Elder law attorneys help senior citizens deal with and plan for the issues which can come with aging. However, seniors are actually not the only ones who could benefit significantly from consulting with an elder law professional. In fact, in many situations, it may be important for young families to get legal help from an attorney with experience in the field of elder law.
The Elder Law Firm of Clements & Wallace, P.L. provides legal representation to clients of all ages who want to make sure they have made a plan for their family’s future and who want to ensure they know who will make decisions for them if they cannot do so.
Why Do Young Families Need Help from Elder Law Attorneys?
Elder law attorneys focus on helping individuals and families plan for incapacity, to protect assets, and to create a plan in case death occurs. Seniors are more likely to suffer an illness or an injury that leads to incapacity, which is why the field of law focused on these issues is called elder law.
However, anyone could pass away or become unable to make and communicate their own decisions, not just seniors. Young people could face unexpected tragedies and they and their families could experience unforeseen consequences if a plan has not been made in advance.
Young people and young families need to make sure they, and their loved ones, are taken care of and planned for in the event of an unexpected tragedy. The creation of a comprehensive plan for incapacity, illness, asset protection, and death is very important for young people because:
- You need to name someone as a guardian of minor children. If you have young children, it is imperative you have a will or another type of estate plan specifying who should become a guardian for minor children if something happens to you.
- You need to plan for inheritance by minor children. If you have young children and pass away while they are minors, it is important to have a plan in place to prevent your minor child from directly inheriting from your estate. If a minor child inherits property, a guardianship must be established through the circuit court until the child reaches the age of majority, which could result in high fees. A trust for minors could avoid guardianship oversight and preserve your assets to be used for the benefit of your children.
- You need a financial plan to grow assets. You should consider getting financial planning advice to find out how much to save for retirement and upcoming family expenses and what types of tax-advantaged accounts can help you to save.
- You need a plan to protect assets. You want to make sure if you own a business, your personal assets are safe if the company is sued or goes bankrupt.
- You need a plan in case you become incapacitated. If you are no longer able to make or communicate decisions, you don’t want your family to be unable to manage your assets. A living trust or a power of attorney gives you the ability to name an agent who acts for you so there are no unexpected losses due to mismanagement of assets and to avoid any disagreements over who should make decisions.
- You need a plan to specify what type of emergency healthcare you want to receive. An advanced directive or living will can save your family from having to make decisions about extraordinary medical treatment you’ll receive to keep you alive in the event of a serious illness or injury.
- You should consider the result of not having an estate plan. In addition to the points listed above, you should consider who you want to inherit your property when you pass away. If you pass away without having a valid Last Will and Testament, your property will be distributed according to intestate succession laws designated in Florida Statutes. Depending on your family’s dynamics, this may not be your preference. It is important to have your intentions and preferences clearly designated.
These are just some of the key reasons why young families need to have a comprehensive estate plan. The plan that is made with the help of an elder law attorney will be custom tailored to meet your goals and your family’s needs.
Contact an Elder Law Attorney Today
You owe it to yourself and to the people who you love to make the important decisions in advance while you can so that you and your loved ones are protected. The Elder Law Firm of Clements & Wallace, P.L. knows all of the appropriate legal tools that you can use to maintain your autonomy and to provide security for your family in the event of incapacity or in the event of your untimely death.
To learn more about the ways that an experienced Lakeland, FL, elder law attorney can assist you, give us a call at 863-288-0904 or contact us online. We are ready to help you create a comprehensive plan in case of incapacity or death, as well as to plan how you can achieve your goals and protect your assets in the future.
category: Wills & Trusts