The time has finally come for you to relax into retirement. In addition to the financial considerations with which most are familiar — do you have sufficient resources and income to allow a comfortable lifestyle — there are some legal questions worth contemplating.
If you have already created legal documents outlining directives - are those up to date? Often people who create directives earlier in their life do not revisit them. Perhaps dynamics in the relationships with beneficiaries have shifted or maybe you anticipate needing to tap into Medicaid as an option, should you need long-term care. Whatever the case, take time before your retirement to review and update your documents with the help of a certified elder law attorney.
Ask These Questions
Do you anticipate needing Medicaid to help pay for nursing home expenses? If so, it would be wise to set up an Asset Protection Trust well in advance. In Pennsylvania, five years must expire before the Trust assets do not create a period of ineligibility for Medicaid.
Do you have any small business interests that you want passed onto the next generation? A business succession plan helps minimize tax burdens associated with the transition as well as provide security for both the current and future owners.
Are you planning on giving any gifts to children? If so, consider creating an Asset Protection Trust to insulate future gifts from any circumstances in the child’s life — such as divorce or creditors.
Are your beneficiaries on any IRAs, 401(k)s, life insurance, or other significant assets up to date? Many people establish beneficiaries when they create the account and never revisit them.
Retirement should be a time for relaxation — not worry. Establish or revisit your Estate documents to give yourself the peace of mind that everything is taken care of.
“My wife and I were uncertain of what to do when her deteriorating situation resulted in her being admitted to a nursing home. We knew very little of the issues that could develop and especially the financing required, which was unplanned for by me. Fortunately for us, your office was recommended. Even more fortunately, Tammy Weber was selected as our elder law attorney. Over a series of meetings, she thoroughly explained the entire process. Her presentation of the details in legal requirements, the finances charted out, our questions answered without hesitation and her confident friendly manner, gave me assurance that she absolutely knew her profession. Our trust in attorney Tammy Weber was completely validated. She did outstanding work, and we are completely satisfied with her performance."
John
Unsure About What You Need in an Estate Plan?
Everyone can benefit from estate planning documents, but every situation is different. Figuring out what documents make sense for you can be challenging and confusing. We’ve created this estate planning tool to help you decide.
