Elder care and estate planning are two important aspects that should be considered prior to approaching your later years.
A solid plan can help ensure that you and your loved ones are taken care of in the future by your terms.
Contact our team of elder law services lawyers today to get started. Their areas of focus include long-term care (Medicaid) planning, living trusts, wills, asset protection, charitable planning, and more.
Eight Step Guide to Elder Care and Estate Planning
By working through this eight step process, you will be able to create a comprehensive elder care and estate plan with tailored solutions just for you and your family.
- Start planning early: it’s important to start planning for elder care and estate planning as early as possible. This gives you enough time to make informed decisions, explore different options, and make any necessary changes.
- Make a list of your assets and liabilities: start by making a list of all your assets, including property, investments, bank accounts, retirement accounts, and any other valuable possessions. Also, make a list of all your liabilities, such as mortgages, loans, and credit card debts.
- Create a will or trust: a will is a legal document that outlines how your assets will be distributed after your death. A trust is a legal arrangement where a trustee manages your assets for the benefit of your beneficiaries. Consult with an elder law services lawyer to determine which estate planning option is best for your needs.
- Consider a power of attorney: a power of attorney is a legal document that allows someone to make decisions on your behalf if you become unable to do so. This can be helpful if you become incapacitated or unable to make decisions due to illness or injury.
- Explore long-term care options: as you age, you may require costly long-term care, such as in-home care, assisted living, or nursing home care. Our team can help you work through the Medicaid qualification process, ensuring that they retain the maximum income and total assets allowed by law.
- Review your insurance coverage: review your health insurance, life insurance, and long-term care insurance coverage to ensure that you have adequate coverage. Consider adding or adjusting coverage as necessary.
- Consider tax implications: estate planning can have tax implications, so it’s important to consult with a local estate planning attorney to understand how your assets will be taxed and how you can minimize tax liability.
- Review and update your plan regularly: review your elder care and estate planning documents regularly and make any necessary changes. This ensures that your plan remains up-to-date and reflects your current wishes.
Get Peace of Mind – Contact an Elder Services Lawyer
Don’t delay to get the peace of mind you deserve. Move forward with the estate planning process by scheduling a free, no obligation consultation.
Our elder law services lawyers can help reduce your confusion and make informed decisions to ensure that you retain maximum income, total assets, and personal care allowed by law.