When Should You Start Planning Your Estate?

If you live in El Paso, TX and keep putting off conversations about what happens to your home, savings, or kids if life takes an unexpected turn, a Medicaid lawyer can help you move from worry and concern to a concrete plan that will take this off your plate and leave you peace of mind, instead.

Life Events That Signal It Is Time to Talk to an El Paso, TX Lawyer

The National Council on Aging points out that the best time to start estate planning is always today. Anyone with assets or people who depend on them will benefit from having things planned and dealt with before problems arise. But if you’re still not convinced, here’s a few situations that absolutely should induce you to get started on a plan:

A Big Change In Life Circumstances

Marriage, the birth or adoption of a child, or buying your first home can change all your priorities, and in ways you may not expect right away. These moments create new people or property that help and protection if you can no longer speak for yourself. A simple will or power of attorney can name who steps in and how your wishes are followed.

A Big Change in Finances

Starting a business or receiving a significant inheritance also changes the picture. Suddenly you have more to protect and possibly more people or causes you want to support after you are gone. Without a plan in place, the state default rules will take over if you are incapacitated or pass away, and those may divide things in ways that do not reflect your relationships or intentions.

A New Prognosis

Health needs often arrive without much warning, and planning ahead lets you choose the person who will handle your day-to-day financial decisions and medical choices according to your values rather than leaving it to a judge or forcing your family to go to court to get a guardianship put in place. 

Long-term care is another important consideration. Federal rules require a review of all asset transfers made in the five years before you make a Medicaid application for long-term services and supports, and much of that can be clawed back. Giving yourself time to plan it all before you experience any health decline means you can explore all the legal steps that fit within those guidelines and protect your estate.

Consulting a Medicaid Lawyer

The sooner you begin, the more strategies remain open for protecting what you have built. Rushing decisions during a crisis often leads to choices that create bigger problems for your family later on. There are options, and we’re here to help.

We combine estate planning and elder law expertise under one roof so families can get everything they need. Our depth of experience in both Texas and New Mexico law allows us to handle the full picture from our offices in El Paso, TX or Truth or Consequences, NM. Contact Townsend Allala Coulter & Kludt online today or call us at 915-533-0007 to set up a consultation.

Posted in Uncategorized | No Comments »