Have you ever considered legacy planning as a loving gift to your family on Valentine’s Day? What is legacy planning? It works together with estate planning to help you prepare how you will pass on your property and assets, both tangible and intangible, to your loved ones.
There are, of course, many ways that you can show your love to your family during this month of February. We have some suggestions that you can use to protect your family by planning and creating a loving legacy that will provide for them in the future.
- What about long-term care? Are you aware that with the cost of long-term care for older Americans rising, it is important that you are prepared to create a plan to afford the long-term care that may be needed in the future? In fact, is your legacy protected from long-term care costs? This is important so that your family is not left struggling to pay the costs of your long-term care. Sadly, many Floridians do not realize that failure to create a long-term care plan may cost them their goals for the legacy they create for their family.
- When should I begin long-term care planning? As soon as possible. Start by scheduling an appointment with a qualified Florida estate planning attorney who is also knowledgeable about elder law issues and understands your goals and needs and can help you prepare the appropriate planning documents. Then you can discuss with your family your goals for long-term care so that they know you are protecting yourself and them in the future.
- Should you include any future retirement funds? Absolutely! You will want your legacy planning to include funding both before and after retirement. To give your family a clear understanding of how you want to use your retirement savings, as well as how you want it to provide for them and their families in the future, it is necessary to include these savings in your estate plan. This is the way you begin to create your legacy, which is how you will both protect yourself and your family’s future. By creating a legacy for your family now, they are protected in the event something happens to you.
- Your Valentine’s Day gift. By defining your legacy now and creating your estate planning documents that will define your legacy early, you can give your family the peace that comes from knowing you are prepared for your future and theirs. Creating an estate plan will ensure your loved ones are taken care of in the event of your sudden incapacity or passing away. In addition, you can prepare for your own care as you get older.
These are just a few of the ways you can protect your family and make the plans you need to provide for them when you are gone. As you reflect on Valentine’s Day and show those in your life the ways you love them, now is the time to get started. Preparation is key to successful planning and to help you accomplish your goals.
We know this article may raise more questions than it answers. We encourage you not to wait to ask us your elder law questions on this or any important issue facing Florida seniors today. The experienced team of attorneys here at Hemness Faller, The Law Office formerly known as Emma Hemness, P.A., are here for you and your family and we want to be YOUR estate planning and elder law attorneys. After all, we are ordinary people, providing extraordinary guidance backed by years of experience and advocacy for the vulnerable citizens in our community. We encourage you to contact us and schedule a meeting with us.