So, you're at or close to retirement, or you have recently retired. You've spent around 30-40 years working hard to build up your nest egg so you can have at least a semi-comfortable retirement at minimum so that you can enjoy the fruits of your many years of labor, spoil the grandkids, and donate either your time or money to a charity or nonprofit whose cause is near and dear to your heart. Perhaps you've worked with a qualified financial advisor for several years to help you get to these goals. While it may now seem that you're crossed the finish line, in reality, you still have some outstanding items in order to ensure you can enjoy your retirement as you wish and you don't get caught off guard by an unexpected crisis that could greatly put a dent in your retirement savings.
In the Second Half of Life Podcast episode 31, Attorney Brittany Smith and Long-Term Care Planner Tammy Zilske give a comprehensive presentation on the asset protection trust. These types of trusts are typically used to protect assets from the cost of long-term care, which in Pennsylvania in 2020 average nearly $11,000 per month. If the need unexpectedly arises for long-term care, without proper planning, it can prevent someone from using their hard-earned retirement savings for things they want to use it for, and also make for a much-lower inheritance to pass onto future generations or whatever person or organization someone wishes to pass it to - or even none at all.
This episode is a recording of a virtual seminar originally held on August 27, 2020, and this and other episodes of the Second Half of Life podcast can be accessed on the Steinbacher, Goodall & Yurchak website, as well as on several podcast directories. The podcast is also available on most podcast platforms, including Apple Podcasts, Spotify, TuneIn + Alexa, iHeartRadio, Stitcher, Podcast Addict, Google Podcasts, Podchaser, Deezer, Listen Notes, Bullhorn, Overcast, Pocket Casts, Castro and Castbox.
Additionally, the Second Half of Life Podcast is now available on three new podcast directories, in addition to those listen above. Those platforms are Podfriend, Player FM, and Podcast Index.