As you get older, it becomes more and more crucial that you develop estate planning strategies that will give you the best end-of-life quality and maximize the assets you can leave to your heirs. Even if you think you’re too young to be thinking about estate planning, it’s never too early to start. An accident could happen or an unexpected medical condition could arise, and if you’re not prepared, it could create significant issues.
If you already have an estate plan in place, it never hurts to re-examine your strategy and consider making changes. If you’re just getting started, the team at Slutsky Elder Law has a few strategies you might want to use as you build your estate plan from the ground up.
Speak to an Estate Planning Attorney
Planning for your end-of-life expenses and your legacy is complex, so it makes sense to get some advice from the experts. Your first step in estate planning should be speaking with an experienced estate planning attorney that specializes in elder law. Their expertise will allow you to identify any weaknesses in your current estate plan or develop an entirely new plan that accounts for all your potential needs.
Plan for Unexpected Medical Expenses
Part of leaving a legacy for your heirs is ensuring your assets don’t get depleted before you pass away. With skilled care expenses remaining one of the biggest threats to your estate, planning for those expenses just makes sense. That could mean purchasing long term care insurance, leveraging certain assets to self-fund your care, or developing a strategy to qualify for Medicaid while protecting your assets as much as possible. Again, an estate planning attorney that focuses on elder law concerns will be able to advise you and help you decide which strategy is best for you.
Purchase Life Insurance
Life insurance can give your heirs a significant windfall after you pass away, or it can be used as a tool to help them cover your final expenses. Your age, budget, and any pre-existing health conditions may limit the type and amount of life insurance you are eligible for, but there are a variety of policies available that serve a range of purposes. Some life insurance policies can have provisions to accelerate the death benefit to be used for long term care costs. Even if a comprehensive whole-life plan isn’t in your budget (or you don’t qualify for one) there are other policies designed to cover funeral costs that nearly anyone can qualify for. As you plan for the future, be sure to consider all your life insurance options.
Set Up a Trust
A trust is one of the most valuable estate planning tools available to you, and the versatility of a trust means it can serve many purposes. You might want to set up one or more depending on your situation. For example, if you want to leave money to an heir who is under the age of 18, you can stipulate that the money inside be used only for their educational expenses until they graduate from college. Then, once they reach age 30, the remainder of that money could be released so they can use it to buy a house or take care of other expenses. This is just one example, so speaking to an elder law attorney will help you learn more about trusts and the various purposes they can serve.
One other great aspect of trusts is that they allow you to avoid certain legal interventions, like probate or guardianship and conservator proceedings, that can be expensive and take up a lot of time. A trust may even help your heirs avoid unnecessary taxation on your estate, making them an important cornerstone of any estate plan.
Estate Planning Attorney in Pennsylvania
For more than 30 years, Robert Slutsky has been helping Pennsylvania residents plan for the future, and he can help you do the same. As one of the first PA attorneys to specialize in elder law, he has specialized knowledge and experience related to estate planning that will give you a major advantage as you develop a strategy for your estate. Get in touch with Slutsky Elder Law right away if you need an estate planning attorney in Media, PA and surrounding counties by calling (610) 940-0650 or reaching out to us via our contact page.