Elder Law: Estate Planning as We Age
Posted by catherine jacobs on Mon, Sep 20, 2010 @ 04:08 PM
Estate Planning Needs as We Age
As the life expectancy rate continues to increase for Americans, the need for Elder Planning has never been more important. As Americans grow older, it is critical to have an estate plan that contemplates more than who should get the family heirlooms. Estate planning for our golden years should consider long term health care, asset management upon disability, Medicaid qualification issues, potential estate tax liabilities and planning for a surviving spouse.
As we live longer, the chances of the need for long term care increase. Our estate plans can be drafted to consider this possibility. The estate plan should also determine how to structure and title assets if there may be a need for Medicaid assistance and the financial protection of a spouse. While many think that you have to spend all of your money to qualify for Medicaid, this is not the case. Medicaid allows for many credits, exemptions, and allowances, especially for a spouse who does not enter a nursing home. With a carefully drafted estate plan and experienced advice, one can protect thousands of dollars.
A person’s estate plan can be combined with many asset management tools to assist in protecting their money. Many people benefit from long term care trusts, annuities, charitable donations, or establishing different trusts, to name only a few options. The key to protecting your assets is to contact estate planning professionals who can provide you with sound legal advice as to the many options available to help you avoid unnecessary financial loss and exposure.
Catherine H. Jacobs
Dykema Law Offices, P.C.
Email me at: chj.dykema@tds.net