Life expectancies for the generation known as “millennials” are good, especially when they apply the latest research in diet, exercise and other aspects of healthy living to their lifestyles. Yet longer lifespans may require more retirement planning. In that regard, millennials are falling short, compared to other generations.
Our law firm focuses on estate planning. One of the tools that we recommend to many clients is a living revocable trust. This type of trust offers many benefits, including the avoidance of probate. Best of all, the creator/owner of the trust can change his or her mind at any time, without consequences. A simple document, indicating a restatement of trust, can make those changes happen.
A doctor is committed to saving lives. However, the U.S. Supreme Court has held that an individual has the right to refuse life support in some situations. That right is not absolute, however. Unless stated in writing, that decision may not be available if an individual is incapacitated.
A divorce may require a significant readjustment in an individual’s long-term financial planning. For example, a decision to accept an illiquid asset, like the family home, over cash or securities may be unwise if a divorcing individual is near retirement.