Documents we need to have a great retirement: Episode 73
May 8, 2017
I asked Karin to come on the show to talk to us about the documents we need to have a great retirement.
Karin Schumacher has been an attorney since 2001. She is regarded as compassionate, accomplished, and dedicated at Elder Law & Advocacy, Legal Aid Society, and San Diego Volunteer Lawyer Program. She has effectively served over 12,000 clients.
She talks about her grandfather who was a very “well to do” business owner. (He owned 3 auto supply stores). At the time he passed away in 1975, he had over ten million dollars. He wanted his children and his grandchildren to receive that. The problem was that unbeknownst to him, the Corporate Trustee he used, did not have his best interest at heart. All of his hard earned money had been squandered. Now in 1975, there was far less oversight on Corporate Trustees and a lot fewer regulations than there are now.
Put these documents in place BEFORE they are needed. Also update or review them on a regular basis because life events and circumstances change frequently.”
Karin goes over each of these in greater detail during the interview. Below, is the list of documents we need to have a great retirement:
* Advanced Healthcare Directive- This is basically your end of life wishes. It is a 55-page document that goes over your medical wishes should you become incapacitated.
* Power of Attorney (Springing or Immediate) Springing POA- Only takes place upon incapacity. Immediate- Be cautious here because the moment you sign an immediate POA, the power goes to the agent. However, a POA is one of the documents we need to have a great retirement. Kathe likes the Springing kind.
* HIPAA Release (Health Insurance Portability and Accountability Act) – Prohibits Healthcare providers from releasing information unless you have completed a HIPAA release form.
* Trust- If you own a home and or assets in California above $150,000 then a Trust will assist in avoiding probate.
* Will – If you are distributing assets by other means and don't own a home, then be sure to create a will.
To get today’s Freebie, What Documents Do I Need Before I Become Incapacitated, go to http://rockyourretirement.com/Incapacitated
Contact Information for Karin: www.AfsarEstatePlanning.com
Special Thanks to:
* Angie Strehlow who helps us get great guests that help us with our retirement lifestyle while keeping everything on track…and helps with these show notes!
* Les Briney, my husband, and Danny Ozment of Emerald City Pro who edits the show and makes my guests and me sound terrific
* Henry Shapiro, host of Retired Excited that airs on Fridays
* YOU for telling your friends about the show, leaving comments below, and sharing episodes you really like on Facebook, and reviewing the show on iTunes
This post about retirement and Retirement Lifestyle first appeared on http://RockYourRetirement.com
*Rock your Retirement discusses retirement issues, but neither Rock Your Retirement nor Kathe Kline provides legal advice. Please be sure to consult your own attorney.