I'm not sure exactly how to sign a written letter to an older person?
Is there an equivalent to "respectfully yours"?

also is it ok to just put name as opposed to Dear (Name),..?

There might be something about signing letters in the forum.
Look for it.

If he is not a very close friend, or not from family,
it is better to say

Saygılarımla,
name + surname

and for the opening you can use "Sayın name," if it is a formal letter, or "name Bey," for an informal letter.
I actually can't remember much, since it has been a long time since I have sent my last postal-mail.

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Delikli demir çıktı, mertlik bozuldu. (Köroğlu)
Elektronik mail çıktı, mektup bozuldu. (Enis)

Read this topic about signing letters: http://www.turkishclass.com/forumTitle_6_2102