An increasing number of seniors in Pennsylvania can be best described as single. They reach their retirement years having never married or had children. If this describes you, then you probably think you may not have any estate planning needs. You don’t have children or a spouse to consider, and your relatives may be so distant that you aren’t concerned about their future needs. While this all may be true, the fact is that you still have to prepare for the future. This is why an experienced attorney can help you with your estate planning, addressing needs of which you may not be aware.
Outliving Your Retirement
Many retirees think they have things covered. Their house is paid off, they have a pension and 401(k), and have mapped out a retirement that has been bought and paid for. However, bad things can and do happen. Are you prepared if you need a long hospital stay? As we age, our physical needs increase. If you don’t have long-term care insurance, this can eat into your savings.
In addition, taxes here in the Keystone State continue to rise, especially those on homeowners. These can deplete your savings faster than you planned. In addition, you may need to address selling your current home and buying one that is more conducive to your needs. Many of our clients have seen their mobility impaired as they have grown older, making it more difficult and impractical to live in a home with stairs.
Properly preparing an estate can address these concerns. Placing your assets into a living trust can help shield them from creditors. Purchasing annuities can deliver a steady income stream that also has some asset protection. Addressing long-term care with insurance can address your needs, as many elderly people soon discover that they cannot live on their own without home healthcare assistance. Many even find that moving into an assisted living facility make more sense. Without immediate family members to care for you, you are going to find yourself in the position of having to pay for assistance. Estate planning can address this as well.
Assistance With Healthcare Decision-Making
Accidents can and do happen. So do medical emergencies. The odds of these occurring increase as we grow older. This is why it is important to appoint someone you trust to be able to make decisions on your behalf in case you become incapacitated, especially in an emergency situation.
We all have different opinions on things like medical treatment that may result in us permanently losing some of our physical and mental abilities. If you do not appoint someone you trust to take your feelings into consideration, then you will be leaving this up to a hospital or physician who does not know you personally and is unaware of your religious or philosophical beliefs.
A healthcare proxy can be created that will appoint someone you trust to make these decision in the event that you are not able to make them yourself. In addition, a power of attorney can be created that will take effect in the event you become incapacitated, so that this person can also handle your financial affairs until you are back on your feet. This person can be a close friend, relative, or professional person that knows you and will act in a way that you will approve.
Making Sure Your Money Goes Where You Want It
If you die without a will, then the Pennsylvania laws of intestacy will apply. Assuming your parents are deceased, then your assets will go to any surviving siblings, since you don’t have a spouse and children. If you do not have any siblings, then all of your assets may escheat to the state. Even if you have siblings, you may not want them to inherit any of your property for your own personal reasons. To avoid this happening, you will need a will.
Many elderly single people have close friends. You can leave any and all of your property to these friends who survive you if you so desire. In addition, you may want to leave money to your church, mosque or synagogue, as well as to your favorite charities. In fact, you can create charitable trusts that will provide you with tax benefits while you are alive, while making sure some or all of your assets go to charitable organizations. All of this can be addressed in estate planning as well.
If You Are a Single Senior Who Needs Assistance With Estate Planning, Call Our Firm Today
Estate planning is something that everyone needs, including single seniors who have no children. The experienced estate planning attorneys at Jones Gregg Creehan & Gerace, LLP can help you with all of your needs so that you are best prepared for the future. Contact us today.