You should start early in paying attention to legal issues.
Online resources can provide some questions for you to ask.
They can also alert you to steps that you should take at
various points in your life span.
PENALTIES RESULTING FROM RETIREE ACTION
Social Security benefits reduction and earnings test
RMD Required minimum distribution from IRAs after 70 1/2
Medicare sign-up regulations and penalties
Estate taxes (consider forming a revocable trust document)
A no cost estate planning step you should regularly update
is your savings, investment accounts and property ownership
beneficiaries. It is too easy to make assumptions and assume
your wishes will be followed. Specific forms should be
regularly updated while you are in good health and mental
If this reminder gets you to look at your beneficiaries, it
is worth posting.
POWERS OF ATTORNEY
and interpretations of wording can be specific and different.
I have spoken with each of our adult children about this
step that almost no one wants to think about until it is too
Another amazingly important entry talks about unsavory
things that can happen when documents are not properly
formulated. This means page numbering, dating, headings
and information ‘to be filled in later.’
This topic of reading contracts is not a common topic, as
we often do not bother reading the details of formalities.
It is very important in employment, loan, severance,
noncompete and many other documents. So, it is worth
each of you to have a knowledgeable and interested third
party look at your documents with your interests in mind.
(Remember, they are constructed to serve the interest of
the other party.)
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