Consider people in different phases of life: grandmother, daughter, grandchild. Would their estate plans look the same? No, with a few exceptions (more about that later). As you age, your estate planning needs change, and on this Life Happens show, find out what’s recommended for your stage of life.
Peter Strauss and Frank Hemming – elder law attorneys with combined legal experience of over 72 years – will help you take stock of your legal and healthcare needs whether you’re 18, 80’s or somewhere in between:
1. Young adults: At this stage, it’s important to create a will and designate a power of attorney and health care proxy in case of an emergency. This ensures that your assets are distributed according to your wishes and that someone you trust can make important decisions on your behalf.
2. Middle-aged adults: As you accumulate assets and wealth, you may need to consider more complex estate planning strategies, such as trusts or gifting. You may also want to review your beneficiary designations to ensure they align with your wishes.
3. Pre-Retirement and Retirees: You may want to consider long-term care planning and Medicaid planning. This can help protect your assets and ensure that you receive the care you need as you age, plus legacy planning for future generations.
4. Chronic Care and Aging Adults: At this stage, it’s important to have a plan in place for end-of-life care and to consider creating a living will or update your advanced directives. This ensures that your wishes are followed and that your loved ones are not left with difficult decisions to make.
No matter what stage of life you’re in, it’s important to work with a qualified estate planning attorney to create a plan that meets your unique needs and goals.
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