Preparing for retirement can be a complex process, but fortunately lawyers can ensure that those considering retirement have legally sound, effective retirement plans. Attorneys who specialize in elder law, estate planning law or probate law may be able to assist clients with retirement preparations. These attorneys may be able to handle all the details concerning retirement and estates in order to meet the goals of those arranging for retirement.
Important Factors in Retirement Planning
Retirement preparations are about utilizing your savings and any sources of income to ensure you are able to stop working. However, it can also include preparations for the later future, such as long-term care and administering your estate. When planning for retirement, some details for which you may want to prepare include the following:
- Retirement plan – Though lawyers cannot make investment decisions for you, they may be able to structure an IRA, 401(k) or other plan so you can reach your retirement and estate planning goals. An attorney can give you information about what you can and cannot do with a retirement plan and how you can optimize it to meet your needs.
- Medicaid – An attorney may be able to give you information about Medicaid and decide what medical care options are best for your retirement. If Medicaid is the best option, you can receive assistance preparing all the necessary documentation for a Medicaid application.
- Long-term care – Whether you eventually plan to move into a nursing home, arrange for a caretaker or some other form of long-term care, planning can be beneficial. You may also want to arrange for a guardian to handle your personal business and take care of your estate.
- Living will or advanced directive – You may want to prepare for a situation in which you are unable to make medical decisions. Advanced directives can give physicians and loved ones information about how you want to handle certain situations. You can also appoint someone to make medical decisions on your behalf.
- Estate planning – Readying your estate to give to beneficiaries is important. You should have a will to provide specific instructions about how to handle your estate when you pass away. Additionally, a lawyer can work with you to prepare trusts and find other ways to distribute your assets to your beneficiaries according to your wishes.
Get Retirement Planning Assistance from an Attorney
Preparing for retirement is not easy, which is why you should not have to do it alone. An experienced lawyer who handles the legal aspects of retirement planning can make the process smoother for you.