If you have adult children, do they know how much money you make, how much you have tucked away, and how much you spend each year?
It is quite common that adult children are caught unaware or without access to funds when tragedy strikes. When a parent's finances are revealed only after death, or when a debilitating illness strikes, the responsibility can place a lot of stress on the offspring.
Simple, essential steps for putting your affairs in order
The steady drone of coronavirus news this year has spurred countless older Americans to face a long-procrastinated task: writing — or rewriting — their wills. A 2016 Gallup poll found that more than 30 percent of people 65 and older and more than 40 percent of people ages 50 through 64, do not have a will. The main reasons people stall, according to Caring.com? Most say they haven't gotten around to it, or they don't have enough assets to leave to anyone.
Many questions are being asked as the coronavirus crisis confronts our communities, raising uncertainty, isolation, and the risk of illness. During this health crisis, we are all concerned with ensuring that we will receive the medical care we need and want.
Here at Tacoma Elder Care we want to provide you with some important tips to ensure you will be prepared regardless of what might happen to you or your loved ones.
The current pandemic is causing many Americans to seriously contemplate their finances and retirement plans more closely. Those approaching retirement are wondering if this is still a good time to retire, what this will mean for their future, and if it will greatly impact their retirement investments.
They are also worried about their estate plan, and if the retirement savings they have in place will still be enough.
It’s not a bad idea to take this time to contemplate all of these things, and Bob Michaels is here to help. Bob is working with clients every day as they navigate these challenging times, and we highly recommend you reach out. Having a strong estate plan in place will help you know that your retirement will be protected, regardless of what life brings. Bob is available for free consultations by phone, virtually, or in person.
Securing Your Investments
While most of the country is focusing on staying healthy and safe during the current pandemic, it’s hard to escape the real economic impact all of this has taken. The general age group most susceptible to the health dangers of COVID-19, people 60 years old and older, includes many Americans who are nearing retirement. The recent stock market volatility has, in many cases, significantly impacted their portfolios. Many are concerned that their retirement savings will no longer be enough and what that might mean.
The current situation, that has most Americans watching the news every day, is causing them to seriously contemplate their future securities, such as the families featured in this article. Those over 60, considered the most vulnerable, are realizing now might be the best time to get those important documents they know are so important, taken care of.
Bob Michaels is here to help. Bob is working with clients every day as they navigate these challenging times, and he highly recommends you reach out.
“Having a strong estate plan in place will help you know that your retirement will be protected, regardless of what life brings!”
Bob may not be doing public workshops currently, but he is available for free consultations by phone, virtually, or in person at his office in Tacoma. Click HERE to schedule your personal consultation to find out what You need to do to better prepare for your future during these challenging times.
What happens if you don’t have a Will?
Bob Michaels is extremely passionate about providing the best possible legal experience for his clients, and focuses his practice on elder law, estate planning, business, and real estate matters. Bob has been able to provide piece of mind and a solid foundation to many folks in the Puget Sound area over the years and wants to provide resources and relevant information whenever he can. For more information on how Bob can help you and your loved ones through these troubling times, contact Bob to schedule a FREE consultation.
Even under normal circumstances, caregivers deal with guilt over their care for older loved ones. However, during the pandemic crisis, this guilt has become even more troubling with so many loved ones being hospitalized and isolated.
Elders who have been exposed to Covid-19 or are at a greater risk, are unable to see or spend time with loved ones, grandchildren, and friends. Elders who are trapped in other countries, quarantined areas, healthcare facilities, etc., are often unable to communicate with anyone. Not to mention communication has been being relegated to things like Facetime, Zoom or Skype, requiring internet connections, computers and cell phones.
Families Kept Apart by the Pandemic