If you’re close to reaching retirement, there are many things to be excited about— more time to spend on your passions and with the people you love. However, dreams of retirement are often followed closely by concerns about whether you are prepared for this next chapter in your life.
From finances to health care to estate planning, planning for retirement is no simple task. Here are some questions to consider:
Should you have long-term care insurance?
Long-term care insurance is one of those insurance investments you hope you never have to use. However, having long-term care insurance in place can be a powerful tool in protecting your assets, in the event that a medical condition requires you to spend extended time in a care facility.
Medicare will not cover long-term care in all situations or for as long as you may need it. Without long-term care insurance in place, assets you worked hard to earn could be jeopardized by high medical bills.
Should you create a Trust?
Whether or not protecting your assets in a revocable or irrevocable Trust is a good choice for you and your family depends on several factors including the extent of your assets, your family dynamic, and other considerations that are unique to your situation.
Creating a trust can generate significant tax benefits, but they can also be a little complicated to form and maintain. Speak with an experienced Myrtle Beach estate planning lawyer to see if creating a Trust is the best option for you.
Do you have a valid Will in place?
Executing a Will is something too many people avoid doing. While hopefully you have many great years ahead of you, having a valid Will in place to avoid your estate being divided by South Carolina’s intestate laws is the responsible thing to do.
It is important to know that simply writing down your wishes for how you would like your estate to be divided once you pass does not create a valid Will. Each state has specific requirements for creating a valid will and if your will is not executed properly, it will not be enforceable.
Have you considered investing in real estate for passive revenue streams?
Even if you have been saving for retirement for years, having multiple revenue streams once you are no longer working can be a great comfort. Investing in real estate properties is one way you can achieve that goal.
If you choose to invest in real estate, you might consider forming a LLC for maximum asset protection.
Do you have an advanced directive in place?
While it may not be pleasant to think about, preparing an advanced directive that informs medical providers of your wishes in the event that you become incapacitated is a good idea for you and your loved ones. Not only will it give you peace of mind knowing that your wishes will be followed, but it will take pressure and stress off of your family in the event something happens to you.
For help on how to best prepare for your retirement years, contact Grand Strand Law Group for an experienced estate planning lawyer in Myrtle Beach SC and surrounding areas.