Our vast experience has taught us that the greatest fear of retirees is running out of money. We look at it as our job to to make clients’ money last as long as possible, in good times and in bad. We have seen too many good people hurt by well-intentioned advisors giving advice that is incomplete at best or wrong at worst. Let’s face it, getting to retirement is only like making it to halftime of a football game. To win the game, we need to make half-time adjustments and win the second half as well.
By advisors, we are referring to attorneys, brokers, investment advisors, CFPs, CPAs, insurance salespersons, etc… So many advisors look at retirement the same way they look at your working years. Buy and hold. Grow the money. Have a will in place in case you die. But the real question is what happens if you live? What if you live and have some health issues and need help? You have to make sure that, financially and legally, the assets will be there when you need them – and that our documents will speak for you when you cannot speak for yourself.
Why is there so much confusion in this area? For example, one nationally known non-attorney financial advisor says that everyone should have a Trust to avoid probate, reduce attorney fees and reduce taxes. Another respected non-attorney local financial advisor says that probate is “no big deal” and that no one should use a Trust. These are two diametrically opposed opinions. So who is right?
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