New Year, New Resolutions: For Your Health, Finances, and Planning

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A New Year’s Check-Up for Your Health, Finances, and Future

The start of a new year is the perfect time to take stock and set goals. To make resolutions less overwhelming, it can be helpful to focus on one key goal for each important area of your life: your health, your finances, and your legal planning.

Your Health: Stay Active and Engaged

Maintaining good physical health is crucial, especially for seniors. The key is to find activities that keep both your body and your mind active. This doesn’t mean you need to start an intense new workout regimen. Gentle, consistent activity is what matters most. Consider starting a new hobby that keeps you moving and engaged, like gardening, learning an instrument, or joining a walking group. The goal is to stay active and continue learning, which has a profound impact on your overall well-being.

Your Finances: Look for Easy Savings

A great financial goal is to find simple ways to reduce your monthly expenses without sacrificing your quality of life. Two areas to review are your prescription and subscription costs:

  • Prescriptions: Services like GoodRx can provide coupons that may significantly lower your monthly prescription costs, sometimes even beating your insurance co-pay.
  • Subscriptions: Review your monthly cable and other subscription bills. If your introductory rate has expired, call the provider and ask to speak with their “loyalty” or “retention” department. A single phone call each year can often result in hundreds of dollars in savings.

Your Future: Review Your Legal Documents

Just like your health and finances, your legal plan needs a regular check-up. The New Year is an excellent time to review your documents, especially your General Durable Power of Attorney.

Laws change, and an older Power of Attorney may not provide the comprehensive authority your agent needs to protect you, especially when it comes to long-term care planning. A simple, generic document often does not allow for the advanced asset protection strategies necessary to help you qualify for programs like Medicaid or Special Assistance.

An “Advanced” General Durable Power of Attorney is broader in scope and gives your agent the specific authority they need to take these protective measures. If your document has not been reviewed in several years, it may be time for an update.

A Resolution to Be Prepared

Taking small, proactive steps in these three areas can have a huge impact on your peace of mind throughout the year. If updating your legal documents is part of your plan, our attorneys can help ensure your estate plan is current and provides the protection your family needs. Call our office at (919) 256-7000 to schedule a consultation.