Dear Quentin,
We are 64 and 66, married 40-plus years and live in Maryland. We are healthy, blessed, and have no debt. We worked hard to maximize our retirement savings, and we now have $3 million, and $2.5 million in stocks, cash and CDs outside of retirement. We have not applied for Social Security, and have an annual income of $250,000 annually for the next 15 years from the sale of a business. Our home is in a family trust, paid for and valued at $650,000.
We have two adult kids married with stable jobs, and one grandchild. We do not have long-term care insurance, and plan to self-insure if needed. We are generous to our church and local non-profits, and enjoy regular travel and hobbies. We do not spend extravagantly on stuff. Both of us will be retired in a few months, and we will be updating our estate plan, which currently is pretty simple with medical and durable power of attorney.
What tips do you have to minimize taxes, maximize our holdings and leave a healthy nest egg for future generations? What should I be asking a financial-planning attorney? What types of trusts should be in place?
Happily Retiring