End-of-life care is not always the most comfortable topic to discuss, but it is a necessary aspect to consider when seniors are coordinating their finances. Estate planning for seniors should not be a challenging subject, but many people find it hard to keep track of all the elements that asset protection can involve. From trusts to tax reduction and everything else in between, asset protection for seniors can be a simple process for many seniors. It bodes well to consider this topic sooner rather than later, but it is never too late to kick into asset protection mode. Here are a few of the topics to discuss with an estate planning attorney when learning about asset protection for seniors:
Everyone has an estate, even those who do not consider themselves wealthy. An estate is comprised of anything someone owns including their home, vehicle, bank accounts, life insurance policies and other personal possessions like jewelry. Estate planning is the process of determining what will be given to whom (individuals and organizations), when an untimely death occurs. Top estate law attorneys emphasize the critical nature of estate planning. Here are some of the most common questions they receive regarding this topic.
You know you’re getting older when you start to think about socking away some money for retirement instead of enjoying that second cup of latte every day. Sure, that foamy cup of wonder gets you through a long afternoon at work, but foregoing that second treat and putting the money toward a retirement account and watching that account grow, will also give you a warm feeling inside.