Valentine’s Day is this month! Do you ever find, as we do, that finding the “perfect” present becomes harder as the years go by? Or that once our children leave the house, getting them a little gift that shows you care sometimes becomes just a phone call or a card? How do you say “I love you” as your kids age? What matters to them now, and in the long-term as well?
There are many ways that you can accomplish this. As we look forward to this month of February and beyond, let us share a few ways that you can plan to protect your family and create a loving legacy that will provide for them and you in the future.
1. Plan to protect your family legacy from long-term care costs. Unfortunately, the cost of long-term care for Older Americans is expected to rise. This is why it is important that we prepare our aging family members now, to afford the care that may be needed in the future. This is critical to us and to our family members to ensure we are not left struggling to find answers or to pay those costs. Very few New Yorkers realize the failure to plan can deplete the legacy they create for their children.
We encourage you to develop the planning needed with your loved ones and discuss shared goals for long-term care to ensure that everyone is on the same page. An important next step in the development of your plan is to speak to an experienced elder law and estate planning attorney, who is also knowledgeable about aging issues, who understands your goals and needs and can help you prepare the appropriate planning documents, such as powers of attorney, last wills, trust and health care directives.
2. Create a plan to leave a legacy for you and your family for your retirement.
When you retire, you and your loved ones will experience a time of change. One of the best ways to ensure that everyone has a clear understanding of how you want to use your retirement and how you have it to provide for them and their families in the future, is to account for it in your estate plan.
3. Create your planning documents that define your legacy early and discuss them with your loved ones. Create options to ensure you can be taken care of in the event of your sudden incapacity. Prepare for your own care as you get older. It also lets them know how you expect to live as independently as long as possible. They need to be parties in your plan.
Unfortunately, many of us put off this type of planning until it is too late. We do not realize that without the ability to make decisions, we cannot create our planning and may leave your family vulnerable in a crisis. Your planning needs to be explored with your loved ones so that they not only know that you have an estate plan, but that they know what you want for the future.
As we reflect on Valentine’s Day and show those in your life the ways you love them, now is the time to get started.
We want to help you achieve the Valentine’s Day Legacy for your family. Contact our firm of experienced lawyers of the Grimaldi Yeung Law Group. We are a full service Elder Law firm, helping clients maximize their options in planning for the pre-and post-retirement years. Our peer-recognized attorneys provide the legal insight clients can depend on when considering your options for the future. We make sure you feel comfortable working with us to freely discuss their most cherished hopes and needs. We encourage you to contact us and schedule a meeting with our attorneys.