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John_Mc

Just retired - need some advice

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Move to Florida - lots of old cars, museums, meets, & no rust.

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Just enjoy yourself, no matter what you do. Congratulations , well deserved. John

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A slight cautionary note here. My father of 84 recently passed away following a short illness. He led a happy, very active life right up to a month from the end. And did a considerable amount of estate planning that was mainly concerned with dividing his assets between his wife {2nd} and myself and my two sisters. The bulk of his assets were destined to be passed down to the three of us children, his wife has fairly substantial assets of her own so was allocated a relatively small share.

 Big surprise upon his death, the assets were primarily held in joint term deposits. Under Canadian law all jointly held assets pass directly to the other person. This is automatic and they don't form any part of the estate at all, the transfer takes place outside of the estate. Not really even a transfer, the deceased persons name is simply removed from the account. So it really did not matter what my Father specified in his will other than specific bequests of specific items of his personal effects. I am not sure if this is also part of U.S. law or not, however get assurance from a wills and estates professional that what you want to happen upon your death really does happen.

 

Greg in Canada

Edited by 1912Staver (see edit history)

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Don't sit down unless it is behind the wheel of a classic car that you always wanted....

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Some retirees I talk to say the same old thing....... "I'm busier now than when I was working" to which I reply "You're doing it wrong".

Don't get yourself tied down YET.

Give yourself some time to "retire" first....... 👍

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