If you are unsure whether your financial planning is setting you on the right path for retirement, it may be wise to consult with an elder law attorney who can safeguard your interests and help with the asset protection process. There are numerous incentives to promote retirement savings, including tax-advantaged options such as individual retirement accounts (IRAs).
However, it is important to consider how private retirement benefits in Virginia Beach can affect other aspects of your retirement years, such as preserving Medicaid eligibility and the costs associated with any necessary long-term care. For these and other related questions, it is best to speak with an experienced elder law attorney who can help you map out a strategy for your golden years while ensuring your family legacy is safe.
There are numerous types of private retirement benefits that may factor into your Virginia Beach long-term care plan for your health and future. These could include defined contribution plans as well as defined benefit plans.
A defined contribution plan is where an employee uses part of their paycheck to fund their eventual retirement. This includes employee stock ownership plans, 401(k) plans, and profit-sharing plans. Roth 401(k)s and traditional IRAs are also considered defined contribution plans.
Defined benefit plans are also commonly known as pensions. A defined benefit plan can be structured in numerous ways but will often provide automatic payments following your retirement.
The value of those payments will typically depend on how long you worked and what your salary was when you retired. Pension plan payment amounts usually increase for individuals who have worked longer and earned more.
Both defined contribution plans and defined benefit plans can offer a range of advantages for retirement, including more predictability for retirement income. Certain accounts can offer distinct tax advantages.
While private benefits can play a vital role in retirement planning, these can also impact your eligibility for various government benefits. For example, IRAs and 401(k)s play a vital role in most retirement plans, but these benefits can also adversely affect Medicaid eligibility.
This makes it essential to work with an experienced Virginia Beach elder law attorney who can review the scope of your private retirement benefits and other assets to determine an effective advance financial action plan. Virginia also implements a five-year lookback period, which means no assets may be given away or sold for less than fair market value in the five years immediately preceding your Medicaid application.
No one knows when their health might decline. Our elder law attorneys can help you plan for Medicaid and other benefits assistance now, so the future is not left to chance. One option could be to create a trust to transfer ownership of assets to reduce your overall asset value.
In addition to assisting with the preservation and transfer of assets, an elder law attorney can help with matters such as disability, Social Security, and Medicare claims. An attorney can also offer guidance in all elements of estate planning to ensure your health needs, financial needs, and family interests are secure.
When it comes to implementing tailored strategies for your future financial and healthcare planning, private retirement benefits in Virginia Beach are a key aspect of that process. An attorney can help you address issues related to retirement accounts, pensions, and other benefits that will directly impact your unique financial needs.
We can develop strategies to safeguard and maximize the value of your assets while working to maintain your right to take advantage of any applicable government benefits or other long-term care services down the road. Contact Parks Zeigler, PLLC, to learn more about your legal options and get professional guidance about your retirement and estate plan.
With an office near Town Center, Virginia Beach and a second location beside the Chesapeake courthouse, our team provides quality legal representation across the entire Hampton Roads Area.
Parks Zeigler, PLLC – Attorneys At Law
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