Updating Your Estate Plan After Retirement in New York

Now that you are retired, you get to enjoy the things you worked for. You are feeling quite pleased with yourself, and for good reason. You are one of the fortunate few who had the presence of mind to start working on your estate plan when you are young. Many of your peers begin their retirement with a sense of anxiety that now they must start working on their estate plans, and many more cannot afford to retire at all. If you keep your estate plan as is, you will avoid the worst-case scenario, but the estate plan that you wrote to suit your employed self will cause some glitches if you apply it to your retired self. An estate plan is never truly finished, and now that you are retired, reviewing your estate plan is one of those tasks that is now fun, even though it used to feel like drudgery when you did it in your rare free moments between working and getting ready for the next day of work. If you have recently retired and need help updating your estate plan, or even if you need help building it from scratch, contact a Bronx estate planning lawyer.

Last Call for Affordable Long-Term Care

You are doing everything right to stay healthy until you reach an advanced age, but it is time to face reality; anyone might need long-term care in the future, including you. If your younger self was an estate planning superstar, you bought long-term care insurance. If you didn’t, you still have options. You might not qualify for a new long-term care insurance policy at your age, no matter how healthy you are, and if you do, it will cost much more than it would have when you were younger. You can still buy whole life insurance or hybrid life insurance, though, or you can buy an annuity and use the payouts to pay for long-term care.

Take an Honest Look at Your House

Your first attempt at estate planning may have involve brainstorming about whether to age in place, but you should revisit your decision now. Now you can feel your retired self in your house. Look at the walls and think about if this is where you want to stay forever. Which modifications will it need to make it more accessible if your mobility declines? How will you pay for the upgrades? Is it worth the risk of borrowing a reverse mortgage?

Spending in Accordance With the New Normal

Your retirement income now is what it will always be. See how far your Social Security check and other retirement income get you this month, and now imagine that repeating for the rest of your life. Is it tolerable, or do you need an intervention like debt relief or moving to somewhere less expensive than New York City?

Schedule a Confidential Consultation With a Bronx Estate Planning Attorney

An estate planning lawyer can help you revise your estate plan after you retire.  Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.

Source:

apnews.com/article/nursing-home-medicaid-personal-needs-allowance-poverty-2e0a2d90d7d63d4b476397a50a9cddff