Situations change, families move, loved ones pass away, children are getting divorced, a grandchild is born with a disability.
Your legal and insurance documents are instructions to those handling your final wishes, but it your responsibility to make sure they reflect those wishes.
Wills, advance directives, insurance documents, and beneficiary designations should be reviewed and updated regularly, but especially during the retirement planning process. There can be a number of changes that can save money, and save their family from grief and heartache. On the cost-cutting side, there could be some insurance coverages they no longer need, some deductibles you can raise, or do some self insuring. Long-term care insurance should be an option to look into, if you haven’t already done so. The average cost of Skilled Nursing in N.C. is $6,300/month, but there are some communities that exceed $12,000 per month right here in the Triangle region of the state. For some, it is to ignore the potential problem and hope it never arises, others have taken the necessary steps to see that their plan matches their goal. That plan is either self-insured, fully insured, or somewhere in between.
Medicare costs, as well as all the different supplemental plans available, are a real uncertainty. For the most part, older adults need competent advice and recommendations from professional advisors in order to make it through this maze with some degree of certainty that they have chosen the coverages that they need. There is also valuable information on the Social Security site SSA.gov as well as the North Carolina Department of Insurance site, http://www.ncdoi.com/shiip/
Beneficiary designations in many instances may include incorrect primary beneficiaries, or have no contingency beneficiaries at all. This can create issues and missed planning opportunities at death. Wills need to be updated to make sure they reflect current desires along with properly drawn health care directives and powers of attorney. Anyone contemplating retirement should first consult an expert, your Elder Law Attorney working with a professional financial advisor. Designations containing minor children, individuals with disabilities, or seniors on government long term care programs like the VA Aid and Attendance benefit, Special Assistance or Medicaid should seek professional advice.
- Find and review all your documents
- Share with loved ones their location.
- Update documents on any life change: you’ve moved, deaths, divorce, births, changes in your health or that of your spouse or beneficiary.
We offer FREE review of your legal documents and will “come to you” if you live in the Triangle or Triad regions (your home, senior living community or place of business).
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We believe the foundation of every well crafted Estate Plan are solid legal documents. Your will or trust, more importantly, Powers of Attorney, need to give your agents both the direction and in the case of your powers of attorney, the authority to carry our your wishes.
We offer Free Consultations in your home, senior living community, your place of business or financial advisors office.
We offer legal advise only and do not sell annuities, securities or insurance products.
Additional Questions? rick@carolinaestatecounsel.com 919-656-2959
