Once you reach 50 retirement planning takes on a new level of seriousness. Avoiding a setback is more important than ever as there is less time to recover.
There are tools available to help you build for retirement and plan for life in retirement. You can reduce taxes and increase income with these tools. Anybody can use these tools at any age; for those 50 and older these tools have added benefits reducing taxes and increasing retirement income.
Over the years I have used attorneys for a variety of needs. When I started a hedge fund the initial deposit was $25,000 and I was happy to pay it. We laugh at lawyer jokes and sometimes lawyers deserve the bad rap they get, but most of the time attorneys are a powerful part of your team preventing expensive problems before they happen. There is a reason why they are called counselors.
I encourage landlords and business owners to keep a relationship with an attorney. Buying and selling a property requires an attorney in my opinion and landlord/tenant issues can be reduced when a lawyer is consulted before actions are taken. There are also the surprise attorney needs. Who do you call when arrested for a DUI? (The first person who says Ghostbusters will be escorted out the door.) You don’t plan on certain events in life; they just land in your lap. Business owners and landlords have greater legal needs, but the average guy on the street finds himself in need of professional help a time or two in life as well (wills, probate, trusts, sale of property, et cetera).