It is not often that you hear this, but some people might not be concerned about their retirement. Why? Perhaps they are expecting an inheritance and feel that any additional planning is unwarranted. Relying on a possible inheritance from your parents or other relatives to fund your retirement should not be your only plan of action.
Before you start counting your dollars, first ask yourself, ‘Do I really know if I am going to receive anything?’ Are you truly listed as the beneficiary on the estate plan? Unless it is directly spelled out in an estate plan, by Arizona law, parents are not required to include their children as beneficiaries of their estate. Many clients leave their estate solely to their children and grandchildren. However, parents can choose to leave their estate to others, such as charities, friends and distant family members. From time to time, clients feel that charities are more deserving of their estate than their children.
In addition to the issue of whether or not you are a beneficiary under a parents’ estate, the issue as to the extent of the inheritance should be looked at as well. The reality is that many individuals do not pass on an estate. With the rise in long term care costs, many individuals spend the majority of their wealth prior to death. In the case that there is an estate left, you should be aware that the median inheritance is around $64,000, according Boston College Center for Retirement Research. Now, $64,000 is a significant number, however it is not enough to fund an individual’s retirement.
Good planning should not include relying upon the idea that you are entitled to an inheritance.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
- What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053 - September 16, 2022
- Does Your Estate Have Sufficient Liquidity? - September 14, 2022
- Understanding Asset Protection Trusts - September 12, 2022