Have you been thinking about planning your retirement, but you haven’t gotten around to it yet? It’s one of those things where you think you have all the time in the world. However, as the old saying goes, time flies when you’re having fun! Which means it’s never too early to start thinking about your retirement plan. On a more serious note, it’s especially important to start now with all of the recent economic changes, including the noticeable rise in the cost of living. That being said, our estate planning lawyers in NJ are here with expert recommendations on how to plan your retirement wisely.
Securing Your Legacy with a Will
Your will is the document that gives instructions on how to distribute all of your assets once you’re no longer here. This includes things like property, financial accounts, stock portfolios, jewelry, cars, and even more personal things like artwork and furniture. We recommend you create a will with the help of an estate planning attorney so there is no ambiguity about how your assets will be distributed after you pass.
Powers of Attorney: Making Sure Your Wishes Are Followed
Power of Attorney is a legal document that allows someone else – a person designated by you – to make decisions on your behalf if you become unable due to illness, injury, or incapacitation. The person who you choose to act as your Power of Attorney can make financial decisions for you, such as continuing to pay your bills if you’re in a coma, or keeping your business running if you’re incapacitated after an accident. It’s important to choose someone you trust one hundred percent to act as your Power of Attorney.
Estate Planning: Why You Need an Expert
Experienced estate planning attorneys can help you prepare for all of life’s possible scenarios. With inflation, the cost of living continuing to rise, and other economic uncertainties, it’s more important than ever to have a plan and be prepared. If something happens to you and you don’t have a will, it can lead to disagreements and a lot of tension among your family. And that’s the last thing you want while they are mourning your loss.
Long-Term Care Planning: Preparing for the Unexpected
There’s no way to know what will happen from one day to the next. Unfortunately, accidents happen, people get ill, and sometimes they need long-term care. Preparing for the unexpected includes financially preparing for the possibility that you may need to go into long-term care at some point in your life, whether that’s a home health aide, an assisted living community, or some type of rehabilitation center.
If you haven’t started planning for your retirement, there is no time like the present. You need an experienced estate planning attorney who can help you navigate these uncertain economic times and create a successful retirement strategy. For more information, or if you have any elder law questions, please contact our team at SCC Legal today and visit our website at: https://www.scclegal.com/