We’re living longer every day, and our changing culture and advancing science means that people are having children later than ever. This means that it’s more common each year to have older parents. These parents need to keep special considerations in mind when it comes to retirement and estate planning.
Creating this estate plan and keeping it up to date is essential and must include guardianship for children as well as powers of attorney and an estate representative. Learn about estate and retirement planning for late-in-life parents, including the estate planning attorney cost and other vital factors in your plan.
Caring for Your Children
There are several aspects of your estate plan that relate directly to caring for your children. The first of these is naming a guardian. If you don’t do this, when you pass on the courts will do it for you, and it may not be the person you want. In addition, you should consider creating and funding a trust for your kids so that they’re cared for when they get older. This is especially important if your child is from a second marriage. It can provide for college education and necessities.
Most financial advisors will recommend that you prioritize retirement savings over all else—college students can borrow money, which is harder to do for retirement purposes. It’s important to make sure that your needs are covered as you get older. You’ll also want to consider when to take social security. Your children may be able to receive benefits if they’re under 18, or who became disabled before they turned 22.
However, these benefits will change as you age, so you should calculate whether the benefits your children will receive now outweigh the increased benefits you’ll get if you wait until you turn 70 to start collecting.
Why an Estate Planning Lawyer is Important
It’s essential to take the right steps when planning your estate, and that means having experienced and knowledgeable guidance and advice. Estate planning doesn’t just smooth the closing of your estate when you pass on. It protects your assets and ensure your heirs are cared for, as well as protecting you as you age.
Estate Planning Attorney Cost
To make sure your plan is solid means working with an attorney, and there is the consideration of estate planning attorney cost. The entire process of setting up an ironclad estate plan can cost a few thousand dollars, but it’s well worth the expense. A single mistake on your estate plan can mean getting locked up in court proceedings which can be a major drain on the assets you want to leave to your children.
For the most part, your elder law attorney will charge by the hour, and most estate plans should cost less than $2,500 to create. However, you’ll want to consult with your attorney to determine what your needs are and get a better idea, as it can greatly vary from plan to plan.
If you’d like more information on planning your estate in Cuyahoga County, the Stano Law Firm can help. Give us a call for more information today.