Estate Planning Mistakenly, many people believe that an estate plan is only necessary if you are in your senior years or have considerable wealth.  Nothing could be further from the truth!  There are many legal strategies involved in estate planning, and unfortunately, not all of us will live to be 100.  But, did you know that in the state of Maryland, without a viable legal estate plan, the State will distribute your estate according to Maryland’s laws of intestacy and not necessarily to your spouse or dearest family members?  That means that every Maryland resident actually already has a plan in place (as established by the state) and it’s up to you to change it so that it reflects what you intend or wish.  In this article, Baywoods of Annapolis shares some of reasons to have an estate plan and what it should include. Tip #1:  Don’t go it alone Simple estate planning does not need to be costly, but it’s significantly better than no plan at all!  Since the laws of each state vary and change frequently, an experienced estate planning attorney can provide valuable advice and help you avoid common pitfalls.  They will work hard to understand your

Retirement Downsizing Making a move to an assisted living community is the first step in your retiree enjoying a more fulfilling, healthy lifestyle. However, it can be hard to for anyone to part with their possessions and downsize their belongings before moving into a smaller living space. Here’s how to help. Take Stock of What You Have, and Prioritize The first step of downsizing is taking an inventory of what your retiree already has. Spend a few days organizing and decluttering each room. Clear out all old mail, papers, and other unnecessary items before beginning the process. Empty each closet to determine the volume of possessions and get a sense of how much you need to get rid of. For an idea of space requirements at BayWoods of Annapolis, talk to us. Once you have a clear idea of what you have, prioritize. Does your retiree have to take that tea set from a garage sale 10 years ago? Probably not. At the same time, don’t discount items of sentimental value, even if they seem silly to you. If someone is particularly attached to a memento of the past, keep it, even if it seems impractical. If your retiree is

Making the decision to move into a retirement community is a large step. Planning for a new life at an assisted living community can seem like a mysterious process, but it doesn’t have to be. Here’s how to make the retirement planning stages easy. Financial Planning Having a reasonable idea of monthly expenses is the best place to start when planning for life after retirement. Beginning with a monthly calculator, figure out a standard budget for your expenses. Groceries, gas, dining, and entertainment expenses all add up, so take the time to consider every aspect of your retirement finances. Once you set a budget, stick to it. Total the amount of your Medicare payments and investment accounts to determine what you can allocate to each area of your budget each month. Having a clear idea of what you can spend takes the stress out of planning. For further information on financial planning, talk to one of our representatives about the investment of living at BayWoods. Social Planning Some retirees wonder how they will fill their time once they finally retire. To ease the worry of empty days, plan how your retiree will be involved socially and mentally. Look at a