When you think of an elder law lawyer, you likely think of a lawyer who helps seniors with estate planning and with end-of-life issues, such as planning for what kinds of medical care to receive in case of incapacity. It is true that elder law attorneys do all of those things.
However, elder law attorneys also do much more. There are many important services an elder law attorney can provide that will help you to make smart choices to create financial security, protect your family, and achieve a more secure future. To find out all that Biddinger & Estelle, PC can do for you, give us a call today. You can also read on to see five surprising things that our Michigan elder law firm can help you with.
Many people are dangerously behind in their retirement savings, according to Investopedia.
Planning ahead to save for a secure retirement is vitally important and is something you should begin as early in your career as possible. Making and carrying out your plans is something that an elder law lawyer can assist with.
Our firm can help you to set goals for how much to save and can assist you in making use of IRAs that provide tax benefits for retirement investing. With our help to make a comprehensive retirement plan, you can get yourself on the right track for retirement.
Keeping your wealth safe becomes very important as you start to acquire property and build a nest egg. There are lots of different ways to protect you wealth, from buying the right insurance policies to using the right kinds of accounts to creating trusts. Biddinger & Estelle, PC assists you with identifying the biggest risk factors you face and putting in place plans to minimize the chances that something could cause you to lose your wealth.
Business Succession Planning
When you have a company, you want that business to serve as your legacy. To make sure your company can survive after your departure, you need to make a business succession plan. Our firm can help you. We can assist you in taking steps to ensure the efficient and timely transfer of your company to new owners if you pass away or must leave for any reason. We can also assist you in coming up with a plan to ensure your company’s assets are not at risk of loss due to a high estate tax bill after you pass away.
Paying for Long-Term Care
You may be forced to move into a nursing home or get home healthcare services as you get older or if you get sick. Unless you need only a brief stay in a nursing home to get skilled medical services, neither Medicare nor most private insurers will pay for your long term care. You’ll have to pay out-of-pocket unless you make advance plans to get costs covered.
An elder law lawyer can assist you in exploring options such as long-term care insurance to determine if this type of policy is right for you. We can also help you to qualify for Medicaid coverage for nursing home care. Medicaid will pay, but the benefit is means-tested, so you’d have to spend down your wealth until you had few assets left… unless you make a plan before you need care to protect your money and property.
Planning to Protect Young Children
If you have young children, you need to ensure that you have named a guardian to care for them if something happens to you. You also may wish to provide financially for your kids in case you pass away before they reach adulthood.
This is not as simple as just leaving them money in your will, because a child cannot manage an inheritance. If you don’t plan properly, the court will name a guardian for the assets you leave to your children and the guardian may not be the person you’d have preferred.
Your child would also inherit all of the money, no strings attached, at age 18 unless you make an alternative plan. You probably don’t want this to occur, as your child may not be equipped to manage the funds in a responsible way at that young age.
Getting Help from A Michigan Elder Law Lawyer
Biddinger & Estelle, PC can hep you with these issues and many more. To find out about how an elder law lawyer can help you, join us for a free estate planning seminar. You can also call us today at (989) 872-5601 to get more information about the personalized services our firm can provide to help you accomplish your goals.