Four Estate Planning Goals To Set For 2023
Estate planning is important for everyone, regardless of financial status. It aids in protecting your current assets, allows you to make provisions for unexpected events, and helps in ensuring both you and those you love are provided for in the future.
If you are unfamiliar with estate planning, the idea of it may seem daunting. However, in most cases, it is easier than you think and simply involves putting a few common yet important legal documents in place. As a means of getting started, our Tampa estate planning attorney recommends setting the following five goals for 2023.
- Make taking care of yourself and your affairs a top priority.
Most of us are so busy working and providing for our loved ones, we fail to take care of ourselves properly. Not having personal financial affairs in order is a problem as well. It creates stress and can cause delays in reaching your financial goals.
Make maintaining your health a priority this year, and be aware of potentially risky behavior or unmanaged medical conditions that could put you at risk. Make a list of all property you currently own, such as cars, homes, furniture, collectibles, and sports or recreational items, and use NerdWallets net worth calculator to get a clear picture of where you currently are financially. This plays a key role in protecting current assets and determining steps to build financial security in the future.
- Make provisions in the event of a serious injury or illness.
Accidental injuries and illnesses are unfortunately common. Make sure your family is aware of your wishes regarding medical treatment in the event you are unable to communicate these yourself. Consider putting a power of attorney, health care directives, and a living will in place. These allow others to manage your affairs until you can do so yourself.
- Anticipate future costs.
According to Forbes, more than 50 percent of older adults will eventually require either a nursing home or other types of long-term care. These costs can quickly wipe out any savings. Consider creating a trust, which can help ensure eligibility for Medicaid.
The odds are similar when it comes to eventually suffering some type of disability that prevents you from working. Consider whether you have short and long-term disability insurance available through your employer, or whether you might need to purchase private policies.
- Make sure vulnerable family members are provided for.
If you have people who depend on you for their care, consider investing in life insurance and creating a trust, which allows you to manage how assets are distributed to them.
Contact Our Tampa Estate Planning Attorney To Request A Consultation Today
Taking the above steps can help to protect you and your loved ones both now and in the future. At Strategic Counsel Law Group, L.C., we provide the trusted legal guidance you need to reach your estate planning goals. Call or contact our Tampa estate planning attorney online and request a consultation today.
Sources:
nerdwallet.com/article/finance/net-worth-calculator
forbes.com/sites/nextavenue/2016/02/02/the-2-big-misconceptions-about-long-term-care/
