Is your idea of retirement one continuous beach party that would make Frankie and Annette envious? You've worked hard for your money and deserve to live your golden years in style. So dust off that surfboard, Harley, or mountain bike and get set to enjoy your retirement years. But to ensure that all those "teenage" antics don't bust your bank account, make sure you put together a solid estate plan to leave something for your heirs.

The "B" Word
Even if you no longer work during retirement, that doesn't mean you won't need to follow a budget. You'll still have housing, transportation, utility, and other expenses. Whether your idea of fun is to cruise the country in a "Little Miss Sunshine"-style van or hike the Appalachian trail, a budget will help you stay on course and live a comfortable retirement.

Death and Taxes
You don't have to be Bill Gates to benefit from having a trust. Putting together a solid estate plan with the help of a knowledgeable attorney will minimize your tax hit. Estates valued at up to $3.5 million are exempt from federal taxes in 2009, and the exemption rises to $7 million for couples. You also are exempt from taxes on gifts made during your lifetime--$13,000 annually up to a lifetime maximum of $1 million. So one way to make sure your prodigal sons or daughters get the money you want them to have is to give some of it to them during your while you're alive. Just make sure you won't need it to pay for all those clam bakes and Stones concerts you plan to enjoy.

Frat House for Seniors?
You may find that it makes sense to move to a housing community for seniors for social opportunities and save on your expenses. But if you choose to stay in your home, consider placing it in a qualified personal residence trust to keep your home or vacation house from being included in your estate. The trust would allow your home to be transferred to your children, but you can continue living there.

A revocable trust would allow you to keep control of the assets in your trust and you could change it anytime. An irrevocable trust wouldn't be subject to estate tax laws, but you would need the permission of the beneficiary to make any changes to it. There are other types of trusts so it's important to work with your attorney to choose the right setup.

With careful planning you'll have enough money to live like a teenager during your retirement years and still have something to pass on to your heirs.