Estate Planning in Your 60’s and Beyond

By now, you are likely to be close to retirement or already retired. Perhaps the family business was sold or the children have taken it over. You are ready to take some time to relax, vacation, do charitable work, or begin a second career. Primary concerns are for the distribution of assets and health care expenses and planning.

-Make sure all documents are up to date and meet your needs
-If health care planning is a need, make sure your attorney has drafted documents to handle your situation
-Review plan with attorney periodically as family or financial situation changes
-Are children and grandchildren adequately provided for
-Relax and enjoy knowing that you have done everything you can to create and maintain a comprehensive Estate Plan that will ease any burdens upon your heirs.

estate planning in your 60'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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