• Current asset inventory: Identify all financial assets, where they are held, and who the current beneficiaries are (if applicable), and gather key information in one place. If assets are scattered over a dozen or more financial institutions, strongly consider consolidating holdings to two or three institutions for ease of management, provided this can be accomplished while minimizing fees and taxes. Be sure to organize the inventory so it is easily understandable to someone else.
   
• Current asset needs/restructuring: Determine which assets you will need to live comfortably; which can be targeted for lifetime, family, or charitable giving; and how you ultimately will dispose of assets such as the family home, highly appreciated investments, and retirement plans. Reallocate your assets to meet any short- or long-term spending needs and goals.
  
  Once you have your inventory, assemble your wealth preservation and transfer team. This should include:
   
• Estate planning and elder law attorneys: An estate planning attorney drafts the documents to support a plan. These include wills, advance health care directives, revocable living trusts, and other documents. This is especially important if you have not updated your estate-planning documents in the past five years. Federal estate tax laws and many state laws have changed significantly in the past three to five years, so older documents may not be optimal. Although most military retirees will not qualify for state assistance under Medicaid, some might, and elder law attorneys can provide invaluable guidance on long term care, asset preservation, and end-of-life issues.
   
• Financial planner: A financial planner can assist you in arranging assets that will support your short- and long-term needs, determining which are best spent during life or held into the estate, and gauging whether long term care insurance makes sense based on your financial situation.
   
• Your family: Making your family aware of your intent might avoid future resentment, particularly if there will be an uneven distribution of assets. Family members who have responsibilities under the plan as executors, trustees, or other decision makers should be briefed in advance.

— Former Army Capt. Phil Dyer, CFP, is deputy director for financial education, Benefits Information. For financial advice, members can contact Garrett Planning Network at (866) MOAA-GPN (662-2476) or www.garrettplanning.com, or visit www.moaa.org/financialcenter for other resources.