Estate Planning Essentials for Seniors

6:34 pm Uncategorized

In the area of estate planning we’re only too aware of how tempting it is for people to want to put off their planning until after retirement.If you’ve been reading our blog you know that there are many reasons why we highly recommend you don’t put it off, but for those of you who have put off your planning, and are just getting to it at the age of 65 or older, there can now be a lot to learn, and it can seem downright overwhelming.

Our office knows how daunting it can be to enter the realm of estate planning, and we make your experience as easy and understandable as possible. To that end, for those who are interested, Suzy Peterfriend Ross has written an excellent article entitled The Top 10 Things Seniors Need to Know.In her article Ross explains the basics of estate planning for seniors in easy to understand language with just enough detail to keep you informed but not overwhelmed.

Ross covers some very key issues in her article, including number 2, the ever important “Medicaid five-year lookback.” And it is telling that the very first point she makes is that wills are not enough, “a lengthy probate process can hold up the disposition of [your] assets for an indefinite amount of time while [your] wills are validated,” says Ross, what you really should be doing is creating is a trust. Trusts hold onto your assets while you’re still alive, keeping them out of probate, while still allowing you complete access to them. And best of all, “senior citizens can customize their trusts to meet their own specific needs.”

Seniors have a lot of options when it comes to estate planning. In some ways, seniors have more options than younger couples. But seniors also have a lot more issues to think about and in some cases rules that need to be followed. This is why it is absolutely essential to consult an attorney for your estate planning questions if you are 65 or older.

Your California legal and financial planning experts are at your service; Contact us today.

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