Most people are aware of how important retirement planning can be. Unfortunately, this does not always cause them to follow through and hire an Estate Planning Lawyer. Recent Elder Law News shows just how badly the United States economy has hit our senior citizens, and the toll it is taking on their retirement plans. If you have questions about retirement planning, give Estate Planning Lawyer Patricia Bloom-McDonald a call today. In the meantime, here is a quick “to do” list for estate planning.
1. Acquire sound professional estate state planning advice. It is very important that you allow a professional retirement lawyer to help you plan for your future.
2. Consider having a Health Care Proxy with Advance Medical Directives. This will help ensure that your medical wishes are being met in the way that you choose, even if you become physically unable to voice that choice yourself. Organ donor paperwork should also be prepared.
3. Use your own words to write out specifically how you want your estate to be divided. Look over it with your estate planning lawyer and allow him or her to show you how to make it legal and binding. You may also choose to have a Durable Power of Attorney for financial purposes put in place at this time.
4. Set up Last Will and Testaments and Trusts. Everyone should have a Will. In addition to a Will, you may choose to set up a Trust which will cover those estate planning aspects that are too complex for a simple Will.
5. Consider Long Term Care insurance. Just as a Will, Long Term Care Insurance offers financial assistance with in-home health care assistance when necessary. I Funeral Insurance Trust will take the burden of paying for your funeral expenses off of your loved ones. Carefully consider the amount that you feel will adequately cover any of you expenses; your retirement planning lawyer can help with this as well.
6. Make sure to go over all of your plans with your spouse and other loved ones. While you do want your wishes to be filled, it is important to make sure that your loved ones are comfortable with any choices you may make which involves them. For example, you may choose to leave a home, car, or other asset to a loved one who may not want it for a variety of reasons. Someone who cannot financially afford to maintain a large house, or does not need another vehicle may not be the first choice to leave those assets to.
An estate planning lawyer such as Patricia Bloom-McDonald can help you through these and other steps to planning for your future. If you need help with estate planning or retirement planning, give her a call today.