Ways to Create a Loving Legacy for Your Children This Valentine’s Day
Are you trying to find the perfect way to say Happy Valentine’s Day to your adult children? Like us, does it seem that finding the “perfect” way becomes harder as the years go by? How do you say “I Love You” as your children age? In fact, what matters to your children now or in the future?
As we look forward to this month of February and beyond, we would like to share a way that you can say, “I Love You” to your family this Valentine’s Day. It is a way that you can plan to protect your family and create a loving legacy that will provide for them in the future.
1. By planning for long-term care costs now you can protect your legacy. The cost of long-term care for Older Americans is, unfortunately, expected to rise. This is why our aging family members need to plan now, to afford the long-term care that they may need in the future. This planning is critical so that family members are not left struggling to find answers or to pay those costs. Many Floridians do not realize that the failure to plan now can cost them their goals for the legacy they create for their children.
We encourage you to develop the planning you need with your loved ones and discuss goals for long-term care to ensure that everyone is informed of your decisions. We believe that the next step is the most important one in the development of your plan. It is for you to meet and speak to an experienced estate planning attorney and who is also knowledgeable about elder law issues. Your attorney will understand your goals and needs and can help you prepare the appropriate planning documents.
2. Create a plan, now, to leave a legacy for your children. Are you still working? Have you thought about your retirement plan lately? If not, as you consider the legacy you want to leave behind, now is the time to do so.
Retirement is a big change for most families. One of the best ways to ensure that your children, in particular, have a clear understanding of how you want to use your retirement savings, as well as how you want it to provide for them and their families in the future, is to account for it in your estate plan. In this way you can begin to create your legacy, which is how you will both protect yourself and your family’s future. Do not wait to create a legacy for your children now so that they are protected in the event something happens to you.
3. Create your planning documents that define your legacy early and discuss them with your loved ones. Creating an estate plan is one of the best ways to help ensure your loved ones are well taken care of in the event of your passing or sudden incapacity. Further, it is a way to prepare for your own care as you get older. It also lets them know the legacy you want to create.
We would encourage you to not put off this type of planning until it is too late. If you become incapacitated you will not have the ability to make decisions and, therefore, you will not be able to create your own estate plan. This choice to not plan ahead may leave your family vulnerable in a crisis. In addition, your planning needs to be discussed with your loved ones so that they not only know that you have an estate plan, but they now know what you want for the future.
These are just a few of the ways you can plan to protect your family and make the plans you need to provide for them when you are gone. As we reflect on Valentine’s Day and show those in your life the ways you love them, now is the time to get started. Preparation is key to successful planning and to help you accomplish your goals. When your family or financial health is on the line, trust attorney Paul Riffel to help you protect your interests and achieve your goals. Attorney Paul Riffel has been practicing law in Florida for over 40 years, focusing in the areas of Tampa estate planning and family law. We encourage you to contact us and schedule a meeting with us.