How You Can Work With An Jacksonville Elder Law Attorney to ...
Many seniors in Jacksonville, Florida are making strides toward estate planning by working with their elder law attorneys to set up what they believe are the appropriate wills and trusts.? The goals with this type of planning are most commonly to:
- avoid probate and its associated costs,
- make decisions regarding trust administration (who gets what and when),
- and?most importantly?to protect your assets for your heirs.
Unfortunately, this final criteria isn?t always met in traditional wills and trusts.? I?m not
saying that these are bad, but the key is that the trust and language of the
trust document need to match the goals for your planning.? Like?I said in?my long-term?care planning strategy workshop, plans get outdated because your goals and needs?change as you age.? This is what most people do ? plan for death.
The problem stems from long-term care.? It?may not be concern at 40 (when you should be looking at long term care insurance)?as it should be when you are 70 (when you may be priced out of long term care insurance).? When you set up your initial estate planning documents, such as a revocable living trust, you probably fully intend to outline your wishes for how your estate will be dispersed upon your death.? Unfortunately, this? document does not protect your assets from creditors, lawsuits or the incredible costs associated with nursing home care.? Under the Florida Medicaid laws, assets in a revocable living trust are counted as assets that the government believes that?should be used to fund the costs of nursing home care.
In order to pay for that care, your entire estate can be at risk.? Your assets will be used to pay for your medical and other needs, potentially leaving little or nothing to be
administered in your trust.? This means that even if you have a legal document directing how your assets should be distributed, it will be referring to assets that were already sold off to cover expenses.? As nursing home costs continue to rise, we see more and more of this in Jacksonville.
To avoid this situation, it?s often necessary to work with an attorney who focuses on elder and long-term care planning, in addition to traditional estate planning.? If it
appears, through family history of needing long-term care or a diagnosis that
will necessitate long-term care, ?that your estate is at risk of being wiped out due to unexpected illness, incapacity or long-term care costs, your attorney can work with you to create the right kind of trust that will adequately shield your assets during your lifetime while remaining in control of your assets, and after death, along with avoiding probate and protecting inheritance from unnecessary taxes and expenses.? This is the new norm ? life planning.
For people over 75, this may not be something you can wait?until you need to go in the nursing home?because of the 5 year lookback?period for gifts in Florida.? You should consider this planning sooner so that you can avoid the lookback period.
To learn more about how seniors around the country are engaging in long-term care planning to shield their assets from the skyrocketing costs of nursing home care, consider discussing this option with your Jacksonville elder care or estate planning lawyer.
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