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AL Estate Planning & Elder Law Blog

Tuesday, December 7, 2021

The Best Gift You Can Make This Holiday Season

  

 

 

 


Can you believe that in just a few short weeks, it will be 2022? The end of the year is quickly approaching. We realize that the pandemic continues to add a layer to everything but, for most of us, we are busy finalizing our end of the year plans, purchasing last minute holiday gifts, and making arrangements to spend time with family. As you reflect on your goals for the coming year, this is the perfect time to take stock of what has happened this year.  What went well? What could we improve on?


While reflecting on the past year be sure to also look to the future.  What are your goals for yourself, your loved ones, and your legacy? We encourage you to take the time to not only think about the immediate actions that must be completed before the end of the year, but that you also think about what the future may hold for you. While rushing to complete a shopping list for holiday gifts for your family, consider that completing or updating your Alabama estate plan may be the best gift you can give them.


In fact, do you have a current Alabama estate plan? Do you, as an Alabama senior, have any questions?  Questions such as:


1. Who will make your decisions if you are not able to make them for yourself?

2. If you are in a car accident, who will have the legal authority to pay your bills?

3. Who could handle your business affairs if you could not?

4. What would happen to your pets if you were hospitalized?

5. Should both your adult children be in charge of your finances?

6. Do you need additional insurance policies? 

7. Will your retirement plans be able to support you as you age?

8. If you have out of state estate planning documents, will they work in Alabama?

9. Have the laws changed in the past few years that now makes your planning irrelevant?

10. Have there been any changes in your family structure that necessitate the need to update your planning?


All of these questions are important questions and we hear questions just like these from our clients and their family members each day. Based on our experience, we want to share with you that old adage: an ounce of prevention is worth a pound of cure. When it comes to Alabama estate planning, you need to know your plan will work when you need it to. This holiday season, a completed Alabama estate plan that lets your loved ones know what you want for yourself is quite possibly the best gift you can give. 


In addition, we want you to know that while Alabama estate planning is a critical part of your health and well being there is a second planning component that needs to be addressed and completed as well. This is your elder law planning. Because the majority of Americans will need some form of long-term care after they reach the age of 70, the time for planning is now.  Be aware that much of this care is not covered by Medicare and it will fall on the Alabama senior to pay for out of pocket. As elder law attorneys we can assure you it does not have to be this way.  We can work with you to create not only an estate plan but also a long-term care plan that can protect the estate plan you are putting in place and allow you to be able to leave a legacy for your family, no matter what the future holds.


We know this article may raise more questions than it answers. You are welcome to contact our law practice now, or at any time throughout the year, and schedule a meeting to make sure you have the Alabama legal planning you need to accomplish your goals.


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