As we age, our needs change and certain activities we may not have struggled with before become more challenging to navigate. Often, this is the time when many Older Americans come to us to prepare for the inevitable changes that come with aging. Sometimes, however, we get asked why a last will and testament and power of attorney are not the only legal planning documents needed to accomplish this.
In reality, legal planning for seniors is different for everyone, and has unique challenges that must be accommodated for.
To help you gain insight into the legal planning process for seniors, let us share with you a few tips about the legal planning you may need as an aging adult.
First, consider your legal planning goals as a senior.
Estate planning helps ensure your assets will be distributed to your chosen beneficiaries upon your death. We work with our clients to help ensure their legal planning goals and needs are met through the best estate planning options for their individual circumstances. This may include creating important planning documents on your behalf, such as a Last Will and Testament, Living Will, Trust, Durable Power of Attorney, and Health Care Power of Attorney. These documents are too important to create without the guidance of an experienced Estate Planning attorney who can advise you about the advantages and disadvantages of certain planning documents for your specific needs.
Second, preparing for your long-term care is another important factor to consider.
The cost of long-term care can be financially devastating, particularly as it continues to rise. Often times, Older Americans spend away their hard-earned savings to afford long-term care costs. Planning ahead, however, is key to helping preserve and restructure your assets to offset the costs of long-term care.
Finally, it is important to create a plan for the protection of your assets in the event you choose to reside in a nursing home or assisted living facility. We are familiar with the challenges that come with being a senior and can help ensure you are protected as you age. This may include dealing with Medicare issues, elder exploitation issues, and filing for Medicaid or VA benefits for your benefit if necessary.
We know how challenging it can be to prepare for a time when you are no longer here. It is important, however, that you plan ahead while you still have the opportunity to do so to make sure your loved ones are protected. These are just a few ways to plan ahead for the future and protect your assets. Do not wait to contact our office to ask us your questions and schedule a meeting with one of our experienced Estate Planning and Elder Law attorneys.