• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sinclair Prosser Gasior

Estate Planning Attorneys - Annapolis, Maryland

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Call Now: (410) 573-4818

Attend a Free Workshop Trustee School

  • Home
  • About Our Firm
    • About Our Firm
    • Meet Our Team
  • Services
    • Annapolis, MD Asset Protection and Business Planning
    • Estate and Gift Tax Figures
    • Annapolis, MD Elder Law & Medicaid Services
    • Annapolis, MD Trust Administration & Probate
    • Family-Owned Businesses & Farms
    • Annapolis, MD Incapacity Planning
    • Annapolis, MD LGBTQ Estate Planning
    • Annapolis, MD Pet Planning
    • SECURE Act
    • Annapolis, MD Special Needs Planning
    • Estate Planning for Young Families
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Definitions
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Power of Attorney
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Trust Administration
      • Estate Planning for Niches
    • Top 10 Estate Planning Techniques
    • Newsletters
  • COMMUNITIES WE SERVE
    • Anne Arundel County
      • Annapolis
      • Crownsville
      • Davidsonville
      • Highland Beach
      • Millersville
    • Baltimore County
    • Calvert County
      • Dunkirk
      • Huntingtown
      • Owings
    • Charles County
      • Charlotte Hall
      • Waldorf
    • Howard County
    • Prince George County
      • Bowie
      • Fort Washington
      • Glenn Dale
    • Queen Anne’s County
      • Grasonville
      • Queenstown
      • Stevensville
    • St. Mary’s County
      • Charlotte Hall
      • Leonardtown
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
  • Make A Payment
  • Client Portal
Home / Estate Planning Articles / Helping Your Parents Age Gracefully

Helping Your Parents Age Gracefully

November 30, 2011 by Sinclair Prosser Gasior

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

As you look back over your life, you realize just how much your parents’ support has meant to you. They were there as you took your first faltering baby steps, they supported you with advice and encouragement as you navigated adolescence, and, even as you ventured into adulthood, you knew your parents would be there to help you face life’s unending questions and challenges.

Years later, the roles are reversing. You watch your parents’ steps become unsteady, and you realize that they need help facing their own questions and challenges. You want to help your mom and dad age gracefully, and that means knowing how to meet their needs while helping them remain as independent as possible. It can be a tricky balance to strike, and planning ahead is essential.

Tax Planning

If your parents have accumulated substantial assets over their lifetimes, they’ll likely need to do some tax planning. Planning ahead will enable your parents to pass on as much of their estate as possible to family, friends, and charity rather than having their wealth eaten up by estate taxes.

Medicaid Planning

For those who don’t have significant wealth, Medicaid planning is a key concern. Without advance planning, nursing home care or assisted living costs could drain your parents’ savings, leaving them with a very low quality of life. Planning at least five years ahead can make all the difference. It can help your Mom and Dad qualify for Medicaid coverage and still have money to pay for a few of life’s pleasures – and maybe even allow them to leave a little behind for their children or grandchildren. Medicaid planning may even save the family home.

Trust Planning

No matter what your parents’ financial situation is, a Revocable Living Trust can be a helpful planning strategy. Your parents can place their assets in the Trust and manage the Trust as long as they are healthy and capable. They can name you Successor Trustee so that if their health begins to decline, the framework will be in place for you to take the reins and manage their finances for them.

The beauty of this arrangement is its flexibility. If your parents only need a little help – for example, if they need you to take care of their bills for a few months while your mom recovers from surgery – the Trust lets you help out for a while and then transition control back to your parents. If, on the other hand, there’s a sudden and permanent need for you to take over, the framework is there for you to do so, immediately, and without the need for court intervention or permission.

These are just a few of the planning tools available to smooth the transition for you and your parents as they age. An estate planning attorney can show your family all the options for helping your parents age gracefully.

Primary Sidebar

Download our free estate planning worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Testimonials

5 Stars
Client Review
September 3, 2020
    

We initiated estate planning following a presentation by Sinclair Prosser Attorney Jon Gasior. We were so impressed, we contracted with them to complete our estate planning. Subsequently, we assembled information on our assets and Sinclair Prosser Gasior did the rest. Correspondence was communicated to our financial institutions and the estate was established. We were very pleased with the courteous manner of the Sinclair Prosser Gasior staff. However, it was their professionalism that made us satisfied we chose this firm to handle our estate. We have nothing but praise for Sinclair Prosser Gasior .

default image
– Walter K.

ANNAPOLIS

900 Bestgate Road
Suite 103, Annapolis, Maryland 21401
Phone: (410) 573-4818
Fax: (410) 573-2802

BOWIE

4201 Mitchellville Road
Suite 403, Bowie, MD 20716
Phone: (301) 970-8080
Fax: (410) 573-2802

MILLERSVILLE

1520 Jabez Run Rd
Suite 300, Millersville, Maryland 21108
Phone: (410) 573-4818
Fax: (410) 573-2802

WALDORF

Hamilton Centre II
3261 Old Washington Road, Suite 2020 Waldorf, MD 20602
Phone: 800-366-4615

Map

map for office

Footer

footer logo
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

The information on this Maryland Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

© 2022 American Academy of Estate Planning Attorneys| Privacy Policy | Contact Us | Disclaimer | Site Map