November 1, 2012
Estate Planning Lessons Learned, Part 2
Former Presidential Candidate and Senator George S. McGovern recently passed away at the age of 90. Like most people in his generation, McGovern understood the principle of saving money and building himself out of poverty.If a person is going to save for retirement, it is important to note that most of the expenses that people incur in life occur at the end of a person's life. Thus, it is important for a person to create a plan and prepare not only for life's expenses that are likely to occur but also so that a person can comfortably enjoy his or her retirement. Clients might want to consider planning how they will preserve their assets, and how they would like to take care of their family following their death. Clients make want to consider drafting either a will or revocable trust, a durable power of attorney, and an advance directive. They might also want to consider planning for long-term care, which can be a large expense. For people like Senator McGovern who serve our country, there are certain benefits that a veteran might be able to use. These benefits could also become part of that person's estate plan.
Senator McGovern's later work "to help solve the world hunger issues that he himself experienced" can show us that a person might want to consider leaving a legacy of kindness, charity, and good works in addition to a financial legacy.
See Evan Guthrie Law Firm, Estate Planning: Lessons Learned From George McGovern, JD Supra, Oct. 21, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
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