Once Americans hit retirement age, we enter a stage of financial transition that many have thoughtfully planned. Something we definitely don’t want to leave out of that plan is preparing for what financial moves we make to protect ourselves and our loved ones in the event of our death or incapacitation.
For the 65 and up crowd, the complexity of what an estate plan should look like can vary based on factors like income, providing for vulnerable family members in your absence, designating power over healthcare decisions, and several other directives to ensure your final wishes are respected. We’ll share some guidance to help seniors make informed decisions about creating an enforceable estate plan in the state of Georgia, and break down what you need to know about practical planning options.
Plan to Protect Your Loved Ones and Your Legacy
From establishing Living Trusts to Succession Plans, it’s crucial that seniors not only create an executable legal estate plan but that they also go back and make updates as life circumstances change. For those that created an estate plan as parents of small children, or to protect their businesses, the existing documents likely need to be adapted when transitioning into the golden years.
The team at Smith Barid can help retiring business owners and property owners who want to protect their assets and their loved ones who will stand to benefit from
Plan and Prepare For Medical Care
The attorneys at Smith Barid are well-versed in Elder Law. They can help people prepare for things like assistance for long-term healthcare and obtaining a qualified insurance policy to prevent draining their savings and income. We can help you break down the differences between Medicare and Medicaid, and address complexities to help you make the best decisions for your circumstances.
We can also help you write out your formal care wishes through a living will that includes advance directives in the event that something should happen where you are no longer capable of communicating your wishes or making your own decisions. For clients who suffer a catastrophic injury or illness, it’s important to have protections in place beforehand so your needs and wishes are represented through people you can trust to have your best interests in mind.
When it comes to addressing your long-term health, we can help you answer questions and make decisions about things like:
- Medical Insurance Options
- Healthcare Directives
- Affordable Living Accommodations and Accessibility
- Incapacitation Protections
Involve Your Loved Ones in Estate Planning Decisions
Whether you designate the powers of attorney, medical authority, or other major decisions, it’s never safe to assume that your loved ones understand your wishes unless you discuss them.
It can be uncomfortable to discuss, but making sure you are having tough conversations now will help ensure your final wishes are respected and enacted, and it will save your loved ones from having to make difficult decisions while they are already grieving.
Get Support from Trusted Experts
While estate planning can be complex at any stage, it doesn’t have to be overwhelming. The team at Smith Barid can help break down everything you need so you can create a productive and enforceable estate plan to protect your future and your loved ones. Contact us today to begin the process of gaining the peace of mind you deserve in your retirement years.