The average US life expectancy is currently 78.54 years which means more and more of us are in need of support as we plan for the twilight of our lives. While most of us imagine we will live out our lives independently until the end, in reality, the longer we live the longer and more likely we will end up in need of some type of financially costly care. While this might not be something we like to discuss or even think about we have to. Being aware of what might happen requires us to think ahead so that we can live out our lives in the comfort we wish for. If we plan ahead we can have the financial resources for continued home care which allows us to stay in our own dwellings longer surrounded by those who we care about and those who care about us. We can also have greater flexibility and choice if we are in need of assisted living situations.
When some hear the words “estate planning” they might think such things are only for those who have large numbers of assets or those who will find it complicated to divide such resources among those they care about. In reality one of the best ways to have more control over our long term financial health is through such estate planning. Working with a lawyer such as the Lawyer in Blue Jeans in San Diego, individuals are able to minimize the tax burden and financial stress on themselves and their estate executors. Working with such lawyers means that individuals are able to set up estate plans which protect their assets and allow them to maintain financial independence and control for years to come.
Now some may wonder how their financial burdens will change later in life and why they might need a lawyer to help them plan. They might feel they are able to plan accordingly for themselves and simplify things by skipping the lawyer. There are two reasons that estate planning with a lawyer is useful. First, a lawyer is able to explain to someone how to navigate the various tax issues which arise as individuals start accessing resources like social security. Second, an estate lawyer will help them think through costs they may not have thought of such as planning for the costs of assisted living arrangements.
There is a wide range of care options for seniors depending on the level of care needed. Some simply need someone to do some basic tasks around the house, others are in need of medical assistance. In addition, many seniors will end up needing more complex assisted living situations such as entering an assisted living facility. While no one knows exactly what level of care they or someone they love might benefit from in the future they can plan ahead so that they can be confident that no matter the need they will have the financial resources they need.
Another component of estate planning is to formalize a will. Wills are not simply for use once someone has died and individuals may discover a want or need for legal documents such as revocable living trusts to help manage assets should they fall ill, or become physically or mentally challenged by the symptoms of aging. A will helps create a legal framework for someone’s wishes about their own care and what they would like done with your assets once they no longer need them.
If we all want to live our best lives for our entire lives it is important that we plan for the financial challenges we will face. It is important for us to work with a lawyer as we plan our estate so that we can maximize our income and know that we will have the resources we need in order to access any assisted living services that we need. We want to be able to enjoy our lives and not worry about how we are going to pay for any needed assistance.
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