I hope you all had a wonderful holiday season and that
the New Year is getting off on the right foot. This
LISTEN TO LAWRENCE LETTER begins our fourth year
of this communication. I look forward to continuing
this journey with you. Keep your questions coming!
I am 65 and thinking about retirement. I have been self-employed for 38 years. At what age should I begin to create an estate plan?
The correct answer to this question is 18. At 18, you are old enough to sign all of the estate planning documents that you need. At 18, you are no longer a minor. At 18, your parents have no right to sign your name. At 18, you should have a Will, Power of Attorney, Living Will, and a Health Care Proxy. This is an appropriate estate plan for this age. Tell your children and grandchildren to get their estate plans done! It is important.
At 65, retiring or not, you still need an estate plan, but your concerns will be different. At 65, you will have more money to protect, more taxes to consider, and planning for death and long-term care is beginning to seem more urgent. Ah, to be 18 again, without a care in the world! 😊