Estate planning is about the “what ifs” in life. We can never predict what will happen tomorrow, a week, or a year from now; but, we can prepare for our future and the future of our loved ones if we become cognitively or physically impaired, disabled or pass away. Slutsky Elder Law is an estate planning, elder law and Medicaid asset protection law firm which has been serving Chester County, Montgomery County, Delaware County, Bucks County and Philadelphia County, PA, since 1992.
While the word “Estate” suggests we are dealing with just the accumulation and preservation of wealth, Estate Planning is really a much more comprehensive process. It’s about saving, managing and growing assets (with your financial advisor which we are not) throughout your life so those assets are available to you later in life or as a legacy to your loved ones. Younger families focus on ensuring the financial security of their spouse and children in the event of their untimely death. As people age and accumulate assets, the focus shifts. For some, the focus is to make sure they can leave a legacy to their children or a charity dear to them. For others, they focus on ensuring their spouse, partner or disabled child is cared for. Some focus on travel or ensuring proper care in the location of their choice when they need assistance.
Planning for the Future
Estate planning should begin at a relatively young age. It can begin with something as simple as executing a power of attorney at adulthood or getting a life insurance or disability insurance policy, but it should start with questions like:
- What will happen to my loved ones if I die or become disabled?
- Will I have enough money to provide (me, them) with the necessities of life? Go to college? Retire comfortably? Get the care they need if they need it?
- How do I plan on having enough assets to live out my life in a comfortable fashion?
When you plan for your future in a meaningful and managed way, your mind will be at ease, and you will not have to worry about these matters.
We cater our estate and asset protection planning services around your priorities and provide you with the necessary tools and education to help you make the right decisions for you and your family.