Do you think that estate planning is only for the wealthy? Think again. Almost all Florida residents could benefit from the expertise provided by an estate planning professional who can help you understand the implications of local law when it comes to your assets. No matter how many assets you have, you need to have a plan for their distribution after your death. Without this critical forethought, your family members could be left with an estate in disarray, causing them endless stress and anxiety.
Help your family understand your estate plan by having uncomfortable discussions as early as possible. No one wants to spend time talking about their own death, but the details of your estate plan need to be clearly communicated to your family members. Solicit the assistance of a qualified elder law attorney along with help from health care professionals and even financial planners. You want to think ahead to consider changes that could occur in both your health and financial statuses.
Speaking of health care, it is important to realize that government funds for elder medical assistance are rapidly dwindling. Each individual needs to plan ahead for financial solvency after a major medical event. Make sure that your health insurance is current and that your policy covers everything you need. Review old long-term care policies to make sure they will cover the care you may require as you age. Further, consider drafting advance directives so that long-term care providers and physicians know about your final wishes.
Thinking ahead about your wealth management and distribution plan is also beneficial. Consulting a qualified elder law professional can help you avoid taxes and lost value while making the financial transition easier on your children or other beneficiaries. The key to successful estate planning lies not only in drafting a comprehensive document, but also acting early and staying committed to consistent revisions.