As your senior loved one begins to struggle with cognitive and physical decline, it is only natural to start wondering about your inheritance. Perhaps you know that your elder relative has set aside a considerable sum for you after their passing. Maybe you are going to inherit their home, their car, or their jewelry collection. Whatever the case may be, it is important to understand that your inheritance might not be as safe as you think. The truth is that there are many ways in which you might lose your inheritance.
The best way to tackle this situation is to get in touch with an estate planning attorney at your earliest convenience. With our help, you can explore a range of strategies to protect your inheritance. Sometimes, this means gaining a conservatorship or power of attorney, allowing you to make financial decisions on your senior’s behalf. In other situations, it is as simple as drafting a will or a trust. During your consultation, you can learn exactly why your inheritance might be at risk. It is best to reach out to a lawyer as soon as possible.
Your Senior Could Get Scammed
Financial abuse is rampant these days, and seniors are at risk for all kinds of scams and frauds. Sometimes, seniors lose their entire life savings due to a simple telephone scam. Others become convinced that they have met a potential romantic partner on the internet before being swindled out of their hard-earned cash. There are far too many scams to list, but all of them can leave your senior loved one penniless. This of course robs you of your inheritance. Fortunately, an estate planning attorney or elder abuse lawyer can help you protect your elderly loved ones from these scams.
You Could Lose Money Due to Inheritance and Estate Taxes
Inheritance and estate taxes can also diminish your inheritance considerably. Fortunately, an estate planning attorney can help you minimize these taxes with a range of strategies, allowing your family to keep more of the inheritance that is rightfully theirs.
The Wrong Family Member May Inherit Everything
Perhaps the most obvious threat to your inheritance is the lack of a will. This simple estate planning tool can make sure that money does not fall into the wrong hands – such as an estranged spouse or a disowned adult child. A will prevents your senior’s wealth from becoming intestate, giving them much more control over who gets what.
Enlist the Help of a Qualified Attorney Today
If you have been searching for a qualified, experienced estate planning attorney in New Jersey, look no further than Giro, LLP, Attorneys at Law. Over the years, we have assisted numerous seniors and family caregivers with a range of issues – including those related to inheritance. We know that maintaining your family’s wealth is of the utmost importance – especially when you are relying on these funds for things like college tuition. Book your consultation today, and we can assess your unique situation before recommending the best course of action.