Golfguy1455
Dryer sheet wannabe
I'm 47 yr old single male conidering retirement, so I am trying to get all things in order.
Does it make sense to put all my assets in a revokable trust? Any idea how much that might cost me?
This is not an area where I am the most informed, but my thinking is that this would be key part of estate plan / will. ...perhaps this would also held protect assets in the future.
I have a will that I did 20 years ago, so I need to update that at some point.
Retirement assets:
-$1.O25m 401k in blue chip growth fund with rough one third on post tax basis.
-$175k in Roth IRA fidelity mutual fund
-$50K annual pension at age 65 (no COLA)
- social security eligible, but my intent is to wait until 70 or later to collect. I'm not sure what this amounts to, but let's say $20k at age 70.
Non retirement Assets:
$1.2m in mutual funds and stocks
$0.1m in cash
$0.2m in home equity. My intent is to sell house and move to a cheaper part of country in the next year.
At some point in next 15 years, I would expect small inheritance of $0.2m as a rough ballpark.
Thanks
Does it make sense to put all my assets in a revokable trust? Any idea how much that might cost me?
This is not an area where I am the most informed, but my thinking is that this would be key part of estate plan / will. ...perhaps this would also held protect assets in the future.
I have a will that I did 20 years ago, so I need to update that at some point.
Retirement assets:
-$1.O25m 401k in blue chip growth fund with rough one third on post tax basis.
-$175k in Roth IRA fidelity mutual fund
-$50K annual pension at age 65 (no COLA)
- social security eligible, but my intent is to wait until 70 or later to collect. I'm not sure what this amounts to, but let's say $20k at age 70.
Non retirement Assets:
$1.2m in mutual funds and stocks
$0.1m in cash
$0.2m in home equity. My intent is to sell house and move to a cheaper part of country in the next year.
At some point in next 15 years, I would expect small inheritance of $0.2m as a rough ballpark.
Thanks