Helping Empty Nesters And Retirees In Estate Planning
As you grow older, your life’s priorities change. This statement holds true for empty nest couples or retirees. Many small and big things in your life must be addressed from a new perspective. One of those big things is estate planning.
The Law Office of Carrie Kemper Allen, PLLC, in Pearland, Texas, is a reliable, effective and experienced law firm that focuses on estate planning. When working with empty nesters and retirees, attorney Carrie Kemper Allen understands the importance of tailoring the estate plan to the specific needs of their current life situation.
Crucial Steps, Effective Advice
With estate planning, each of these groups has different, yet similar needs. Ms. Kemper Allen will listen closely, provide guidance and insight, and make sure you have an estate plan that is right for you.
Empty nesters must look at a few things such as:
- Updating the will: Now that your children are adults, they no longer need a guardian, so you can remove guardianship designations.
- Reviewing terms of trusts: It may be time to create new trusts now that the children no longer live at home.
- Powers of attorney: This could be the time to update the names of the people whom you have designated to make financial and health care-related decisions for you in the event you are no longer able to do so.
- Health care directives: Ensure they reflect what you want and make changes if needed.
How We Continue To Help
Retirees, too, must rethink estate planning and address topics such as health care costs. Here are some key factors retirees should consider:
- Plan as early as possible before any potential health problem evolves into a long-term complication.
- Like empty nesters, update your estate planning documents in areas such as powers of attorney and health care directives.
- Take great care in choosing money managers and caregivers. You need to find people who are trustworthy, are accountable and make strong financial decisions.
- Position yourself for government benefits because long-term health care costs are not always covered by Medicare or private health insurance. For some, assistance from Social Security and Veterans Affairs may be available.
It is essential to be proactive if you want to protect your assets, and make sure those plans take place well before any physical or mental health crisis strikes. And remember these strong words of advice: The steps you take now will lessen the burden on family members.
Call An Experienced Attorney Now
Empty nesters and retirees must periodically review their estate plans to make sure that such documents are in sync with their life. The Law Office of Carrie Kemper Allen, PLLC, in Pearland, Texas, has guided clients in estate planning matters for more than 15 years. If you have questions, please contact us online or call 713-804-5889.