Transcript

[00:00:00] Intro: Welcome to Retirement Unlocked with Larry Heller, your life Your Way, unlimited possibilities. Join us as we explore how tailored financial planning and investments can help you navigate life transitions with confidence. Let’s dive into this week’s episode

[00:00:20] Bill Tucker: and welcome back to Retirement Unlocked with Larry Heller.

Many retirees believe that once their estate planning documents are signed. The work is done, but for many high net worth families, the opposite turns out to be true. Retirement changes. The structure of your wealth accounts are distributed instead of accumulated income sources, shift and family dynamics evolve.

Today, Larry explores why retirement is actually a new phase of estate planning, the most common gaps that show up after you stop working, and why beneficiaries trust in asset titling. A fresh review, especially for [00:01:00] families with high net worth. Listen in for tips on how proactive planning during retirement can help ensure your wealth transfers efficiently, intentionally.

In alignment with your long term legacy goals, Larry, this is a lot to unpack in this episode. How are you?

[00:01:18] Larry Heller: Yeah, definitely, definitely a lot to, to unpack and a lot that we’ve been working with clients, um, as the, the generation wealth starts to transfer down. So, you know, most people when they’re younger, they create these estate planning documents to protect their children and they have certain wills and yeah, power of attorneys and healthcare pr usually they kind of put it away and they forget about it.

And they kind of start to think about it again when they’re going through retirement because now they can kind of see maybe, you know, later in life and death and that it’s, oh, it’s a good time that we should kind of brush off and, and do that. A lot of people think, well, I have my. My wills mouth care proxies and all [00:02:00] that done.

But no. As you now go into retirement, we, we kind of break it down into two areas that really should be addressed. One, I call kind of the planning wishes area. Okay. Um, and that’s really, you know, focusing on your wills, your. Power of attorney, your healthcare proxies, po potential trust, and how you things want to be distributed.

And we’ll talk about some of those issues in a little bit. We’ll talk about some of the problems that we, that we see because it’s not just your wills that you need to be, uh, taken care of. It’s some of your beneficiaries and the titling of your account. So we’ll talk about that. And then for high net worth individuals.

And really what I’m talking about here is people with estate tax issues.

[00:02:45] Bill Tucker: Mm.

[00:02:45] Larry Heller: Now, federally, that’s probably only a few out there, but, uh, because that can be, if you’re married, it could be protected up to $30 million, 15 million if you’re single. But in New York. And that’s where we are. We have a lot of clients in New York, [00:03:00] they have a cliff estate tax, which starts at a little over $7 million.

Uh, and it’s not, it’s not, there is no portability with a, with a spouse. So that can easily trip people up, especially their homes are worth now maybe a couple million on, and there a lot of people are in. $7 million. So those are kind of the two things now as you get into retirement that people now are focusing on, on what can they do about it and what should they do about it.

[00:03:28] Bill Tucker: Yeah. You know, it’s funny you mentioned, I I, I, I know a lot of people, I’m sure you know, a whole lot more people that, that bought their homes than they, and, and they were worth a whole lot less when they bought them.

[00:03:38] Larry Heller: Mm-hmm.

[00:03:38] Bill Tucker: And suddenly they wake up now in the middle of their retirement and that.

$250,000 home has become a $2 million home. And that’s not an exaggeration for people. I know. That’s not, I’m making a number up.

[00:03:51] Larry Heller: Yep.

[00:03:51] Bill Tucker: Um, what, so take us through this because I think a lot of people, I think you’re right. I think a lot of people figure, okay, I got everything ready. We went into [00:04:00] retirement.

We, we, we’ve got everything sort of laid out. What are the things that we need to be taught, thinking about and what are the things, some of the things we should talk about today so that people do think about it? Yeah.

[00:04:09] Larry Heller: Yeah. I mean, I’ll just relate to a, to a client that came in the door, uh, uh, you know, a couple years ago and, you know, I started asking ’em about their estate plan and they were kind, oh, we just went to this attorney and we have all these trusts and everything set up, and like we kind of looked at all their assets and we said, do you realize that nothing is gonna go through this trust?

And the person almost blew a gasket because the attorneys created all this great. Planning ideas with all the trusts and but never kind of followed up with the client to make sure that they changed the title of the assets. Ooh. So nothing was going through the trust. So, uh, so he almost, he almost, like I said, blew a gasket that he didn’t realize this was done.

So, you know that there is a lot of mistakes we see, uh, uh, along those lines. Think that they’re done. So again, as you’re now going through the [00:05:00] retirement exercise and looking at your retirement plan and your cash flow, it’s a great idea to kind of look at some of these things to make sure some of these things don’t trip you up in retirement.

And the way you wanna prepare for the next generation is really important. Not only, not only just the will, but asset tunneling beneficiaries, um, you know, the inherited. R and d ha has changed. Mm-hmm. So having an estate plan alongside of your retirement plan will help minimize some of the issues and some of the problems that may pop up if you’re not doing this properly.

[00:05:38] Bill Tucker: Yeah. You mentioned beneficiaries, Larry. I mean, I think most people probably think they’re beneficiary forms are all in good shape. I mean, they’re not really that complicated, uh, but a lot of people do these. Once. I mean, I, I, I haven’t looked at my, my full disclosure, I haven’t looked at my beneficiary forms in, in quite some time.

I don’t think there are any mistakes [00:06:00] in there, but I You got stories about people who have made mistakes in that area.

[00:06:03] Larry Heller: Yeah. So I mean, let’s start from the beginning because a lot of people don’t realize that they have these wills. They think everything flows through their wills.

[00:06:11] Bill Tucker: Yeah.

[00:06:11] Larry Heller: And they don’t really understand that if you have a 401k or an IRA, they don’t flow through the wills.

It’s based upon the beneficiary in there. And they, like you just mentioned, people don’t look at that again once they find, once they put it together. And here are some of the mistakes that we’ve, we’ve seen over the years. We’ve seen people put beneficiaries. They’ve missing a child or no, they have minor children and you can’t have a beneficiary be money, be paid to a minor children, or here’s the cr, the one that we love, that the ex-spouse was still the beneficiary in there.

In there. And you’ve heard stories about that. Um, so making sure that you have the beneficiary set up right and there are, we even go beyond that. I mean. [00:07:00] It’s very rare that you, that you have and you see maybe a car accident or a plane accident with multiple people in one family, but having the beneficiaries set up right, that if you have grandchildren.

And do you want, if something happens to, to you and and your child, does that money flow through to their children or does it go to the others? The other sibling. And we’ve seen a lot of instances where it’s not done that way or we, we’ve had it set, you know, set up where, um, maybe there is a second marriage and there’s a stepchild there.

So there’s a lot of different areas in there that can trip you up in there on really how you want it, how you want it done in there. So make sure that you look at the beneficiaries. And you, you, you set it up. You set it up properly.

[00:07:47] Bill Tucker: So is it, it’s smart, Larry, to have the benefit. Is it smart to have things like a 401k go through the will or do you just need to review that to make sure it’s all cool?

[00:07:54] Larry Heller: No, you don’t want it to go, you don’t want it to go th through the will. There could be issues with that unless you have certain [00:08:00] instances potentially with a, uh, a minor child or a special needs. Child. So, uh, you want it set up that way, but there are certain people that put in what’s called the word per stirpes.

So if there is a common disaster would go to their potential minor child. So you wanna have certain wording in there. So that’s, that doesn’t happen. And again, a lot of times with second marriages, what people don’t realize, you know, they, they name their, their second wife as the beneficiary and then they name their children from their first marriage as.

Secondary be beneficiaries, but they don’t realize if they die, their second wife then could change the beneficiaries on their stepchildren to other people. Oh. So how do you account for, how do you account for that a and then besides really beneficiaries. In what I call qualified accounts. A lot of people also have what’s called TOD accounts, or POD accounts, uh, transfer on death accounts.

And those, again, we’ve seen set up [00:09:00] incorrectly. Uh, people make it so it’d be easier, so it doesn’t have to go through a probate, but they, they’re done sometimes incorrectly and those can come back to bite you. So spending the time. And this is a perfect time when you’re going through retirement to pull out those, those beneficiary forms.

And it’s not so easy. Sometimes you have to, you know, get to the custodian or go online and look at that. Mm-hmm. And make sure that it’s done. And that’s what we do. Every new client that comes in, we are checking it. Even if they tell us who it is, we wanna check it to make sure it’s exactly the way they want it.

[00:09:32] Bill Tucker: What about tax issues regarding the beneficiaries? Do you, do you review that and see if they’re, they’re set up in a, an efficient, tax efficient kind of way and that there aren’t any mistakes or aren’t any potholes that they need to be aware of?

[00:09:44] Larry Heller: Yeah, so now, you know, with the, with the new secure act and the money going to your non-spouse, they have to, and if it’s going to get children, they have to.

Take the money out of an inherited IRA over 10 years and that could be an [00:10:00] inopportune time. So, you know, there are certain planning techniques you wanna do, but so you’re not just kind of looking at tax situations to your spouse, but you’re looking at to the next generation. We have a lot of clients that.

They’re in a good spot that they don’t have to worry about withdrawing money from the IRA to live on their spouse to live on so they can do some of this proper planning and, and other, other things such as Roth conversions and structuring it, structuring it well to not only minimize estate taxes, but minimize income taxes.

[00:10:31] Bill Tucker: That’s good. What about, we said at the outset, a lot of this changes. If you’re a high net worth individual, I mean you mentioned it in terms of the taxes and especially in New York state, is there anything that high net worth individuals need to be, retirees need to be aware of in retirement regarding beneficiary designations or.

[00:10:50] Larry Heller: Well, nothing more than we’ve already, you know, than we’ve already talked about. But it is a little bit more difficult when you’re above the, the, the, the $7 million in, in trying [00:11:00] to, trying to equal things out because you do wanna kind of create, and without going through a whole estate tax planning, uh, podcast, which we can do with trying to equal out assets.

So both spouses have. If you have 14 million, we wanna try to get it 7 million in each so we can protect up to 14 million in New York rather than seven. Yeah, and it’s, it’s becomes a little bit more complicated if one of those assets is a large retirement account. So just make sure that when you’re doing this planning, that if you’re equaling out assets, you are aware that the, the IRA is, is something difficult and should be looked at separately for anyone that’s over $7 million in New York.

[00:11:40] Bill Tucker: Yeah. Yeah. For those of you who are listening along, just a reminder, you can get a summary of these, uh, these notes and, and the show notes. So please don’t worry about taking notes right now. Just pay attention, listen along, and then you can get the details a little bit later. We’ll have that there for you.

Now, Larry, you. You touched on this a little bit already. You, you talked about the fact that that [00:12:00] wills and trusts may longer, may no longer in fact, match the reality of what they once were not, not the least of, which is that your net worth was a lot lower probably when you, when you drew up those documents to begin with.

Are there other things that you need to be aware of, uh, when you’re reviewing trust and wills?

[00:12:17] Larry Heller: Yeah, so you, you, you wanted to make sure that you ha in your wills and trust now that you’re older and, you know, making sure that the trustees and the executors match your wishes and that have hasn’t changed.

And then there’s a backup in, in, in case somebody. Um, is, is no longer around. So making sure that that’s done, um, do you wanna now create a revocable trust so your assets pass through your trust and don’t have to go through a probate, which was a major concern during the pandemic and making it, you know, making it easier to do that.

Um, you know, other potential asset protection concerns that you may have with some of these, some of these assets. And again, your estate tax exposure might have, might have grown and even [00:13:00] your family dynamics may have, may have changed. And this is, you know, there are, there’s definitely some moral questions come here where if you have a child, that one child that’s much more successful than the other children, do you still wanna leave your assets equally or do you wanna leave it.

To the, the, the less well off children. So having those conversations and thoughts, some people are clear, they just wanna leave it equally no matter what. Some other people have, you know, different, different concerns. And, and again, if you have a second, second marriage, that’s even makes it more, you know, more complicated to do that.

So, you know, those are some of the things that you kind of wanna make sure that you, uh, that you, um. Take into consideration when you’re redoing your estate plan in retirement.

[00:13:46] Bill Tucker: Yeah. You know, a real quick question. It comes to occur to me here, Larry, and I’m asking you this as a financial advisor, not as a psychiatrist or anything else.

Okay. Is it best to have the family involved with this so that everybody’s. Current on the communications and [00:14:00] understands the language and, and knows what people are thinking when they’re talking about their wills and their trust. And, and you know, and this came up in my mind when you were talking about how you distribute it.

Do you need, is it good that people understand what you’re thinking that.

[00:14:14] Larry Heller: That’s a, that’s a great question. I, I think early on, have to go back to one of my earlier podcasts. We actually did a podcast on how children can talk to their parents about this. Mm. And, and there are some parents that they just don’t want their children to be, you know, to be, uh, to be aware of how much money they make.

We actually we’re talking to a prospective client a few weeks ago, and they let us know that their parents are both well. In their 94, 95, and they have no clue what their parents have. Old school, they’re not gonna really devote that. But you know, that’s not the best thing to really do because you don’t wanna have surprises later on.

You kind of wanna know what’s going on. There comes a time where that your children and they, you should trust them and, and letting [00:15:00] them know what is going on, what your wishes are. How things are planned out. A lot of times it’s more than just money, right? Um, a lot of times we hear the biggest arguments are not over money.

It’s, it’s over kind of something that’s not even, it’s a heirloom, but it’s not a financially worth heirloom. It’s just a piece of jewelry or piece of art. So, having those conversations earlier, letting your children know what your wishes are, I, I think is, is very important to do and makes life a lot easier.

La you know, later on.

[00:15:30] Bill Tucker: Yeah, no. You know, anecdotally, I, I know a woman who we, to your point about, it’s not always about money. She was a, she, her mo, her mo mother had a ring that she really, really wanted and it, she didn’t end up getting that ring. It went, it went to another heir and, uh, she was. Devastated.

[00:15:52] Larry Heller: Mm-hmm.

[00:15:52] Bill Tucker: You know, and it, and it, um, and, and like, uh, it wasn’t something that was, had nothing, it really had nothing to do in terms of, of, of the monetary [00:16:00] value of it. And, you know, I, I kept thinking maybe it would’ve been nice if they, if they’d had these conversations so that she understood what her mother’s thinking was in terms of not leaving her the ring, but giving it to someone else, you know,

[00:16:11] Larry Heller: or, or not giving it to one spouse and the, the one child and then the other children wanna sell it because they want the money.

So, uh, yeah,

[00:16:17] Bill Tucker: no.

[00:16:18] Larry Heller: So, you know, so, you know, there’s a, you know, definitely those things come up and the more that you can have those conversations, uh, you know, the better.

[00:16:27] Bill Tucker: Yeah. And that takes us really touches on what’s next here. That’s asset titling. What, what kind of issues do you see with asset titling? Do.

[00:16:34] Larry Heller: So again, going back before, you know, people think they have their will and everything goes through the wills, but there are two things that kind of supersede that. One is the beneficiary. Mm-hmm. ’cause that doesn’t go for you. Well, and that’s also the asset titling. So if you have a joint account. That on the first death, a joint with rights to survivorship on the first death, that money’s gonna go from one spouse to the surviving spouse.

[00:16:57] Bill Tucker: Right?

[00:16:58] Larry Heller: And that may not be how you want [00:17:00] it to pro proceed. You may want that money to go into a. Credit, shelter trust, um, for planning purposes. So making sure and looking at the asset tenant. We talked about pods and TODs, which is not really the asset titling, but how that is done. We’ve seen a lot of people that also make their children.

Joint accounts. And again, it makes a little bit more complicated if one child is, is on that account because it’s easy to pay their bills, but technically they inherit that money on the first death that doesn’t go through the will. So we’ve actually seen a client went, they had a quarter of a million dollar account.

One child was the. On that account just to make it easier to pay the bills, but it’s not so easy to equal out in the state taxes when that person would inherit that money. So you wanna kind of make sure that, that the assets are titled properly so they flow through exactly how you want to do. And again, we mentioned before, you know, for probate, a lot of times you want these trusts to [00:18:00] be.

Title. So, like I said, with that client that that almost, you know, blew a gasket is we, they created the attorneys, created these great trusts, but no one ever got to the financial advisor to make sure that they changed all the accounts into the trust. Because if you miss an account, that account may have to be.

Going through probate. Oh, so you may not by one or two accounts, and it doesn’t flow through the revocable trust. You’re defeating the purpose of of having to go through probate. And then there’s also, which we’re not gonna get into, there’s potential irrevocable trust for asset protection purposes. And that’s a whole nother, whole nother story.

So making sure how your accounts are titled with how the estate plan is set up and making sure that they’re in aligned is super important.

[00:18:48] Bill Tucker: Yeah. What about, I know a couple that they keep their finances really s they keep their finances separate. Uh, you know, and, and, and so I, I, I think they keep their assets also [00:19:00] separate as well.

And I know that that’s not an, an, uh, you know, a, a hill that’s not impossible to climb. But I, but, uh, I don’t know if they’ve thought about the implications for that. As they get older and, yeah.

[00:19:11] Larry Heller: Well, I, I don’t know. I don’t know if they have, do they have children?

[00:19:14] Bill Tucker: Yeah, no, they have

[00:19:15] Larry Heller: children

[00:19:15] Bill Tucker: too. Separate.

There’s a couple of kids involved as well.

[00:19:18] Larry Heller: Okay. I don’t know if maybe they inherited some money and they wanna keep it protected. In New York State, if you inherit money and you keep it separate, it’s protected. If you get, you know, divorced, it’s not part of the divorce, um, uh, money. So maybe there’s a reason along those lines.

And, and, and you can keep it separately. It’s just how do you want to, what do you wanna do? When that person dies, do, does that separate money go to the surviving spouse or does it go to their children? So, uh, so there’s nothing wrong with keeping some assets separately. Mm-hmm. But it’s really making sure that when that person passes away, that it’s.

It’s set up so their wishes, [00:20:00] uh, are followed.

[00:20:01] Bill Tucker: Right. No, no. It just underlines I guess the importance of, of, of actually estate planning. ’cause in this case it wouldn’t be couple asset planning, it would be individual asset planning that that needs to be, just need to be aware of it. Right. That’s just, that’s all, that’s, that’s what occurs to me anyway.

[00:20:15] Larry Heller: And some of the other issues with asset titling. Real estate business interest. So it’s not you, you wanna kind of, you wanna kind of, you know, do them. We have one client and, and a barely successful real estate, um, investor, but all of the properties are in separate LLCs and only one spouse owns them.

[00:20:34] Bill Tucker: Yeah.

[00:20:34] Larry Heller: So now they have a issue that if that person dies, um. Or if their spouse dies first, there’s no assets from her death to go into a credit shelter trust to protect it. So that it, it’s real important that you kind of look at this and you kind of, you, you, you kind of do that. So now we’re actually gonna go through them and see if we wanna change.

’cause it’s easy to change from one spouse to the other without [00:21:00] any, um, income tax verification. So equaling out some of the assets when you’re above the $7 million in New York State is very important.

[00:21:08] Bill Tucker: Yeah, I would imagine this is especially important for your higher net worth individuals because everything gets more complicated.

[00:21:16] Larry Heller: Everything, everything gets more complicated. And New York State has what’s called a cliff tax. So they start taxing you from dollar one after you’re above seven, little over $7 million. So we can get real expensive really quickly, and they’re really simple solutions that if you put into place ahead of time.

[00:21:33] Bill Tucker: Yeah. So again, if you’re listening to this and you’re thinking, wow. Pay a little closer to your attention and keep listening. Don’t, don’t stop what you’re doing. There will be a summary and a takeaway on tax planning in retirement that you’ll find in the download link here in the, in the episode description below.

So you go to that and check it out because everything Larry and I are talking about can be avoided. There are solutions for all of this stuff, but you have to take action on, you have to do something [00:22:00] about it. So, uh, you know, as we go along here, you had talked about the great wealth transfer, Larry, and, and I, I hear a lot of talk about that.

Why does that matter in, in what we’re talking about?

[00:22:12] Larry Heller: Well, because we’re, we’re, we’re, we’re having millions and multimillions of dollars, um, gonna be passing through from the, the baby booming generation that’s done extremely well to the next generation over the next few years. So, and, and there’s a lot of different things to, you know, to take into consideration mm-hmm.

When some of these higher net worth people start to pass, pass away, and, you know, just control over distributions. Tax efficiency, you know, and, and also family governance. Uh, you know, we have a client that, you know, they have a business and um, they wanna start now to pass that business down to their two children who are both in the business.

But what do you do to protect in case one of their children get divorced? Hmm. We have. Instances, unfortunately, where the [00:23:00] child, the in is not kind of in the right situation. And how do you protect that child from a, uh, you know, a situation where they might have had a gambling situation or they’re just not working.

So how do you, these family governance, um, issues come into effect? Because you’re talking about a lot of money here, from a lot of the baby boomers that are now passing that on to the next generation.

[00:23:26] Bill Tucker: Yeah, and I get, you know, this, the family governance issue really touches on that, what we were just talking about.

The fact that, you know, involving the family in these discussions now probably is going to resolve a lot of conflict later on when you’re not around and you can’t, you can’t communicate anything to anybody. Right,

[00:23:44] Larry Heller: exactly. Exactly.

[00:23:47] Bill Tucker: I’m, I mean, I’m looking at this and I’m thinking, I know that it just doesn’t touch a lot of people, but it does touch some people, you know?

Can you talk about, can you give us some scenarios that you’ve encountered that underline for [00:24:00] you? The importance of, of making sure this planning takes place and some of the mistakes, uh, that they could have? Avoided.

[00:24:09] Larry Heller: Yep. I think, I think we talked a a little bit about some of them. One of them is, like I said, the New York State Estate Tax.

That Yeah. That, you know, we, we’ve seen people come to us and they have. 10, $15 million and they haven’t prepared for the New York State tax. And we basically tell ’em that, you know, if you die, right, if you both, you and your spouse die right now, the government’s gonna get millions of dollars that can easily be prevented by setting up the right.

Um, credit shelter, trust the right assets inside. So you know that that’s a big, big planning tool that’s simple to do. It’s not super e expensive. It’s not something you have to gift away right now. So if you’re worth somewhere between seven and. $14 million a married couple. It’s a, there’s a, a way of really protecting yourself, um, from this New [00:25:00] York state estate, you know, estate cliff tax.

So that’s a, a big, kind of a real life scenario that we’re working with all the time to make things done. And done and done properly. We talked about some of the, the beneficiaries and protecting the beneficiaries. We talked about trust, we talked about asset titling. Those are all real world type scenarios that we’re working on.

Um, and you know, obviously we coordinate that with an estate attorney, but really a lot of that planning is uncovered by asking the questions. Especially from our standpoint as, as wealth planners and wealth managers, when we start meeting with clients and we start asking these questions, uh, it gets them to really, really think so we could really, uh, go through what the story is and what the, uh, what the outcomes that we want to, we want to, they want to get.

[00:25:49] Bill Tucker: Yeah. So in closing here, a couple of really, I think, crucial key takeaway points, Larry, you do you want to drive these home for people so that they, that it’s clear to them why they should. [00:26:00] Look, review and take action now.

[00:26:02] Larry Heller: Yeah, so you, you really wanna start to kind of think about, you know, how to assess the situation.

Uh, you know, you, you’re now going into retirement, so you’re probably now looking at, okay, how much money can I spend during my lifetime? Which assets do I would draw down in creating a cashflow analysis and a retirement plan and investment strategy. Um, and at the same time, or even when that’s done now, really trying to assess what do you really wanna do?

How do you want these assets to be distributed? How do you make sure that you’re. Your assets are title properly, your beneficiaries are title properly, everything’s coordinated. And you ma you, you made a great point there about, you know, you know, when do you wanna speak to your children? So they, yeah. So they know that one of the, the, the benefits of working for us is we have this client portal where everything is in there and a whole net worth is in there.

And the, the, our, the clients. Sometimes they come in with their children and then we open up this portal. But a lot of times we basically say, you know, if something happens to them, [00:27:00] here’s their portal. Here’s where everything is, here’s the plan. That’s line out, step, you know, step, you know, step by step. Um, and the other key takeaway is that unfortunately it’s not a one time event you.

Yeah, things will change. Uh, people get sick, people get ill. Um, um, uh, children get married. Um, children get divorced, parents get divorced. So this is an ongoing strategy. The, you know, tax laws changes where you live changes. You know, we have some clients that we’ve gone through this and they’re like, well, how do I solve this problem?

And they’re thinking about moving somewhere else. And I’m saying, well, if you move to Florida that you actually can solve your new estate, estate tax. Yeah. So where they’re living is actually a, is something not that you’re gonna move. Specifically for that, but that could be something. So it’s an ongoing, you know, strategy and vice versa.

If you decide to move from a state that has no estate tax to a state [00:28:00] that does, you need to revisit them. So, uh, so those are some of the key takeaways for listeners out there.

[00:28:06] Bill Tucker: Yeah. It’s life. It’s life and life evolves a lot of change. And the changes that happen mean that you have to be aware and you may need to take action.

You know, you may not,

[00:28:18] Larry Heller: right? So don’t put, don’t put the estate plan in a box and forget about it. Even in retirement, every few years, that’s what we do. Every few years we pull it out, we kind of go through it, and we make sure that you’re on the same page as where you were a few years ago. And if something major changes, then we should be looking at it more often.

[00:28:36] Bill Tucker: Absolutely. And thank you listeners for taking the time to listen today too. Retirement unlocked. If this episode helped you rethink estate planning and retirement, please like, subscribe and share it with someone you know that could benefit if you are retired or approaching retirement with a high net worth.

The real question you need to be asking is, do my estate documents still work? [00:29:00] For the retirement phase of my life, it’s an important question because retirement does not eliminate estate planning gaps. It in fact exposes them. And if you wanna make sure your estate plan aligns with your financial tax and legacy goals, check the episode description for resources and a link to schedule a complimentary 20 minute call with the team.

Thank you for listening On behalf of Larry. We’ll catch you next time.