Enea, Scanlan & Sirignano, LLP
Call Us Today for More Information 914-269-2367

Elder Planning Isn't Just For The Elderly

4 important considerations for protecting your assets

You worked hard for the assets you've accumulated. The last thing you need is to lose your assets because you need medical treatment or long-term nursing care. Your estate plan can help to keep your assets protected as long as you take appropriate steps. Consider these tips as you work on getting your estate plan together.

#1: The earlier the better

It is easy to put off making your estate plan. After all, it isn't really a pleasant thing to think about. Taking a little time now to think about these things can help ensure that you don't lose everything you worked so hard on. You never know when something will occur that leaves you incapacitated, so don't think you have time to put off making these plans. Additionally, you can't try to protect your assets just prior to filing for Medicaid as you enter a nursing home. Time limits apply for taking this action.

#2: A comprehensive plan is best

Your estate plan should include a variety of elements. The will is often the backbone of the estate plan because it lets your heirs know what to do with your assets. You may also need to include trusts into the estate plan. There are many different types of trusts, so think about how each type can impact your estate plan. For example, if your goal is to qualify for Medicaid when you need nursing home care, you need a specific type of trust to meet that goal.

#3: Don't forget powers-of-attorney

Your estate plan isn't complete without you designating people to handle making decisions for you if you are unable to do so yourself. Your powers of attorney are important documents. You can designate someone to make health care decisions for you. You can also designate someone to take care of financial decisions. If you have children, you must also think about who is going to care for them if something happens to you. You can create a guardianship designation for any minor children or children with special needs.

#4: Regular reviews are important

You can't simply forget about your estate plan once you make it. To protect your assets, you should review the estate plan periodically to ensure that it still meets you r needs. Review your estate plan at least annually, but take the time to go over it if you have significant changes in your life. Getting married or divorced, having a child, starting or ending a business or accumulating more assets are some examples of times when reviewing the estate plan is necessary.

No Comments

Leave a comment
Comment Information
Email us for a Response

Let's Make A Plan For Your Future

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

This site uses Google's Invisible reCAPTCHA, which is subject to Google's Privacy Policy and Terms of Use.

Enea, Scanlan & Sirignano, LLP

245 Main Street
White Plains, NY 10601

Toll Free: 800-724-1327
Phone: 914-269-2367
Fax: 914-948-9316
White Plains Law Office Map

We Can Help You Plan For Your Future. Whether You're Planning Ahead Or Needed A Plan Yesterday, We Have The Experience, Know-How And Desire To Make Your Life Better. Contact Us Today For Your Consultation.