A recent study by the Employee Benefit Research Institute found that many people are not prepared for retirement, with only 38% of respondents reporting a household income in excess of $50k. These findings may seem surprising given that Americans over 65 who live alone are projected to spend an average of $42,000 per year on medical expenses and housing costs.
What do you want to happen to your wealth when you pass away? If this question has crossed your mind, then it’s time for a conversation with an estate planning attorney. Estate planning attorneys can help protect and manage the assets of wealthy families.
A will and a trust are two different legal instruments that accomplish the same function: protecting property, assets, and heirs. A will is a document that outlines who should get your property after you die, whereas a trust is an arrangement in which someone else manages your property for you while you’re alive or after you die.
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