Protecting Your Assets and Estate as You Age
Minimizing Stress in Your Golden Years
Steps You Can Take to Increase Your Peace of Mind
As you reach your golden years, among the most important concerns you will likely have are: (1) how can I make certain that as much of my estate as possible goes to my loved ones, and in the ways that I want it to; and (2) how can I get the care I need and protect my estate if I cannot take care of myself. This blog addresses both of these concerns.
To fully protect your estate, making certain that your assets are distributed according to your wishes, and that there is minimal loss of value to taxes or attorney fees, you want to work with an experienced lawyer now to set up a sound and effective estate plan. There are a wide range of tools available to help you meet your goals. You can create and execute estate planning documents, such as wills or trusts, that specify who will receive what property, or how assets and debts will be handled. You can re-title property, including real estate and financial accounts, so that it is owned jointly with those to whom you want to transfer the property. You can also make use of lifetime gifts—you can pass up to $10,000 per year per individual without incurring any gift tax.
To fully protect your estate and ensure that all your wishes are followed, you will also want to put a power of attorney in place, which will grant power to a third party, so that someone else can make legal or financial decisions for you if you lack physical or mental capacity. You can also designate someone to make medical decisions when you cannot, and can specifically instruct that you not be subjected to certain types of medical treatment.
Once you have prepared and executed estate planning documents, you want to store them in a safe and secure location. You may have a hard copy on file with your attorney, or in a safe deposit box, but hard copies can easily be lost or destroyed. A better option is to store all important documents and information, including such critical data as online usernames and passwords, with a safe and secure online storage company, such as Will Registry, Inc.
At the Law Office of Bonnie Lawston, in Huntington Station, New York, we have more than 15 years of experience providing comprehensive estate planning services to clients throughout the Long Island area. We have the knowledge, skill, experience and resources to help you meet all your objectives. To schedule an appointment, contact us online or call us toll free at 877-581-8498.
Home Health Care for Senior Citizens
If you or a loved one needs rehabilitation, convalescent or long-term care, you want, if possible, to stay in your own home. Home health care has substantial benefits to patient and family. You get to remain in an environment that is familiar to you, where you can relax, knowing that your loved ones are nearby.
Star Multi Care Services has provided comprehensive home health care services for more than 70 years. The professionals at Star Multi Care can be available 24 hours a day, seven days a week to meet all your needs. They will handle all paperwork and records for you, and will promptly answer your questions and address any need for changes in care. To learn more about their services, contact them online or call 877-920-0600.
AUTHOR: Bonnie Lawston
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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.