Why Seniors Need to Consult a Lawyer When Planning for Retirement
- 2020-11-30
- By Staff Writer
- Posted in Financial & Legal, Senior News

Planning for retirement is a very important life step. The earlier you do it, the more prepared you will be and you’ll have more peace of mind. When planning, it’s important to consider consulting a lawyer. They can give you expert advice and guide you through planning.
Healthcare and Power of Attorney
As you plan for your retirement, you may want to grant someone the power of attorney. There are many types of power of attorney so you have several options to consider. Usually when you establish power of attorney, you designate someone you trust to be responsible for your decisions. This can be in relation to anything from real estate to finances to your health. One tip to consider is to designate different people for different decisions. For example, one person for your finances and another for your health. The person you designate for your health will be the one who speaks with your healthcare providers and they will be in charge of making any final decisions. Having a lawyer can be helpful for negotiating this process. They can help you understand what the best choices are and they can make sure everything is made official and in accordance with state and federal laws.
Update Your Will
Changes happen frequently, so you may need to make changes to your will. While you can make changes to your will on your own, it’s recommended that you involve an attorney. Changes must meet certain legal requirements. Having a lawyer with you to make changes can ensure that everything meets these requirements and that the new will is legally binding. When you make changes, you write a codicil. This document lists whatever you choose to change or remove from your current will. It is signed by you and two witnesses and will be viewed in tandem with your will. You can write the codicil yourself or have your lawyer write it. Even if you write it yourself, you should have a lawyer involved in the process to consult with. They can help you make sure your codicil is clear so there isn’t any confusion later on. Most lawyers who review business documents usually charge a flat-fee. This means you can be clear on what your consultation will cost up front and not have to worry about any hidden fees.
Trusts and Estate Taxes
After your passing, your estate and all your assets are subject to taxes. These taxes vary by state, so it’s important to be aware of how they function in your state. Of course, when you leave your assets to your beneficiaries, you want to make sure they get as much as possible. There are several ways you can avoid estate taxes so your beneficiaries get their share. One option is to give away your assets while you are still alive. Another option is to put your money into a trust. Once it’s in a trust, it is technically no longer yours and cannot be taxed. You establish a trustee who is in charge of the trust. Money can be taken from the trust while you are still alive or distributed after your passing. Since setting up a trust can be a very complicated process, it’s recommended you consult a lawyer. They can work with you to make sure the trust meets your goals.
Keep Track of Beneficiaries
There is a lot involved with estate planning and it’s possible to miss some things. Working with a lawyer can help to make the process more thorough and efficient. For example, keeping track of beneficiaries can be difficult. On your insurance policies or any other policies, you must designate beneficiaries. Sometimes these may change. Even if your will is updated, these designations may outweigh what is on the will. It’s important that you keep these updated. A lawyer can help you keep track of this. You should also consider having secondary beneficiaries. This is helpful in case your primary beneficiary dies before you do. Your attorney can help advise you on how to designate beneficiaries as well as help you keep track of everything.
Planning for retirement involves a lot of complex legal decisions and it can be difficult to manage on your own. Lawyers are experts in their field and they can help you through the process. As you begin planning for your retirement, look for a quality attorney to assist you.
We have some great elder law and estate planning attorneys in the Dallas/Fort Worth area. Give us a call at 817-330-9235 today and we can refer you to one of our attorney partners.
To learn more about planning for your future, check out our Smart Senior Series!
Our New Book Available Now!
Order Your Copy Today!
Upcoming Events
-
Smart Senior Series – Be Smart About Planning for Your Future
February 4 @ 2:00 pm - 4:00 pm
Testimonials
I just wanted to say thank you for all that you did in helping to liquidate my mother's estate. You made it bearable and pain-free. You are kind, courteous, friendly, professional & very knowledgeable.
[The Sullivans] were always available and knowledgeable. My phone calls were always returned in a timely manner. All of our needs were covered. We felt comfortable and secure throughout the entire procedure. You were great and I consider you as friends!
Thank you so much for your able assistance over the past couple of months. We would not have been able to move so quickly without your help. As it has turned out, we got just the apartment we wanted at just the right time. You subcontractors were all able to do what we needed done and pleasant to work with. We would be glad to recommend them to anyone who asks. I have to mention the movers in particular. They moved our stuff in a monsoon, and took such good care of it that we had no damage; nothing even got wet. Except them. I was very anxious about the whole process and am glad to have it finished. However, I would have been a basket case without you. It wasn't just that you knew what you were doing, it was that I could ask you anything and you could answer calmly and knowledgeably. That was so reassuring, affirming that the process was moving forward according to plan and that all would be well.
I appreciate all y'all did for us in managing the sale of my parents' home. Blessings to both of you and your team. I am grateful!
From our first meeting with Ingrid I was impressed with her positive attitude about everything. It was all so overwhelming from the "get go" and I needed the strength she provided. I was amazed at all the contacts that were available just for the asking. I thought I would have to find all of these contacts on my own. This in itself gave me tremendous peace of mind. Your service is a "10" with all your contacts a phone call away. Each person who contacted us was very professional...Can't say enough about people who got the job done!
Ingrid, I wanted to thank you and John for helping my mom smoothly transition to Arlington Plaza. Mom is happier than I have ever seen her and is just blossoming in her new digs. Blessings to you and John for the services you provide to our seniors. Fantastic job!
How AWESOME you two are! I will never be able to thank you enough for the marvelous way you took care of me during my move. You went above and beyond anything I ever expected. You accommodated me in every way…Really, you outdid yourself and I will forever by grateful. Without question I will recommend you to all my friends. Thank you again for everything. I’ll never forget you.
We attended a downsizing event [and] we were impressed with the Sullivan Team immediately… We think you did everything right with all of the roadblocks put in the way regarding [our property]. You were available anytime we reached out and you kept us informed at about each and every step. You are professional and direct and shoot from the hip – but with compassion when needed. Thank you again! Hope the best for you for the years ahead.
I can’t say too many good things about Ingrid! She helped me sell a home, remotely, as I moved a dear relative to an assisted living facility in my state. She helped find movers, cleaners, and any other provider I needed. She and her husband also spent time staging our home and dealing with all types of picky details that were beyond me from a thousand miles away. She also convinced my buyer to switch banks to make the transaction smoother (before the underwriting started), and found a second title company at the last minute to accommodate a non-traditional sale that seemed to confuse the initial company we worked with. We got ten showings in the 1st two days, resulting in six offers by the 3rd day! Ingrid is the best! I have bought and sold many properties in my lifetime and she has been the strongest agent I have ever engaged!
Ingrid & John – You two have been such a blessing to myself and others who have had to make a big change in their lives.
Ingrid Sullivan’s experience and guidance was so valuable in guiding my father through all the steps of pre-sale house preparation and the selling process. She helped things go so much smoother by anticipating the possible issues during the sale and even when unexpected surprises occurred. The financial outcome was great!
I feel as if I have not had the opportunity to thank you for all the work you did for me and my family. I depended on you and your expertise to make this deal happen and you did not let me down. You fought every battle that arose, and there were many, and you made things happen. Thank you; you are a true professional and I am so glad you were on my side…I am so glad I got to meet you and work with you and I will be forever grateful for that relationship. I know you will help many families who are lucky enough to learn about you.
Update August 2016: I hope you are doing well. I have thought a lot about you lately for a couple of reasons. It has been one year since I left Arlington for Chicago…doesn’t seem possible. After a very difficult transition, I finally realized that I made the right decision and know I belong here…I enjoyed working with you. You were very helpful when I was going through the worst time of my life. Being in Chicago [with my daughter’s family] has changed my life for the better.
John was very determined to find me a buyer. He also got me a better deal than I thought we could get. Thanks!! Very pleased.
You are approachable and easy to communicate with. The process [of selling my mother’s home] was simple and easy.
You are dependable and keep your promises – and you stay in contact! You always gave us confidence in your decisions – we never doubted your integrity. You were determined to see that we are satisfied with all aspects of our purchase – and we are!
John and Ingrid were wonderful. Working with other specialized teams, they arranged to up-date my home, sell my treasures that I could not take with me and listed the property quickly. They personally supervised the progress of every aspect of my move. As a result I had an offer on my home of 39 years the first day listed. I would recommend their team highly.
Ingrid and her husband, John, were wonderful to work with. The guidance they gave me in selling my home was excellent. I had my house on the market for just two days – 36 showings and 7 offers within two days. I highly recommend Ingrid. You won’t be sorry.
We highly recommend Ingrid and John Sullivan of Keller Williams. They lead a superb team of contractors, stagers and photographers that got our home sold at our price in four days (after 15+ showings). Bottom line: Go ahead and downsize and/or start packing…THEN call the Sullivans. Expect things to happen quickly.
Ingrid, thank you for being all that you were as our Realtor. We appreciate all the time and devotion you gave us. Your expertise made everything work well and knowing you were always there for us helped make our transition easier.
Making this change in my life was daunting and difficult, but John and Ingrid tried very hard to make it as easy as possible. They kept me informed and up to date on everything! I felt great relief when they came on board and I feel I’ve made new friends.
You are very thorough and you know other good, reliable & honest people to help you. Good follow-up on everything. Thank you so much.
I send you both a prayer of thanks every time the thought crosses my mind (often) of how not having my mother’s house hanging over my head has lightened my load and thus, my life. Be assured–you are the ones I will recommend to anyone i know who is buying or selling a home. Thank you!
Ingrid provided exemplary customer service from the first meeting. She came fully prepared with all the comparable properties and information for me on the process of selling. She immediately instilled confidence and trust. On the third day she brought me 5 offers, one way above asking price because the buyer really wanted the house. She guided me through each step and has a superb network of people to assist on any task or repair. She went above and beyond many times, especially advising my son who was selling a house in another state and needed her thoughts on how to improve its visibility. She is the best at her job and you will love working with her. There is not a high enough level to describe her professionalism and dedication.
Mom and I want to thank you for selling our house. We know that it wasn’t an easy task – we had problems we didn’t even know about. But thanks to your expertise we got it done. You have a great team of people that also helped us out. Please send our thanks.
Categories
- Active 55 Communities
- Aging Parents
- Aging-in-Place
- Continuing Care Retirement Communities (CCRC)
- Downsizing
- Entertainment
- Events
- Financial & Legal
- Health & Safety
- Home Buying Tips
- Home Selling Tips
- Independent Living
- Pets
- Press Coverage
- Press Release
- Recreation & Entertainment
- Senior Living Communities
- Senior News
- Tips