Planning for your retirement can be a lot of fun as you plot out all the things that you would like to do once all of your time is your own. And of course by the time you have officially become a senior citizen it is very likely that you will have taken the initiative to put an estate plan in place. Many would say that the best way to approach latter-life planning is to engage the services of an experienced elder law attorney and map out a comprehensive plan that covers all of the eventualities of aging through to the end of your life.
If you were to do so your attorney would make sure that you understand the fact that there may well be a period of time after your active retirement that must be prepared for. These days it is very common for people to live into their mid-to-late 80s and beyond, and in fact the oldest old are the fastest-growing demographic subset in the United States today. Given the advances that take place on a consistent basis in medical science and the fact that people are simply more aware of how to avoid illness through positive lifestyle choices it is only logical to anticipate this trend toward added longevity continuing into the future.
Of course life is precious, but once you reach an advanced age there are certain perils looming. The majority of seniors will either require in-home care or spend some time in a long-term care facility at some point in time, and meeting the expenses involved can take some careful planning. In addition, many people who reach the age of 85 and above suffer from mental and/or physical incapacity that renders them incapable of making their own decisions. This too must be planned for through the execution of the proper powers of attorney.
The wise course of action is to expect the best but be prepared for all contingencies, and this can best be accomplished with the assistance of an experienced elder law attorney.
- Show Your Love by Creating an Estate Plan - March 21, 2023
- What You Need to Know About SECURE Act 2.0 - March 14, 2023
- The Lessons from Lisa Marie - March 7, 2023