Planning for the future is not always an easy task and may have you confused and worried about whether you covered everything. An estate planning lawyer can walk you through the entire process and help you plan for your future and the future of those in your will too.
A study conducted in 2013 by HSBC found that US retirees expect to leave a sizable inheritance to their loved ones. The study found that the average inheritance was about $175,000.
While money is usually part of an inheritance, it is not the only thing that can be passed down to loved ones. Below, our estate planning lawyer in NYC will discuss some of the considerations baby boomers should keep in mind as they plan.
An Estate Planning Lawyer Can Help You with Non-Money Considerations
While you will likely pass down your wealth to your family members, there are other considerations you want to keep in mind as you do plan.
Below, our estate planning lawyer will go over some of these considerations and why it is beneficial to plan for them NOW.
Health Care Needs
It should come as no surprise that health care costs continue to rise. With that said, planning NOW for your healthcare future is wise.
As you write your will, you can include long-term care costs to help you reap Medicaid benefits and take care of assisted living or nursing home costs without ultimately dwindling your bank account.
Everyone loves family heirlooms, and you would be surprised to learn that most individuals would rather have keepsakes than money.
With that in mind, you want to ensure that personal keepsakes and your heirlooms are distributed the way you want them.
Often, estate attorneys will recommend that you speak with your children or family members and find out which items mean the most to them to help give you an idea of what they would cherish.
Special Needs Care
If you have a dependent who is special needs or disabled, it is important to have it spelled out clearly in your will what you want to happen, such as their future care and assets.
One way to ensure your loved one will be well cared for when you are gone is to set up a special needs trust for them.
Call Our Estate Planning Lawyer in NYC Today
No matter your financial situation, it is wise to plan your estate NOW and not wait until later.
At Morgan Legal Group PC, our estate planning lawyer is prepared to work closely with you and will answer any questions you may have.
Our experience and compassion will help you better plan. This way, you can feel confident that your desires and wishes are fulfilled.