To help you with your retirement plan, an estate planning lawyer in Los Angeles can help you.
Estate planning for the elderly
Finally, after a long time at work, you are close to your favorite time: retirement. You've worked hard and deserve to enjoy your golden years. First, meet with your estate planning lawyer in Los Angeles so that you can figure out which of your options for your estate plan is the best one for you.
If you don't already keep an estate plan in place, you need to get one right away. Putting the right steps in place will make sure that when you retire, you can do so with the coolness of mind that your things are in order.
Here are some something you can do to make sure your money will keep working for you when you retire:
Do a double-check of your will and trust.
At some point during your life, you may want to change your focus. To reach the most out of your money, there are many ways to make your estate as valuable as possible. Instead of only working to build up your wealth, you may need to use money to pay for your living costs, medical bills, or more.
Think about setting up trusts and wills now. Your estate planning and living trust lawyer can help you make sure this is done right.
The main difference between a will and a trust is how your assets or property are used by the person who gets them. In a will, the person who gets the property can do with it as he or she sees fit. A trust lets you choose a person to manage your money and property in accordance with your wishes. That means you could put off when a young member of your family owns the house until he or she is older.
To make your trustee pay your medical bills or insurance premiums until you die, you can write a note in your will or trust. It's OK to ask if a trust is right for you. Your estate planning lawyer in Los Angeles can help with the specifics, so don't be afraid to ask.
Buy long-term care and life insurance.
You might have bought life insurance when you were younger so that your family would be able to pay for things like food and rent if you died. As you get closer to retirement, you might find that the focus of your insurance changes as well.
Long-term care insurance, on the other hand, is meant to help you and your family when you die. If you pay for assisted living or hospital stays out of your own pocket, you'll eat through your savings quickly. Long-term care insurance helps pay for these costs and keeps your money safe.
It's important to point out that it's better to buy long-term care insurance when you're younger, because this means you'll pay less for it.
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Make the most of your retirement years.
It's important to put in as much money as you can into any kind of retirement account while you work. A Roth IRA or other type of retirement account could be opened depending on what you already have, like a 401(k) or IRA.
There are some limits on how much money you can put into your retirement account under current tax laws. A traditional Roth IRA lets you put $5,500 into it every year before you turn 50. You can also put up to $18,500 into a 401(k) before that. IRAs can go up to $6,500 after you're 50. Also, if you're over 50, you can make up to $6,000 in catch-up contributions in a 401(k), 403(b), SARSEP, or Governmental 457 plan (b).
Plan for the fact that you can't work.
You don't want to be caught without money if something happens while you're in your golden years. If you get hurt, you'll want to make sure you have the right protections in place.
Having the power to act for someone else
Your power of attorney (POA) is a document that gives someone else the power to act on your behalf when it comes to money. There are times when your agent can step in and take care of all your money while you get better.
The Living Will
A living will lets you write down what you want to happen when you die. This means that your family could soon be at odds with each other because of your medical decisions if you don't have one of these documents. If you stay in the hospital for a long time, that could eat into your savings.
Having a Health Care Proxy
In the same way as a POA, a health care proxy can make medical decisions for you. A friend or family member could be in charge if you can't speak for yourself. Make sure you go over your wants and needs with your agent in a variety of situations to make sure that you're in good hands.
Check out Social Security options.
The amount of your social security benefits is mostly based on your lifetime earnings and the age at which you start to get benefits. This payout can help you get a little extra money each month.
Make sure you think about how much you will get based on when you start. There could be a big difference if you wait a little while to get your money, but you might also need more money right away. Make sure you think about all of your options and don't just start collecting when you're old enough to do so.
Then, give a gift.
In the future, you can avoid paying an estate tax if you give money to people who will get your money. You can give up to $15,000 per person each year before you have to pay a gift tax. If you give money to someone else, they may be able to use it to pay for your medical or long-term care needs. Sometimes, you can enjoy watching your loved one use the money while you're still around to do so!
You don't want to make costly mistakes, no matter what. Do this if you haven't already. Make sure to meet with a lawyer in Los Angeles to talk about your options. You've worked very hard to build your home. Now it's time to protect that investment so you can enjoy the benefits when you're old.
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