| Different goals for different times…read on:
CLIENT QUESTION:
My wife and I are mid-sixties. We have a few bucks, Real Estate, etc. With both of us still upright, I think it’s too early for an irrevocable trust. Does it make sense to set up a revocable trust, and convert it later if appropriate?
MY RESPONSE:
Estate planning must be conducted with an eye toward tomorrow as well as some time in the future. If the right thing for you to do today is a revocable trust, then do a revocable trust today. When the future arrives, we can change the plan then to reflect new goals and circumstances. Unfortunately, the future will arrive…and it comes faster than we want and imagine. Balancing the planning needs of today and the future can be difficult, but if you build in flexibility you will be fine.
What is right for one client is wrong for the next. I have many clients who think mid-sixties is too young to do an irrevocable trust. I have just as many who think it is the perfect time…when you have a greater chance of getting through the 5 year look back.
To each his own…
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