By Gerald I. Street
Many people under the age of 70 think they are too young to start developing an estate plan. However, there are several reasons why I believe it is never too early to start”
• In all my years of counseling clients, I have never had a client who desired to “book a room “at a nursing home. A comprehensive plan may help you maintain your independence for a longer period of time. Handling the numerous financial, personal and other details of your future care should be completed before a nursing home is required, not afterwards.
• In my experience I have found that clients rarely, if ever, ask to leave their personal estate in disarray for their family to deal with alone. Failing to develop a personal estate plan, personalized for you and your family’s needs will often leave everyone with unintended consequences.
• Beginning your estate plan now, regard less of how little you have to leave your family can serve to reduce their future stress and anxiety. Your unexpected debilitation which could be caused by an accident or the rapid onset of mental deterioration are just two examples of why you should not wait.
• Unnecessary taxes, nursing home expenditures and fees for attorneys and other professional services can drain your resources from the “nest egg” that you worked so long and hard to build. Medicaid now requires a five year look back period when determining eligibility. This period starts once the necessary documents are complete so proper planning can result in substantial savings for you and your family.
A good estate plan depends upon many different professionals, but starting with an experienced elder care attorney is a great way to begin. So start developing your estate plan today!
Gerald Street is a partner with Street & Ellis. P.A. handling Complete Estate Planning and Elder-Care issues. For more information call him at 302.735.8400 or streetellislaw.com
