Most senior citizens end up on a fixed income. Whether it’s social security, a pension, an income stream from retirement funds, property, or other investments, once you are retired the majority of your earning days are behind you. A well-constructed wealth preservation strategy can ensure that you don’t run out of money and that you are able to provide a legacy for your loved ones after you pass.
If estate taxes are a concern, an Elder Law Attorney can help you determine what should stay in your estate and what might be gifted during your lifetime. You can give up to $14,000 to any person a year without triggering a gift tax, but gifts of any amount can disqualify you for Medicaid or a VA disability pension so care must be taken if you expect to apply for either of these.