Retirement Planning For Attorneys
After 35 years building her firm, Rebecca, at age 64, decided to “retire” on a part-time basis. She continued to work a few days a week for the next year while she transitioned her clients to two new attorneys that she has mentored for over 10 years.
Rebecca And Her Husband Had The Following Concerns:
- How will the younger attorneys afford to purchase her partnership shares for a fair value given all of the goodwill she has built up over the years.
- How much income can their assets reasonably generate for the balance of their lives?
- When should she and her husband start their social security?
- If she works part time will she still qualify for her firms benefits, including health care coverage before medicare kicks in?
- Can they afford to take 4 vacations per year?
- What is the best way to help their grandchildren directly without upsetting their kids?