People sometimes have the proverbial moment of clarity, and they realize that they should take action and put an estate plan in place.
Estate planning is absolutely essential for all responsible adults, but you should also take the eventualities of aging into consideration when you are looking ahead toward the future.
One of the eventualities of aging is the possible need for living assistance. If you are reasonably confident that you will live to the age of 65 as most of us are you should be aware of the fact that most people who reach this age will someday need living assistance.
Given this probability it is rather cavalier to go through life without asking yourself how you will pay for long-term care.
Medicare doesn’t pay for long-term care. It will only pay for up to 100 days of convalescent care after surgery.
Nursing home expenses are exorbitant, and assisted-living communities are quite expensive as well.
Incapacity planning is also important. According to the United States Census Bureau between 2000 and 2010 the fastest growing ten-year age grouping was the group between the ages of 85 and 94. Clearly, people who reach such an advanced age often become unable to make their own decisions.
This is especially true because of the widespread nature of Alzheimer’s disease, which strikes about 45% of the oldest old.
The intelligent approaches is to view estate planning from a holistic perspective that includes these contingencies that you may face as a senior citizen. If you discuss everything with a licensed estate planning lawyer you can put a comprehensive plan in place that covers all of your bases.