Working with many people who are retired or planning to do so in the near future, two goals have emerged from their conversations. First, they want to continue the standard of living that they have enjoyed in recent years. The second goal is the desire to leave an inheritance to their children, loved ones or charity. These two goals can be in direct conflict if a long term plan is not considered.
In the seventies, fewer people lived into their eighties or nineties. Today, this is common place. This is due in large part to modern medical advancements that allow for longevity.
Along with living longer comes the greater possibility of incurring major health problems that can be treated, but with considerable cost. Medicine, doctors, human resource assistance and nursing homes all keep us going but cut into that second goal of leaving a legacy to our children.
Social Security provides some cash assistance. Medicare rehabilitation and home health care benefits provide short term protection .These programs are not the solution to a long term medical problem. Many people feel these government programs will take care of them in their time of need only to find they will be required to liquidate their savings to sustain their care.
People work hard to create assets that will be there for them in later years. They owe it to themselves to take time to inventory what they have and seek advice as to what alternatives are there to protect those assets for their families.
To assist in deciding if you would need a comprehensive estate plan, ask the following questions:
- Are my assets at risk if I would need personal long term care services or a nursing home?
- Is it likely that I will incur long term medical problems?
- Is it important to me that my estate is protected for my spouse or children?
- Am I interested in seeing my important assets transferred to my children or grandchildren provided my health care and long-term care options are preserved?
Procrastination and concern of expense are the two major stumbling blocks. It is very important that a qualified attorney whose practice is focused in this area is consulted. The value of the service should become quickly apparent. If the money paid is a fraction of the amount that the estate plan protects and this plan can prevent future out of pocket costs, then it can be easily justified. Most clients are extremely relieved to have a qualified third party review all of their assets and documents to insure that all are correct and current. The review provides the peace of mind that their affairs are in order. There are several proactive alternatives that can protect your assets and allow for your medical care to continue. With sufficient time and family cooperation, one can be assured that there heirlooms and property will be passed to their family.
Individuals go to the doctor for a physical but neglect to review their own estate plan.
Jeff Roth is a partner with David Bacon of the firm ROTH and BACON with offices in Port Clinton, Upper Sandusky and Marion, Ohio. Mr. Roth is also licensed in Florida. His practice is limited to wealth strategy planning and elder law in both states. Nothing in this article is intended for, nor should be relied upon as individual legal advice. The purpose of this article is to help educate the public on concepts of law as they pertain to estate and business planning. Additional articles expanding on this subject will be published in the future. If you have any questions you would like to have answered in this area of law, please direct your question to this firm and your question will be considered for use as the topic of subsequent articles. Jeff Roth can be reached at [email protected] (telephone: 419-732-9994) copyright@Jeffrey P. Roth 2011.
