As an aging adult, have you started planning for retirement?
Today, research tells us that only around 13 percent of Older Americans have a plan in place for their future care. Unfortunately, many people believe that long-term care is only necessary for seniors and that all planning options will be available in a crisis. In reality, this is not true. While there may be some planning options available to you during a health care crisis, these options are typically less robust and comprehensive. There is no time like the present to create a plan to protect you in the future. To help you get started, let us share with you a few estate planning and long-term care considerations when you are contemplating retirement.
When it comes to your estate plan, when was the last time you reviewed your planning documents? It is crucial that you take some to determine whether your estate plan still reflects your current goals and needs. One of the primary benefits of setting up an estate plan is the privacy and protection for your assets it provides. Unfortunately, if you pass without leaving any planning protections in place, your estate will be subject to probate proceedings. As a result, information about your assets will be considered a matter of public record and anyone who would like access to that information can easily obtain it. Being proactive in determining your goals and preparing your estate plan is extremely important.
Did you know that 52 percent of Americans turning 65 years old will need some form of long-term care at some point in their lives? This statistic stresses the importance of planning ahead to protect yourself in the future. Unfortunately, the costs of both living and medical expenses continue to rise. As an aging adult, it is important to be proactive and plan ahead for these increasing costs. We encourage you to start your preparation by researching the current costs of long-term care in your community, talking to your primary care physician about potential medical expenses, and discussing your changing needs with your loved ones.
One of the best ways to help ensure that you will remain adequately protected throughout retirement is to consult with an experienced estate planning and elder law attorney.
We know that, through the effective assistance of an estate planning attorney, you can create an estate plan that will provide for the future of many generations to come.
Do you need help with your estate planning as you contemplate retirement? Not sure what to do or where to start? Do not hesitate to reach out to us. We would be glad to work with you to find the best options for you and your estate to protect not just you, but those you love as well.