Estate Planning needs change as we enter the different seasons of life. As we age, our estate plans should change and the estate planning needs of older adults should incorporate planning for incapacity. Some of the changes you might consider in your estate plan follow:
- Disposition of Personal Property. If you are downsizing or if you wish to take the opportunity to gift your children, grandchildren and perhaps great-grandchildren items of sentimental value, consider gifting items you no longer need so that you can see the joy that results from the gifts. If you still need the items or use them, consider taking the time to complete a personal property memorandum listing the items and who you wish to leave them to on your death.
- If you believe that you might not have sufficient assets for your long-term care, consider transferring your home into a Medicaid Asset Protection Trust. Consider whether a Revocable Trust and current Power of Attorney should be added to your estate plan to provide your successor Trustees the ability to manage your assets without the need to establish a conservatorship.
- Review the beneficiaries on various accounts (IRAs, 401(k)s, brokerage accounts, etc.) to ensure that you have designated both primary and contingent beneficiaries.
- Review your assets including your insurance to determine if you have a taxable estate and if so, work with an attorney to include estate tax provisions in your estate plan.
At Grissom Law, we work with clients, both individuals and couples, in all stages of life including working with older adults to develop estate plans that meet their specific needs. Contact us at 678.781.9230 to schedule an appointment to discuss your estate plans.
Disclaimer This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.