Estate Planning Nearing Retirement

As retirement approaches, focusing on financial stability and securing your future takes center stage. However, retirement planning alone is not enough to ensure a smooth transition and protect your assets. It is equally important to reconsider your estate planning to ensure your assets will be properly managed and distributed after you’re gone. That’s where Shaw & Nelson, PLLC can assist you.

As a leading estate planning practice serving clients in Louisville and Cincinnati, we are committed to helping to protect your assets and prepare for your future. When you partner with us, we will work to align your retirement plan with your estate plan, ensuring that your future financial and healthcare needs are met. Call our office today to book a consultation. 

The Difference Between Estate Planning and Retirement Planning

While retirement planning involves saving, investing, and creating a financial strategy to support yourself during your golden years, estate planning takes a broader perspective. Estate planning encompasses not only the accumulation and preservation of wealth but also the management and transfer of assets to heirs and beneficiaries. Retirement planning focuses on your own financial well-being, whereas estate planning extends beyond retirement to encompass the distribution of wealth and the protection of loved ones.

Key Issues to Consider for Estate Planning Near Retirement

As you approach retirement, several key issues deserve careful consideration in estate planning:

  • Identifying your goals for the distribution of assets, including financial provisions for your loved ones, charitable contributions, and any specific wishes you may have.
  • Exploring strategies to minimize taxes and expenses associated with the transfer of assets, such as establishing trusts or gifting strategies, to ensure your loved ones receive the maximum benefit.
  • Planning for potential healthcare needs during retirement, including long-term care expenses and medical decisions, by creating advance directives and powers of attorney.
  • Reviewing and updating beneficiary designations on retirement accounts, life insurance policies, and other assets to align with your current wishes.

You can depend on our estate planning attorneys to help you clarify these issues and make informed decisions as you prepare for the next chapter in your life. 

What Estate Planning Documents Do I Need Before Retirement?

To ensure your wishes are carried out, several estate planning documents are essential: 

Last Will and Testament

This legal document outlines how you want your assets to be distributed after you pass away. A will allows you to name a guardian for minor children and an executor to manage the distribution process.


Trusts can provide more control and flexibility in distributing assets, minimize estate taxes, and protect assets from creditors. Common types include revocable living trusts and irrevocable trusts.

Advanced Directives

A common misconception is that a spouse or another family member can make medical decisions for you in an emergency, but this is not so. Advanced directives, including a living will and healthcare proxy, are necessary to outline your preferences for medical treatment and appoint a trusted individual to make healthcare decisions on your behalf if you become incapacitated.

Powers of Attorney

By granting someone power of attorney, you authorize them to make legal and financial decisions on your behalf if you’re unable to do so. It is essential to select a responsible and trustworthy individual.

How Our Firm Can Help

Navigating the complexities of estate planning prior to retirement can be daunting. You can trust the experienced estate planning attorneys at Shaw & Nelson to provide invaluable advice and guidance. When you meet with us, we will review your financial situation, family dynamics, and goals to identify potential issues and develop a plan tailored to your unique needs.

Our attorneys will help to draft and review the necessary documents, ensuring they meet all legal requirements and accurately reflect your intentions. We will also help you develop strategies to protect your assets from potential creditors or legal disputes, preserving your wealth for future generations. As your circumstances evolve, we will help you keep your estate plan up to date, ensuring it remains aligned with your changing goals as you approach retirement. 

By engaging in thoughtful estate planning near retirement, you can establish a comprehensive plan that protects your assets, minimizes taxes and expenses, protects your loved ones, and leaves a lasting legacy for future generations. Above all, we will offer customized solutions based on your specific circumstances, ensuring your wishes are legally enforceable.

If You are Approaching Retirement, Talk To An Experienced Estate Planning Attorney

As retirement draws near, it’s crucial to revisit your estate plan. By considering key issues, such as your goals, tax implications, healthcare decisions, and beneficiary designations, you can lay a strong foundation for your estate plan. Take the necessary steps to secure your estate and prepare for your retirement. Contact us today to get started.