Successful planning for seniors is a long-term process. It’s essential to save and invest for retirement and anticipate physical or mental challenges one may experience. Americans are living longer, so it’s also important to invest enough money now to avoid outliving your money later.
Retirement is frequently considered “beginning” of senior life. Proper financial planning, real estate, lifestyle planning, senior in home care Fairfax VA, insurance/Medicare, trust funding services Fairfax VA, professional home organizer Fairfax VA and estate planning for seniors Fairfax VA can make your future truly golden. How well you plan today will determine your quality of life tomorrow.
The law is an important part of planning for senior life. Although having enough money to retire is necessary, planning for retirement isn’t all about your finances.
It’s important to consider longevity risk, especially if you’re part of a long-lived family. Today’s healthier retirees may live decades longer than their grandparents.
Consider chronic health issues and life expectancy as well as money you’ll have to spend in retirement, including pension, 401k and personal retirement accounts, and Social Security benefits.
Plan the retirement you want:
Along with a trusted senior financial advisor Fairfax VA, your elder law attorney Fairfax VA is a strong retirement financial planning Fairfax VA ally. He or she can assist you and/or family members when long-term care is necessary. An elder law lawyer in Fairfax VA is a guide when identifying potential resources regarding trust & estate planning Fairfax VA, veterans’ benefits, Social Security, Medicare and/or Medicaid, special needs planning, and much more.
Consult a trust and estates attorney in Fairfax VA for advice about state laws and practices relating to estate planning Fairfax VA, taxes, arranging trusts and living trusts, leaving money or assets to heirs, medical powers of attorney, business matters, and other special concerns.
Other options, including senior in home care Fairfax VA, can also be part of your total retirement plan.
If you need in home nursing Fairfax VA or certified nurse aid services at any time in life, it’s important to know that not all are alike. The best senior in-home care provider fully supports health and well-being and lessens the need for doctor office visits:
Select an experienced senior care provider Fairfax VA with a presence in the community. Senior housing Fairfax VA staff may include a personal trainer for seniors Fairfax VA or refer specialized physical therapy that meets your needs.
Insurance /Medicare planning Fairfax VA is an important facet of planning for senior life. Health and wellness care can be expensive especially if dealing with chronic conditions.
Consider private long-term care insurance and disability insurance as part of your retirement portfolio. Consult an expert insurance planning Fairfax VA if you need advice about how to compare policies. Private long-term care insurance is an invaluable financial tool if the beneficiary needs round-the-clock care.
Review current private or employer health and medical policies and learn about Medicare and/or Medicaid before you’re a beneficiary. In some situations, such as an early disability, you might have both national insurance coverage. Ask about buying supplemental coverage insurance to pay for some of what Medicare or Medicaid doesn’t pay.
Where you live may be an important part of your retirement plan. Not everyone wants to leave a family home after retirement. Consider accommodations will you need to enjoy retirement, if any. Meet with a loan officer in Fairfax VA for seniors to discuss your available mortgage options.
If you want to move, identify a realtor Fairfax VA who can help you sell the current home and buy a new one whether you’re looking to downsize or find a more fitting place to live during your retirement. Get realtor referrals from those you trust. An experienced realtor Fairfax VA can also connect you with experts and resources for seniors in your current and new community. He or she is an invaluable asset. Never settle for second best when a real estate agent Fairfax VA is needed.
Trust funding involves two basic trust types, a living trust or a testamentary trust:
A living trust, sometimes called an inter vivos trust is established in your lifetime.
A testamentary trust is arranged with a will and goes into effect after death.
Either type of trust can be revocable or irrevocable. A revocable trust enables control of assets placed in trust. However, you’re free to change the trust terms (revoke) at will.
In contrast, an irrevocable trust can’t be changed without your beneficiary/beneficiaries’ approval. Once you place assets in this type of trust, they really don’t belong to you any more. Tax planning and irrevocable trusts frequently go together. If assets in trust have appreciated, they won’t be subject to estate taxation.
Generation-passing or skipping trust: also referred to as a dynasty trust, may allow you to pass property without tax impact to second-generation heirs, typically grandchildren.
Qualified terminal interest/property trust: If you’re part of a modern family in which divorce, remarriage, and stepchildren are part of your life, this kind of trust allows direction of assets to specific people. A surviving husband or wife receives income from the trust and those beneficiaries specified in the trust, such as children from a first marriage, receive the principal/remainder after the spouse’s death.
Irrevocable life insurance trust: can help shelter proceeds to heirs by removing life insurance from the taxable estate. This trust can be used to pay some or all estate costs while providing beneficiaries with potentially tax-free cash. To implement the trust, you must detach the insurance policy from the estate and then release owner rights. In other words, you can’t borrow against the policy or switch beneficiaries.
Qualified personal residence trust: can also shelter your heirs by removing your primary or vacation home’s value from the estate. This type of trust is helpful if your property value is likely to rise.
Credit shelter trust: also called a family trust or bypass trust, allows you to bequeath a certain amount of the assets in trust without exceeding your estate tax exemption. Your spouse then receives the remainder of the estate tax-free. Qualified assets in this type of trust are free of estate tax forever.
Estate planning Fairfax VA is an important part of planning for senior life. Your estate plan dictates how you’d like assets accumulated in life to be distributed to your heirs if you die or become incapacitated. Estate planning lawyer Fairfax VA may involve complex trusts as above: consult your attorney about estate planning for seniors Fairfax VA.
An estate plan isn’t just for wealthy individuals or families. Prepare your estate plan regardless of assets or net worth. Here are some of the reasons to put your estate plan together now:
–Your wishes in the estate plan are legally binding.
–You name those to whom your assets will pass.
–You consider taxes on the state today to leave as much as possible for your heirs.
Preparing an estate plan is one of the best ways to enjoy life. Your affairs are organized and heirs won’t need to argue about assets left behind.
Speak with an attorney about a living will because there are pros and cons to consider. State laws differ. If you’re incapacitated for any reason and can’t make potential end of life decisions, a living will explains your wishes.
Your estate plan should include one or more parts, such as: a Last Will & Testament; Power of Attorney assignment, if you’re unable to manage finances at any time in retirement; a senior health care Fairfax VA proxy, authorizing a trustworthy individual to determine future medical decisions in your stead; and, as above, a trust to accomplish any specific estate plan needs.
If you’re just years away from retirement or already retired, successful planning takes all your needs and wishes into consideration. It’s an ongoing, living process that can reduce stress and increase the quality of your life. We have a great network of trusted advisors that we can refer you to, that can assist you every step of the way to ensure you’re being taken care of and can have a worry free retirement and live comfortably many more years to come. Give us a call at (571) 438-8790 to schedule a free no-obligation consultation with one of our experts.