Numerous veterans plan for retirement and retire young, yet still require assistance in their golden years, which can be costly. "Many are outliving their money and forced to spend down all their assets or rely on family members," said , Client Services Director of Horizon & Estate Planning. "Furthermore, the cost of care, if needed, can range from a couple thousand a month up to per month. doesn't come close to covering this, and only a select few have long-term care insurance or pensions that can cover these enormous costs."
Many also don't realize they qualify for veteran's benefits or are not aware of the "Aid and Attendance" pension. This special pension was set aside to assist senior veterans and their spouses who are in need of financial assistance for health care costs, in order to prevent wiping out their life savings.
To help veterans properly plan for retirement, McNaughton shares the following three tips:
No. 1: Plan for long-term care. "Most people should expect that they will require long-term care at some point in their life," added McNaughton. "It is imperative to talk to a qualified elder law attorney to create a plan, and do not wait until your money is gone to plan for long-term care."
No. 2: Make sure to have a durable power of attorney and health care directive. "No matter what age you are, have a durable power of attorney in place to avoid a judge deciding who can help you with your finances and health care decisions, should you become incapacitated for any reason," stressed McNaughton. "Understand, however, that not all powers of attorney and health care directives are alike. Something you download off the or do yourself may not work the way it needs to in a crisis situation."
No. 3: Carefully choose an estate planning/elder law attorney. "Never go with the cheapest, as you get what you pay for," concluded McNaughton. "Furthermore, don't go with the attorney that does a little bit of every area of the law. Would you pick a general practitioner to perform your open heart surgery? Likewise, it is important to do your research and get referrals from trusted people to find an attorney who can meet your specific needs."
About Horizon & Estate Planning
Horizon & Estate Planning offers quality estate planning for singles and couples and serves the senior population by providing assistance with governmental entities such as and and long-term care planning. The firm also offers services in probate, guardianship and conservatorship administration in , and throughout the state of . For more information, please call (925) 244-1185, or visit http://www.horizonlawca.com. The law office is located at , Suite 145, 94583.
About the NALA
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