What Do I Need to Do for Estate Planning if I’m a “Solo Ager”? – Annapolis and Towson Estate Planning

A 60-something single person is part of a group that is sometimes known as “Solo Agers.” There’s more to estate planning for these people than they may realize.

According to the American Society on Aging, about 20% of Boomers fall into this category. From a retirement planning viewpoint, this means there are a few specific areas a solo ager should focus on to help make sure he’s set in retirement.

Cincinnati.com’s recent article, “Retirement planning must-dos for ‘solo agers,’” says first, solo agers should review their support system to make sure they have strong, healthy relationships outside of work. Although a solo ager may not have adult children who can provide care when the time comes, they should consider other family, such as younger siblings, nieces or nephews, and if not, perhaps a younger, trusted friend.

This support system coincides with a solo ager’s finances and estate planning needs. Every adult should have a power of attorney for both healthcare and finances. In these legal documents, you name a trusted person to make healthcare and financial decisions on your behalf, respectively, if you are no longer able to do so on your own. It doesn’t have to be the same person, but it can be. As a solo ager, it’s critical that you determine what your legal guardianship looks like in the future.

Solo agers also need to think about their home. While most people would prefer to age-in-place, think about whether this is going to be feasible, especially if you don’t have an adult child to provide care.

One option is to hire an in-home aide, if you can afford it. There are also several kinds of retirement communities from which to choose, such as assisted living and independent living. There are even now some communities that promote “co-housing,” just like the Golden Girls.

As you near retirement, it’s extremely important as a solo ager that you begin to consider who to trust with your personal directives and assets. Speak to an estate planning attorney to draft the proper legal documents.

Reference: Cincinnati.com (December 18, 2019) “Retirement planning must-dos for ‘solo agers’”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

For Immediate Release

Contact: Jane Frankel Sims

410-828-7775

Contact: Frank Campbell

410-263-1667

Sims & Campbell Estates and Trusts

Frankel Sims Law and Holden & Campbell
Merge to Form Sims & Campbell

Firm will offer comprehensive Trusts & Estates services through offices in Towson and Annapolis

TOWSON, Md. (April 26,2019)  Frankel Sims Law and Holden & Campbell have jointly announced the merger of their firms to create a boutique Trusts & Estates law firm providing comprehensive services in the fields of Estate Planning, Estate Administration, Trust Administration and Charitable Giving. The combined firm will be named Sims & Campbell and have offices in Towson, Md. and Annapolis, Md.  Jane Frankel Sims and Frank Campbell will lead and hold equal ownership stakes in the firm.

Sims & Campbell will have 9 attorneys and 15 legal professionals that handle every facet of estate and wealth transfer planning, including wills, revocable living trusts, irrevocable trusts, estate and gift tax advice, and charitable giving strategies.  The firm will focus solely on Trusts & Estates but will serve a wide range of clients, from young families with modest resources to ultra-high net worth individuals.  This allows clients to remain with the firm as their level of wealth and the complexity of related estate and tax implications change over time. 

“By joining forces, we have expanded our footprint to conveniently serve clients in Maryland, D.C. and Virginia” said Jane Frankel Sims.  We are seeing some of the greatest wealth transfer in our country’s history, and we want to continue to be on the leading edge of helping our clients maintain and enhance their family’s wealth.  In addition, we aim to serve our clients for years to come, and the new firm structure will allow Sims & Campbell to thrive even after Frank and I have retired.”    

“Jane and I have always admired each other’s firms and recognized the need to provide even greater depth and breadth of focused expertise to help families amass and protect their wealth from generation to generation,” said Frank Campbell.  “Now we have even greater capabilities to make a real difference for our clients.” 

The Sims & Campbell Towson office is located at 500 York Road, on the corner of York Road and Pennsylvania Avenue in the heart of Towson.  The Annapolis office is currently located at 716 Melvin Avenue, and is moving to 181 Truman Parkway in August, 2019.  For more information, visit www.simscampbell.law.