Jeremy Keil dives into the details of estate planning, what people often miss and how to leave a legacy that lasts.

When most people hear the words estate planning, they think about wills, trusts, and what happens after they’re gone. But that’s only half the picture. Estate planning is just as much about protecting you while you’re alive as it is about transferring assets after you pass.

In this week’s episode of Retire Today, I walked through the essential parts of a practical, real-world estate plan. This is the same framework I teach in Chapter 10 of my book, Retire Today, because your “LEAVE” plan — the final step in the 5-Step Retirement Master Plan — is one of the most important gifts you can give your loved ones.

Estate planning has two core objectives:
1.  Protect yourself and your spouse when bad things happen
2.  Make your inheritance as simple and tax-efficient as possible

Everything starts and ends with these two goals.

The first goal of estate planning has nothing to do with inheritance. It’s about making sure someone you trust can step in and help if you’re unable to make decisions on your own. That requires the right documents — and an understanding of how they work.

Most retirees will work with an attorney to build some combination of the following:

This allows someone you designate to make medical decisions for you if you can’t communicate or act on your own. It’s valuable for avoiding confusion in an emergency.

This document authorizes a trusted person to manage your finances — signing paperwork, paying bills, accessing accounts — if you lose the ability to do it yourself.

In states like Wisconsin, this document clarifies what assets belong to each spouse individually and which assets are shared. It reduces conflict, confusion, and tax issues later.

This outlines your wishes for end-of-life care. Some attorneys prefer including these instructions in your health care power of attorney; others recommend a separate document. The right approach depends on your state and your attorney’s guidance.

Many people aren’t aware that these documents can take effect in different ways:

While springing powers seem appealing (“I’m fine now, I don’t need help yet”), they can create delays during medical emergencies. Many attorneys recommend durable powers because they’re simpler and more reliable during stressful situations.

Once you’re protected, the next goal is to ensure your assets transfer smoothly and according to your wishes.

A big question retirees often ask is:
“Do I need a will, a trust, or both?”

Here’s a simple way to think about it:

Most people don’t need a trust for tax savings — a common misconception. A standard revocable living trust doesn’t save income taxes or estate taxes. Its value lies in avoiding probate, speeding up administration, and providing privacy and protection.

Many retirees worry about “death taxes,” but most won’t owe federal estate tax. The exemption is nearly $14 million per person in 2025 — far higher than the average retiree’s estate.

The real tax risk usually comes from traditional retirement accounts. Your kids will pay income tax on every dollar they inherit from your traditional IRA or 401(k). That’s why your withdrawal and Roth conversion strategy plays such a big role in your estate planning.

You can have a beautifully crafted estate plan… but if your beneficiary forms don’t match it, your intentions won’t matter.

Most of your assets — retirement accounts, brokerage accounts, life insurance, bank accounts — transfer by beneficiary designation, not your will. Even your house can transfer through TOD (transfer-on-death) titling.

That means updating your beneficiary forms is just as important as writing a will or trust. People assume their estate documents control everything — but beneficiary forms override them.

Every year, you hear the stories:
Someone dies with an ex-spouse still listed as a beneficiary. Or an adult child gets unintentionally disinherited. Or assets go to someone who was never meant to receive them.

Review your beneficiary forms regularly — at least once a year.

You’ve worked hard to build financial security. Estate planning helps you protect it:
✔ While you’re alive
✔ When life gets complicated
✔ And after you’re gone

A clear estate plan gives you peace of mind — and saves your family time, stress, taxes, and confusion. If you’d like to learn more about how estate planning helps you leave a legacy you can stand behind, make sure to visit JeremyKeil.com and get your copy of “Retire Today: Create Your Retirement Master Plan in 5 Simple Steps.”

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About the Author:

Jeremy Keil, CFP®, CFA® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel

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