Your family and friends may know you for the thoughtful concern you display over their wellbeing. You may have already made plans to distribute your assets among them after you die, but what about your wellbeing? Is anyone looking after your needs as you continue growing older?
Like many older individuals, you may prefer not to worry your loved ones by discussing your concerns as an elder. However, having such a conversation with an elder law professional can help you create a plan that alleviates at least some of your self-worry.
Healthcare and associated expenses
Seniors fear health problems (and costs) more than they did in their younger years. Unfortunately, they often lack the financial resources to accommodate a medical crisis. With guidance from an elder advocate, you can create an aging plan that takes advantage of the healthcare benefits and resources available to seniors. Examples include:
- Medicaid
- Medicare
- Trust funds
- Social security
- Retirement plans
- Long-term care insurance
This part of your aging plan can help you feel better about your future health.
Financial insecurity
Most elders in America fear (and usually anticipate) the possibility of financial insecurity, especially those without a spouse or close relatives. This point is where your aging plan might intersect with certain aspects of traditional estate planning.
Combining elder law with estate planning empowers you to explore and implement asset preservation methods while still in good health. It can go a long way towards easing your worries about your financial future.
Please, continue learning more about New York elder law and estate planning to alleviate other financial concerns you may have about getting older.