This Valentine’s Day, do you want to say “I love you” to your children in a totally different way? How about the gift of an Alabama estate plan and by creating a loving legacy for them?
We know there are many ways that you can show your love to your children during this month of February. However, we would like to share some ways that you can protect your family by planning and creating a loving legacy that will provide for them in the future.
1. Have you thought about the impact any long-term care you may need could have on your legacy? Because the cost of long-term care for older Americans is rising, it is important to be prepared by creating a plan to afford the long-term care that you may need in the future. This is critical so that your family is not left struggling to pay those costs. Many seniors in Alabama do not realize that failure to create a long-term care plan may cost them their goals for the legacy they create for their children.
2. Begin long-term care planning as soon as possible. We encourage you, right now, to talk about and develop the long-term care planning you need with your loved ones and discuss the goals for long-term care to ensure that everyone knows what you are planning. We highly recommend that you meet with an experienced Alabama estate planning attorney as an important next step in the development of your plan. Your Alabama estate planning attorney must also be knowledgeable about elder law issues and understand your goals and needs and can help you prepare the appropriate planning documents.
3. Use all your savings and assets, including any future retirement funds, to create a plan to leave a legacy for your children before and after you retire. To give your children a clear understanding of how you want to use your retirement savings, as well as how you want it to provide for them and their families in the future, it is necessary to include these savings in your estate plan. This is the way you begin to create your legacy, which is how you will both protect yourself and your family’s future. By creating a legacy for your children now, they are protected in the event something happens to you.
4. By defining your legacy now and creating your planning documents now you will define your legacy early and can even discuss them with your loved ones if you want. Creating an estate plan will ensure your loved ones are taken care of in the event of your sudden incapacity or passing away. In addition, you can prepare for your own care as you get older.
5. Avert a crisis. Unfortunately, too many people put off creating an estate plan, and then when a crisis of health occurs, these same people are unable to make decisions and create any estate planning documents. This lack of planning may leave your family vulnerable in a crisis. In addition, you can share your estate planning with your loved ones so that they know you have an estate plan and they know what you want for the future.
These are just a few of the ways you can protect your family and make the plans you need to provide for them when you are gone. As we reflect on Valentine’s Day and show those in your life the ways you love them, now is the time to get started. Preparation is key to successful planning and to help you accomplish your goals.
Contact our office to discuss your options if you will be giving or receiving money or other assets this holiday season and anticipate this may impact your Medicaid eligibility. At the end of the day, legal planning is not just for you. Instead, it is for the ones you love most. If we can answer any questions for you on putting this estate planning in place, please do not hesitate to let us know. For more information, please reach out to our office and schedule a time to meet.