How do you help you and your family in the next phase of life?
You've taken care of your children from their infancy through their college years. What more should you do for them? While you are planning for your later years, you can also make things easier for them, according to The Christian Times in “Are you ready to plan for a secure future for your loved ones?”
One of the ways in which we show those we love how much we care is how we take care of them. We packed school lunches, helped with homework and drove to activities. We then saved for college and helped, as they started their lives as young adults. Now, as we lean into the senior years, it's time to plan for the next phase of our lives as well as theirs.
That includes working with an estate planning or elder law attorney in the creation of a will and powers of attorney for both medical and financial decisions. It may also include trusts.
Think of elder law and estate planning attorneys as specialists. If you went to a geriatrician, it was because they focus their practice on the needs of seniors. These attorneys work with families to protect their legal needs, especially those that come with aging.
Some of the areas where estate planning and elder law attorneys are experts:
- Creating a will and testament and helping you understand the difference between the two documents and which one you need.
- Help with estate planning, including protecting any minors or special needs individuals who might need a guardian to be named, or a Special Needs Trust.
- Income management, asset liquidation and gift tax management.
- Finding long-term care facilities, senior assisted living facilities or other resources for the housing and care needs of seniors.
The attorney will typically spend time getting to know the individuals and the family, their goals and the how they expect to spend their later years.
To make a decision about working with an attorney, you'll want to do some research. Read their website to learn about their credentials and any community or professional groups, where they are involved. Learn how much time they devote to elder law and estate planning, and if their practice includes related areas, like real estate law.
We can advise you on creating an estate plan that fits your unique circumstances.
Reference: The Christian Times (Sep. 17, 2018) “Are you ready to plan for a secure future for your loved ones?”