Today, people are living longer into their golden years than ever. Caring for aging family members requires planning. As the dynamics in your family change, Richard Cunningham Law is here to help you make sure your older family members are properly cared for.
Aging in Place
According to the AARP, over three quarters of Americans asked would elect to grow old living independently in their homes. However, many aging family members live with family, in retirement homes or assisted living. Planning for living arrangements, health care and protecting assets are vital to families who need to create or adjust their estate plans. This trend is likely to affect over half of U.S. adults, as much of our population ages.
The Irrevocable Living Trust
Those 65 and older who are eligible for Medicaid sometimes transfer assets into an irrevocable living trust, which is the basis for irrevocable Medicaid trusts. These trusts protect the elderly person from having to dispose of his assets to qualify for Medicaid or nursing-home care.
Estate Planning is Essential
Whether it is to protect assets from probate or from onerous medical costs, estate planning is the best investment your family can make. Estate planning and execution is the one activity that can protect your family, save a great deal of money and provide peace of mind. And Cunningham Law makes it understandable and affordable.
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