If you are always worried about your money and budget, you must take a look at your estate plan. Estate planning is a crucial part of your financial planning, both for the present and future. It ensures that your assets are passed on to people you choose as heirs and beneficiaries. Most importantly, it prevents your properties from going into the hands of those who do not deserve it.
That being said, estate planning is crucial for senior citizens. When you become old, you become unfit to make your own decisions or handle your finances. Nobody knows what should happen when you hit the age of 60 or 70. It is best to get help from an estate planning attorney and act now. Get legal assistance immediately to plan for the long term.
Why is estate planning important for senior citizens?
Here are some reasons why estate planning is essential for senior citizens:
- If you die without an estate plan, your assets could remain locked in your name or bank account forever, and no one can claim them. Your family may not even be aware of some of these assets.
- Your beneficiaries could lose due to the technicalities of the process. This is why it is important to draft the documents carefully and with legal precision.
- With you not being there to make the decisions, your family could be stuck in a long dispute over your assets. Such disputes can not only last for multiple years but ruin familial relationships.
What is Medicaid planning, and how is it related to estate planning?
Medicaid estate planning is a strategic approach used by Medicaid applicants for long-term care. It safeguards your assets for your beneficiaries and heirs while also maintaining compliance with Medicaid’s asset threshold for eligibility.
The benefits of estate planning to carry on your family legacy.
If for no other reasons, one should do their estate planning to carry their family legacy forward. If done properly, estate planning can ensure that only your loved ones receive your assets. A will is the first part of the process, which states which property/asset goes to whom.
You can also change the designations as your life goes through changes. For example, the birth/death of a beneficiary, marriage, divorce, etc.
It is also important to take tax planning into account. Properly done estate planning can protect you from huge tax obligations. It also seeks to protect the interests of the heirs and the beneficiaries.
The statistics around lost assets and property due to improper or lack of estate planning are horrific to look at. You do not want to become a part of those numbers. Hire an attorney to help you with your estate plans today.