Estate planning is a critical part of the retirement planning process. As we kick off the new year, this is a perfect time to ensure that your plan is up to date. Things change over time. That includes our lives, our family, and even the laws that apply to estates. This means the wills, trusts, and other estate documents that protect our families and secure our legacies may need to change, too. With that in mind, we’re thrilled to have Keith McManus, attorney at McManus Estate Planning, back on the podcast. In our conversation, we discussed the downside of not reviewing and updating your estate plan, different ways to protect your biggest asset such as the family home, and the pros and cons of life estates and much more. In this podcast discussion, you’ll learn:
- Reasons why a “set it and forget it” strategy can put your estate at risk.
- How to take advantage of incredible opportunities before the Tax Cuts and Jobs Act sunsets in 2025.
- Why you may want to prepare estate plans to protect young adult children, even if they haven’t accumulated much wealth yet.
- What it means to create a life estate–and the potential risks and benefits of this approach to retirement.
- Why there’s no such thing as a cure-all trust–and how this makes estate planning more important than ever.
- Why you never want to rely on a will as the backbone of your estate plan.