Are you a Baby Boomer helping yourself, your parents, your children, and possibly your grandchildren?
Traditionally the oldest family members were the family members relied upon for knowledge, time, and financial help. Today, with people living longer than ever, the oldest members of your family are increasingly in need of help. The elderly in your family might need your time, money, and guidance.
“Baby Boomers” are now sometimes caught in the middle or sandwiched. Parents are alive and your kids still need your help (college, money for house, etc.). As a result, you are sandwiched. You can only help so much and are going in many directions. The added responsibility of caring for elderly parents can take its toll both financially and physically.
Planning is crucial when caring for your loved ones
Assisting and guiding an elderly parent at this time may be the most important action you can take to ensure the physical and financial health of your family. Resources are limited. You are devoting your resources (time and money) to insure the elderly have their needs met. Make sure nothing is wasted.
An Estate Plan is now needed to ensure your resources and your parent’s resources are not wasted. Resources in your name and/or your parents name can be lost if not properly protected. A plan to minimize expenses and limit exposure of assets is necessary. Planning is key – namely, an Estate Plan.
Let our Dutchess County Estate Planning Attorney guide you through the process. Call (845) 764-8104 today to learn how we can help.
The surprisingly high cost of care
The average cost of nursing home care in Westchester, Putnam, and Dutchess counties is $166,872.00, per year. Nursing home expenses can simply devastate a family’s resources. At risk is the early retirement you hoped for, your ability to help pay college tuition, and creating a cushion for your family without an Estate Plan.
How can we do this? There are many solutions that are viable, such as:
- Cascading Trusts – or Multi-Generational Trusts, designed to coordinate and connect successive and related trusts to insure assets are protected.
- Irrevocable Trusts – Trusts that permit you to enjoy the use and income of an asset while protecting the asset from catastrophic Medicaid Exposure.
- Medicaid Assets Protection Trust – Protecting assets and qualifying for government services.
Call (845) 764-8104 for Personalized Counsel
What is right for your own personal situation? To determine that the advice of counsel is critical in determining the best way to proceed. The right Estate Plan will protect your assets.
That is why Hudson Valley Estate Planning Attorney Michael Martin offers you a free consultation. Call for your appointment today at (845) 764-8104.
What Our Clients Are Saying
The service has been excellentFred Cantor
Michael and his staff are extremely professional and thorough.Risa Getman
"It was the best decision I ever made. Each time I had a question about something, they were there with the answers."Robert Beahan
We have more than 20 years of legal experience.
We help our clients find the peace of mind they need.
We offer both personal attention and professional skill.
We make house calls.
We take pride in protecting the wishes of our clients.
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