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What Goes Into My Elder Law Plan?

June 10, 2019

Filed under: Estate Planning — Laura Pennington @ 9:15 am

Are you ready for retirement and beyond? People are living longer than ever these days, and that means you need a plan to help yourself or to enable loved ones to step in for action if you are unable to make decisions yourself.

A trust is one of the most critical documents in an elder law plan. This is a popular option because trusts avoid probate, unlike a will. Sometimes you might turn to your lawyer to help with an asset protection trust if you believe that your assets could be tapped by a creditor or if you believe that you could need Medicaid in the future.

Businessman notarize testament at notary public office

If you’re worried that your children or grandchildren might get married to someone who has their eyes on the inheritance you’ll pass down, a trust is also a valuable tool for ensuring that your loved ones get the assets, not someone else.

While all of these key documents help your family after you pass away, don’t forget about your own life. You might use a power of attorney to name the individuals who will make financial and legal decisions for you if you are unable to make them on your own.  A power of attorney can also be used with a trust to give you additional protection, especially if you’re worried about the possibility of a guardianship proceeding by the courts to determine who should take care of you.

You might also have other unique needs, like real estate or concerns about your spouse’s health, that should be discussed with your elder law attorney in detail. Both of you can create a plan for how you’ll protect your own life and the assets you intend to pass down, which gives peace of mind for all involved.

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