Estate planning can be approached in a few different ways. You can choose to play your cards close to the vest with regard to the way that you are going to provide for your loved ones. On the other hand, you could be open and communicative about your plans, and this is probably the better way to go if it is at all possible.
There is more to the process of estate planning than the simple execution of the appropriate documents. You should definitely consider the events that must take place after your passing to bring your final wishes to fruition. Your family members are probably not going to have any idea how to proceed, and this can add some confusion during a very difficult time.
When you work with our firm to put an estate plan in place, you could arrange for us to assist your loved ones during the estate administration process. They could then make a single phone call to us, and we would be ready to spring into action to provide the appropriate assistance.
Since we would have been involved during the initial creation of the plan, we would be uniquely positioned to make sure that your wishes are carried out to the letter.
Preparing for the Eventualities of Aging
Once again, the level of privacy that you want to maintain is entirely up to you, but in a perfect world, you and your family should consider the eventualities of aging from a legal/financial perspective. Long-term care is definitely a large part of this equation.
The majority of seniors will need some type of help with their activities of daily living eventually, and many will ultimately reside in nursing homes. This type of care is extremely expensive; you are looking at well over $100,000 for a year in a private room in our area.
If you are thinking that you are not too concerned because you will qualify for Medicare when you reach the age of 65, we have some bad news to pass along. The Medicare program will pay for convalescent care after an injury or illness, but it will not pay for the custodial care that nursing homes provide.
Your family is probably going to be intimately involved if you become incapacitated to one degree or another as an elder. For this reason, it is wise to bring loved ones that will be your support system into the process when you are discussing these matters with our firm.
To preserve resources if you do need nursing home care, you could position your assets with future Medicaid eligibility in mind. This government program does pay for nursing home care, but you can’t qualify if you have significant assets in your own name.
However, if you take the right steps in advance, you can divest yourself of resources intelligently with future Medicaid eligibility in mind. The exact way to proceed will depend upon the circumstances, but we would be more than glad to gain an understanding of your situation and make the appropriate recommendations.
Another aspect that can be comforting from a holistic perspective is the simple fact that your children will have a relationship with our firm if they are involved in your planning process. Going forward, they will have an established connection with a trustworthy estate planning resource, and this is invaluable.
We Are Here to Help!
Now is the time for action if you have been thinking about having a conversation with a licensed estate planning attorney. We would be glad to answer your questions, and you can schedule an appointment right now if you give us a call at 802-879-7133. There is also a contact form on this website that you can use if you would like to send us a message.