Are you looking forward to buying cards or gifts for your adult children this Valentine’s Day? Is it getting harder to find the “perfect” gift as the years go by? How do you say “I love you” as your children age? What matters to your children now, and in the future?
As we look forward to this month of February and beyond, let us share ways to say “I love you” to your adult children. You could start a plan to protect your family and create a loving legacy that will provide for them in the future.
You may want to begin your plan by protecting your legacy from long-term care costs. Sadly, the cost of long-term care for Older Americans is expected to rise. This is why it is so important that you begin to plan now so that you will be able to afford the care that may be needed in the future. This is critical so family members are not left struggling to find long-term care answers or to pay those long-term care costs. Very few Floridians realize that by failing to plan they may not be able to achieve their goals for the legacy they want to create for their children.
An important next step in the development of your plan is to speak to an experienced estate planning attorney, who is also knowledgeable about elder law issues. Your estate planning attorney will understand your goals and needs and can help you prepare the appropriate planning documents. We also encourage you to develop the planning you need with your loved ones and discuss shared goals for long-term care.
You can create a plan to leave a legacy for your children before and after you retire. Have you thought about your retirement plan lately? If not, as you consider the legacy you want to leave behind, now is the time to do so.
Your estate plan is one of the best ways to ensure that your children, in particular, have a clear understanding of how you want to use your retirement savings, as well as how you want it to provide for them and their families in the future. In this manner you will begin to create your legacy, which is how you will both protect yourself and your family’s future. Do not put off creating a legacy for your children as soon as possible so that they are protected in the event something happens to you.
By creating your planning documents that define your legacy early you will be able to discuss these documents with your loved ones. Creating an estate plan is one of the best ways to help ensure your loved ones are well taken care of in the event of your passing or sudden incapacity. In addition, it is an excellent way to prepare for your own care as you get older. Now your children will know the legacy you want to create.
Unfortunately, many of us put off this type of estate and long-term care planning until it is too late. We do not realize that without the ability to make our own decisions because of illness or some incapacity, we cannot create any of our planning documents. This choice to not plan forward may leave our family vulnerable in a crisis. Further, it is not enough to simply make your estate plans. Your planning needs to be discussed with your loved ones so that they not only know that you have an estate plan, but that they know what you want for the future.
So as you reflect on Valentine’s Day and want to show your children all the ways you love them, now is the time to get started on your legacy. Preparation is key to successful planning and to help you accomplish your goals.
These are just a few of the ways you can act to protect your family and make the plans you need to provide for them when you are gone. At the Perlin Estate Planning & Probate our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.