Unique challenges face us all as we grow older and become “seniors,” but with proper planning, you and your loved ones can be well-prepared to successfully navigate this stage of life.
Today, John O. McManus held an educational conference call with clients to discuss the “Top 10 Dangers and Opportunities for Seniors” – whether it’s you, your parents or your grandparents. Click below to listen to the enrichment call recording, which covers the following topics:
1. Anticipate, Before It’s Too Late: As we age, there is a significantly greater risk of incapacity. It is essential to ensure basic protections are in place so that loved ones can act immediately in the event of an emergency.
2. Spend a Little Time Planning to Save a Lot of Time Doing: The need for the Court to oversee the administration of an estate can be time-consuming, costly, and frustrating. Proper planning will allow for the probate process to be completed with greater expediency.
3. Take Advantage of the Opportunity of a Lifetime (Gift Tax Exemption): Dramatically reduce future potential federal estate tax by utilizing the temporary increase to the lifetime gift exemption.
4. Don’t Skip Over Generation-Skipping Tax: Understand the tax implications of the transfer of wealth across multiple generations to preserve your legacy for your descendants.
5. Decrease Your Chances of an Increase in Federal Income Taxes: Evaluate strategies to avoid a potential increase in federal income taxes due to limitations on state and local tax deductions.
6. Step Up Your Planning with a Step-Up in Basis: Review the power of a step-up in basis upon death, reducing capital gains tax and delivering income tax savings your loved ones can enjoy.
7. Plan for Long-Term Care in Short Order: The cost of long-term health care could drastically deplete an estate, but strategies may be available to mitigate the attrition of assets.
8. Expect the Best, Plan for the Worst: Protect the inheritance of your heirs and ensure wealth is not diverted, in case a child’s marriage fails.
9. Pay Special Attention to Special Needs: Ensure the inheritance of your children and grandchildren can be used to enhance their quality of life, while preserving their ability to receive governmental benefits.
10. Prepare Your Heirs: Aid your loved ones in the effective deployment of the wealth you pass along by imparting your family mission and values, including the intrinsic benefits of philanthropy.
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