Tip of the Week

Advice for Planning with Elderly Clients

The senior population faces many challenges as they age, including financial, legal, and health issues. However, some of these risks can be mitigated by engaging in estate planning. In many cases, seniors will benefit greatly from the creation of a revocable trust and powers of attorney. For that planning to be effective, the documents need to be carefully drafted to ensure seniors and their assets are protected. To do so, careful consideration should be given to what provisions should or should not be included in their documents, with particular attention given to issues of incapacity and long-term care planning. Such provisions can drastically impact the client’s life and that of their families, by preserving assets and providing for greater efficiency in the administration of their estate upon their deaths.

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