Estate Planning for Retirees in New Jersey

Any retiree (or someone nearing retirement) who does not yet have an estate plan should begin working with a New Jersey estate planning attorney as soon as possible. Your age at retirement depends on your individual circumstances, as well as the year you were born as far as Social Security retirement goes. Generally speaking, Americans used to understand the age of retirement as 65 years old. However, in recent years, Social Security set the full retirement age at 66 and then 67 years, and that “full retirement” age could increase again based on your year of birth. Currently, you can retire as early as age 62 but you will only be able to claim a partial Social Security retirement benefit. If you wait until age 70, you can obtain the maximum amount of your Social Security retirement benefit.

In addition to Social Security retirement benefits, New Jersey residents may choose to retire at various ages based on pension benefits and other factors. What do you need to know about estate planning needs in retirement?

Asset Protection and Long-Term Care Planning is Essential

If you are already in retirement or nearing it, strategies for asset protection and long-term care planning are essential to work on with a Summit estate planning attorney. A significant percentage of adults over the age of 65, and even more in their 70s, will require long-term care of some type. This can be extremely costly, and a person can end up spending a lifetime of savings in a short period of time without appropriate long-term care planning. This is something that our estate planning lawyers can help you with, including Medicaid planning and the selection of long-term care insurance.

Advance Directives and Powers of Attorney Are Important to Have in Place 

You never know when you may become incapacitated and unable to make important decisions about your own health care or finances, and this becomes increasingly true as we age. It is crucial to have a proxy directive (as known as a durable power of attorney for health care) in place, along with an instructive directive (also known as a living will) so that your health care decisions will be respected even if you cannot voice them yourself. You should also create a durable financial power of attorney so that someone you trust can handle your financial responsibilities if you are unable to do so yourself.

Planning for Inheritances and the Distribution of Your Assets

In addition to the above, estate planning also can give you peace of mind about who will inherit your assets and how they will be distributed. Our firm can work with you on the creation of a will, a revocable living trust, and more.

Contact a Summit, New Jersey Estate Planning Lawyer for Assistance with Your Estate Plan Needs in Retirement

Are you planning to retire soon, or have you already retired? If you do not yet have an estate plan, now is the time to make one. As we discussed above, not only is estate planning important for asset protection strategies, but it can also give you peace of mind in myriad ways during your years of retirement. One of the experienced Summit estate planning lawyers at Dempsey, Dempsey & Sheehan can provide you with more information about the estate plan components you should be considering, and we can begin working with you on your estate plan today. Contact us to find out more about how we can assist you with all of your estate planning needs in New Jersey.

Source:

law.justia.com/codes/new-jersey/title-3b/