Timothy Rivera is a full-time writer who writes a wide variety of topics relatable to seniors. Most of Timothy’s articles talk about retirement, estate planning and investments. Timothy aims to help his readers transition easily toward their senior lives.
For some people, retirement is an exciting life event wherein they can undertake a lot of amazing things. But, for others, it’s a stage in their life that they dread about. Primarily, retirement is the time of life when a person, reaching the age of 66 years old and above, has to leave their active working life permanently. And, as you retire, you tend to be more susceptible to financial, mental, and physical health issues.
Maybe, you’re planning to transfer your estate to your family, or you’re thinking about designating a person to administer your properties in case of incapacity or death. Perhaps, you’re so in debt, but you want to make sure your wealth is protected against lawsuits and creditors. Whatever you think of doing, having a lawyer to handle the legal matters that may arise after retirement is extremely important.
Below are the reasons why you should talk to a lawyer after you retire.
- Helps You Prepare An Incapacity Plan
As you enjoy your retirement years and become older in the process, you may potentially become incapacitated to make your own decisions about your finances and, more importantly, your own well-being. Before this happens, you should have your incapacity plan in place to ensure everything will go smoothly.
However, in doing this, you should work with an an elder law attorney to know your legal options. These can include the writing of a power of attorney. In simple terms, a power of attorney is a legal document appointing a family member to act in your capacity and make decisions for your welfare. Since it’s a legal document, it’s best to speak with a lawyer to help you decide the nature and scope of this arrangement, considering a family member will have control over the decisions about you.
- Knows How You Can Protect Your Assets After Retirement
Being a retiree means you’re getting old and becoming vulnerable to health issues. And, when you get seriously ill after your retirement, you may not be able to safeguard your assets against any threat that may come your way. Because of this, you need the assistance of a lawyer to explain the different legal options available to your situation.
For example, asset protection strategies are the best ways to keep your wealth away from creditors and judgment holders. Specifically, your lawyer can recommend the establishment of trust so you can transfer your assets to a trustee for the benefit of your beneficiaries. By doing this, any person who has a monetary interest in you can no longer go after those properties placed under the trust. As a result, you can rest, knowing that you can leave everything you’ve worked for many years to your family’s next generation.
Moreover, your assets can also be taken away from you because of your nursing home expenses. This is where Medicaid comes into play. It’s a federal and state program that assist people with limited income and resources. Since nursing home costs are expensive, Medicaid is there to support your expenses. However, to qualify for Medicaid, you need to exhaust your assets first, thereby leaving little to no wealth for your family. To protect your assets from this setup, talk to a lawyer to help you create a Medicaid asset protection trust. This can be an ideal solution to meet the program’s strict asset guidelines.
- Helps You Create a Will
Of course, retirement doesn’t mean you’ll die soon. But, as you retire and age, you need to be prepared for anything that may happen to you as you become older and weaker. This process can include the creation of your will. Essentially, a will refers to a legal document outlining and expressing a person’s wishes in terms of the distribution of their properties after their death.
When you draft a will after your retirement, you can guarantee that your family will get what they’re entitled to in the event of your death. On the other hand, just like other legal papers, making a will requires legal expertise. This is where a lawyer comes to rescue. By having a legal professional on your side, you can craft a will that’s valid and binding under your estate planning laws. They can guide you in making sure that your will follows the formalities required by your state. Not only that, but they can also assist you in making sound decisions, such as the selection of your beneficiaries and other estate planning matters.
Indeed, many things may happen as you start your retirement years, and one of these is a possible decline in your mental and physical functions. Therefore, if you want to be prepared for this situation, hire a lawyer as soon as you retire to discuss the possible legal options to protect yourself, your assets, and your loved ones in all circumstances.
Hopefully, you find this article useful in understanding the reasons why talking to a legal professional after your retirement can make a big difference in your and your family’s lives.