At Beacon Legacy Law, our Palm City estate planning lawyers help retirees like you protect what you've built while supporting your lifestyle goals. With proper estate planning, you don't have to choose between ticking items off your bucket list and leaving a lasting impact on future generations. Let's examine smart estate planning strategies through the eyes of Larry and Elena, a fictional Florida couple representative of the types of clients we serve. Larry retired last year at 65 after three decades as a financial services executive. With his wife Elena, 63, he relocated from Chicago to Palm City, Florida, bringing their $3.85 million nest egg to the Sunshine State. Their portfolio includes $1.8 million in retirement accounts, $950,000 in taxable investment accounts, $900,000 in their new Palm City home (paid in full), and $200,000 in cash and checking accounts. Larry and Elena have two adult children in their 30s and three young grandchildren. While financially secure themselves, Larry and Elena want to help fund their grandchildren's education and leave a meaningful inheritance while still enjoying their retirement dreams—a three-month Mediterranean cruise, purchasing a vacation cottage in North Carolina, hosting annual family reunions in different locations, and maintaining their golf club membership. Learn How to Claim Your Spot for Our Free Estate Planning Webinar! Essential Estate Planning Documents Having the right documentation serves as the foundation of any smart estate plan. Larry and Elena, like other Florida residents, need the following: Last will and testament. Larry and Elena should address specific bequests, executor appointments, and funeral preferences. Revocable living trust. This legal document can help to avoid probate, maintain privacy, and create subtrusts for their grandchildren, including spendthrift provisions to protect inheritances. Advanced directives. Larry and Elena need to outline healthcare surrogate designations, living wills, HIPAA authorization forms, and durable powers of attorney. Balancing Retirement Dreams With Legacy Planning Whether you're exploring the Amalfi Coast or purchasing a vacation home in the Keys, retirement is about enjoying the fruits of your labor. As a Florida retiree with significant savings and assets, your newfound freedom brings exciting opportunities and big financial decisions. At Beacon Legacy Law, our Palm City estate planning lawyers can help you understand how your bucket list expenditures affect your overall plan and how to withdraw from various accounts in a tax-efficient manner. For Jack and Elena, we might also recommend the following steps to create a meaningful legacy for their heirs: 529 education plans for each grandchild with initial funding of $50,000 each A trust fund structure that provides partial distributions at ages 25, 30, and 35 Charitable remainder trusts that benefit their favorite causes while providing income While Jack and Elena’s $3.85 million combined net worth sits below the current federal estate tax exemption, the current limit is scheduled to sunset in 2026. In anticipation of these changes, they may investigate tactics like: Annual gifting strategies using the annual gift tax exclusion Lifetime gifting of appreciating assets Life insurance trust providing tax-free benefits to heirs Planning for Long-Term Care It’s important to understand that long-term care costs could impact your retirement as well as your legacy plans. After reviewing options, Larry and Elena might choose to purchase a hybrid long-term care/life insurance policy that: Provides monthly benefits for long-term care if needed Returns death benefits if long-term care isn't used Includes inflation protection features
