Aging Parents?
For many people in the phase of life where they’re raising children, building their careers, and working toward the future, there’s another component constantly in the back of their minds: aging parents. How do you focus on your growing family while simultaneously ensuring your parents are supported - not only as active members of the family – but financially, as they age.
There are important steps those imminently thinking about retirement, and already in retirement, need to take to ensure their legacies are protected for their children and grandchildren.
Did you know that Medicaid only kicks in if someone qualifies physically and financially? That means that someone must meet a certain physical threshold (in need of healthcare assistance) and must fall below a certain financial threshold.
If your parents have accumulated wealth throughout their lives, does that mean they need to drain those hard-earned assets toward the end of their life on their own care, rather than pass it on to future generations? Absolutely not.
There are important steps aging individuals can take, and plans they can put in place, that allow them to qualify for Medicaid while preserving their estates for their beneficiaries.
Here’s the kicker: There’s a time-limit for which people need to put these plans in place, before they are eligible to qualify for Medicaid. It’s critical that individuals consult an attorney regarding protecting and preserving their assets long before they actually need the care provided under Medicaid.
Encourage your parents to consult with an attorney today, to protect their assets. The best way to start that conversation with your parents? Share with them the work you’re doing to protect your own family legally and financially.
New Parent Law can discuss options with your parents to protect their legacies, so they have peace of mind that you, and your children, will benefit from all of their hard work throughout life.
How We Help
As your Personal Family Lawyer® Firm, we can help you create a comprehensive strategy that optimizes both education funding and wealth preservation goals. We'll work with you to structure your assets effectively and ensure your plan adapts as the law changes, your assets change, or your family dynamics change. Our approach focuses on creating clarity and consistency across all aspects of your financial planning, from education funding to legacy preservation.
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This article is a service of New Parent Law, PLLC, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy PlanningⓇ Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.