Why Estate Planning Matters for Seniors
For seniors, estate planning can provide necessary peace of mind, and help to ensure that assets will be distributed according to their wishes after they are gone. A lifetime of saving and investing deserves to be protected by a well-crafted estate plan that can serve the testator and their family.
Beyond asset distribution, estate planning also gives seniors the power to choose and appoint a trusted individual to make decisions for them should they ever become incapacitated. The unfortunate truth that advanced age often comes with the increased risk of cognitive decline or illness should not be ignored, and many individuals are well-served to utilize estate planning tools such as a financial power of attorney, and a healthcare power of attorney.
Estate planning not only builds in additional security during the golden years, it minimizes any stress or burden that would otherwise fall on loved ones after death. Estate planning helps to ensure efficient, smooth transition and avoids unnecessary delays. A good estate plan can reduce taxes, protect assets from potential creditors, and help to prepare for long-term needs.
Some Considerations for Senior Estate Plans
Many aspects of estate planning will apply equally at any age. However, seniors have specific needs and will have distinct priorities when building their estate plan. Healthcare planning, for instance, may factor more heavily in a senior citizen’s strategy for estate planning. Failing to plan ahead for long-term costs such as healthcare or long-term care, could leave seniors unprepared for the realities of these sometimes-significant costs.
An experienced estate planning Attorney at Fort, Holloway & Rogers can help guide you through strategic action you can take, such as utilizing irrevocable trusts. The experienced attorneys at Fort, Holloway & Rogers can help guide you through the mechanisms of various estate planning tools that you can implement to best serve your needs and long-term interests.
Dynamic Estate Planning Tools for Seniors
Seniors have many legal tools and strategies at their disposal to help protect their assets and make a plan for their family. Some of these tools include:
- Revocable Living Trusts: Allows seniors to retain control of assets during their lifetime. Further ensures that certain assets pass to intended beneficiaries without needing to go through the probate process.
- Powers of Attorney: Allows a selected individual to make financial and legal decisions on the senior’s behalf should the senior become incapacitated. Powers of attorney can come into play in a multitude of situations, and can be a great tool at your disposal.
- Advance Directives: These directives advise on a senior’s expressed wishes for medical treatment preferences, and appoints an individual to make certain decisions on the senior’s behalf.
- Gifting: Giving gifts during the course of someone’s lifetime can effectively reduce the size of the probate estate, and can be an effective strategy for many estates. This can include fighting to friends and families, as well as charitable gifts.
Contact Fort, Holloway & Rogers
The experienced Franklin estate planning attorneys at Fort, Holloway & Rogers can help seniors strategize their best next steps in building a dynamic estate plan. Contact our team today with any of your estate planning questions.
Sources:
law.justia.com/codes/tennessee/title-32/chapter-11/section-32-11-101/
tncourts.gov/sites/default/files/docs/probate_manual_final.pdf
