Estate Planning and Retirement

Are you entering retirement, or planning to retire soon? If you do not already have an estate plan, now is the time to sit down with an estate planning attorney in Norcross.

Not only can estate planning allow you to make decisions about who will inherit your tangible and intangible property, but it will also allow you to make decisions that can be critical for older adults. Through estate planning, you can make important decisions about your own health care wishes and who you might trust to make financial or health care decisions on your behalf if you become incapacitated. You can also work with an estate planning attorney on matters of elder law and asset protection related to long-term care. What goes into estate planning around retirement, and what issues should you be thinking about? Consider the following information from our Gwinnett County estate planning lawyers.

Health Care Decisions

It is particularly important for older adults to have a Georgia Advance Health Care Directive that outlines their wishes for receiving or withholding certain forms of medical treatment in the event of their incapacity, and also names a trustworthy person who can make health care decisions if necessary. A major health event can arise at any age, but it may be more likely as we reach older age and retirement, so it is important to be prepared.

Leaving Assets to Loved Ones

There are a wide range of ways in which you can leave assets to loved ones, including through a will, by making a trust, by creating payable-on-death beneficiary designations on your accounts, and by identifying your beneficiaries on life insurance and certain retirement accounts or pension plans.

Long-Term Care Planning

For older adults who are nearing or in retirement, estate planning should also involve considerations related to long-term care planning and options for asset protection in the event that nursing home care is necessary. An estate planning lawyer can discuss these elder law issues with you and can discuss certain trusts, and other estate planning tools, that can help you to become eligible for Medicaid if necessary while still protecting your assets.

Reviewing Your Estate Plan Regularly

It is important for anyone to review their estate plan from time to time, but it is particularly important to review an estate plan after any major life events, including retirement and any subsequent changes in status.

Contact a Gwinnett County Estate Planning Lawyer

Anyone who is nearing or has reached retirement age without an estate plan should focus on this critical process today. Having an estate plan in place is important for a wide range of reasons, and it is best to get started as soon as possible. Whether you have questions about making a will or creating a trust, or you want to find out more about asset protection and long-term care planning in connection with your estate plan, an experienced Gwinnett County estate planning attorney at Bowman Law Firm can assist you. Do not hesitate to contact us to find out more about how we can assist you with all aspects of the estate planning and related elder law and asset protection needs.

Source:

law.justia.com/codes/georgia/title-53/