Estate Planning for Retirees in 2025: Smart Moves to Protect Your Assets
Whether you’re starting your retirement journey in 2025 or you’ve already started your next stage of life as a retiree, make sure that your estate plan reflects your current stage of life and goals. Working with an experienced estate planning lawyer in Oklahoma can help you start 2025 on the right foot and verify that your estate plan is up to date.
At Entz Burton & Associates, our extensive knowledge of estate planning tools puts us in the perfect position to help you make the most of your assets. Attorney J. Michael Entz has worked in this area of law for over 30 years, giving him the in-depth experience needed to tackle your most pressing estate planning needs. Call us at 405-773-9800 to set up a consultation now.
Why Estate Planning is Essential for Retirees
Estate planning should be a top priority for retirees. A thorough estate plan can ensure that your wishes are followed, help prevent conflicts among loved ones, and plan for your future healthcare needs. The more decisions you make about your future now with the help of an estate planning attorney, the less stress you’ll have once you get to that point in your life. While most people think of estate planning they think of wills—but this is just one type of estate planning tool. Our estate planning law firm can help you explore a wide range of options.
Using a Trust to Protect Your Assets
In addition to writing a will, you may be interested in using a trust to safeguard your assets and streamline the distribution of your assets after your passing. Trusts offer flexibility and help your loved ones avoid probate when you die. Furthermore, there are many special types of trusts that can be used to address your specific goals and preferences. For example, a special needs trust may help provide for a loved one with disabilities without endangering their benefits. A trust can also provide privacy when it comes to your final affairs, a huge benefit for those who don’t want the details of their estate in public court documents.
Planning for Long-Term Care Costs
The earlier you address this aspect of your future with an estate planning lawyer, the better. Healthcare and long-term care costs have increased tremendously in recent years, and they’re only expected to continue rising. You may be able to get Medicaid to cover some or all of your long-term care costs, but not without proper planning. If you don’t plan far enough ahead, your entire estate will be drained to cover your long-term care expenses before Medicaid kicks in.
You may also want to set up specific accounts and funds meant to cover your healthcare needs. Separating out your funds in this way can help you avoid the anxiety that can come with unpredictable healthcare expenses.
Safeguarding Your Healthcare and Financial Needs
People often think of their own passing when they begin working with an estate planning attorney, but they should also think about what happens if they become incapacitated and cannot advocate for themselves. In this situation, it is crucial that your finances are protected and that your healthcare wishes are respected. By setting up a financial power of attorney, you entrust someone with the maintenance of your finances should you be left incapacitated. This protects the value of your assets, your credit, and your overall financial wellbeing.
A healthcare proxy is another important tool to consider. This names someone you trust with your important medical expenses. You can also create a healthcare advance directive that explicitly outlines your wishes, what type of care you will and will not receive, and how far you want doctors to go to save your life.
When you choose someone to serve as financial power of attorney and healthcare proxy, make sure you review your choices every six months. Relationships can change, and should something happen, you deserve to know that your financial and medical affairs are in capable and trustworthy hands.
Contact Entz Burton & Associates to Discuss Your Next Steps
The estate planning attorneys at Entz Burton & Associates can help you plan for your retirement and your future. Set up a consultation with our estate planning law firm now by calling us at 405-773-9800 or sending us a message online.
Attorney J. Michael Entz at Entz Burton & Associates is an experience lawyer in estate planning law, business formation and asset protection serving the families in Oklahoma City and Weatherford office.
