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Planning for your future when you’re a caretaker

Posted on March 28, 2017

There are many reasons why people decide to sit down with an attorney to put together their estate plan. They may be thinking about how they can transfer their assets to their children after they are gone or how they can establish a trust for their grandchildren. In general, people want to get their financial ducks in a row so that they are prepared for retirement and can protect the financial future of their loved ones.

In most cases, parents can rely on their kids to one day be self-sufficient. But what happens if you have a child with disabilities? That child may need some type of support for the rest of his or her life. Parents who take care of a disabled child need to consider their estate plan very carefully in order to protect their child’s future. An attorney can help them use various tools such as a will, a trust and a power of attorney in order to help secure their child’s future.

The same can be said about individuals who care for their elderly parents. Although in most cases, your parents will pass on before you do, what if that isn’t the case? Unfortunately, life is unpredictable. We do not want to leave our elderly parents without assistance and financial support if we happen to pass.

These are all circumstances that caretakers need to consider when putting together their estate plan. There are people who count on us to take care of them and that care may need to extend throughout their lifetime.