After a lengthy and bustling career, you are either preparing for retirement or have already embarked on this new phase. It’s akin to experiencing an everlasting summer — your days are as leisurely or as active as you desire. Your time is finally your own. This moment presents an opportune time to organize your estate planning affairs, as the pressures of daily meetings and deadlines have either lessened or vanished from your schedule.
For those in the category of many Americans without an estate plan, this is a matter that requires immediate attention. The absence of an estate plan could lead to familial disputes over finances and personal possessions during a period marked by heightened emotions. The absence of an estate plan results in the court deciding the distribution of assets, which could further intensify a challenging situation.
No Matter Your Age, Health Status or Net Worth
Has the term “estate planning” historically deterred you from contemplating the future? Many believe they don’t need an estate plan because they lack a grand mansion on sprawling acres. Few possess such properties! Yet, an estate plan encompasses an array of legal documents essential for safeguarding you and your family during your lifetime and beyond.
If the absence of an estate plan stems from the belief that you don’t require one, please reconsider. Whether you possess a home, a vehicle, or a handful of bank accounts, these assets will be allocated following the intestacy laws of your state without an estate plan. With an estate plan, you have the authority to dictate the manner in which your property is distributed.
Our Philosophy
Our Philosophy
Estate planning goes beyond money, and includes intellectual, spiritual and human wealth.
At this point, your home might be at its peak value. Are any of your children interested in acquiring the family home, or would selling it and dividing the proceeds among heirs be more suitable? If your estate plan equally bequeaths the family home to your children and one desires to retain it while others do not, you could inadvertently create familial discord. Initiating a family discussion now and integrating your decision into your estate plan can preempt any potential conflicts.
Legally Binding and Structured
The intense emotions of grief often obscure rational judgment. For example, daughters who long declined certain items like jewelry or a serving platter might suddenly find themselves in disagreements over such possessions. Through an estate plan, you can expressly outline your wishes item by item. You might also include a letter of intent alongside your estate planning documents to elucidate your rationale. Alternatively, you can initiate the gifting of specific belongings now, during your lifetime, relishing the knowledge that your descendants will inherit items infused with positive memories.
An estate plan may encompass a revocable living trust, a pour-over will (to catch any asset owned in your individual name and send it to your trust), a general durable power of attorney for financial matters, an advance health care directive, and a HIPAA authorization.
During your retirement, a general durable power of attorney can be especially helpful. This designates a chosen individual, typically an adult child residing nearby, to manage your affairs if you become incapacitated due to illness or injury. Although this document is, ideally, never needed, the absence of it could result in a protracted process to gain the legal authority to handle your finances, incurring avoidable costs.
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In-Demand Guest
TV and Radio stations throughout San Diego rely on Rod’s expertise regarding estate planning.
Similarly, an advance health care directive is essential to empower a loved one to make medical decisions on your behalf. Depending on your location and marital status, your spouse or partner may not be authorized to partake in your medical care without such documentation. Instead, medical professionals would assume decision-making authority, which might not align with your preferences.
The advance health care directive also allows you to delineate your end-of-life care wishes. Without it, you could be kept alive through artificial means against your wishes. Loved ones could find themselves grappling with uncertainty about your preferences, an undue burden to place upon them.
Congratulations on your retirement! If you’re on the verge of retiring, then the finest moments await you. Your retirement experience will be elevated when your estate plan is securely in place, enabling you to relish each day akin to an everlasting vacation.
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