Every year more and more baby boomers are reaching retirement age. As this happens, the need to consider estate planning options becomes more and more real. Many may not realize it, but estate planning goes far beyond trying to figure out how assets should be distributed after a person’s passing. In fact, part of estate planning and elder law is making plans for situations that affect a person while he or she is alive.
People need to make sure they have enough assets to cover their basic needs well into the future. However, they cannot have so many assets that they don’t qualify for important services like Medicare. As people age, the need for specific medical care, in particular, should drive their care planning.
In many situations, it is a delicate balancing act. It often also has to take certain specifics into account. While one person may be interested in gifting assets, another may need to worry about long-term nursing home care. Therefore, a specific plan needs to be created for each individual and for each family. These types of plans cannot be easily created with form documents. Instead, specific legal help and advice is often necessary.
An attorney can help people create a long term plan for their care. The attorneys at Prince Law Firm have extensive elder law experience. We can help people evaluate their immediate and long term needs and create a care plan that works for them. Whether people need to ensure that a spouse or children are taken care of or if they want to ensure that they have the assets they need to live comfortably, a plan can be created to help.
Our attorneys understand the many estate planning tools available to Michigan residents. With our help people can take advantage of these tools and maximize their future. For more information about how our firm can help people with the advanced care planning needs, please see our website.