Inflation and falling stock market returns have impacted the 65 and up community more than any other group in the U.S. For this reason, retirement-aged Americans are flocking to states and cities with living costs below the national average.
Will Stafford, Houston elder law attorney with Stafford Law Firm, stresses that—in our current economic climate—strategic estate planning practices are crucial for the Lone Star State’s community of retirees.
According to a recent report, Texas ranks as one of the lowest in popularity for retired Americans when comparing states where the cost of living is below the national average. This may be because Texas’s cost of living and home prices aren’t as ideal as other states, like Maine and West Virginia.
But Stafford says retired Texans don’t need to start packing their moving trucks just yet. Instead, they can use some strategic estate planning tools to protect and preserve their assets.
“During economic times like these, the most important thing a retiree can do for their finances is to ensure their assets are safe,” he noted.
Estate Planning Tools to Preserve Assets of Retired Individuals
As the population lives longer, a high number of elderly Americans find themselves in the position of having to pay for expensive long-term care. Many people quickly go broke, shelling out thousands of dollars every month to nursing homes, in-home care providers, and assisted living facilities.
“The unfortunate thing is that many people don’t prepare for this type of constant care until they need it,” Stafford said. “By then, it’s too late for some of the most effective tools to be put into place in an estate plan.”
Stafford says the most important thing is for retirees to plan early—before their need for long-term care sneaks up on them. Medicaid planning is an essential part of the estate planning process. It employs estate planning tools that allow Medicaid to pay for care in one of these facilities. This strategy often involves using trusts to secure your assets while making you eligible for Medicaid and other government benefits.
“When you’re on a fixed income, an unpredictable stock market and the rising cost of living are big concerns,” Stafford added. “Estate planning strategies that increase your benefits and protect your assets can give you room to breathe and peace of mind.”
About Stafford Law Firm
Will Stafford is a Texas elder law and estate planning attorney who supports individuals in making the best choices for their estate
and their loved ones’ futures. Consultations are free, and legal advice for estate planning is given with complete transparency.
With extensive experience in elder law, Medicaid planning, asset protection, and other practice areas related to estate planning in Houston, Stafford Law Firm serves as a vital resource for retired individuals.
Book an initial consultation with an experienced Texas estate planning attorney. You can also visit Stafford Law Firm at 9601 Katy Freeway, Suite 470, Houston,Texas 77024.
About Stafford Law Firm
Planning for your life or business is no easy task. While you might understand where you are going (or where you want to go), the right path isn’t always obvious. That’s where I come in. I help individuals, families and business owners take the right steps towards securing their legacy and protecting their family from the ”unknowns” of tomorrow.