Estate Planning in Your 50’s

In your 50’s, you are likely at your peak in your profession or business. Earnings and savings have substantially grown. At this point, retirement planning may be entering your thoughts. However, protecting your assets, establishing a legacy, worries about long-term care may also be creeping into your thoughts. Wondering how to best provide for all your children and grandchildren and surviving spouse are usually paramount concerns.

-Make sure a comprehensive Estate Plan is in place
-Evaluate your family’s and heir’s needs and what should be done for them
-Determine if any charities should be included
-Discuss business succession plans with family and attorney
-Determine if there is a need for long-term Health Care insurance
-Determine if there is a need for medicaid planning

estate planning in your 50's

Trust Administration

Once a grantor (person who established the trust) of a trust dies, the successor trustee must administer the trust. As Attorneys who frequently draft trusts, we also handle a large amount of trust administration work. Since some trusts we draft are complex and very specialized, we provide assistance to family members and trustees to aid them in executing their duties, understanding what to expect throughout the process and how to accomplish the goals quickly and effectively. We know that this can be an overwhelming task for some successor trustees, which is why we are happy to assist them and to make sure that the original trustmaker’s wishes are fulfilled.

To effectively administer the trust, the trustee must make sure that he or she administers the trust in accordance with the trust document and within the laws of the state. Failure to do so can result in liability for the trustee. It is not uncommon for us to hold family meetings with all the heirs to discuss what steps must be taken and what steps should not be taken so that administration goes smoothly. We assist the trustee in obtaining a new tax number for the trust, prepare the deeds to real property and assist in preparing for the transfer of assets. We also assist in procuring appraisals, determining basis, valuing the trusts’ holdings, and if need be, accounting for shares and transfers of stock if there was a family corporation. Finally, one of the most important duties that we assist with is the preparation of Estate Tax Returns that must be filed with the IRS within 9 months from the date of the grantor’s death.

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