If you don’t have children, planning for your care and estate when you are older is more complicated.
But if you fall into this category, here are some tips to help ensure that you are well prepared, according to an article in the Houston News.
1) Choose your advocates wisely. They must be people you trust. And if they are close to you in age, appoint younger backups to help you with your medical, financial and estate planning decisions.
2) Set up a health care proxy. This allows you to appoint someone to make medical decisions for you in case you can’t.
3) Consider creating a durable power of attorney document. This person can make financial decisions for you.
4) Decide how your assets will be distributed. A will can name who gets what.
5) Buy long-term care insurance – before it is too late.
6) Create a gifting plan. You can give up to $14,000 per person to as many people as you want without tax consequences.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.