical care. Give your family a copy and place a copy on file with any doctor you see regularly.  

A Power of Attorney

You can name someone to have access to your financial information by granting him or her power of attorney. While this person cannot make medical decisions on your behalf, he or she can use your assets to take care of your medical bills.   

A Healthcare Power of Attorney

A healthcare power of attorney (aka a healthcare proxy) is someone who can make medical decisions for you. Choose a trustworthy person who understands your situation and will follow your wishes.  

Davidson Law Group Quick Tip: If you or a loved one is concerned about the long-term costs of healthcare, speak with our elder law attorneys. 

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Contact a Texas Elder Law Attorney Today

If you’re entering retirement, it’s a great time to revisit your estate plan. At the Davidson Law Group, we’d be more than happy to sit down with you and make sure your plan is up to date. Our elder law attorneys want to help you plan ahead so you can enjoy traveling, leisure, and spending time with family. Contact us in Fort Worth, Allen, or Tyler today to set up a free consultation!