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Home > Blog > Estate Planning > How to Build Your Estate Plan When Your Health, Not Your Finances, Determines When You Retire

How to Build Your Estate Plan When Your Health, Not Your Finances, Determines When You Retire


With everything that has happened since you have been in the workforce, it is understandable how you have managed to make it to your 50s without thinking about retirement or estate planning in much detail.  The gray hairs began to appear, followed by friendly brochures from the AARP, but you did not give them much thought, because you were too busy coping with financial matters that directly affected the current week, month, or year.  Now you can no longer deny that there will likely come a time when you will no longer be able to work.  A picturesque retirement is probably not going to happen.  Therefore, your goal is to ensure that your eventual illness and death do not cause a financial catastrophe for your family.  For help protecting what few assets you have while staying in the workforce for as long as you are able, contact a Bronx estate planning lawyer.

Count Your Blessings, No Matter How Small

If you are getting a late start on estate planning, your goal is not to get more stuff, but rather to not lose the things you already have.  If you own your house, you are in a better position than most.  If you are in good health, it is a good time to buy long-term care insurance.  This will pay for as many years of long-term care as you need, enabling the house to stay in your family.

If you are sure that you do not want your family to keep your house, then you might plan to sell your house and use the proceeds toward whatever combination of long-term care and inheritance it will buy.  Medicaid benefits will eventually pay for nursing home care if you need it, but trying to keep your house and also qualify for Medicaid is an uphill battle; Medicaid will try to claim your house from your estate after you die.  If you know that you will eventually need Medicaid to pay for your nursing home care, your best choices are to transfer ownership of your house to a family member now, and preferably have the family member move in with you.  Medicaid will let a family caregiver keep your house, without Medicaid trying to claim it, if the family member has lived with you since at least two years before you entered the nursing home.  Another option is to transfer ownership of your house to a Medicaid asset protection trust.

Legal Protections Apply to Senior Workers, Too

As for remaining in the workforce for as long as you can, your employer cannot force you to retire because of your age.  Age is a protected category, meaning that it is protected from employment discrimination.  Likewise, no matter your age, you have the right to file a workers’ compensation claim if you get injured at work.

Schedule a Confidential Consultation With a Bronx Estate Planning Attorney

An estate planning lawyer can help you make a realistic estate plan if you know that you cannot afford to retire.  Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.



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