Arizona Estate Planning Attorney for Assets Less than $500,000
Many people mistakenly believe that estate planning is only for the extremely wealthy. The truth is, however, that even those with modest estates have much to gain from making even some basic preparations. For instance, while those with less than $500,000 worth of assets may not need a complex trust, it is still important for them to prepare a basic will or basic revocable living trust. Further, regardless of how many assets a person has, it is important for everybody to have powers of attorney in place designating somebody to handle their medical and financial decisions should they lose the capacity to do so themselves.
Another important consideration for those with less than $500,000 in assets to make is the cost of long-term health care. Care in a skilled nursing facility can cost more than $6,500 per month, and the need for such care can come on suddenly. Married couples with a small nest egg can quickly run out of resources to pay for not only health care, but also to provide for the well spouse’s quality of life. Engaging in long-term care planning or ALTCS planning, however, may set families on course to qualify for a program that covers long-term medical expenses. It can sometimes take a year or more for individuals to fully prepare themselves to qualify for benefits, so it is important for people to consider these issues well before they require long-term health care.