trust and will attorneys York Harbor ME 03911

Several acronyms are used by lawyers who specialize in estate planning and elder law to assist clients in being ready for the future. You may gain further self-assurance in your approach to preparing for your own future or the future of others you care about by being familiar with some of the most popular medical and legal phrases that are used in this sector.

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2. CCRCs (Continuing Care Retirement Communities) — Those seniors who are in need of increasing levels of medical and personal care but would want to age in place have the option of relocating to continuing care retirement homes, which provide varying degrees of assistance in accordance with the person's evolving need in this regard. Residents have the option to begin their time in the community by living independently, and later, if necessary, they may transition into assisted living or a nursing facility.

Individual Retirement Accounts (also known as IRAs) are a kind of account that provide people the opportunity to save money for retirement in a tax-free or tax-deferred manner. Although traditional IRAs make use of income that is tax deductible and allow for tax deferral, Roth IRAs make use of income that has already been taxed and do not impose taxes upon withdrawal.

A middle-aged guy and his wife are posing questions to their lawyer concerning the contract that they are going to sign.