How Can I Make Sure I Leave a Legacy and I Am Cared For as I Get Older?

 Posted on September 11, 2023 in Estate Planning

As our parents or grandparents age, something that may keep them up at night could be who will take care of them if they are unable to do it themselves or the uncertainty of what will happen to their property and assets if they pass away. Estate planning is necessary but there is no reason to spend restless nights thinking about this. A Texas attorney who focuses on the preparation leading up to death and can help you stay ahead of those critical decisions so you can leave a legacy and ensure you understand elder law to safeguard your care.

What is Estate Planning?

By planning ahead you can ensure that your property goes to the right beneficiaries and that you receive the care you deserve later in life. Estate planning is not just for wealthy people. It is for anyone who wants to make sure their assets are given to whom they choose. For elderly individuals, it is a way to leave a legacy for their loved ones or their favorite charities.

One way to do this is through a will which is a legal document that clarifies how someone’s assets should be distributed after they pass away. Trusts are another option, offering more flexibility and control over the distribution of assets. Both of these options allow elderly individuals the opportunity to decide who inherits their property, money, or possessions.

It is important to consider who your beneficiaries or the individuals or organizations named in a will or trust will be. Elderly people can choose beneficiaries based on their relationship, financial needs, or personal values. It is a way to provide for loved ones even when they are no longer around.

What Can I Do to Ensure Care as I Age?

As we age, health becomes a significant concern. Elderly individuals may face illnesses or conditions that require long-term care. Planning for healthcare and ensuring they have access to quality medical services is important. While many elderly people often rely on Medicare for their healthcare needs, it may not cover all expenses, such as long-term care. Supplemental insurance or Medicaid can help fill these gaps, ensuring they receive the necessary care without depleting their assets.

What is even more important is long-term care. Options such as nursing homes, assisted living facilities, or in-home care can be costly, so planning for them is essential. Some elderly individuals invest in long-term care insurance to cover potential expenses.

It may be difficult to discuss, but equally important is to have an advanced directive in place. This will allow elderly individuals to communicate their medical preferences in case they become unable to make decisions themselves. These documents ensure that their wishes regarding medical treatment are respected. Elderly estate planning is a way for our seniors to leave a lasting legacy for their families while also securing their future care.

Schedule a free consultation with a Forth Worth, TX Elder Law Lawyer

If you or a loved one is thinking about estate planning decisions, a Texas elder law attorney can help encourage open conversations about their wishes. At Gonzalez Law, PLLC we offer the support you need through the planning process. Call 817-349-7330 for a free consultation.