As a new retiree, a part of your retirement plan should have been an estate plan which includes planning for the unexpected. If you have not had an estate plan created yet, here’s a sample of what you need based upon recommendations from Mindy Felinton, Estate Planning and Elder Law Attorney:
- Comprehensive Financial Power of Attorney
- Comprehensive Medical Directive
- Potentially Establishment of a Trust
- Long-term Care Planning or referred to as Nursing Home Care
The Large Costs for Long-term Care
Many retirees have failed to consider what the cost of receiving Long-term care can involve. Going to a nursing home can easily exceed $12,000 a month and other expenses. Unfortunately, this alone can bankrupt families after a period of time. There are estate planning legal strategies that you can take which can eliminate this cost and protect your assets.
Here’s What Can Happen to Your Family By Not Planning
Mindy has seen countless family feuds that have occurred because a proper plan was not established. Why? Contention over what to do with your assets when you or a family member passes away. A brother may want to take one approach and the sister, another. By planning properly, you can have a comprehensive and definitive process for your affairs after you pass.
Contact Estate Planning Attorney, Mindy Felinton
Mindy Felinton has been an Estate Planning Attorney for over 35 years who serves clients in the Rockville, Maryland and South Florida areas. You can get in touch with Mindy and her team by calling the phone number on the bottom or top right of this page.
If you’d like to learn more, Mindy has prepared a FREE on-demand internet video training that covers many of these areas discussed in the blog that only takes 20 minutes to watch! Simply click here – https://www.felintonlaw.com/webinar-start/ – to get started.