When most people think of legal trouble, they usually don’t think about older folks getting in trouble. Crime and legal problems are typically associated with young people, but the truth is, you’re never too old to get into trouble.
Here’s a guide to help you pay for any legal costs you might incur after retirement. Remember, not everyone gets into legal trouble in their youth; many others find themselves in trouble much later in life.
How Seniors Get Into Legal Trouble
You might be surprised to know that many people after retirement find themselves in legal trouble at some point. Seniors can get into legal trouble just like anyone else and in some cases, they wind up having legal issues because they become confused and commit an illegal act unwittingly.
For example, an older adult with Alzheimer’s or dementia who leaves the house without his trousers can be charged with indecent exposure and possibly forced to register as a sex offender. Or maybe the same adult happens to bump into a person on the street and becomes physically aggressive and could then be charged with assault. Although they can fight the charges, defending these takes money and probably an attorney. Not everyone has that kind of money lying around, especially seniors that are already struggling to keep up with their medical and everyday cost of living.
There are plenty of other ways for older folks to get into trouble. Many seniors struggle with driving. If you don’t give up the keys at the right time, you could easily find yourself in a lot of legal trouble if you get into an accident. It could be something as random as running a red light and ramming directly into an oncoming vehicle. Then again, it could be something as simple as forgetting that you are in reverse and backing into a building.
Either way, you’ll have a lot of legal fees to pay. Many seniors who have already retired don’t have the money to pay such fees. For example, if you had backed into a building and destroyed a storefront, you would have thousands if not tens of thousands of dollars to pay in damages.
Why Seniors Have Trouble Paying for Legal Fees
Why do seniors have so much trouble paying legal fees? For starters, they are in a demographic that is notorious for having financial challenges. It’s often difficult to raise a large sum of money in a short amount of time when you are living on a fixed income with limited savings.
Most seniors have financial struggles paying for medical services and helping their grandchildren with college tuition that their budgets don’t have room for unexpected expenses.
Of course, there is also the embarrassment of it all. No grandparent wants to tell their grandchild that they can’t afford to help them pay for tuition because they accidentally backed into another vehicle or building, and now they’re being sued.
How Unexpected Legal Fees Can Derail Your Retirement and Decrease Your Quality of Life
Legal costs can become more than an inconvenience for seniors, and they can derail your retirement completely. In many cases, these costs can also decrease your quality of life. For example, if you are being sued for a large amount of money, you could be stuck making payments for the rest of your life.
Who wants to live out their Golden Years having to find extra money every month to pay someone who sued you? Not many, that’s for sure. It’s even worse when you can’t afford the payments. After all, living on a fixed income to pay the bills, housing and food is hard enough for most.
Having to pay legal costs in your old age can mean sacrificing certain luxuries or day to day needs. If you dreamt of taking vacations and experiencing the pleasures of white sand beaches, you could be forced to give up those dreams in exchange for paying off legal costs.
How to Raise Enough Money to Cover Legal Fees and Salvage Your Retirement Dreams
Although your situation might seem somewhat hopeless, you should know that there are alternatives. The key is to find the right way to pay your legal fees, ideally a method that does not involve giving up anything important to you.
While it might be tempting to just borrow money against the value of your home by taking out a reverse mortgage, you would be wise to reconsider. Every reverse mortgage has certain risks and the most significant risk, of course, is the possibility of losing your house.
Many seniors don’t understand the risks of taking out a reverse mortgage until it’s too late. If you already have legal problems, a reverse mortgage can be very dangerous. Why? Because when you have a reverse mortgage, you can lose your home if you neglect to pay your property taxes, homeowner’s insurance, or even if you leave your home for more than six months.
Some seniors choose to ask family members for money to pay their legal costs. Asking your family for financial assistance, of course, is not a particularly popular option. Asking family members for money is embarrassing, uncomfortable, and often somewhat humiliating. Fortunately, there is a better way. It’s called a life settlement, and it can change your life.
Although the term “life settlement” might sound like a scary legal phrase, it’s the reference for a potentially lucrative agreement that could solve your problem. A life settlement is an agreement in which you are paid a substantial sum of money in cash for, in exchange for your life insurance policy.
Compared to asking family members for money, taking out a reverse mortgage, selling your life insurance policy may be an easier and better option. Depending on the size and type of life insurance policy you have, you may be able to get significantly more money than you ever imagined.
Cover Your Legal Costs by selling your life insurance policy with MRE Finance!
Ready to conquer your legal costs and get back to stress-free living? Then it’s time to contact MRE Finance and ask about making arrangements to sell your life insurance policy. Once you have the money from your life settlement, you’ll be free to start enjoying your retirement journey in peace.
Our free life settlement calculator can provide you an estimate value of your life insurance policy within minutes. Click https://mrefinance.com/free-life-settlement-calculator/ or pick up the phone right now and call the team at MRE Finance today! 1-800-521-0770. We’ll answer all your questions as we walk you through the life settlement process with ease!