It is never too late to implement an estate plan. In your elder years, estate planning takes on a different approach than in your younger years. Your children may be adults and are able to maintain their own support. Your goals may be more related to providing for your own needs while not leaving a burden for your family. Below are several key considerations for elder estate planning in Massachusetts.
1 – Long-term Care Plans
At some point in your retirement years, your health will start to decline. It is possible that you may require some form of long-term care. Read our blog post about planning for assisted living and long-term care for helpful information and guidance. We also discuss the importance of a health care proxy and durable power of attorney. These are critical in cases where you are no longer able to make decisions for yourself.
2 – Asset Preservation
Asset preservation is more important than ever in your elder years. You have diligently saved throughout your working years, so how can you make the most of those funds through your elder years and protect them from the skyrocketing cost of care? Our team can discuss strategies with you on preserving wealth during retirement.
3 – Distribution of Assets
With proper planning, you will have assets remaining upon death. These can go to your children, grandchildren, or any other designated beneficiaries. By properly structuring your estate plan you can maximize what your beneficiaries will receive after settlement of your debts and funeral expenses.
Other Key Considerations for Elder Estate Planning in Massachusetts
Depending on your personal circumstances, there may be other key considerations for your elder estate plan. Meet with our Massachusetts Elder Estate Planning Attorneys to discuss your specific needs. By understanding your assets, debts, preferences, and family situation, we can provide a plan tailored to your specific goals. Contact us today to schedule an appointment.