Four Common Estate Planning Concerns Among Older Adults In Clearwater

As an older adult, you work hard all your life caring for others and providing for their needs. As you approach your 60s, it is time to consider your own personal needs and the path your life may take in the future.

Our Clearwater elder law attorney helps clients and their families, guiding them in the estate planning documents they need. The following are four common concerns that need to be addressed by older adults.

Estate Planning In Clearwater For Older Adults 

Estate planning involves putting different legal documents in place to protect you, your loved ones, and your property and assets. Regardless of your income or the amount of property you own, having these documents helps in anticipating unexpected events while conveying your wishes. This is particularly important as you get older.

The National Institutes of Health defines an ‘older adult’ as someone 65 or over, while other state and federal officials include anyone over 60 in this category. In representing clients at this time in their lives, the following are four common concerns and the documents our Clearwater estate planning attorney recommends putting in place:

1. Long-Term Care Planning

The Administration for Community Living (ACL.gov) reports that roughly 70 percent of all older adults will need some type of future long-term care. The average cost can reach as much as $100,000 or more per year.

The State Medicaid program can provide substantial benefits to help pay for nursing homes and other long-term care arrangements, but in order to be eligible for these benefits you will have to meet the programs financial eligibility requirements.  There are various ways in which assets can be handled in order to achieve eligibility and if income is to high there are legal strategies to enable you to meet this eligibility requirement.  These rules, and the strategies involved are complex and you should consult with an Elder Law specialist attorney to assist you.

2. Maintaining Independence

A guardianship is when a family member or friend petitions and is appointed by the court to manage your financial affairs and make other decisions on your behalf if you suffer physical or cognitive impairments. A power of attorney helps avoid these proceedings and allows you to designate someone you trust to perform these types of tasks.

3. Communicating Wishes

Advance directives help convey your wishes if you are unable to communicate due to incapacity. They authorize someone you trust to make important medical decisions on your behalf and detail the types of care you want.

4. Protecting Loved Ones

Protecting and providing for loved ones is often a top priority for older adults. A legally valid and updated will details all property and assets you possess, designated beneficiaries, and determines how your estate is divided between them. You can also use a trust, which allows for more detailed distributions which can stretch out for years.

 Discuss Your Options With Our Clearwater Estate Planning Attorney 

As an older adult, estate planning in Clearwater helps convey your wishes and protect both you and those you love in the years to come. As an experienced Clearwater estate planning attorney, William Rambaum provides the trusted legal guidance you need to put the appropriate legal documents in place. To discuss options, call or contact our office online and request a consultation today.

Sources:

nih.gov/nih-style-guide/age#:~:text=The%20National%20Institute%20on%20Aging,definitions%20of%20older%20adulthood%20vary.

acl.gov/ltc/basic-needs/how-much-care-will-you-need