The Importance of Estate Planning for Seniors

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The Importance of Estate Planning for Seniors

Trust & Estate Attorney

You’ve spent your life investing and saving with the goal of enjoying your retirement and passing on the wealth to your loved ones. Maybe you’ve even served our country. After a lifetime of smart financial planning and service, you deserve to have your assets protected and be able to pass them on to the people you care for most.

Unfortunately, long-term care can quickly drain your assets, leaving nothing for your spouse, children, grandchildren, and other loved ones. Luckily, Friedman Elder Law Department can help you plan for your future while protecting what’s most important.

Update Your Estate Plan

When was the last time you took a look at your estate plan or revised it to reflect your needs? Estate plans for those under 65 are intended to direct where assets will go after death and to take care of surviving family members. Seniors (those 65 or older) planning for the future will want to protect their assets so they can receive long-term care and still leave a legacy for their family members.

It simply makes sense to plan for long-term care. Seniors currently make up around 20% of the population in Florida, and 69% of those individuals will need some type of long-term care services in their lifetime. Long-term care is costly, whether it’s at home, in an assisted living facility, or at a nursing home; monthly rates in our area range from $3,500 to $9,387 per month.

An estate plan will protect your assets and ensure you qualify for government benefits that relate to long-term care, like Medicaid’s home and community-based services waivers, Medicaid’s coverage of institutional long-term care, and the VA Aid and Attendance program. These are programs that will cover most, if not necessarily all, of the cost of long-term care.

Get the Benefits You Deserve

Wartime veterans and their surviving spouses can access tax-free money for long-term care, but qualifying for these benefits involves specific limits on assets and income. An experienced elder law attorney can make sure you qualify for all the benefits you deserve after serving our country. Some of the options we can help you navigate include a revocable living trust, Medicaid asset protection, a veteran asset protection trust, and spousal special needs trust.

Turn to an Experienced Attorney

Estate planning and long-term care planning are complex, and do-it-yourself solutions can often leave seniors vulnerable in ways they aren’t expecting. Instead of finding documents online and risking your future, call the team at Friedman Elder Law Department. We can help you review all your options for paying for long-term care and their tax consequences and make a plan that aligns with your goals and protects your assets.

Call us today to schedule a consultation; we proudly serve seniors throughout Coral Springs, FL and beyond.

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