What Are You Doing About These 7 Threats to Your Family’s Security?
Humans have a natural inclination to constantly be aware and fight off threats, real and perceived. It’s our survival instinct at work keeping us alive, healthy, and able to provide for ourselves and our loved ones.
We have the resources or access to the resources needed to preserve our family’s security, so it’s a wonder why so many adults opt not to take advantage when needed. We have threats lurking, waiting for a chance to strike at our sense of security if we aren’t diligently planning ahead.
Our goal is to better prepare you for these threats through effective estate planning.
Threat #1: Not Staying in Control of Your “Stuff”
Control what you can control. It’s a tale as old as time, but are you voluntarily giving up control when it matters most?
When you are alive and well, who is in control of your finances, health care, and your family? Is everyone benefiting from the right person or people being in control?
Do you have a plan in place for what happens in the event of an accident, illness, or death? You need a plan that shifts control when you are unable to make decisions that benefit your loved ones.
Threat #2: Not Knowing The Law
You might think you know the law, but regulations are constantly evolving and, in some cases, seem intentionally confusing. The government has rules about what you need to be doing while you’re alive and well, just the same as they do about what happens to all your hard work and legacy when you are gone.
You need to be aware of laws surrounding legal ownership and ownership transfers in and out of your estate plan, properly executed wills and trusts, and how the probate process works. Working with a knowledgeable estate planning attorney can help you keep up.
Threat #3: Not Knowing Your Predators
Who is coming for your money and assets? You might be surprised at the ways lawsuits, the government, your family, and long-term care costs can cut into all your hard work.
Over 40 million lawsuits are filed every year, including those targeting businesses, drivers, homeowners, and individuals. The government is always keeping a close eye on investments, gift taxes, estate taxes, and estates exposed to probate. Marriage, remarriage, divorce, irresponsible children, and even things like addiction can make the costs of sustaining your family insurmountable.
We have an entire resource dedicated to the high cost of long-term care planning.
Threat #4: Not Planning for Health Failure
We can’t always plan for significant health changes. Do you have a plan in the event of the worst happening?
Getting ahead of important health care and financial decisions during incapacity can include establishing Power of Attorney or Health Care Directives as well as taking advantage of certain types of trusts and insurance (like Medicaid) that protect your eligibility for certain programs. Planning today prepares you for what you can’t predict.
Threat #5: Not Planning When You Can
Adults over 18 are never too young to start planning, but there comes a point when you are no longer considered of sound mind to establish or adjust your plan. You can still plan and contribute even when you have dementia, but certain diseases and other factors can limit your ability to create or update a plan.
You should plan until you know you are all set for the future and have peace of mind about what’s to come. This includes legal planning, financial planning, tax planning, and estate planning. Your estate planning attorney is the best resource to know when you have a thorough plan.
Threat #6: Not Understanding The Costs
The twists and turns of life don’t have a price tag. We’ve all had unexpected bills come out of left field or ended up being charged far more than expected for a product or service.
Planning for those unexpected costs and having a better understanding of the costs already built into life go a long way. It’s imperative to get it done right the first time so you’re not paying double for something that should just be a one-off added cost. When it comes to estate planning, updating your documents frequently prevents you from having to start from scratch years down the road when so much has changed.
Threat #7: Not Working With Qualified Professionals
How do you know who you are working with is qualified? Make sure you focus on your needs and seek out an attorney with experience handling that specific practice area. Lean on loved ones who have attorneys of their own who can refer you to successful firms.
At Elder Advisors Law, we bring extensive education, experience, and credentials in estate planning and elder law. Contact our team and prepare for the threats lurking in your life.
