Why Working With an Elder Law Attorney Now Will Benefit Your Kids Later
You worked hard to earn your assets, so you should get to decide where they go. Unfortunately, that may not be the case if you don’t plan ahead. That’s why you need to work with an elder law team to handle financial, medical, and estate planning issues now before your kids are left scrambling to deal with an emergency.
Plan Now to Avoid Disaster Down the Line
While it may not be pleasant to think about, it’s a simple fact that health and business changes are often sudden. You can’t afford not to craft these essential plans ahead of time to safeguard your children’s inheritance and make sure they are prepared to make medical decisions for you.
The goal of retaining an elder lawyer is to formulate a strategy suited to your unique situation to protect your home, vehicles, and personal funds while still ensuring expenses are paid. An elder law attorney will help you:
- Avoid issues with Medicaid’s five-year lookback period, which may mean reversing any gifts you’ve previously made to family. Financial decisions you make now without an attorney’s advice could come back to haunt you in the event of a rapid health change and leave less money for your children.
- Plan for potential future disability by having someone ready to make medical and financial decisions if you are incapacitated.
- Ensure adequate insurance coverage if you are at high-risk for legal liability.
- Pay off creditors and medical bills after you are gone while retaining assets for the family.
- Prevent former spouses from taking assets that you want to go to your children.
During a meeting with an elder law attorney, you may need to discuss setting up and funding trusts to avoid the court-run probate process and ensure your assets are dispersed according to your wishes. This process can be particularly important if you have disabled children, minor children, or financially irresponsible adult children who need someone to oversee the allocation of funds on their behalf.
Get Started Protecting What You’ve Earned With Our Experienced Asset Protection Attorneys Today
Read our free book for more information, or send us a message to request a consultation to find out how our dedicated asset protection attorneys can help protect you and your children. While planning in advance is always better, keep in mind we can still help even if you are already in the midst of a financial crisis.