Seniors are living longer, healthier, and happier lives than ever before. Sunset careers and active retirements are becoming the norm. However, whether you are 40 or 80, it is never too early to start thinking about your elder law estate planning. In fact, addressing how you want your health, finances, and estate handled early could mean you will have more money available to live comfortably in your final years.
Many people believe that elder law and estate planning are the same thing. After all, they both involve what happens when you get old, lose the ability to care for yourself, and eventually pass away. However, they are actually separate, overlapping areas of the law.
Elder law is a broad category of the law that generally covers anything an older adult may need to facilitate their housing, care, financial needs, and healthcare access. While this includes elder law estate planning, it goes much further than just drafting a will or administering a trust. An elder law attorney can help you:
Essentially, an elder law attorney is a partner in your family’s financial, medical, and housing planning. They can help you identify and consider your options, as well as defending elders’ rights. Most importantly for elder law estate planning, your lawyer can help you to plan ahead to pay for and manage your end-of-life care.
Estate planning is important for everyone, not just seniors. A robust estate plan accounts for both:
An estate planning attorney can help you create a will, trust, and end-of-life planning documents that:
Estate plans are essential for young parents, business owners, wealthy families, and most everyone else who acknowledges that eventually their lives will end. However, as you get older, there is more urgency and there are more things to consider to create a thoughtful elder law estate plan.
You don’t need to be a senior to start your elder estate planning. In fact, the earlier you start, the more options your elder law estate planning law firm will have in crafting a comprehensive strategy to account for your health, care, and finances later in life. By starting early, you can:
The sooner you create an estate plan, the more certainty you will have for your future. Remember, an estate plan can always be modified if your circumstances change. We recommend reviewing your estate plan every 3 years, just to make sure everything is still as it should be. However, by planning today, you can make sure your family knows how you want your affairs to be handled in the future.
At NSSSB, our experienced estate planning attorneys are available to help guide you through planning for your retirement, final years, and your estate after your pass away. We understand how Michigan and federal laws affect your eligibility for benefits, and how probate courts will interpret your will and other estate planning documents. We will make sure your elder law estate plan is ready when you need it. Click here to schedule a consultation with an attorney and start making your estate plan today.