Protecting Your Family and Assets While Aging in Florida
As you get older, and your family gets bigger, you’ll want to keep them comfortable however you can. This may even mean filling out a free printable Florida power of attorney. Here is a guide to keeping your finances safe and sound as the years go by.
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Why Your Assets Need Protecting
Aging brings a number of challenges. Estate planning is a serious concern for anyone once they reach a certain age, for example. Staying on top of this can make sure your property goes to the right people. Healthcare costs might also be rising at a time when you need more care.
Nobody knows what tomorrow will bring. This is already reason enough to secure your assets if you haven’t already done so. Everybody wants their family to be comfortable when they go. You should still start laying the groundwork, even if this is decades away.
Debt affects 77% of American households. If it’s hurting you, you’ll naturally want to keep it from harming your family too. There are, however, ways to keep your belongings safe for yourself and your loved ones’ inheritance.
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How Power of Attorney Helps
When you get older, you might not trust yourself with your own finances. At the very least, it may help to know your family is taking care of things. Signing a power of attorney form lets you give someone you trust power over your property.
However, the agreement they sign also says they need to follow your wishes and preferences. If you sign a ‘special’ power of attorney, this limits them even further. You have a chance to get the perfect balance of control over your assets.
The person you pick (your agent) needs to be someone you trust dearly. Depending on the form you use, they may even be able to make real estate purchases in your name. If you’re no longer able to do this yourself, it helps to know your assets are in safe hands.
Florida POAs require signatures from two witnesses and a notary. This is naturally in addition to yourself and your agent. The state is relatively strict in this regard — but this helps to ensure the agreement is legally binding.
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Navigating Healthcare Options
You won’t want to spend the last of your life’s savings on medical or general care costs. You still want to leave enough for your family, after all.
A Medicaid Compliant Annuity is one way you can get around this. Currently, Medicaid has strict asset limits as part of its eligibility criteria. You may have the money to pay for treatment, but this could still put a massive dent in your finances.
Your MCA turns your assets into a revenue stream. This slowly returns the money to you — and you’ll be eligible for Medicaid in the meantime.
Healthcare costs are a massive barrier in Florida and the US as a whole. It’s always worth trying to find ways to bring these fees down. If you do it right, this could mean more money which goes towards helping your loved ones.
Protecting Your Family
Along similar lines, it’s essential that you keep in touch with your family about these decisions. If you leave them out of the loop, they might worry about you for no reason. This is why you should consider naming one of them as your power of attorney agent.
You have to tell your loved ones about your long-term asset plans, no matter your choice of route. It’s probably not a conversation you’ll want to rush into, but it’s important nonetheless.
The best way to protect your family through this process is to be upfront with them. There might even be disputes and disagreements between them if you don’t keep them informed about your wishes. This can help them plan for the future and even how to use your assets.
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When to Update Your Documents
Once you plan your estate, you don’t have to worry about your decisions being set in stone. You can update virtually everything if you change your mind, minus an irrevocable trust.
There aren’t any rules for how often you should check over your POA and other documents. It’s best to review it once a year, even if there are no major changes to your situation. Don’t just look it over — really ask if your current arrangement is what you want.
For example, you may reconsider who you want to be in charge of your finances. If this does change, draft a new POA document and re-sign it. However, you still need two witnesses and a notary for this.
Final Thoughts
Figuring out your assets as you age is no picnic. But this is something you’ll need to think about to help your family. Pre-made document templates are instrumental for these situations. Without them, you won’t know if your forms fit every legal requirement.