Losing a spouse is difficult, no matter at which stage of life it occurs. However, for seniors on a fixed income, losing a spouse may also mean suddenly losing their livelihood, too. As a Brandon elder lawyer, I work hard to help both spouses prepare for every possibility so that ultimately the surviving spouse is protected when the other passes away.
Benefits That May Be Affected
Union and pension benefits often cease following the death of the pension holder, or if they continue, they may be reduced when transferred to the surviving spouse. Veterans’ benefits may also stop when the veteran collecting them passes away. Social Security benefits may also be at stake.
As you can imagine, this loss can be catastrophic for widowed seniors, who may suddenly find themselves needing to rejoin the workforce and/or depend on government programs if they are not prepared for such a drastic change to their finances.
How a Brandon Elder Lawyer Can Help
The good news is that working with an experienced Brandon elder lawyer in advance can help change the trajectory of the senior’s financial situation. An elder lawyer can advise the family on strategies to replace unstable income streams, such as taking out insurance policies, annuities, or utilizing other types of strategic planning. The key is to anticipate and prepare for these needs in advance with an estate plan.
An elder law attorney can also help you determine what income you have now and what expenses you might have later, such as long-term care costs. The goal is to have a plan to cover these expenses so that the surviving spouses’ remaining income can be used to cover day-to-day expenses.
How to Get Help
The bottom line is that losing a loved one is hard enough, and there is no need to add financial burden with an unexpected loss of income too. Make sure you discuss all income sources with your Brandon elder lawyer so that you can pinpoint where there may be shortfalls and plan accordingly for a secure future. If you are ready to get started, we invite you to contact our law firm to schedule an appointment at (813) 438-8503.