Financial and estate planning helps older adults maintain their quality of life and meet their needs as they age. But many people overlook the essentials of planning their financial future, resulting in issues that impact them and their families.
Financial advisors, elder law attorneys, and other professionals help individuals make smart financial decisions regardless of how late they may be in planning for the future.
Why Estate Planning Matters
Estate planning consists of the strategies and tools needed to plan for the protection and distribution of your assets after you’re gone.
Everyone is different, and determining the right strategies for your needs is the first step in getting the best estate planning results.
Through a comprehensive estate plan, you can name beneficiaries to your estate, minimize your tax burden, and maximize the value of your assets for the benefit of your loved ones.
Estate planning helps you plan for medical and financial needs in your later years. You can make important decisions related to your future care now and prevent unwanted issues that can arise when a person becomes incapacitated.
Common estate planning vehicles include wills, trusts, power of attorney, and medical directives.
The following are some of the reasons why you should work with an advisor to create a sound estate and financial plan for the future:
Blended families resulting from multiple marriages
The presence of minor children
The presence of family members with special needs
Preventing the loss of family assets
Protecting an existing business
Avoiding the Cost of Probate
Probate is the process by which the courts resolve financial and legal issues related to an individual’s estate upon their death.
This allows outstanding debts and taxes to be resolved and ensures that the person’s assets have been accounted for prior to their distribution.
But the probate process can result in legal fees that must be covered by the assets within the estate. This minimizes the total value of the estate and the assets that are passed on to beneficiaries.
Proper financial and estate planning helps you and your loved ones avoid the probate process, saving them time and money.
Elder Law and Financial Planning
Financial advisors play a vital role in planning for the future of older adults. Consulting with an elder law attorney gives you the resources you need to ensure that all concerns are addressed.
Your elder law attorney will provide you with the guidance you need to navigate a wide range of topics that include estate planning, Medicare and Medicaid issues, health care, guardianship and social security.
Elder law attorneys help clients plan for their retirement and provide them with the wills and trusts needed to protect their assets. They protect the rights of older adults in cases involving fraud and elder abuse.
The number of older adults continues to grow, and elder law attorneys are helping to meet the unique needs of these individuals and their families.
Working with an experienced elder law attorney helps you and your loved ones create a secure financial future while meeting your health care needs and enhancing the quality of your later years.