A Retirement, if you can keep it

By Attorney Nathan Begley

Good Advice Law

237 years ago, on the 17th of September, 1787, American Founding Father Benjamin Franklin was exhausted after a muggy Philadelphia summer spent arguing over the fundamental nature of man and how a country ought to govern itself. Upon his exit from the Constitutional Convention, Franklin was asked by Elizabeth Willing Powel, "Well, Doctor, what have we got, a republic or a monarchy?" To which Franklin famously replied, “A Republic, if you can keep it.”

At this point in his life, Franklin was 81 years old, and knew well that things of great value can be built and then lost if they are not actively kept and defended. 

Many of my clients are in a position similar to Benjamin Franklin, having worked hard for a lifetime to build a foundation for future generations to enjoy, but knowing that there are dangers that would seek to steal the fruits of their labor. 

Some people are “Land rich, cash poor” meaning that by virtue of the Oregon real estate market, they may own land worth quite a bit of money, but they still live paycheck to paycheck, or harvest to harvest, or job to job. These clients might have some money saved up, but not likely the $120,000+ a year that long-term care can cost per person. 

If you find yourself in a similar situation, I have good news: You have a retirement, if you can keep it. With careful planning and help from a team of professionals including a Financial Planner and an Estate Planning Attorney, you can make sure that as much of your legacy is preserved as possible with as little going to the government or to attorney’s fees as we can. Don’t sell the family property until you’ve consulted with an Estate Planning attorney to go over all your options.

No man knows the day or the hour that they will pass, or lose competency, or need assistance to get through the day. Don’t wait until it’s too late and some of your options are taken off the table. Put the work in now so you can enjoy the value and certainty it creates for years to come. I am reminded of another quote from Benjamin Franklin, “Dost thou love life? Then do not squander Time; for that’s the Stuff Life is made of.”  Call an Estate Planning attorney today and protect your Family, Legacy, and Dignity.